摩根士丹利的新老领路人

金融危机爆发,美国政府大举增援,投放巨额资金,摩根士丹利终于渡过难关,躲过一劫。如今摩根士丹利有了新的领路人     

5 pillars of clinical integration

Implementing an effective clinical integration program requires deliberate investment of time and resources in five key areas: Physician leadership, Physician-led care management, Quality monitoring, Patient information and data sharing, Payer engagement.     

The three pillars of Basel II: optimizing the mix

The on-going reform of the Basel Accord relies on three “pillars”: a new capital adequacy requirement, supervisory review and market discipline. This article develops a simple continuous-time model of commercial banks' behavior where interaction between these three instruments can be analyzed. We study the conditions under which market discipline can reduce the minimum capital requirements needed to prevent moral hazard. We also discuss regulatory forbearance issues.     

From space to time : The music of old earth and new time

With this article I.F. Clarke resumes his series on the long advance towards modern ways of looking at the future. Two hundred years ago, he says, the world still managed well enough with the old short-scale measure of time. According to that system the beginning of human life dated from the creation of Adam and Eve on the afternoon of Friday, 28 October 4004 BC. Then came the first palaeontologists who pushed back the origins of organic life by millions of years. Their discoveries changed the perceived role of Homo sapiens in earth history as decisively as the Renaissance astronomers transformed all thinking about the place of our planet in the universe. The dominant evolutionary ideas of the 19th century joined with the evident technological advances to confirm the idea of progress as the most favoured doctrine of the age. It is still with us.     

赖茅：老故事新传

在商务部认定的“中华老字号”中,有一个以银行家、企业家赖永初的姓名和肖像作为注册商标的老字号——贵州赖永初酒业有限公司。赖永初是茅台酒创始人之一、赖茅酒唯一创始人,这家老字号企业是赖永初嫡传人赖世强为纪念其父在国酒茅台历史上作出的巨大贡献．于1992年独资创办成立的。当《国际融资》记者采访了贵州赖永初酒业有限公司董事长赖世强之后,深感有三个故事不得不讲：20世纪40年代,一位中国银行家是以怎样的手笔投资并购茅酒厂的;20世纪80年代．他的后人又是以怎样执着的信念白手恢复老字号的：在新中国成立前后40年的冷冻穿越中．这个品牌又是怎样不弃信念,坚守诚信之精神的     

Control your inventory in a world of lean retailing

As retailers adopt lean retailing practices, manufacturers are feeling the pinch. Retailers no longer place large seasonal orders for goods in advance-instead, they require ongoing replenishment of stock, forcing manufacturers to predict demand and then hold substantial inventories indefinitely. Manufacturers now carry the cost of inventory risk--the possibility that demand will dry up and goods will have to be sold below cost. And as product proliferation increases, customer demand becomes harder to predict. Most manufacturers apply one inventory policy for all stock-keeping units in a product line. But the inventory demand for SKUs within the same product line can vary significantly. SKUs with high volume typically have little variation in weekly sales, while slow-selling SKUs can vary enormously in weekly sales. The greater the variation, the larger the inventory the manufacturer must hold relative to an SKU's expected weekly sales. By differentiating inventory policies at the SKU level, manufacturers can reduce inventories for the high-volume SKUs and increase them for the low-volume ones--and thereby improve the profit-ability of the entire line. SKU-level differentiation can also be applied to sourcing strategies. Instead of producing all the SKUs for a product line at a single location, either offshore at low cost or close to market at higher cost, manufacturers can typically do better by going for a mixed allocation. Low-variation goods should be produced mainly offshore, while high-variation goods are best made close to markets.     

Portfolio performance evaluation: old issues and new insights

This article presents a model that provides insights about variousmeasures of portfolio performance. The model explores severalcriticisms of these measures. These include the problem of identifyingan appropriate benchmark portfolio, the possibility of overestimatingrisk because of market-timing ability, and the failure of informedinvestors to earn positive risk-adjusted returns because ofincreasing risk aversion. The article argues that these neednot be serious impediments to performance evaluation.     

数据集中工程新旧系统切换浅析

当前,工、农、中、建四大国有商业银行正在进行全国范围的数据集中工作,新一代柜面业务系统的设计、开发和推广工作正在如火如荼地进行.大部分商业银行在进行数据集中前都有自己的银行柜面业务系统,并且大都是以城市为中心的城市综合业务网络系统,金融数据存放在城市行的中心主机上,不同城市之间通过交换中心进行转发实现异地联网,而数据集中是将分散的数据中心合并为一个全省乃至全国的数据中心,将分散的金融数据集中存放在一套存储系统之中.因此,如何保证新旧系统的平稳切换、确保数据集中推广上线的顺利进行是实施数据集中工程中的重要环节之一.本文将重点讨论城市行数据在向省数据中心集中过程中,新旧系统切换可能出现的问题及其解决方法.     

美国国债上限:没有新办法的老问题

美国国会关于债务上限问题的博弈以及美联储的货币政策的动向,再次将美债议题置于国际舆论的风口浪尖上。在债务上限议题上,美国国会是否会再来一轮过山车式的博弈,然后重回老路?而在美国政府债务缠身之际,除了相互攻讦的两党,掌握货币政策、呼风唤雨的美联储还将是这轮大戏的主角     

新旧《企业财务通则》的对比分析

财政部对1992年颁发的《企业财务通则》(以下简称"旧《通则》")进行了全面修订,颁发了新的《企业财务通则》(以下简称"新《通则》"),并从2007     

中国金融电脑杂志社新春联谊会笑迎旧友新朋

2002年1月25日晚,北京前门饭店内洋溢着一派浓浓的春意和热烈祥和的气氛,由中国金融电脑杂志社主办的金融科技界新春联谊会在这里举行.来自中国人民银行、国家开发银行、中国农业发展银行、中国进出口银行、中国工商银行、中国农业银行、中国银行、中国建设银行、中信实业银行、中国光大银行、华夏银行、中国民生银行、招商银行、国家邮政储汇局、中国人寿保险公司、中国人民保险公司、国家外汇管理局、中国再保险公司、金融电子化公司、人民银行清算总中心、中元金融数据网络公司、中国商业联合会及其他有关部门的领导和《中国金融电脑》、《中国信用卡》两本刊物的编委会委员和特约编辑等参加了此次盛会.在喜庆的锣鼓声中,新老朋友欢聚一堂,共迎新春.     

Something old and something new: comparing views about nanotechnology and nuclear energy

This paper provides a review and evaluation of different food‐risk prioritization and management frameworks that have been developed by governmental food‐safety authorities, regulatory agencies and non‐governmental institutions worldwide. It emphasizes the need for a new science‐ and risk‐based system approach to microbial risk prioritization. We find that most studies and projects argue for a systematic and multi‐disciplinary approach to risk prioritization but nevertheless lack it. Human and public health issues have constituted the core focus of food‐risk analysis in food‐borne risk prioritization studies, where the majority of studies use the concept of disease burden. Even though it is widely recognized that economic and market‐level impacts of microbial hazards and preventive interventions to reduce food‐borne risks are crucial to the performance of industries and markets, they are almost never accounted for in risk prioritization frameworks.     

The new political importance of the old hurricane risk: a contextual approach to understanding contemporary struggles with hurricane risk and insurance

In the United States, policy-makers struggle to resolve conflict between public demands for affordable insurance costs covering hurricanes and market demands for risk-based insurance pricing. Given the socially constructed nature of risk, a risk-based pricing approach prioritizes insurer values and business practices over all societal value goals expressly limiting democratic inclusion in decision-making about risk. As a step towards the more democratically inclusive approach of risk governance, this article uses the state of Florida as a case study to provide a narrative of the social and political context for the evolution of the idea of U.S. hurricane risk. I argue that today’s hurricane risk is a product of long-standing shared efforts to build prosperity. However, it is no longer a simple risk for society to overcome on its way to economic well-being. Contemporary hurricane risk is systemic and serves as a nexus for political battles over American values.     

Corporate reporting on the Internet and the expectations gap: new face of an old problem

While the practice of Internet financial reporting (IFR) has evolved rapidly, research has questioned the corresponding responsiveness of the auditing profession. This study investigates the existence and nature of an expectations gap that may have arisen in relation to the auditor's role and responsibilities with respect to IFR. Based on a questionnaire survey in New Zealand, results confirm the existence of an expectations gap between auditors and stakeholder groups. Specific responsibilities contributing to deficient performance, deficient standards, and unreasonable expectations components of this gap are identified. The principal pronouncement dealing with auditors’ relevant responsibilities in New Zealand is AGS 1003 Audit Issues Relating to the Electronic Presentation of Financial Statements and Related Auditor's Reports. AGS 1003 discusses, inter alia, the auditor's role and responsibilities in relation to electronic financial statements before and after online publication, and the implications of IFR for the auditor's report and other audit communications. The study argues that the authoritative status of such guidance statements may contribute to a perpetuation of the gap. Furthermore, the profession is urged to avoid ‘standard’ professional responses to the issues, which risk being labelled insufficient and/or strategically motivated. The findings have policy implications for standard-setters internationally.     

Capital structure decisions: old issues,new insights from high-tech small- and medium-sized enterprises

Using panel data models and this study analyses the capital structure decisions of high-tech small- and medium-sized enterprises (SMEs) and non-high-tech SMEs. The results suggest that the capital structure decisions of high-tech SMEs are closer to what is predicted by the Pecking Order Theory. However, the results also suggest a modified version of the Pecking Order Theory for high-tech SMEs that have relied on venture capital. These firms prefer equity issues to debt, when internal finance is exhausted. The empirical evidence suggests that problems relating to information asymmetry as well as technological and market uncertainty influence the capital structure decisions of high-tech SMEs.     

The new new financial thing: The origins of financial innovations

The origins of financial innovations have attracted little empirical scrutiny. Using Wall Street Journal articles as an indicator, this paper examines which institutions were the key financial innovators between 1990 and 2002. The evidence suggests that smaller firms account for a disproportionate share of the innovations. Less profitable firms innovate more, though in the years subsequent to the introduction of the innovation, the profitability of the innovators increases significantly. Finally, older, less leveraged firms located in regions with more financial innovations innovate more. While several of the determinants of patenting are similar, small and unprofitable firms do not patent disproportionately.     

TEACHING NOTE Promoting participation-breathing new life into the old technology of a traditional tutorial: a teaching note

This note is an outline of our experience and a reflection on the lessons learned, when innovative teaching and learning methods were used to encourage participation in traditional tutorial classes. We hope that, by communicating our experience, readers will be encouraged to explore the identified approaches in their own courses. The problem of students' lack of participation in tutorials has long been recognized by staff and students. This problem is further exacerbated by the external factors of increased student numbers and more vocal employer opinions on graduates' lack of personal transferable skills. Three problems were identified as possible reasons for students' non participation in tutorials: dominance by one or a few students; students not forming a cohesive group; too many students in a tutorial. Strategies for dealing with these problems are detailed together with the results of our experience and conclusion on the success of each technique. The general conclusion is that it is possible to breath new life into old technology. Students can be encouraged to participate in a traditional tutorial by utilizing innovative teaching and learning strategies. We hope readers will learn from our experience and be encouraged to incorporate some of the strategies in their courses.