医药行业：新医改撬动行业崛起

伴随着经济发展，人民群众的健康需求也目益提升，现行医疗体制存在的种种弊端，也逐渐显露出来。广大人民群众的意见呼声、党和国家执政理念的创新和学者的争鸣探讨等诸多合力推动了新医改方案的出台。作为民生经济，在新医改背景下，医药行业发展将在公平和效率之间、政府与市场之间找到均衡和突破，实现备方利益群体和谐共赢。     

Risk management of Chinese food companies; a management perspective

This study investigated the current situation of food risk management (FRM) in Chinese companies and the factors that influence the effectiveness of risk management measures. FRM is considered from the perspective of food company managers in 161 food companies surveyed in the Provinces of Henan and Hubei, Central China. Results suggest that the current FRM situation in China is poor, and the most important factor influencing the effectiveness of FRM measures is the financial resource allocated to FRM. Other affecting factors include the level of corporate social responsibility (CSR) engagement of the company and the company size (measured by the number of employees). The better the CSR, the better the FRM; the larger the company, the less effective the FRM measures are. The study provides some suggestions for policy-making and further research.     

创新银信合作新时代

面对市场变化，银信合作在新的政策导向和市场环境下发展空间巨大，其根本出路在于更新观念、不断创新和增加产品科技含量。     

科技公司亟需引入规范性的投资管理

安永最新全球调查研究报告显示:创新依然是科技行业赢得竞争力的最关键因素。然而,大多数科技公司仍旧缺乏有效的方案管理科技创新流程,妨碍他们成功创造佳绩。安永认为:如果公司决定严格管理创新投资流程,引入财务人员的参与和使用客观及有效的分析工具,将能够取得更好的成绩     

保险集团财务管理模式探析

近几年来我国保险企业集团化快速发展,财务管理如何适应集团化的需要成了一个亟待研究和解决的问题。本文从分析集团企业不同财务管理模式的利弊入手,全面分析了影响保险集团财务管理模式的各种因素,明确了集团财务管理的基本要求,对保险集团不同发展阶段财务管理模式的选择提出了建议。     

解读“中国式市值管理”，起底“PE＋上市公司”生意经

2014年5,98日,国务院发布《关于进一步促进资本市场健康发展的若干意见》（以下简称“新国九条”）,明确提出”鼓励上市公司建立市值管理制度”。目前,证监会正在起草《上市公司市值管理制度指引》,拟定今年年底前推出。这对于推动上市公司增强市值意识、加强市值管理、提升股东回报和促进中国资本市场健康发展具有重大意义。     

Co‐evolved genetic programs for stock market trading

The profitability of trading rules evolved by three different optimised genetic programs, namely a single population genetic program (GP), a co‐operative co‐evolved GP, and a competitive co‐evolved GP is compared. Profitability is determined by trading thirteen listed shares on the Johannesburg Stock Exchange (JSE) over a period of April 2003 to June 2008. An empirical study presented here shows that GPs can generate profitable trading rules across a variety of industries and market conditions. The results show that the co‐operative co‐evolved GP generates trading rules perform significantly worse than a single population GP and a competitively co‐evolved GP. The results also show that a competitive co‐evolved GP and the single population GP produce similar trading rules. The profits returned by the evolved trading rules are compared to the profit returned by the buy‐and‐hold trading strategy. The evolved trading rules significantly outperform the buy‐and‐hold strategy when the market trends downwards. No significant difference is identified among the buy‐and‐hold strategy, the competitive co‐evolved GP, and single population GP when the market trends upwards.     

Reporting intangible assets: Voluntary disclosure practices of top emerging market companies

This study is the first to empirically examine the applicability of the Value Chain Scoreboard™ proposed by Lev (2001) as an alternative disclosure framework for intangible assets (IA). The context of the research is the top 200 emerging market companies, which are the focus of increasing international attention. We empirically examine the extent of IA disclosures and find that emerging market companies do actively engage in voluntary disclosure practices to disseminate mainly quantitative IA information to their global stakeholders. Corporate-specific factors such as the adoption of IFRS/U.S. GAAP, industry type, and price-to-book ratio are key influences significantly associated with the level of IA voluntary disclosure. In addition, country-specific factors, including risks associated with economic policies and legal systems, are found to be significantly associated with the level of IA disclosure.     

Applying CVaR for decentralized risk management of financial companies

Over the past decade, financial companies have merged diverse areas including investment banking, insurance, retail banking, and trading operations. Despite this diversity, many global financial firms suffered severe losses during the recent recession. To reduce enterprise risks and increase profits, we apply a decentralized risk management strategy based on a stochastic optimization model. We extend the decentralized approach with the CVaR risk-metric, showing the advantages of CVaR over traditional risk measures such as value-at-risk. An example taken from the earthquake insurance area illustrates the concepts.     

Efficient market hypothesis and fraud on the market theory a new perspective for class actions

Following recent judgment of the Supreme Court of US (June 2014), several commentators had declared that “Securities class actions are here to stay” (insidecounsel.com—September 2014, 11). This paper provides a critical perspective on this judgment, which “implicates substantive issues at the intersection of economic theory, financial markets, and securities regulation” (128Harv. L. Rev. 291 2014–2015, 291), and shows that we must be much more careful. This recent judgment is based on the Fraud on the Market Doctrine, which was introduced in 1973 in order to preserve the class action procedure in securities fraud litigation. The characteristic of the Fraud on the Market Doctrine is to have been structured from one of the most popular financial theory: Efficient Market Hypothesis. In this paper, by analysing the implementation of the Efficient Market Hypothesis in Fraud on the Market Theory, we argue that if the Supreme Court had to take position for a second time about the Fraud on the Market Doctrine it is due to the practical difficulties inherited from Efficient Market Hypothesis and that have raised several problems to the US courts, including the Supreme Court. This issue is illustrated by the definition of Efficient Market Hypothesis lawyers used (“most” vs “all”/“fully”). As this paper shows, if “Securities class actions are here to stay”, the opportunity to open such a class action is strongly reduced in the facts.     

Entering a new market: Market profitability and first-mover advantages

We analyze a firm's investment problem when it faces preemption risk and profits are convex in market profitability. In a setup where firms have asymmetric profit convexity, which we relate to firm quality, we show that this has interesting effects on valuation and the order of entry. The interplay between profit convexity and market growth impacts whether a high-quality or a low-quality firm is the first mover. We relate the first-mover advantage to patents; we find that patents expedite investments and increase the incentives for high-quality firms to become first movers. Furthermore, even with a persistent first-mover advantage we show that first-mover advantages in terms of firm value are either over- or underestimated. Thus, our model sheds light on why empirical studies find mixed support for the existence of a first-mover advantage.     

保险企业质量成本管理实证分析

保险业的发展不仅带动了我国经济的进步以及基础建设的稳步前行,同时对稳定居民生活、保障国民的生命和财产安全起着不可替代的作用。在这种形势下,以顾客满意度为导向的质量成本管理对保险业的健康稳定发展意义重大,对保险业质量成本管理进行分析也就非常重要。本文在总结国内外研究基础上,引出了保险业的质量成本管理问题。针对保险业的特殊属性,本文建立了以顾客满意度为导向的质量成本管理模型,构建了保险业质量管理的项目设置及成本核算方式,并选取35家寿险公司作为样本,对保险业的质量成本管理模型进行了验证,并给出了加强保险业质量成本管理的建议。     

证券公司合规管理的新趋势:基于原则的监管

基于原则的监管(Principles-Based Regulation,PBR)是2002年以来欧美国家证券公司合规管理的新趋势,被西方业界广泛讨论并逐步付诸实践。对习惯于以规则为导向的传统而言,基于原则的监管无疑是一种巨大的挑战和变革,其带来的激烈争议在所难免。我国证券公司的合规管理起步较晚,但起点较高,基于原则的监管已初现端倪,在外部监管方面可以适当借鉴;但对于证券公司的内部管理而言,则不宜立即推广。     

Financial hedging with derivatives and its impact on the Colombian market value for listed companies

The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model.     

PwC:中小企业将成为资本市场生力军

普华永道最新调研数据显示,2010年中国IPO市场在全球范围内仍然处于领先地位,IPO融资总额再创历史新高,其中,中小企业十分活跃,成为上市主力,2010年中小企业板融资金额显著增长。未来几年出现大型企业IPO的可能性不大,因此,在2011年,高科技、高成长型的中小企业仍将成为资本市场的生力军     

Assessing the quality of a security market: a new approach to transaction-cost measurement

I discuss a new method for measuring the deviations betweenactual transaction prices and implicit efficient prices. Theapproach decomposes security transaction prices into random-walkand stationary components. The random-walk component may beidentified with the efficient price. The stationary component,the difference between the efficient price and the actual transactionprice, is termed the pricing error. Its dispersion is a naturalmeasure of market quality. I describe practical strategies forestimating these quantities. For a sample of NYSE stocks, theaverage pricing error standard deviation estimate is roughly0.33 percent of the stock price. If the pricing error is normallydistributed and if it is always a positive cost incurred bythe transaction initiators, the corresponding average transactioncost for these traders is 0.26 percent of the stock price. Thedispersion of the pricing error is also found to be elevatedat the beginning and end of the trading session.