国内外违约挽回率影响因素的比较研究及启示

巴塞尔新资本协议强调内部评级法在风险管理和资本监管中的重要作用。LGD是内部评级的核心参数之一,合理考虑影响LGD大小的因素是准确测算LGD的前提。因此,以违约挽回率(1-LGD)的影响因素为切入点,比较研究各国银行业信贷违约挽回率影响因素或成因以及对我国银行不良资产问题。     

Why discouraged borrowers exist? An empirical (re)examination from less developed countries

Using the fourth-round database of the Business Environment and Enterprise Performance Survey (2008/09 BEEPS), this study examines the determinants of discouragement in less developed countries in Eastern Europe and Central Asia. The results show that whereas firms' opaqueness, demographic factors, and distance between lenders and borrowers better explain the discouragement due to tough loan prices and/or loan application procedures, firm risk and banking concentration explain the incidence of discouraged borrowers due to the fear of rationing. Innovator status, the legal protection of creditors and lenders in the event of default, and the coverage of information sharing instruments help explain discouragement in a transversal way.     

The Impact of Formal and Informal Distance on Gender Equality Approaches: The Case of a British MNC in Saudi Arabia

This study explores the forces that promote and hinder gender equality efforts of a multinational corporation (MNC) operating in the Middle East. Specifically, we draw from a case study to document the formal and informal pressures exerted on a British MNC operating in Saudi Arabia to better understand the multiple forces that influence gender equality approaches in the host country. Our findings suggest that while formal institutions such as the legal requirements and localization policies support gender equality, informal forces that are rooted in the cultural norms and traditions are formidable in hindering such efforts and in reinforcing the status quo. The insights generated from our study have the potential to inform public policy makers and organizational decision makers to locate the right policy tool to promote gender equality. © 2016 Wiley Periodicals, Inc.     

Perceptions of the risk of drowning at surf beaches among New Zealand youth

ABSTRACT

In many countries, beaches are a high-risk location for drowning. In New Zealand, youth and young adults are particularly at risk of drowning at beaches, accounting for 17.4% of drowning deaths and 18.4% of rescues at surf beaches between 2008 and 2013, over 90% of fatalities were male. This study explored New Zealand youth risk perceptions of drowning and their coping appraisal processes at a surf beach. A cross-sectional survey of high school students (n = 599) was conducted between February and April 2014. Females and non-New Zealand European students reported higher levels of perceived vulnerability and severity of drowning risk, and New Zealand European students reported higher levels of self-efficacy of preventive actions. By addressing the underlying causes of underestimation of risk and overestimation of ability, these findings can be utilized to increase awareness and to enhance water safety risk strategies for youth, especially males, in the surf beach setting.     

Supplier Relationships:

Merchant/wholesaler sales forces are extensions of the mill/supplier marketing organization they represent. The Sales Force Effectiveness Study revealed significant areas of the supplier/vendor relationship that are critical to merchant sales force effectiveness: formal supplier evaluations, coordination to reach target markets, partnership agreements, and coordination of policies and procedures. Effective supplier relations propel merchant sales forces to top performance ranks. Research results suggest that improving sales force effectiveness is a channel-wide effort. To achieve these desired results, mills and merchants must work together to clearly define the role, structure, and functions of the sales forces operating throughout the marketing channel.     

超市供应商通道费驱动因素研究——基于上市超市面板数据的分析

本文综合通道费的效率理论和市场势力理论,总结出超市向供应商收取通道费的几个主要驱动因素,并分析其经济原理。在此基础上,选取检验不同驱动因素的指标,采用面板数据的个体固定效应模型对中国上市超市数据进行了实证分析。研究表明:超市的总资产和经营成本对超市的通道费有显著影响,超市向供应商收取通道费的主要驱动因素是其市场势力和转移经营成本的动机。最后,实证研究的结果对通道费的效率理论和市场势力理论都给予了支持,表明这两种理论是不矛盾的。     

巴塞尔新资本协议内部评级法法则及其实施建议

内部评级法是巴塞尔新资本协议的核心。本文主要对内部评级法的框架思想、风险要素以及信用风险衡量步骤进行了全面剖析,并且提出了我国国内商业银行实施内部评级法应该分三阶段逐步推进的建议。     

Islamic corporate financing: does it promote profit and loss sharing?

Islamic financing instruments can be categorised into profit and loss/risk sharing and non‐participatory instruments. Although profit and loss sharing instruments such as musharakah are widely accepted as the ideal form of Islamic financing, prior studies suggest that alternative instruments such as murabahah are preferred by Islamic banks. Nevertheless, prior studies did not explore factors that influence the use of Islamic financing among non‐financial firms. Our study fills this gap and contributes new knowledge in several ways. First, we find no evidence of widespread use of Islamic financing instruments across non‐financial firms. This is because the instruments are mostly used by less profitable firms with higher leverage (i.e. risky firms). Second, we find that profit and loss sharing instruments are hardly used, whilst the use of murabahah is dominant. Consistent with the prediction of moral‐hazard‐risk avoidance theory, further analysis suggests that users with a lower asset base (to serve as collateral) are associated with murabahah financing. Third, we present a critical discourse on the contentious nature of murabahah as practised. The economic significance and ethical issues associated with murabahah as practised should trigger serious efforts to steer Islamic corporate financing towards risk‐sharing more than the controversial rent‐seeking practice.     

Labour Migration and Economic Growth in East and South‐East Asia

East and South‐East Asia will face major demographic changes over the next few decades with many countries’ labour forces starting to decline, while others experience higher labour force growth as populations and/or participation rates increase. A well‐managed labour migration strategy presents itself as a mechanism for ameliorating the impending labour shortages in some East Asia–Pacific countries, while providing an opportunity for other countries with excess labour to provide migrant workers who will contribute to the development of the home country through greater remittance flows. This paper examines such migration policy options using a global dynamic economic simulation approach and finds that allowing migrants to respond to the major demographic changes occurring in Asia over the next 50 years would be beneficial to most economies in the region in terms of real incomes and real GDP over the 2007–50 period. Such a policy could deeply affect the net migration position of a country. Countries that were net recipients under current migration policies might become net senders under the more liberal policy regime.     

The Role of Economic-Demographic Factors in U.S. International Restaurant Franchising:

This paper studies the effect of both economic and demographic factors on the international restaurant franchising (IRF). The study utilizes regression analysis of pooled cross-section (6 countries) and time series (10 years)data. It is found that among the economic factors, the market size has a strong positive effect on IRF. On the other hand, the ratio of female workers to the total labor force is positively related to international restaurant franchising. The paper also investigates the relationship between demo-economic factors and IRF for two subsets of interest, developed and developing countries.     

Accessing host country national talent in emerging economies: A resource perspective review and future research agenda

Through an integrative literature review, we explore the resource-related factors affecting foreign-owned MNE subsidiaries gaining access to host country national (HCN) talent. We focus on MNEs operating in uncertain emerging economy host locations. Adopting a resource perspective, we identify five core themes in the extant literature: the characteristics and roles of HCNs in MNE subsidiaries; the context-specific nature of (a) subsidiary operations and (b) talent management in emerging economies; HCN talent availability in emerging economies; and MNE embeddedness in uncertain external resource contexts. To date, studies have largely adopted an inside-out resource-based view (RBV) of the firm to understand MNE staffing strategies. Although illuminating, the RBV approach limits our understanding of the factors that affect MNEs’ interaction with their external operating environment (adopting an outside-in perspective). We, therefore, propose a framework for future research that emphasizes not only inside-out but also outside-in resource perspectives, exploring the interplay between resource dependency and RBV theorizing through strategic response types in developing a contingent talent strategy.     

Impact of energy audits on home energy consumption

The purpose of this study was to examine the impact of energy audits on home energy consumption rate, and to determine factors affecting participation in energy audit/weatherization programmes. Objectives included: (i) developing a linear model for predicting home energy consumption; (ii) examining the role of home energy audits in consumption rate; (iii) determining whether audit participation had increased over a two-year period; (iv) surveying reasons for non-participation, and (v) identifying sources of audit/conservation information which were most acceptable to consumers. The model expressed home energy consumption per square foot as a linear function of demographic, attitudinal and structural variables. The three most significant predictors in the model were adequacy of information, housing tenure and income. Eight out of 10 conservation measures studied were significantly more likely to exist in the homes of those who had had an audit. Three of these measures were also significant in the model. Study findings included a 7% increase in audit participation from 1981 to 1983. Lack of money and information were the two major factors inhibiting participation. Consumers indicated a need for conservation information from acceptable sources such as short courses or workshops, county extension agents, or skilled craftspeople.     

易得性直觉偏差的消费影响及其应对措施

易得性直觉偏差是影响消费的重要因素,它通过影响消费者的主观风险认知来影响其消费行为。在易得性直觉偏差水平不断提高的前提下,我国消费者的主观风险认知变得日益敏锐,并由此降低了消费者的消费驱动力,促使其消费行为回归传统,在一定程度上影响了消费率的提高,不利于我国消费水平的提升。为改善这种状况,应尊重感知风险认知偏差的客观事实,改善民众的主观感受;从消费领域入手,提高消费者的消费信心;减少因经营者主观故意而引起的消费风险,增强经济惩罚的威慑力;顺应消费者感性化消费趋势,树立政府在产品安全管理工作方面的形象。     

The death of firms: exploring the effects of environment and birth cohort on firm survival in Sweden

This paper investigates the death of firms and seizes a long-term perspective. It investigates the life spans of nearly 2,200 firms in seven birth cohorts of Swedish joint-stock companies, founded during seven separate years between 1899 and 1950. Research has traditionally emphasized individual- and micro-oriented factors in explaining post-entry performance, or has often focused on the influence of firm-specific structural factors (firm age and size). A less attended field recognizes environmental forces. This paper focuses on the interaction between the micro and macro levels, and combines structural and environmental factors. Employing a cohort approach, it relates firm survival to firm age and size, as well as to the effect of cohort affiliation and environmental change over time (period effects). During macroeconomic expansion, the risk of death decreases. Cohort effects are also evident. Firms founded during times of economic crisis exhibit lower survival rates. Consequently, cohort affiliation and environmental forces, i.e. period effects, can explain differences in death rates in different firm populations.

斑点叉尾鮰病毒病的传入风险评估报告

本文为评估斑点叉尾鮰病毒病(CCVD)跨境传播风险提出科学可行的防控措施,基于病原学和流行病学特征,对CCVD进入我国的可能因素进行了风险分析。分析认为,CCVD的传人威胁主要来自疫区的活养殖斑点叉尾鮰等活敏感鱼类,还有用于食用的活敏感鱼类,以及冰冻、冰鲜的敏感鱼类。因此,根据进口对象制定不同的风险管理方案并采取相应的检疫措施,对有效控制CCVD传入我国具有重要意义。     

超紧凑CCD彩色电视摄像机

具有代表世界最小摄象机头之特征,并使用了CCD(Charge-Coupled Device)图象传感器的彩色电视摄象机系统,已由东芝公司研制出来.姆指大小的摄象机头(直径17.5mm,长53mm)与一个小型宽视场角的镜头及CCD图象传感器相结合.光学图象由图象传感器传感而转换成电信号并由电缆传输到摄象机控制单元.然后它们被转换成NTSC视频信号,因此,图象能在电视荧光屏上显示或由VCR(Vidio Cassette Recorder)记录.这个新系统能在广泛的领域中使用.     

Food retailing strategies in the European Union. A comparative analysis in the UK and Spain

In this paper we analyse differences and similarities in the strategies adopted by the main food retailers operating in the UK and in Spain through the first half of the 1990s. We find seven main profiles of strategic behaviour in each market, including three which have been adopted in similar fashion in both countries (hypermarkets operating on a national scale, small local supermarkets and large supermarkets). We explore possible causes of the similarities and differences in strategic behaviour, and conclude that economic, demographic and cultural factors offer only a very limited explanation. The differences appear rooted in differences in the historical development of the retail industry in both countries, and in specific strategic choices linked to, but not necessary consequences of, those historical differences.     

Smuggling and parallel markets for exports

This article proposes a model of smuggling consistent with the coexistence of firms involved in strictly legal trade with firms involved in smuggling. A framework is presented in which a firm's degree of risk aversion and the level of government enforcement are the determining factors in the decision of the firm to smuggle or not to smuggle. The model demonstrates that smuggling must be welfare enhancing or all smuggling activity will end.

This article also provides a theoretical analysis of the effect enforcement has on smuggling and welfare. Increased enforcement is shown to have a negative effect on welfare. Government enforcement is assumed to have two policy instruments it can use to combat smuggling: (1) the probability of detection and (2) the monetary penalty. The relative effectiveness of government enforcement instruments in deterring smuggling is shown to be dependent on the degree of firm risk aversion.     

Latino families report lower child injury rates than white families

Latino children have lower visit rates to emergency departments and primary care physicians than white children in the USA. Using a nationally representative household survey, this study asked whether parental report of injury was also lower for Latino children, after adjusting for demographic, socioeconomic, health status and health care access factors. Data were obtained on injuries for which medical advice or treatment was received from the National Health Interview Survey (NHIS) from 1997 to 2003. Using the multistage probability design of NHIS, annual rates and adjusted odds of childhood injury report by race and ethnicity were calculated. Respondents reported lower rates of injury for Latino children (6.0 (95% CI 5.3-6.8)/100 person-years) than white children (13.4 (12.7-14.2)/100 person-years). Lower injury rates were mainly due to lower rates of sports injuries and accidental falls. Latino children had lower odds of reported injury than white children, even after adjusting for multiple factors (odds ratio 0.7; 95% CI 0.6-0.8). Lower odds of injury report among Latino children are independent of direct measures of demographic, socioeconomic, health status and health care access factors and indirect measures of acculturation including respondent language and country of origin. Potential explanations include lower exposure to risk, greater child supervision, reporting bias, differences in cultural attitudes toward seeking of health care and reduced health care access that cannot be explored in NHIS due to the form of the current questions. Further research is needed to investigate cultural differences in risk exposure, child supervision and seeking of injury care.     

The management of exchange‐rate risk: A case from the manufacturing industry

This article looks into the management of exchange rate risk at a U.K.‐listed company. The focus is particularly on the firm's operating exchange risk, for which it uses a synthesis of three different risk management approaches. These include the use of long‐term financial hedging instruments, operational adjustments based on real options theory, and the currency denomination of debt. Practice at the case company is unique, in that the former approach has been considered inappropriate by the theoretical literature and the latter is seldom used to manage firms' real cash flow exposures. In general, it has important implications for multinationals, especially with reference to the use of operational adjustments and the currency denomination of debt. © 2004 Wiley Periodicals, Inc.