The Competitive Impact of Commercial Bank Underwriting on the Market for Municipal Revenue Bonds

This paper examines the impact of commercial bank entry in the market for municipal revenue bonds. We show that issues underwritten by commercial banks have lower underwriter spreads but not lower yields relative to issues underwritten by nonbank investment firms. In particular, this is more significant for non-investment-grade bonds underwritten by commercial banks. Our results are consistent with the interpretation that bank entry has resulted in increased competition in the municipal revenue bond market and that the lower yields observed for bank-underwritten commercial bonds may be due to banks having private information. Overall, our results suggest that policy changes leading to the relaxation of restrictive provisions concerning bank underwriting of municipal revenue bonds have had beneficial effects.     

长沙市城投债发行规模及信用风险评价研究

长沙市城投债发行规模较大,隐藏着较大的信用风险。论文首先分析了长沙市城投债发行规模的现状;构建了引入Knight不确定性因素的KMV修正模型,对长沙市城投债信用风险进行了实证分析;从严控长沙市政府财政风险、合理控制城投债发行规模、建立风险预警机制和合理安排城投债的发行期限三个方面提出了规范长沙市城投债发展的对策建议。     

金融危机背景下金融杠杆作用之审视

本文认为金融杠杆的存在有其必然性和合理性.在当前背景下,适当利用金融杠杆对走出金融危机阴影仍具有重要意义.就我国而言,金融杠杆的发展仍有不足,为扩大需求应考虑适度加大杠杆化力度.     

日本大地震对经济金融的影响

3·11大地震使日本处于二战以来最为困难时期。地震及次生灾难使金融市场一度陷入恐慌,日本政府及时采取注资及G7联手干预等举措起到了稳定金融市场的作用。本文认为灾难的叠加效应将使日本经济复苏步伐受到影响,但全球经济总体不会受到明显影响。随着日本灾后恢复及重建工作的推进,巨额的救助资金无疑会对日本政府带来新的考验。     

关于发展我国市政债券及市场的几点思考

我国＂十二五＂期间将积极稳妥推进城镇化,提升城镇发展质量和水平。在资金来源渠道有限的情况下,我们可以借鉴美国发行市政债券促进地方城市基础建设的经验和做法,改变我国城镇基础建设设施落后,投入不足的现状,按照市场经济的要求,逐步建立市场化、多渠道、多层次的资金筹措新体制。通过发行市政债券将更多的社会资金引入公共部门,推动我国城镇化进程。     

债券融资发展中的信用评级

信用评级与债券融资相伴而生，并促进了债券融资的发展。从我国资本市场发展的趋势看，无论从客观要求还是完善信用评级自身之需要，加强我国信用评级的建设都极为重要。本从信用评级产生发展的角度，探讨信用评级在债券融资发展中的作用。     

全球金融危机对印度资本市场的影响

尽管最近的全球会融危机对印度资本市场造成了一定程度的冲击,但从整体上来看,印度资本市场仍然保持了较好的弹性和灵活性.有序的资本账户开放政策、严格的银行业监管以及审慎的非银行金融公司管理,都是维持印度资本市场弹性的重要基础制度.     

我国商业银行资本管理新趋势对金融市场发展的影响

为吸取美国次贷金融危机的教训,一系列资本监管改革制度于2010年取得国际共识并逐步付诸实施。我国商业银行资本管理将呈现新的趋势,并影响到金融市场的发展：股票融资吸引力将上升,债券融资将有所萎缩,贷款转让、资产证券化市场将迎来新的发展机遇,信用债市场结构将面临调整。     

欧洲高收益债券市场违约风险监管研究

多年以来,欧洲一直是仅次于美国的世界第二大高收益债券市场。除了债券自身信用评级水平之外,欧洲高收益债券违约率的高低与市场监管力度以及宏观金融经济运行状况密切相关。欧洲监管当局把对高收益债券市场的监管重点放在:规范市场信息披露及信用评级标准和行为、保护投资者权益、保持交易行为的规范性和跨国界市场交易衔接处理等方面,这些监管策略的实施对控制市场违约风险起到了积极的作用。欧洲的监管经验对于今后我国高收益债券市场的尝试性推出也极具借鉴意义。     

关于发展我国市政债券市场的思考

目前地方政府面对发行市政债券的制度性障碍，自发寻求融资渠道，而这又显现出较大的风险。本文在分析发展我国市政债券市场重要现实意义的基础上，从法律、偿债机制及风险管理等方面提出政策建议。     

欧洲金融市场一体化进程中的金融中心研究

欧洲金融市场一体化目前已经达到了非常高的程度。对欧洲金融市场一体化进程中的金融中心的研究表明,金融市场一体化并不会导致欧洲只存在一个(或少数几个)金融中心,尽管欧洲金融中心体系内各层次金融中心的功能和作用有了调整,但欧洲多层次金融中心体系并没有因此而受到削弱。中国各区域之间同样正经历着一个金融市场日益融合的过程,因而欧洲的经验对于中国金融中心建设具有较强的借鉴意义。     

Requiem for a Market Maker: The Case of Drexel Burnham Lambert and Junk Bonds

This article adds to both the financial intermediation and market microstructure literature by examining the market reactions surrounding the withdrawal of a major financial intermediary and market maker from a specific securities market. We examine the exit of Drexel Burnham Lambert (Drexel) from the junk bond market in 1990. At the time Drexel exited the market by declaring bankruptcy, it was the dominant market maker and underwriter of junk bonds. We examine the impact of Drexel's failure on direct and indirect holders of junk bonds by investigating the effect of Drexel's collapse on junk bond returns, and on the stock returns of a group of firms that, on average, held significant amounts of junk bonds. We find that the collapse of Drexel had a significant impact on junk bond prices in general, and a greater impact on the prices of lower-quality junk bonds in particular. We interpret this result to imply that the value of the liquidity services supplied by Drexel was higher for lower-quality junk bonds. Additionally, we find that junk bonds underwritten by Drexel, as opposed to other investment banks, experienced a significant decline in price over the months leading up to Drexel's failure announcement. This suggests that the monitoring services provided by Drexel for the bonds it underwrote would not be replaced easily by other financial intermediaries operating in the junk bond market. Our results also indicate that the stock returns of life insurance companies with relatively high junk bond exposure tended to be affected more negatively by Drexel's financial distress than the stock returns of life insurance companies with relatively low junk bond exposure.     

2008年上半年中国金融市场运行分析报告

2008年上半年,我国金融市场继续保持了快速的发展势头.货币市场成交大幅增长,市场利率波动幅度减小;债券市场运行平稳,债券指数冲高回落;股票市场成交明显萎缩,市场指数大幅下跌;人民币汇率继续走强,外汇衍生品市场成交放大;黄金市场成交量快速增长,黄金价格波动频繁;期货市场规模显著壮大,商品期货价格处于高位.总体来看,我国金融市场在国内外宏观经济多种因素综合影响下成交放大,震荡较为剧烈,与国际市场的联动性明显增强,金融市场运行的不确定性和风险在增大.我们要高度关注金融市场波动,密切监测金融市场变化,积极应对市场面临的新局面和新挑战,全力维护金融市场稳定运行.     

我国资本市场开放过程中的金融安全问题

随着货币市场、证券市场的不断开放,资本的自由流动将给我国经济、金融宏观调控和金融监管带来许多难题,大量短期资本的流人和流出就会对我国的金融安全构成极大威胁.本文从阐述资本市场开放过程中冲击金融安全的途径和传递方式入手,提出了确保国家金融安全的对策:执行WTO协议,加强基础设施建设;加快金融部门的改革及资本市场工具的发展;加强金融安全法制建设,提高金融监管机构监管水平;严格控制外资投资于资本市场的资金规模.     

Impact of Culture, Market Forces, and Legal System on Financial Disclosures

This study examines the impact of legal systems (LSs) on financial disclosures by firms from different countries. The results indicate that firms from common law countries are associated with higher financial disclosures compared to firms from code law countries. The findings also reveal that cultural values have an insignificant impact on financial disclosures by firms from common law countries, and the results on firms from code law countries provide mixed signals. The results for multinationals are similar to the results for the total sample. The cultural values have no impact on financial disclosures of multinationals from common law countries, and there are mixed signals for multinationals from code law countries.     

The Impact of Futures Trading on the Spot Market for Treasury Bonds

Critics of futures markets contend that futures trading destabilizes spot prices and raises price levels of the underlying treasury bonds, while the proponents claim that futures trading improves the information content and stability of spot prices. To investigate these conflicting viewpoints, this paper examines the price behavior of treasury bonds at three critical time points: a) as they enter, retain, and exit the cheapest-to-deliver status; b) as they approach the futures delivery date; and, c) as they cease to be deliverable. An empirical analysis based on a rich data set of daily bond prices over thirty-four delivery quarters reveals little support for the critics’ view of futures trading.     

产业技术进步与金融的市场化趋势:基于银行与市场功能比较的分析

本文首先回顾了产业技术进步历史上影响最深远的三次技术革命,发现新兴的产业技术几乎都是最初发展于“市场主导型金融体系”的美国、英国。比较而言,“银行主导型金融体系”的日本、德国更擅长于学习和推广成熟技术。本文进而基于银行与市场功能比较的视角,分析了二者对于不同特征产业和处于生命周期不同阶段产业的作用差异,以及二者在风险管理上的功能差异。全文的主要结论是：金融市场对于推动自主创新和技术进步,并有效管理经济体系的风险具有特别重要的意义,中国的金融改革应努力构建一个市场主导型的金融体系。     

产业技术进步与金融的市场化趋势:①基于银行与市场功能比较的分析

本文首先回顾了产业技术进步历史上影响最深远的三次技术革命,发现新兴的产业技术几乎都是最初发展于"市场主导型金融体系"的美国、英国。比较而言,"银行主导型金融体系"的日本、德国更擅长于学习和推广成熟技术。本文进而基于银行与市场功能比较的视角,分析了二者对于不同特征产业和处于生命周期不同阶段产业的作用差异,以及二者在风险管理上的功能差异。全文的主要结论是:金融市场对于推动自主创新和技术进步,并有效管理经济体系的风险具有特别重要的意义,中国的金融改革应努力构建一个市场主导型的金融体系。     

国开行可赎回债券和可回售债券的定价探讨

可赎回债券可以分解成普通债券和债券看涨期权的组合,可回售债券可以分解成普通债券和债券看跌期权的组合.本文使用BDT模型对国家开发银行自2001年以来发行的可赎回债券和可回售债券定价,结果发现可赎回债券被高估,而可回售债券被低估.