Relationship marketing in the financial services industry: The importance of customer education,participation and problem management for customer loyalty

The effectiveness of relationship marketing efforts in services selling is to a large extent dependent on customers' commitment to increase the depth and breadth of their relationship with the organisation. In this study, we seek to extend current thinking by presenting a model that examines the relative importance of customer education, participation and problem management in driving customer loyalty. To test the relationships between these variables, we use data collected from 1,268 clients of a global financial services firm. Overall, the results support the hypothesised model and show customer education to be the strongest determinant of client loyalty. Current findings provide implications for multi-product financial institutions that are of theoretical and practical interest alike.     

On the test of the globalization of the Japanese equity market under the Kreps-Porteus preference

This paper analyzes empirically the globalization of the Japanese equity market, based on the Kreps-Porteus preference model developed by Epstein (1988) and Epstein and Zin (1990, 1991). Empirical results show that the model performs well. The results are robust to the choice of the combination of assets and instruments. An earlier version of this paper was read at the 1994 annual meeting of the Japanese Association of Financial Econometrics and Engineering held at Tsukuba University. The author would like to give thanks to the participants. He also expresses his gratitude to the editor T. Kariya, two anonymous referees and R. Parry for their helpful comments. This research is partly supported by a grant in aid from the Postal Life Insurance Foundation of Japan.     

The equity premium implied by production

This paper studies the determinants of the equity premium as implied by producers’ first-order conditions. A simple closed form expression is presented for the Sharpe ratio as a function of investment volatility and technology parameters. Calibrated to the US postwar economy, the model can match the historical first and second moments of the market return and the risk-free interest rate. The model also generates a very volatile Sharpe ratio and market price of risk.     

Estimating the equity premium

Accurate estimation of the equity premium (the expected difference between the returns to a well-diversified stock market portfolio and a riskfree asset) is of central importance in many applications of finance theory including project appraisal and portfolio selection. The standard approach is to take the average observed excess returns to the market over some recent time period (sometimes referred to as the ex post equity premium) and apply this as an unbiased estimate of the ex ante equity premium. The paper reviews the problems associated with such an approach and contrasts it with alternative theoretical techniques.     

Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions

Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the target's industry on the target's board when the need for target oversight and/or advice is higher. The targets in PE acquisitions, particularly poorly performing targets, targets with high R&D intensity, and targets with PE-appointed directors who have experience in the target's industry, realize both higher announcement returns and better post-acquisition operating performance than do targets in non-PE acquisitions. These findings suggest that the governance and operational engineering that PE acquirers apply to their targets constitutes important sources of value creation in PE minority equity investments.     

Taking the customer into account: Transcending the construction of the customer through the promotion of self-accounting

The importance that businesses have accorded their customers during the past thirty years has not, as yet, been fully matched by the development of accounting for the customer. A range of customer-related techniques has emerged, including customer profitability analysis, the balanced scorecard and several strategic management accounting approaches. In large part these can be characterised as attempts to construct the customer in a very conventional manner, one which serves the interests of business rather than customers. Similar emphases can also be identified in the marketing management literature, which in recent years has shown worrying signs of becoming focused on the adoption of a form of hard number accounting. The purpose of this paper is to provide a review and critique of extant customer accounting techniques and approaches, as well as identifying some of the fundamentals of a more appealing attempt at ‘taking the customer into account’.     

关注银行的名誉风险

在风险内涵的演进中, 名誉风险正从各种风险类型 中凸现出来,成为现代经济中 对企业和银行最具破坏力的 风险种类之一。 国外一些理论文献将名 誉风险定义为"因为公众的负 面评价而对银行收益和资产 产生的现实、可预见的影响" (巴塞尔委员会,《有效银行 监管的核心原则》,1997)。巴 塞尔委员会在其协议中将名 誉风险列为商业银行必须妥 善管理的八大类风险之一,认 为其"产生于操作上的失误, 违反有关法规和其他问题"。 名誉风险造成的损失往往难 以估量,小则影响股东价值,     

利用商业智能提升营销管理水准

商业智能（BI，Business Intelligence）的概念最早是由美国的Gartner Group于1996年提出的，其定义为：由数据仓库（或数据集市）、查询报表、数据分析、数据挖掘、数据备份和恢复等部分组成的用以帮助企业决策的技术及其应用。从信息技术层面看，BI包括数据仓库（DW，Data Warehousing）、联机分析处理（OLAP，On—line Analytical Processing）、数据挖掘（DM，Data Mining）等在内的用于统计和分析商业数据的先进的信息技术。     

Overseas equity analysis by UK analysts and fund managers

This paper examines how UK-based analysts and fund managers cope with international differences in financial reporting systems when analysing overseas equities. This subject has become increasingly important given the internationalisation and institutionalisation of equity markets. Our results indicate that there is a substantial reliance on sources other than the annual report by both groups when analysing overseas companies. We also find considerable variation in the approach to analysing equities internationally. In particular, we find evidence that there is greater reliance on alternative sources to accounting information (such as other foreign analysts) in countries characterised as having weak equity markets. Finally, we examine the coping mechanisms that analysts and fund managers employ when analysing overseas securities, including reliance on locally based analysts, use of non-accounting information, use of more familiar accounting standards and re-stating accounts to a more familiar basis.     

A meta-analysis of the equity premium

The equity premium is a key parameter in asset allocation policies. There is a vigorous debate in the literature regarding the actual measurement of the equity premium, its size and the determinants of its variation. This study aims to take stock of this literature by means of a meta-analysis. We identify how the size of the equity premium depends on the way it is measured, along with its evolution over time and its variation across regions in the world. We find that the equity premium is significantly lower if measured by ex ante methods rather than ex post, in more recent periods, and for more developed countries. In addition, looking at the underlying fundamentals, we find that larger volatility in GDP growth tends to raise the equity premium while a higher nominal interest rate has a negative impact on the equity premium.     

On the acquisition of equity carve-outs

We examine the role played by the parent’s motive in undertaking a carve-out; the parent’s post-IPO influence over the carved-out subsidiary; and anti-takeover provisions and industry structure of a carve-out on its acquisition likelihood and its acquisition premium. We find that the probability and hazard of a carve-out acquisition increase when the parent’s objective is to unlock the value of a subsidiary and when the parent and the subsidiary are tied with a product-market relationship. We also find that the post-IPO parent ownership significantly affects the acquisition likelihood and the level of acquisition premium. Additional analyses examining the post-IPO carve-out status suggest that the product-market relationship and post-IPO parent ownership increase the probability of re-acquisition.     

论依法治税

税收离不开法治。法律的强制力可以保证税收的及时、足额实现 ,法律的稳定性使税收征收程序化 ,为社会生活与生产提供可靠的预期。随着依法治国战略的实现与社会主义市场经济建设的推进 ,税收政策手段的运用、税收管理的加强等都需要采取法律的形式 ,税收法治成为税收事业健康发展的客观需要 ,成为新时期治税的主旋律与基本规律。只有推进依法治税 ,才能很好地贯彻国家的方针政策 ,才能有效发挥税收的职能作用。依法治税是一个系统工程。当前 ,全国税务系统正按照“一个灵魂、四个机制、五个目标”的思路 ,围绕完善税收立法、规范税收执法、…     

Net equity issuance effect in the UK

Net equity issuance (NEI) by firms has predictive power for US stock returns. This paper examines the NEI anomaly for UK stocks, using regression on firm characteristics and sorted portfolios with several factor models. The anomaly generalises to the UK only in part. We confirm the existence of a large NEI effect for small and midsize stocks, but not for large stocks. The repurchase effect, of positive abnormal returns following repurchases, is absent in the UK. We also find that the NEI effect in smaller stocks is not exploitable by investors, allowing for transaction costs.     

充分发挥股权杠杆的作用

私募基金不仅服务于实体经济,也创造实体经济 作为金融工具,私募股权投资不仅服务于实体经济,而且创造实体经济,创造出的实体经济是以创新的方法、改革的路径创造新的、有生命力的、有未来的实体经济.有一个词叫做战略新兴产业,如果以历史的眼光来看待这个词语,回头一望,就会发现,从农牧时期到工业革命再到今天的互联网时代,所有的战略新兴产业都是在人们摸索创新纠错直到最后成长出来以后,才昭告了世人,所谓战略新兴产业才成功了,才定位了,才明确了,这其中就有私募股权基金的贡献.     

Unconstrained estimates of the equity risk premium

Estimates of the equity risk premium implied by analyst forecasts—generally 2–4 %—are often significantly below realized equity returns of 6 %. Measurement error could result from conservative assumptions, reliance upon consensus rather than detailed forecasts, the use of market rather than target prices, and regression analysis, which can be influenced by a small number of observations. We address these potential sources of measurement error. Our estimates are consistent with subsequently realized returns and capture systematic risk exposure. Alternative techniques could capture another form of priced risk or identify firm characteristics associated with systematic mispricing. From 1999 to 2008, we estimate an average equity risk premium in the United States of 5.3 %. The estimate increases from 3.1 % for 1999–2000 to 5.9 % from 2001 to 2008, comparable to the historical average of realized equity returns.     

Bank credit rationing and the customer relation

This paper investigates the theory that preference in situations of bank rationing is given to those customers with the strongest customer relation. It has shown that, within a certainty model where competitive pressure among banks requires full compensation for other bank relationships, neither deposit levels nor intertemporal demand would produce the preferential treatment claimed. It has also been shown that the prime borrowers would be unable to bargain effectively for credit line protection from such occasions of credit restriction.     

信用卡客户分类探析

商业银行客户分类是一个理论上非常复杂、实践中非常重要的课题.客户分类是客户关系管理的重要基础和组成部分,是银行创造超额利润的起点.