电子传真在证券交易中的应用

绿色低碳生活已成为人们日益关注的热点问题,不少企业对此也都纷纷响应。目前,不少公司常会面临这样的问题：一些部门搬到别的办公楼,以前拿着纸质文件来回签字的方法就行不通了。为解决这一问题,我们研究了很多解决方案,如通过电子邮件、MSN等,但这些方案都有明显的缺点。最终,我们找到了电子传真解决方案。     

Market reactions to a cross-border carbon policy: Evidence from listed Chinese companies

The effects of cross-border carbon policy have attracted increasing attention worldwide. We investigate the reaction of the Chinese stock market to the announcements of 12 legislative events associated with the European Union Carbon Border Adjustment Mechanism (EU CBAM). Our results, based on all industrial companies listed on China's Shenzhen or Shanghai Stock Exchanges, show that Chinese companies that export their products to the EU experience a more negative cumulative abnormal return around EU CBAM events than their counterparts (non-export companies and non-EU export companies). A cross-sectional analysis reveals that negative stock market reactions to the legislative events are greater when companies have greater carbon emissions intensity. Our further analyses show that being listed in both A-share and H-share markets, participating in a carbon emissions trading scheme, and having intensive cross-border collaboration mitigate the adverse market reactions. Our results show that the Chinese market is sensitive to legislative announcements associated with this cross-border carbon policy.     

Financial development and barriers to the cross-border diffusion of financial innovation

This paper explores the determinants of financial development by focusing on the role played by barriers to the diffusion of financial technology. These barriers are measured using human genetic distance from the technology frontier. The results based on cross-sectional data for 123 countries suggest that genetic distance to the global frontier has an economically and statistically significant effect on financial development, in that countries that are genetically far from the technology leader tend to have lower levels of financial development. Genetic distance is found to have the largest effect, even after controlling for other determinants of financial development established in the literature. These findings indicate that cultural barriers to the diffusion of financial technology across borders impact financial development by influencing the follower countries’ ability to adopt and adapt innovations from the frontier.     

Toward a complete definition of relatedness in merger and acquisition transactions

The interrelation between different sources of relatedness in M&A transactions has been largely overlooked in extant literature. This paper offers theoretical and empirical investigation and introduces a few new measures of relatedness. We find that single-dimensional measures of relatedness are complements, not substitutes, of each other, and their impacts on the market’s reaction are additive and interdependent. Specifically, each measure contains unique relatedness information and the market’s perception of, and reaction to, the presence of relatedness in M&A deals is more sophisticated than the extant literature prescribes. The market seems to reward operational and marketing relatedness in small-vicinity mergers and out-of-state mergers. In contrast, related in-state mergers seem to be associated with a significantly negative market reaction. Similarly, technology affiliation induces an additional positive market reaction that is separate from simple industry matching, and the market seems to reward the acquisition of high-technology targets by high-technology acquirers and to penalize the acquisition of high-technology targets by non-high-technology acquirers. Furthermore, we find that horizontally and vertically related mergers are relatively more likely to be completed, while in-state and large-vicinity mergers are less likely to be completed. We also find that when the target is incorporated in a target-friendly state, the merger is less likely to be completed, though state-specific merger laws do not contribute significantly to mergers’ valuation. Taken together, our results indicate that relatedness is a multidimensional metric composed of several interrelated components, and, thus, single-dimensional proxies are not sufficient to capture relatedness accurately and completely.

     

Correction to: Impact of anti-discrimination laws on credit scoring

Journal of Financial Services Marketing -     

Scaling laws in variance as a measure of long-term dependence

Many asset-pricing models require an annualized risk coefficient that is determined by the linear rescaling of the variance from other time intervals. However, this approach may not be appropriate for distributions that display linear dependence or leptokurtosis. Research in this paper investigated scaling relationships for spot month daily closing prices for four currency futures contracts (British pound [GBP]/United States dollar [USD], German mark [DMK]/USD, Japanese yen [JPY]/USD, and Swiss franc [CHF]/USD) traded on the Chicago International Money Market (IMM). Our results suggested that although all four series were non-Gaussian, they displayed similar scaling properties that were not consistent with their underlying level of long-term dependence. These results demonstrate that models of long-term dependence may be biased and that scaling laws can be used as an alternative and accurate proxy of dependence.     

Integration problems and turnaround strategies in a cross-border merger A clinical examination of the Pharmacia-Upjohn merger

With the increasing globalization brought about by consolidation, crossborder mergers are growing increasingly popular as means of rapidly achieving size-related economies of scale and scope as well as global reach. However, integration issues such as culture clashes, which are problematic in domestic mergers, are often more severe when the merging companies are headquartered in separate countries with widely differing social mores. This study is an examination of one such merger—the 1995 merger between pharmaceutical companies Upjohn of the United States and Pharmacia of Sweden. The clinical study explores the many initial integration problems experienced in this merger and the turnaround strategy used to counteract the problems.     

Economic impact of political barriers to cross-border acquisitions: An empirical study of CNOOC's unsuccessful takeover of Unocal

In 2005, the US Congress challenged the acquisition by CNOOC (a Chinese state-owned enterprise) of Unocal (a US firm). This challenge creates a political barrier for foreign companies to acquire US oil companies. This paper examines the stock price reaction of US oil companies to this political opposition. Using an event study methodology, we find that this political barrier resulted in a substantial decline in the market value of US oil companies. For a period of 44 days, during which six anti-CNOOC-takeover political events occurred, the cumulative decline in the market value of a portfolio of 13 US oil refining firms was $47.5 billion and that of a portfolio of 66 US oil and gas exploration firms was $11.4 billion. This study is the first to analyze and quantify the stock price reaction of US non-merging firms to political barriers to cross-border acquisitions. It also has a policy implication regarding the recent enactment of the Foreign Investment and National Security Act of 2007.     

Policies to change the priority of claimants: The case of depositor preference laws

Depositor preference laws have been proposed to reduce the cost of bank failures to the deposit insurance agencies. This article shows how depositor preference rules change the payoff functions for bank creditors, including the deposit insurer, depositors, and nondepositor claimants. The adoption of depositor preference laws would appear to make nondepositors worse off, but they can improve their standing by collateralizing their claims. If a large enough proportion of nondepositor claims becomes collateralized, depositor preference could increase the cost of bank failure to the deposit insurance agency. Empirical analysis indicates that depositor preference will induce a substantial increase in collateralization, eliminating a significant share of the savings envisioned for the deposit insurer. Depositor preference will also reduce interest rates on uninsured deposits.     

International equity portfolio investment and enforcement of insider trading laws: a cross-country analysis

Review of Quantitative Finance and Accounting - In this study, we examine the effects of stringent insider trading laws’ enforcement, institutions and stock market development on...     

对首次执行日追溯调整事项的理性思考

企业会计准则体系是作为一个有机的整体而发布并付诸实施的,无论企业自主选择执行还是被强制要求执行,均须按照《企业会计准则第38号一首次执行企业会计准则》(以下简称第38号准则)的要求进行首次执行日的追溯调整,除第38号准则所规定的十五项追溯事项外,其他事项均豁免追溯调整。然而企业会计准则体系进入执行层面后,经过实践的检验,人们发现第38号准则所规定的部分追溯调整事项从技术层面尚存在考虑欠周全的迹象,为确保企业会计准则体系的顺畅执行,相关职能部门和监管部门通过发布后续规定的方式来加以补台。本文拟对第38号准则所规定的考虑欠周全的追溯调整事项加以具体剖析,以期提示人们对这些追溯调整事项的关注,进而确保首次执行日追溯调整的顺畅实施。需说明的是,本文观点纯属个人见解。     

Using freedom of information laws to frustrate accountability: Two case studies of UK banking frauds

Freedom of information laws can arguably enhance public accountability of policymakers and check unethical and corrupt behaviour by the state and corporate elites. This paper provides case studies relating to the affairs of two fraud-infested banks in the UK. The information was secured through a direct engagement with ministers, courts, judges and the state apparatus via freedom of information laws. The cases draw attention to the politics of public accountability and show the difficulties encountered by anyone seeking information about banking frauds. The cases show that the state apparatus goes to considerable lengths to shield elites from public scrutiny.     

依法打击银行卡犯罪切实维护持卡人权益

2009年12月15日,最高人民法院、最高人民检察院共同发布了((关于办理妨害信用卡管理刑事案件具体应用法律若干问题的解释>(以下简称<解释>),并于次日起施行.这是我国银行卡市场法制建设的一件大事,是迄今为止惩治妨害信用卡管理犯罪活动、维护信用卡管理秩序和持卡人合法权益的最详细、最具操作性的法律依据.     

Web应用防火墙在网上银行的应用

随着互联网应用的普及,商业银行纷纷建立了各具特色的网上银行,使客户不受时空限制,足不出户便可以通过互联网进行申请、查询、管理、转账等金融交易。但随着互联网黑色经济链的产生和新的攻击手段的出现,商业银行网上银行Web应用面临恶意代码、注入攻击、拒绝服务等安全威胁,导致商业银行的主页被篡改、数据被窃取或丢失。能否及时发现并成功阻止网络黑客的入侵和攻击、保障Web应用系统的安全和正常运行成为商业银行网上银行业务安全和安全管理的关键。     

The Distribution of Income Shocks during Crises: An Application of Quantile Analysis to Mexico, 1992-95

Moving beyond the simple comparisons of averages typical ofmost analyses of household income shocks, this article employsquantile analysis to generate a complete distribution of suchshocks by type of household during the 1995 crisis in Mexico.It compares the distributions across normal and crisis periodsto see whether observed differences were due to the crisis orare intrinsic to the household types. Alternatively, it askswhether the distribution of shocks during normal periods wasa reasonable predictor of vulnerability to income shocks duringcrises. It finds large differences in the distribution of shocksby household types both before and during the crisis but littlechange in their relative positions during the crisis. The impactappears to have been spread fairly evenly. Households headedby people with less education (poor), single mothers, or peopleworking in the informal sector do not appear to experience disproportionateincome drops either in normal times or during crises.