中国金融有品牌吗?

招商银行出牌:一句话,一朵花,一个人 在国内金融业中,招商银行(以下简称招行)是最早实施品牌建设的金融机构之一.     

Smiles all around: FX joint calibration in a multi-Heston model

We introduce a novel multi-factor Heston-based stochastic volatility model, which is able to reproduce consistently typical multi-dimensional FX vanilla markets, while retaining the (semi)-analytical tractability typical of affine models and relying on a reasonable number of parameters. A successful joint calibration to real market data is presented together with various in- and out-of-sample calibration exercises to highlight the robustness of the parameters estimation. The proposed model preserves the natural inversion and triangulation symmetries of FX spot rates and its functional form, irrespective of choice of the risk-free currency. That is, all currencies are treated in the same way.     

浅议对证券公司违规自营证券业务的审查

证券公司的自营业务,是指综合类券商以证券公司自己的名义为本公司投资证券,以赚取买卖差价为目的,并承担相应投资风险的业务.其投资范围包括股票、债券、证券投资基金等证券的自营买卖及股票承销余股的买卖.     

Cutting costs in your own backyard: opportunities in financial services

Hospitals looking to reduce cost and improve performance in financial services should focus on these areas: Treasury banking services costs and fees. The possibility of a revenue-generating vendor payment solution. The accounts payable process.     

Deductio’ ad absurdum: CEOs donating their own stock to their own family foundations

I study large charitable stock gifts by Chairmen and Chief Executive Officers (CEOs) of public companies. These gifts, which are not subject to insider trading law, often occur just before sharp declines in their companies’ share prices. This timing is more pronounced when executives donate their own shares to their own family foundations. Evidence related to reporting delays and seasonal patterns suggests that some CEOs fraudulently backdate stock gifts to increase personal income tax benefits. CEOs’ family foundations hold donated stock for long periods rather than diversifying, permitting CEOs to continue voting the shares.     

There is a risk-return trade-off after all

This paper studies the intertemporal relation between the conditional mean and the conditional variance of the aggregate stock market return. We introduce a new estimator that forecasts monthly variance with past daily squared returns, the mixed data sampling (or MIDAS) approach. Using MIDAS, we find a significantly positive relation between risk and return in the stock market. This finding is robust in subsamples, to asymmetric specifications of the variance process and to controlling for variables associated with the business cycle. We compare the MIDAS results with tests of the intertemporal capital asset pricing model based on alternative conditional variance specifications and explain the conflicting results in the literature. Finally, we offer new insights about the dynamics of conditional variance.     

Nobody's business but my own: Self-employment and small enterprise in economic development

In most poor countries, small firms and self-employment are the dominant forms of business enterprise—even in the manufacturing sector. For rich countries, in contrast, self-employed people account for very small shares of manufacturing employment and output. This paper builds on Lucas [1978. On the size distribution of business firms. Bell Journal of Economics 9(2), 508-523] to ask whether structural changes of this kind are driven by productivity differences. A model, calibrated to Japanese time-series data, is shown to mimic key features of cross-country and time-series data. The results support the idea that changes in aggregate productivity account for much of the cross-country variation in establishment size and self-employment rates.     

Management accounting within world class manufacturing: a case study

This is a case study of a U.K. chemical company implementing World Class Manufacturing (WCM). In the late 1980s the company encountered serious problems due to the rapid contraction of major customers. It embarked on a programme of improving manufacturing introducing, inter alia, new quality programmes and computerized production controls including MRPII. Whilst these programmes were successful they failed to produce the turnaround sought. Faced with impending extinction, the managers sought external advice from consultants during a WCM workshop organized by government development agencies. Following this the company embarked on a benchmarking and strategic assessment exercise which diagnosed the company as unduly manufacturing oriented, poor on new product development and marketing, and insufficiently responsive to consumer needs. They adopted WCM principles embracing six broad objectives: customer responsiveness, employee involvement, quality, reduced lead-times, continuous improvement, and shop floor training for flexibility and problem solving skills. The implementation of WCM was successful: there was objective recorded evidence of improved performance against targets set in the WCM programme. Management accounting superficially appeared unaffected by WCM. The budgetary control system run by the accounting department remained intact. Product costing systems were not changed to incorporate Activity-Based drivers, as predicted in the literature. However, there was a marked decline in the influence of the accounting department, partly due to the cost module within MRPII. The accountant became dependent on production for cost data. Whilst his responsibilities continued to include the preparation of financial accounts and periodic budgets, cost management in terms of cost reduction, target setting, diagnosis and problem-solving came to lie with production. The suggestion of the case is that financial improvement may lie more with programmes of employee development and involvement, making the company more quality conscious, flexible and adaptive rather than in any redesign of costing systems. The implications of the research upon management accounting change debates are discussed in the concluding section.     

乾承科技：让发动机“一劳永逸”

大连乾承科技开发有限公司（简称：乾承科技）董事长曲宝珠经十余年研究和应用实践．成功研发出金属表面改性技术（简称：改性技术）．并生产出11种针对不同汽车和机械的金属表面改性材料（简称：改性材料）产品投放市场。因此荣登2012”十大绿色创新企业”之榜。据《参考消息》2008年11日28日援引英国《新科学家》周刊网站报道．美国能源部埃姆斯实验室正在将一种被发现的BAM陶瓷合金材料研发成永恒的润滑剂．并计划在2030年投入使用。然而．乾承科技在此前不仅获得了发明专利．而且开发出系列产品投入市场。     

古代13位理财家连载之十二 张居正:“深心奉尘刹”(下)

反思改革者的命运,人生乃‘白驹过隙’,每个人都无非以不同的方式走完这个过程而已。作为一代政治家、理财家、改革家,张居正声势显赫,人称救时宰相,但在隆葬归天之际,即遭人非议,生前身后毁誉悬殊,恰     

古代13位理财家连载之十一 张居正:“深心奉尘刹”(上)

被明朝人誉为起衰振隳的救时宰相张居正是与秦代商鞅、宋代王安石并立为我国封建社会后期、初期、中期最具盛名的三大改革家之一。张居正(公元1525年—1582年)乃湖广江陵(今属湖北)人,年轻时加入朱元璋的起义军,随大将军徐达转战苏、浙、闽、粤等地。     

一类变分不等式问题与无约束优化问题的等价性

本文主要研究了一类变分不等式问题在满足一定的广义凸性的前提下,与一类无约束优化问题的等价性关系。     

Students' experiences of learning in a third-year management accounting class: Evidence from New Zealand

An extensive body of literature in higher education (for example, Marton and Säljö, 1984; Prosser and Trigwell, 1999) explores learning from the perspectives of students. Säljö (1979) formed the basis of Sharma's (1997) first study exploring accountancy students' conceptions of learning. Using an open-ended questionnaire administered to third-year management accounting students, this paper investigates accountancy students' conceptions of learning, and extends Sharma's (1997) study by examining the relationship between conceptions of and approaches to learning, and more specifically students' contextual experiences of learning in lectures and tutorials. Findings indicate that, while some students seek understanding as an outcome of their learning, the majority perceive learning quantitatively in terms of knowledge acquisition, reproduction and application. A new classification of the locus of responsibility for learning as perceived by students suggests that a more distributed concept of responsibility might result in enhanced learning outcomes.