网上银行的安全威胁和风险防范

电子商务的发展推动和促进了网上银行的发展,但网上银行在发展的同时也面临各种安全问题,而且网上银行对安全性的要求比一般网络机构更高.网上银行既面临着黑客和网络技术发展的考验和挑战,同时还面对着银行内部操作人员的操作性风险等多种风险.作者认为,网上银行的安全问题是一个典型的人--机关系问题,所有的各种安全保密功能都是由人设计和实现的,而破坏、干扰各种安全和保密功能的也是人.因此,只有从技术、管理和法律三方面入手并协调好技术、管理和法律三方面的关系,才能有效防范和化解风险,维护网上银行的安全性和正常运行.     

REGULATORY ENVIRONMENT AND MARKET RESPONSE TO PUBLIC UTILITY RATE DECISIONS

This paper examines the stock market's response to the public utility rate-case decisions, or settlements, in the context of the regulatory environment. Davidson (1984) finds that the market responds only to “surprise” settlements that are extreme. No adjustment is made, however, for the regulatory environment of the utility requesting a rate increase. The hypothesis of this paper is that a “surprise” is a function of the regulatory environment in which the decision is made. The results of the residual study support the hypotheses that after adjusting for regulatory environment, there is no significant market response to average settlements and above and below average settlements influence the market positively and negatively, respectively.     

银监会不断提高监管有效性

时至岁末,如果要盘点过去一年银行监管工作,我们或许可以从银监会主席尚福林在传达中央经济工作会议精神所说的话中觅到一些线索。＂加强形势分析和研判,提高监管有效性,严守风险底线,努力促进银行业提高金融服务水平,更好服务实体经济发展。＂纵观银监会在2011年的作为,有效防范风险与引导银行业服务实体经济是这一年银行监管的两大着力点。     

BANK HOLDING COMPANY ACQUISITIONS,STOCKHOLDER RETURNS,AND REGULATORY UNCERTAINTY

This paper examines the returns accruing to the bank holding company (BHC) stockholders when an acquisition is initiated by the BHC. There is a significant, positive abnormal return to these shareholders when the acquisition is announced. The magnitude of this return does not depend on the relative size of the acquired firm. Further, the regulatory environment for these BHC acquisitions introduces uncertainty about the eventual outcome of the review process. Upon approval from the Federal Reserve Board (FRB), the BHC stockholders earn an additional, significantly positive abnormal return.     

BEYOND NEW PUBLIC MANAGEMENT: AGENCIFICATION AND REGULATORY REFORM IN NORWAY

In this paper we describe some trends in the development of regulatory reform in general and the agency form in particular. The focus is on the case of Norway by describing the reform process and some lessons learned. We discuss the development through the prism of different theoretical lenses such as instrumental, cultural and institutional environmental features. Finally, we draw some conclusions and discuss possible future developments beyond New Public Management by using a linear, a cyclical and a dialectical scenario.     

REGULATORY AND PROCEDURAL EFFECTS ON THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS

In this paper, the pricing of initial public offerings (IPOs) is examined from the underwriter's point of view. It is shown that because of the regulations and procedures governing the underwriting and pricing of IPOs, underwriters can maximize expected income by underpricing IPOs. Thus, it is argued that in addition to other feasible explanations of the underpricing phenomenon (e.g., compensation to uninformed investors, insurance against legal liability, etc.), regulatory and procedural factors contribute to the underpricing of IPOs. This is shown to be true both when uninformed investors are present and absent from the market for IPOs.     

REGULATORY INFLUENCES ON PORTFOLIO PERFORMANCE: SHORT SELLING AND REGULATION T

Several models are developed to examine the portfolio effect of short selling. Three things are demonstrated in this study. First, that for many assets, short selling is a useful strategy for reducing risk when constructing mean-variance efficient portfolios. Second, Regulation T can be used in combination with short selling to further improve expected portfolio performance. Third, the performance of the suggested models is superior to previously suggested allocation models. Ex ante and ex post tests are conducted to arrive at the above conclusions.     

我国银行体系脆弱性的理论分析及实证考察

银行体系稳健与否是事关国家金融发展和金融稳定的重大课题 ,本文首先介绍了国内外有关银行体系脆弱性问题研究的理论文献及其新进展 ,然后运用 1 978～ 2 0 0 0年间的数据对我国银行体系脆弱性状况进行了初步测度 ,结果发现中国银行体系在 1 978～ 2 0 0 0年之间有 1 1年是不稳定的 ,尤其是在 1 992年和 1 998年前后更为突出 ,银行体系存在较大的风险。最后通过对银行体系脆弱性状况的成因进行了量化分析 ,研究表明银行体系脆弱性是金融变量和宏观经济变量综合作用的结果 ,是内因和外因共同作用的结果 ,而不是某一种因素使然 ,因此单纯的考察某一类变量对银行体系脆弱性的影响往往难以得出科学的结论。     

U.S. POLITICAL CORRUPTION AND LOAN PRICING

Using U.S. Department of Justice data on state-level political corruption, we find that banks charge higher loan spreads (all-in-drawn spreads) to firms in states with higher corruption and that these effects are more pronounced for firms facing financial constraints but less pronounced for firms experiencing greater external monitoring. These results are robust to additional controls, alternative corruption measures, a measure of the lack of oversight of lobbyist activities, and the use of instrumental variables. Overall, our findings are consistent with the harmful corruption environment hypothesis, which states that banks charge higher loan spreads to firms in states with greater political corruption environments as these firms are susceptible to making suboptimal financial decisions to fend off rent-seeking behavior.     

科学、依法、有效监管引导保险业平稳健康发展

今年以来,面对复杂的国际国内经济金融形势,在党中央国务院的正确领导下,保险行业深入落实科学发展观,坚持以科学发展为主题,以加快转变发展方式为主线,开拓创新,真抓实干,在整顿规范市场秩序中加强风险防范,在促进业务平稳增长中推进全面转型,     

THE CHINESE SECURITIES REGULATORY COMMISSION AND THE REGULATION OF CAPITAL MARKETS IN CHINA

The rapid development of China’s capital markets necessitated the establishment of a regulatory agency that would administer market operations and protect investors’ interests. The Chinese Securities Regulatory Commission (CSRC) was established in 1992 for this purpose. In 1999, the Chinese Securities Law recognized the CSRC as the sole regulatory agency responsible for regulating securities instruments and markets in China. Although the CSRC is considered instrumental to Chinese accounting reforms and capital market development, it has remained relatively unexamined in the accounting literature. This paper contributes to the accounting literature by providing insight into an important regulatory agency that has enormous impact on the economic development of China. Specifically, this paper discusses the CSRC’s establishment and development, its regulatory efforts, and its achievements and shortcomings in its efforts to regulate China’s emerging capital markets. The underlying factors that explain some of the CSRC’s regulatory actions are also analyzed by discussing several cases involving fraudulent financial reporting.     

REGULATORY NEGOTIATION IN AUTOMOBILE INSURANCE REFORM

Tort reform of the motor accident insurance compensation scheme in the Australian state of New South Wales in 1999 came about as a result of an untested experiment in regulatory negotiation. This article is a first-hand account of the successful attempt to craft a consensual modification of the scheme through deliberations among a working group of service provider representatives. The author, a Canadian lawyer, investigated the prospects for change, acted as chief negotiator, and observed the legislative process that led to the final law reform.     

金融科技“监管沙盒”试点应用

中国版金融科技"监管沙盒"试点项目的神秘面纱,日前揭开。1月14日,中国人民银行营业管理部向社会公示了首批6个金融科技创新监管试点应用,从涉及的主体看,试点包含了国有商业银行、全国性股份制商业银行、大型城市商业银行、清算组织、支付机构、科技公司等多家机构;从创新业态看,聚焦在物联网、大数据、人工智能、区块链。     

差异化监管小微企业重现曙光

小微企业作为中国经济的命脉之所在,是中国经济的基本细胞,小微企业融资问题当为国富民强的题中要义。各大银行与小微企业共成长,攻坚克难积极支持小微企业发展,以在“业务流程、评级、风险考量以及监管要求”等方面开展的差异化小微企业金融服务让基层小微企业迎来曙光;而小金融机构扮演了“信贷资金提供者”的角色,他们根据市场特点及小微企业经营环境,有效增加信贷投入,发展多种融资工具,缓解小微企业融资难题,拓宽小微企业融资渠道。金融系统自上而下,已经全面吹响了“金融支持小型微型企业发展”的号角。     

统一监管金融市场 俄罗斯央行“大权在握”

混业监管还是分业监管?这是个问题。但在俄罗斯有了答案。坐落于莫斯科涅格里大街的俄罗斯央行近日迎来一次重大的金融监管体制变革。9月1日,俄罗斯有关组建隶属于中央银行的统一大金融市场监管机构的新法案行将实施。根据法案,中央银行将取代联邦金融市场局对证券商、保险公司、小金融组织、交易所投资和养老基金等所有金融机构的经营活动实