Islamic Banks and Financial Stability: An Empirical Analysis

The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 19 banking systems with a substantial presence of Islamic banking. We find that (a) small Islamic banks tend to be financially stronger than small commercial banks; (b) large commercial banks tend to be financially stronger than large Islamic banks; and (c) small Islamic banks tend to be financially stronger than large Islamic banks, which may reflect challenges of credit risk management in large Islamic banks. We also find that the market share of Islamic banks does not have a significant impact on the financial strength of other banks.     

Real Flexibility and Financial Structure: An Empirical Analysis

I examine the empirical relation between real flexibility andfinancial structure. I test whether real flexibility increasesdebt capacity by lowering default risk and making assets moremarketable or decreases debt capacity by facilitating risk shiftingand asset substitution. I measure real flexibility as the sensitivityof marginal production and investment decisions to variationsin the economic environment. I find that financial leverageis negatively related to production flexibility but positivelyrelated to investment flexibility. This split in results suggeststhat although asset substitution facilitated by investment flexibilitycan be prevented contractually, risk shifting facilitated byproduction flexibility is intractable.     

Retail Investors and the Trading of Treasury Securities

I analyze implicit transaction costs of trading government debt securities on the Spanish stock exchanges (SE) electronic trading system. The SE’s multilateral system is used mainly as an outlet for retail investors to liquidate Treasury accounts positions before maturity. I compare identical Treasury security trades on the same day in two different markets: the SE and the interdealer market. By analyzing these yield spreads I learn more about the behavior of the markdowns included in the retail prices from the institutional prices. I find evidence that these yield premia depend on traditional features to explain wholesale market liquidity premia.

国库现金管理对我国货币政策的影响:一个实证分析

中央财政管理的国库资金是社会资金流量中的一个重要组成部分,对中央银行制定货币政策、调控货币供应量和公开市场操作都影响重大,在现代市场经济条件下,国库已成为连接财政和金融的窗口和桥梁,对财政政策和货币政策的有机配合发挥着重要的作用。本文以近年来我国正在开展的国库集中支付制度改革为背景,实证分析了国库现金管理对我国货币政策格局的影响,提出了我国进一步提高国库管理水平、加强货币政策管理的政策建议。     

国库现金余额的确定及其实证分析

本文针对在国库现金运作过程中,如何确定最佳的国库现金余额的问题进行探讨,通过对当前运用较多的四种最佳现金持有量的确定模式进行分析研究并加以实证,并根据实证结果比较出四种确定模式的优劣.     

关于IPO后中信证券股份有限公司绩效的实证分析

本文通过对中信证券2000--2009年年度报告中的数据进行绩效分析,揭示了中信证券抓住机遇通过IPO上市,扩大公司规模、提升盈利能力和流动性以及为公司发展进行再融资的过程;不难看出,作为上市公司中信证券存在着创新业务压力大、管理水平与公司规模亟待提高等新的挑战。     

券商改革离不开"大环境"

将证券公司的改革置于中国金融体系协调发展之中,应是改革券商的"治本"之策。就事论事必能隔靴搔痒,中国的人造冲浪馆里,永远造就不出图多尔级的天才来。     

我国证券市场内幕交易的法学实证分析——来自31起内幕交易成案的统计分析

内幕交易是证券法学界炙手可热、经久不衰的热门课题,关于内幕交易的各种概念、学说、理论被学术界翻炒得烂熟,解剖个案麻雀的精彩论著也不鲜见,但受制于案例、资料和相关数据的局限,少有学者从实证角度,系统性地研究我国内幕交易成案的总体特征。本文力图在传统证券法学研究途径之外,独辟蹊径,通过运用统计、数量分析等经济学科工具,对证券市场成立以来查处的全部31起内幕交易案件加以实证分析,以期得出我国内幕交易案件的发案特征与规律,为打击和防范内幕交易违法行为,修订内幕交易法制提供数据支持和实证参考。     

基于居民金融资产结构视角的国债发行空间分析

国债发行空间不仅取决于供给方制约因素,也取决于需求方需求的大小。居民是我国国债重要的需求方,其需求大小对国债的发行空间有举足轻重的作用。居民储蓄结构与持有资产结构变化对国债需求有重要的影响,从居民资产结构变化研究国债应债能力,进而分析国债发行空间有重要的理论与现实意义。     

我国金融法院的创新实践与未来展望——以上海金融法院的创设探索为中心的实证研究

近年来,我国金融创新大众化,科技赋能金融渐趋智能化和国际化。然而,一方面金融行业自身特性使得金融法律滞后,导致行业内部出现发展与监管的偏差,由此造成金融风险的溢出效应;另一方面,我国金融在面向国际化发展,参与国际金融体系建设过程中的法治环境短板亟须补足。大量新型金融纠纷的出现对金融案件的专业化审判提出了更高的要求。2018年8月上海金融法院的创设成为我国金融司法变革的重要标志。首先,从我国公共政策式法院的理论依据和金融市场的现实需求分析上海金融法院创设的依据,其次重点介绍几大国际金融中心金融法治环境并总结其金融司法经验,接着探讨第三轮司法改革背景下上海金融法院发展面临的挑战与困境,为上海金融法院的发展提供新思路。     

Financial Distress Costs and Delayed Calls of Convertible Bonds: An Empirical Analysis

Theoretical analysis implies that optimal call policy would be to call the bonds as soon as the conversion value equals the call price. Empirical studies, however, report that firms appear to systematically delay the call and the difference between the conversion value and the call price is large at the time of the call. This study examines convertible bond calls between 1977 and 1993, with a view to explain the large difference between the conversion value and the call-price at the time of the call. A large majority of the firms calling the bonds have cash-flow incentive to call the bonds in that the after-tax interest payments are higher than the dividends on the converted shares. The large difference between the conversion value and the call price is positively related to the risk characteristics of the firm. Evidence seems to support the view that risk aversion and fear of potential financial distress may explain the large difference at the time of call between the conversion value and the call price.     

高校财务实证分析与预警——以重庆市高校为例

采用点面结合的方法,通过科学确定关键指标及权重,使高校财务风险的度量和评估有了较为科学的计量依据;首次将层次分析法和功效系数法相结合来研究财务预警模型,对高校财务进行实证分析,为高校的财务预警提供了准确度和可行性;提出了加强政府外部监管与高校管理内部控制相结合的风险控制和防范的建议。     

Participation in the National Flood Insurance Program: An Empirical Analysis for Coastal Properties

A perennial question about the National Flood Insurance Program is: how can participation be increased? An empirical analysis of individual‐level data reveals that in a sample of coastal areas the participation rate is 49 percent of eligible properties. Participation responsiveness to price is inelastic, but it has been increased by the mandatory purchase requirements for mortgage borrowers. Easing conditions for participation in the program would probably not reduce flood control measures, such as seawalls, which may degrade beach conditions and coastal ecosystems.     

山东省金融深度和金融宽度实证分析

理论研究表明,较高的金融发展水平与良好的经济发展水平之间存在着密切联系.山东省作为经济大省,虽然在经济发展方面取得了巨大的成就,但是从金融深度和金融宽度这两个衡量金融发展的重要指标来看,山东省金融深度和金融宽度都不及广东和江苏.影响金融发展的因素是多方面的,本文实证考察了影响金融深度和金融宽度的宏观因素.研究表明,国民收入与金融深度和金融宽度都存在显著的相关性,利率及通货膨胀率对金融宽度有显著影响,对金融深度则没有影响.     

An Empirical Analysis of the Effect of Financial Distress on Trade Credit

This paper studies the use of supplier's trade credit by firms in financial distress. Trade credit represents a large portion of firms’ short‐term financing and plays an important role in financial distress. We find that firms in financial distress use a significantly larger amount of trade credit to substitute for alternative sources of financing. Firms that are smaller, with less market power, and with more unique products tend to use more trade credit financing when in distress. We also find that firms that significantly increase their trade payables when in financial distress, experience an additional drop of at least 11% in sales and profitability growth over the previously documented 21% average drop for financially troubled firms.     

The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis

This study compares the pre and postprivatization financial and operating performance of 61 companies from 18 countries and 32 industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. Our results document strong performance improvements, achieved surprisingly without sacrificing employment security. Specifically, after being privatized, firms increase real sales, become more profitable, increase their capital investment spending, improve their operating efficiency, and increase their work forces. Furthermore, these companies significantly lower their debt levels and increase dividend payout. Finally, we document significant changes in the size and composition of corporate boards of directors after privatization.     

美国金融危机与金融衍生产品的杠杆化

近10年,金融衍生品交易取得了空前发展,美国金融危机更使结构性衍生产品的杠杆率受到举世关注。在此次金融危机中,金融衍生产品与金融机构相互作用下形成了金融高杠杆,并对金融危机的扩大和传导起到了推波助澜的作用。金融危机爆发后,全球金融机构都在实     

浅析我国农村金融组织体系的现状及创新

本文从功能性和结构性两个角度指出了目前我国农村金融组织体系存在的缺陷,包括农村金融机构地区分布和需求分布不均衡、农村民间金融缺乏有效监管和规范等。并从农村金融组织体系主体创新和各主体之间相互关系创新两方面提出了对我国农村金融组织体系进行创新的几点建议:深化农村信用社改革、加快新型农村金融机构建设、建立和完善农村保险体系等。     

基于FSI的中国金融安全实证分析

随着我国加入WTO后金融自由化进程不断加快,建立金融安全预警机制,及时掌握金融安全动态,对防止金融危机的爆发至关重要.本文首先在相关文献研究的基础上,依据"三性原则"筛选出能够反映我国金融安全运行状况的20个指标,其次参照国际标准和中国具体实际确定了临界值或区间值,最后经计算得出反映我国金融安全程度的指数--FSI(Financial Security Index),并运用FSI对我国1992～2005年间的金融安全状况进行了评判.通过研究得出结论认为:1992～2005年我国的金融安全总体趋势是逐渐变好,加入WTO虽然并未使我国的金融安全状况变差,但是在目前金融业逐渐开放的条件下仍然需要高度关注金融风险.     

金融压力指数及其政策应用:基于中国的实证分析

宏观审慎政策对系统性金融风险测度方法的有效性提出了更高要求。本文从货币市场、债券市场、股票市场、外汇市场和银行部门选取了10个代表性指标,结合CDF转换、等权重、主成分分析等方法构建了我国的金融压力指数,并通过事件识别和金融压力识别指数检验了其识别作用。通过将金融压力指数引入扩展的产出和通胀方程,本文进一步分析了金融压力指数对经济周期的预测能力。相关结果表明,金融压力指数对宏观经济周期具有良好的预测能力。本文的分析结论为加强金融压力的动态监测和通过构建金融压力指数作为宏观审慎政策的"关注目标"提供了初步的理论基础。