TESTING PRICE TAKING IN LOAN AND DEPOSIT MARKETS BY FINANCIAL FIRMS

This paper tests for the failure of price taking in the markets for financial and nonfinancial services. A firm that can purchase or sell an unlimited quantity at the prevailing price is a price taker. This hypothesis is tested using historical data on a sample of eighteen banks, considering financial services, demand deposits, time deposits, labor, cash, materials, and capital. The empirical results indicate little flexibility in the financial technology, whether price taking is imposed on all markets or only on the labor market.     

THE NEW LEVERAGED LOAN SYNDICATION MARKET

Over the past ten years, commercial lending has been transformed from a one-off, bilateral "market" in which issuers maintained one or more separate banking relationships into a capital market in which one or more underwriters structure and price loans for syndication to groups of investors. This market-driven evolution has been most dramatic in the leveraged lending segment (defined as loans priced at LIBOR plus 150 basis points or more), where wide margins have attracted a large and growing field of underwriters, intermediaries, and investors.
Liquidity is the overriding theme in today's syndicated loan market, making the market a more user-friendly one for corporate borrowers and deal sponsors. As a result, a record number of corporate issuers are taking advantage of the syndicated loan market to finance strategic transactions or simply to reduce their borrowing costs. Deal sponsors, too, are tapping the market to finance leveraged buyouts, recapitalizations, and acquisitions at a pace not seen since the late 1980s. But, although acquisition pricing has reached cash flow multiples that recall those of the late '80s, equity contributions by sponsors are larger and credit structures are more conservative.
For banks and other investors, reduced loan pricing and more flexible credit structures have been balanced by much greater access to a large volume of diversified assets, as well as the ability to manage asset-specific and portfolio risk more effectively. As a result of more effective portfolio management strategies, lenders today are less vulnerable to credit problems with individual issuers or a given industry segment, and the bank market as a whole should be much less subject to disruption than it proved to be in the early 1990s.     

企业财务分析在商业银行贷款调查中的具体应用

商业银行进行贷款调查是要对贷款的信用等级以及借款的合法性、安全性、盈利性等情况进行调查.通过财务分析掌握贷款企业的财务状况,对高质量地完成贷款调查有着举足轻重的作用.本文首先提出,信贷员要对获取的企业财务报表的真实性进行判断,在确定财务报表真实的前提下进行具体分析,确定企业的真实有效资产.然后,作者介绍了财务分析的具体方法,包括短期偿债能力分析、销售收入分析、经营获利能力分析、投资收益能力分析和财务现金流分析.最后,对财务分析必须注意的问题进行了说明.本文对于指导商业银行进行贷款调查具有一定的指导意义.     

TRADING TIME EFFECTS IN FINANCIAL AND COMMODITY FUTURES MARKETS

Through the examination of one commodity contract, soybeans, and one financial contract, U.S. Treasury bonds, the authors test to determine (1) whether mean rates of return during trading times differ from mean rates of return during nontrading times; (2) whether mean returns during trading times and nontrading times differ by day of the week; (3) whether trading time returns differ significantly from previous nontrading time returns; and (4) the extent to which trading and previous nontrading returns are correlated. In addition, the authors empirically examine a possible explanation for the results obtained.     

顾客满意度在商业银行贷款营销中的应用研究

随着银行业竞争日趋激烈,我国商业银行资金市场已经初步显现出买方市场的特征,银行客户的金融需也发生了明显的变化。客户已经成为商业银行的战略性资源,因而争夺日益稀缺的客户资源成为商业银行健康发展的关键。在这种新形势下,商业银行实施客户满意度战略,培养忠实客户将成为大势所趋。本文针对商业银行贷款营销进行顾客满意度分析,提出影响贷款营销开展效果的贷款产品品牌化程度、产品品种、手续简便程度、发放时间、价格合理化程度、客户经理制、服务便捷性、业务保密性、员工素质和服务能力等十项顾客满意度指标,并分别就这十项指标提出如何提高顾客满意度的具体建议。     

DISTRIBUTIONS OF FINANCIAL RATIOS IN THE COMMERCIAL BANKING INDUSTRY

Much research in banking assumes that the data are normally distributed. There has been little empirical confirmation of this assumption. In this paper, the normality assumption is subjected to an extensive test using data for virtually all U.S. commercial banks for several years. The statistical characteristics of 11 common financial ratios are investigated. The findings reject any broad assumption of population normality.     

域外来风看理财

北京的秦蓝女士,普通白领,除了每月的工资收入,他与老公在银行和股市还有资金大约30万元,分别用来买一些短期理财产品,贵金属投资和保险。     

当前我国农村金融市场主体行为研究

当前以及今后一个相当长的时期,中国农村的生产要素市场中,各生产要素的供给与需求的约束是各不相同的,因而在政策层面上的表现也各不相同.与耕地、劳动力和技术相比,资金要素则有其特殊性.说农村中资金短缺,但又有大量资金流入城市,而且净流出的数额非常大;说资金充裕,又有许多农户因缺少资金,家庭经营只能维持简单再生产,高利贷也很普及.因此,正确认识和深入研究当前农村金融市场主体的经济行为,能够帮助各类金融机构更好地利用资金要素,推动农业产业结构和农村经济结构的调整,使农村生产要素的配置更合理、更有效率,以期达到稳定农产品供给和增加农民收入的目的.     

FINANCIAL PLANNING AND CONTROL FOR COMMERCIAL AND INDUSTRIAL ENTERPRISES IN CHINA

Financial planning and control systems in China are discussed. The effectiveness of the pre-1979 system is evaluated and compared to the system instituted in 1979 under China's modernization drive. The implications of these changes for China and for the United States are discussed.     

消费信贷:银行必争之地

中国加入WTO之后,在市场开放上面临着与过去全然不同的环境.面对这一转变,国内银行恐怕都不得不考虑未来业务发展的前景.据我们的了解,国内一些大的商业银行现在都有很强的紧迫感,想知道今后到底该怎么做?如何与外资银行进行竞争?