我国住房市场的发展状况和政策建议

2004年以来,商品住宅市场发展中的各种问题引起了社会各界的广泛关注。住宅产业是国民经济的主导性支柱产业,它的发展状况,影响着几十个产业部门、上万种产品的发展,因此,正确认识我国住房市场发展状况、选择合适的政策,对于保障经济的可持续发展、创建和谐社会都具有至关重要的意义。作者从我国住宅市场发展的基本状况入手,揭示了住宅市场发展中的金融风险,最后对发展我国商品住宅市场提出了一系列的政策建议。     

论企业家的环境治理责任及对策分析

企业承担环境治理社会责任是社会经济发展到一定阶段的要求.由于环境的开放性,企业必然要与其利益的相关者发生关系,有眼光的企业将承担环境治理的社会责任.政府要创造条件将环境治理的社会责任与企业的商业机会相结合.随着世界范围内社会责任活动对我国的影响,我国的社会责任活动必将深入人心.     

Market Maker Performance: The Search for Fair Weather Market Makers

The London Stock Exchange has long been concerned that some market makers do not fulfill their obligations. This study describes a range of measures to identify such fair weather market makers. The results indicate that three firms of market makers meet the criteria for fair weather market making. It is also discovered that market makers in a given stock all quote the same fixed spread in round pennies and that this is about twice the touch. Internalized order flow is pervasive, with market makers receiving 57% of their order flow from associated brokers. However, fair weather market making is found to be distinct from order preferencing and internalization.     

克拉玛依地方企业发展的政策建议

新疆克拉玛依是一个典型的石油资源型城市,国有经济占主导,其他经济成份极其有限;在产业结构中以国家战略性产业——石油产业为主导,其他产业比重很小;中央直属企业占主导地位,地方企业比重较小。2008年以来由于石油价格下跌、金融危机等原因,地方企业受中央投资及原油储量、产量、价格等因素的影响较大,本文分析了地方企业发展中面临的突出问题,提出了发展地方企业的相关建议。     

本土私人银行业务的缺陷及建议

随着中国经济的迅速崛起,中国的富人数量激增,且财富高度集中,其巨额财富亟待管理,而满足这一市场需求的私人银行业务虽然有了一定的发展,但在客户挖掘、服务品种、人才资源和风险控制等方面存在诸多缺陷,亟待完善.本文提出了加快本土私人银行业务发展的几点建议.     

中国商业银行灾难备份系统建设的思考

当今中国各商业银行已开始实行全面信息电子化，数据集中化建设开始逐步普及，但同时也带来了数据风险的集中化，因而灾难备份这一重要的信息电子化逐步得到重视。本文主要对中国商业银行灾难备份系统的建设方案提出了一些建议。     

《人民币银行结算账户管理办法》执行中的问题与建议

《人民币银行结算账户管理办法》实施以来,在账户管理方面发挥了重要作用,但也出现了不少问题,需要在执行过程中逐步解决,以进一步提高商业银行的账户管理水平.     

Organizing Legal Advice and Litigation: The Human Rights Challenge

In subjecting the activities of government to a further set of relatively precise standards which are judicially enforceable, the Human Rights Act offers a fundamental challenge to the way the executive thinks, further reinforcing and expanding the importance of legal standards as a key discipline of government, at the expense of political responsiveness. This article asks how government's internal legal arrangements—especially for legal advice and litigation—might be affected by this step-change in the importance of law to government.     

The Black Market for Dollars in Venezuela

In February 2003, the Venezuelan government imposed a strict capital controls policy to stem the outflow of dollars. We describe the mechanics and structure of the resulting black market and analyze the comparative performance of alternative models in explaining and forecasting the black market premium. Robustly significant determinants of the premium include the lagged premium, the official real exchange rate, the implied returns from arbitrage, and the oil price. Our preferred model exhibits outstanding out-of-sample forecasting performance, with an average prediction error of -0.9 percent, and an error standard deviation of 7.8 percent, during the ten-month period until July 2009. We provide evidence that the exogenous change of the black market swap vehicle to government bonds in 2007 induced a significant shift in the relative importance of the determinants of the premium, causing shocks to become significantly more persistent, the coefficient on the implied returns from arbitrage to double, and rendering the beneficial effect of oil price increases insignificant.     

The Evolving Market for Catastrophic Event Risk

ABSTRACT: In the last two years, the market for catastrophic event risk has witnessed important change. The first large and truly successful catastrophe (CAT) bonds have been issued. New exchanges have opened, traded contracts have been created, and indexes of CAT losses have been introduced. The array of products confronting issuers and investors has widened substantially.
This article provides a brief overview of these changes. It also takes a functional approach to diagnosing the problems in the market for CAT event risk in order to understand how future change is likely to occur. Finally, it provides information to companies looking to assess whether these new markets are useful for solving their problems.     

为中小开发商融资开药方

近来,银行信贷新增额度锐减,且不再向房地产倾斜,在这种情况下,什么才是中小开发商的生存之道7山水文园集团金融资产管理中心总经理赵一军先生娓娓道来他的看法     

信用风险缓释工具的经济意义及其发展建议

信用风险缓释工具(CRM)是中国金融体系通过金融创新、以市场手段管理信用风险的重要里程碑。与欧美国家的同类产品CDS相比,CRM有其独特性。本文首先介绍CRM及其交易,然后从金融创新、银行稳健性、债券市场发展、信用共担体系完善等方面阐述了CRM在推动中国金融市场深化方面的积极作用。最后,本文针对CRM市场发展中暴露出来的市场主体同质化、产品设计单一、定价机制不健全、监管问题提出了改进意见。     

The Need for Effective Communication with Market Stakeholders

Good corporate governance practices have become increasingly important in determining the cost of capital in global capital markets. The Australian Stock Exchange (ASX) aims to promote an environment of market confidence so that listed companies can obtain reasonably priced capital and maximise the value of their listing. As the market operator, the exchange has the ability to set and monitor disclosure standards and to support dialogue between companies and investors. However, a problem with corporate governance disclosures in Australia is that they have not delivered particularly meaningful information to investors about the performance of individual companies.     

论城市商业银行的市场定位

城市商业银行在化解风险中生存、在风险控制的实践中壮大、在改革创新中发展,已成为我国银行体系中的一支有生力量.但城市商业银行仍是一支很脆弱的力量,要想在激烈的业内竞争中茁壮成长,准确的市场定位是首要解决的问题之一.     

Two Paradigms for The Market Value of Liabilities

Abstract

Asset/liability management (ALM) theory and practices of insurers have matured and developed from early applications to guaranteed investment contracts (GICs) to all annuity and insurance products today. An important and logical next step of inquiry is the definition of, and calculation procedures for, the market value of an insurance liability. Because all ALM strategies have as their goal the management of some value of assets in relation to some value of liabilities, this inquiry will provide at last a canonical basis for ALM: the management of relative market values.

To set the stage for this exploration, the theory and application of pricing in a complete market are reviewed, as are the practical limitations of this theory in the real, and far from complete, financial markets. The notion of an ad hoc pricing model is developed, and examples are reviewed and critiqued. These models, though imperfect compared with pricing in a complete market, bridge the gap between pricing theory and practice.

The current state of the liabilities market is also discussed, and this market is seen to naturally split into a “long” and a “short” submarket. Of particular interest is the theoretical possibility of these markets becoming broad-based, deep and active, and the conclusions are relevant to the issue of long/short price equalization.

Two paradigms are then explored for defining and subsequently calculating an insurance liability market value. A “paradigm” is a generalized model or framework for accomplishing the task at hand. Each paradigm reflects observable market trading activity, however infrequent, and each is based on methods of valuation consistent with finance-theoretic approaches that are routinely used for the market valuation of assets.

In addition, each paradigm allows for a sequence of ad hoc valuation methodologies, which differ in the extent to which various risks are explicitly modeled versus judgmentally reflected in a risk spread. These paradigms are discussed and contrasted, and arguments made for the potential evolution of the respective values if a “liability” market began trading actively. Practical constraints on the realization of this evolution are also noted.

The last section of this paper discusses a host of considerations related to the application of option-pricing theory to insurance company liabilities.