金融发展与企业家创业决策

分析金融机构监督成本与企业家创业之间的联系。在各企业家具备同样的融资能力的情况下,由于全融机构的监督成本不同,将出现不同的决策。在高监督成本下,只有一部分潜在企业家选择创业,全融机构为这些企业家提供较少的融资;在低监督成本下,将有更多的潜在企业家选择创业,并能获得较多的融资。     

The Making of Entrepreneurs in Germany: Are Native Men and Immigrants Alike?

This paper uses a state of the art three-stage estimation technique to identify the determinants of the self-employed immigrant and native men in Germany. Their making is surprisingly alike. Employing data from the German Socioeconomic Panel 2000 (GSOEP) release we find that self-employment is not significantly affected by exposure to Germany or by human capital. But this choice has a very strong intergenerational link and it is also related to homeownership and financial worries. While individuals are strongly pulled into self-employment if it offers higher earnings, immigrants are additionally pushed into self-employment when they feel discriminated. Married immigrants are more likely to go into self-employment, but less likely when they have young children. Immigrants with foreign passports living in ethnic households are more likely self-employed than native Germans. The earnings of self-employed men increase with exposure to Germany, hours worked and occupational prestige; they decrease with high regional unemployment to vacancies ratios. Everything else equal, the earnings of self-employed Germans are not much different from the earnings of the self-employed immigrants, including those who have become German citizens. However, immigrants suffer a strong earnings penalty if they feel discriminated against while they receive a premium if they are German educated.     

Improving Financial Services of China＇s Central Bank

On August 29,Deputy Governor of People＇s Bank of China,Mr. Su Ning,held a press conference at State Council Information Office,and answered questions from media.The press conference mainly focused on the progress the central bank has made in improving financial services,which raised a lot of concern from public.At the conference, Mr.Su Ning fully illustrated that China has achieved great progress in the recent years, and would perform better in future.[第一段]     

Bounded Rationality and Use of Alternative Financial Services

The increasing pervasiveness of high‐cost alternative financial services (AFS) has captured the attention of policymakers, consumer educators, and financial counselors. Using data from the 2009 to 2012 waves of the National Financial Capability Study (NFCS), this article investigates AFS borrowing behaviors through the lens of a boundedly rational choice framework, with an emphasis on overconfidence. Through repeated testing of isolated samples of individuals with characteristics that make them less likely to objectively need such products, the roles of actual (objective) and perceived (subjective) financial knowledge in the decision‐making process are explored. Consistent results indicate that individuals with lower objective financial knowledge and those that are overconfident in their self‐assessed knowledge level are significantly more likely to utilize AFS instruments. These results suggest that a significant portion of AFS users may select these products without conducting adequate search, resulting in less than optimal financial decisions holding all else equal.     

Immigrants,Financial Knowledge,and Financial Behavior

This research seeks to identify gaps in financial knowledge and behaviors between immigrants to Canada and individuals who are born in Canada. The research aims to evaluate to what extent immigrants involve themselves in financial planning and avoid harmful financial behaviors. Employing the Canadian Financial Capability Survey (2009), the findings of the study suggest that immigrants are less likely to show high levels of financial knowledge compared to born citizens. The knowledge gap between immigrants and born citizens narrows as an individual resides longer in Canada. In addition, immigrants are less likely to prepare themselves financially for their retirement or to have long-term investments. The findings provide a basis for addressing the implications of weak financial knowledge.     

CEO财务经历与资本结构决策的描述性统计研究

公司的融资决策会受到CEO的财务经历影响,进而影响公司的资本结构。通过对有财务经历和无财务经历的CEO的个人特征进行描述性统计,以控制组与处理组中的长期资本负债率为研究对象,对比CEO变更前后的相关变化,得出结论:CEO的变更事项发生后,有财务经历的CEO所在的公司,长期资本负债率较高;CEO具有财务经历这一特征对公司的成长性、盈利能力和自由现金流量有影响,会在成长性、盈利能力、公司规模、资产抵押性作用于公司的融资决策时产生影响,对自由现金流量作用于资本结构的过程产生促进作用。但无法明确判断CEO的财务经历是否会对管理者持股比例、国有股比重和非债务税盾作用于资本结构的过程产生影响。     

Impact of Financial Education Mandates on Younger Consumers' Use of Alternative Financial Services

Over one‐quarter of American adults used credit‐based alternative financial services (AFS) in the past five years, which carry a typical APR of 300%. Young adults are especially more likely to use AFS yet are also more likely to be exposed to personal finance education in schools. In this study, I use data from pooled 2012 and 2015 waves of National Financial Capability Study to examine whether state‐mandated financial education impacts young adults' use of AFS. I find that financial education mandates significantly reduced the likelihood and frequency of payday borrowing in particular. Additionally, I show that exposure to required personal finance courses could affect payday borrowing through increased financial literacy and improved financial planning practices. These findings suggest that policymakers and other stakeholders need to understand the full benefits of financial education when making cost–benefit analysis comparisons as to whether or not to implement.     

Financial Education Interventions Targeting Immigrants and Children of Immigrants: Results from a Randomized Control Trial

We document that immigrants in the United States differ from natives in several aspects relevant for their financial decision making. Based on these differences, we designed novel financial education materials targeted at US immigrants and their children and evaluated their effectiveness using a randomized control trial. To the best of our knowledge, this is the first rigorous evaluation of financial education programs targeted at this population. Compared to a control group, the groups that received the one‐time educational intervention were more likely to correctly answer financial knowledge questions immediately after the intervention. The estimated effects of this one‐time intervention on knowledge were large, but most of them faded away after six months. Moreover, we find little effect of the treatments on intended financial behavior measures, both immediately and six months later. Our results point to the efficacy of this type of educational material in informing immigrants and their children about important financial information that they are unfamiliar with, including information related to their immigrant status. However, they also suggest that a priority for future research should be to test whether repeated opportunities for learning can increase financial knowledge retention and lead to behavior change.     

Simple Decision Aids and Consumer Decision Making

To help consumers deal with increasing amounts of information, many online retailers offer simple decision aids, such as the ability to sort on a particular attribute or eliminate undesired alternatives. The authors propose that consumers use simple decision aids as substitutes for cognitive effort, potentially with adverse consequences for decision making. An experimental study shows that providing unrestricted sorting increases decision quality only when choice conflict is low; beyond a certain point, greater use of the decision aid is associated with declines in decision quality. A second study shows that that allowing consumers to sort alternatives only one time enhances decision quality and, when choice conflict is high, reduces decision effort. A third study shows that providing elimination as well as sorting tools helps mitigate the negative effects of simple decision aids. Although the availability of sorting alone hurts decision quality when choice conflict is high, decision quality under choice conflict is improved when both sorting and elimination tools are provided. Implications for retail practice are discussed.     

Measuring Commercial Bank Customers' Attitudes Toward the Quality of the Financial Services Marketing Relationship

No abstract available for this article.     

The Poor in the Financial Market: Changes in the Use of Financial Products,Institutions, and Services from 1995 to 1998

The poor are in a disadvantaged position in the financial market. In this article, a review is given of public policy initiatives that are implemented to help the poor as well as an examination of how the poor are served in the financial market, using data from the 1995 and 1998 Survey of Consumer Finances provided by the Federal Reserve Board. Specifically, poor households' use of depository and credit products, the financial institutions that provide these products to the poor, and the way in which the poor conduct their financial business (e.g., visit to branch offices, ATMs, etc.) are compared to that of non-poor households. Marketing and public policy implications are drawn from the findings.     

On the Use of Paired Comparisons to Construct Group Preference Scales for Decision Making

Polling opinion is a common group activity. Scaling tools can be used to provide a more precise presentation of opinions than traditional polling/voting. The interval scale of items constructed by scaling tools can aid participants in finding the current disposition of a group. We consider Thurstone’s law of comparative judgment as well as a weighted digraph ranking system for building group scales from pairwise comparisons. Assumptions for computing scales are reviewed together with issues and limitations of applying these scaling methods in groups. Results from a classic experiment and simulations by both methods are compared. We also made recommendations on choosing scaling method based on theoretic and practical consideration.     

Work in the Financial Services Industry and Worker Monitoring: A Study of the Union Bank of Australia in the 1920s

This paper explores a part of the systems used by the British-owned Union Bank of Australia in managing its labour force in the 1920s. The particular concerns addressed here focus on the opportunities presented to workers to ‘cheat’ arising from the nature of the tasks undertaken, which meant that both output and effort were difficult to observe, and from the large amount of securities and cash in the branch. Workers could behave opportunistically. Workers discovered ‘cheating’ were subject to punishments ranging from prosecution in the courts, dismissal, demotion, delayed promotion and pay cuts. The Union Bank used a complex multi-layered system of checks to monitor the efforts made by workers and their honesty in handling cash and securities. The effectiveness of monitoring was increased by the organisation of work into small specialist departments whose supervisors possessed comprehensive knowledge of the tasks carried out by workers and the established norm of work rates.     

缘起于金融危机的公允价值会计争论之探——兼以金融机构的视角

此次全球金融危机引起的对公允价值会计的强烈争论对公允价值来说是一个挑战,其关乎到公允价值能否继续使用及推广。回顾已有的研究对公允价值的理解,可以看出公允价值会计的许多争论是源于对公允价值的概念及其目的的混淆。在金融危机发生的情况下,对盯市会计①存在的问题的关注可以理解,但是会计准则中规定的所用的公允价值会计并不只是由盯市会计方法确定,将这种关注同样施加给公允价值会计是否合理,还有待于实证检验。虽然公允价值会计与金融危机的关系并不清楚,可公允价值会计在实施中存在的问题也是导致争论的因素。分析银行等金融机构对公允价值会计的态度,可以从另一个角度给出对公允价值会计争论的理解。     

Ethical Decision Making in Marketing: A Synthesis and Evaluation of Scales Measuring the Various Components of Decision Making in Ethical Situations

The authors present a comprehensive synthesis and evaluation of the published scales measuring the components of the decision making process in ethical situations using the Hunt-Vitell (1993) theory of ethics as a framework to guide the research. Suggestions for future scale development are also provided.     

Ethical Decision Making: The Effects of Escalating Commitment

Despite the recent emergence of many new ethical decision making models, there has been minimal emphasis placed on the impact of escalating commitment on the ethical decision making process. In this paper a new variable is introduced into the ethical decision making literature. This variable, exposure to escalation situations, is posited to increase the likelihood that individuals will choose unethical decision alternatives. Further, it is proposed that escalation situations should be included as a variable in Jones's (1991) comprehensive model of ethical decision making. Finally, research propositions are provided based on the relationship between escalating commitment and the ethical decision making process.     

多元化战略管理:决策程序及其理论依据

通过对多元化战略的理论回顾,总结多元化战略管理研究的理论流派,多元化战略管理理论对中国企业进行多元化决策的指导意义,并创造性地提出了多元化战略管理决策程序及其理论依据,试图初步建立起多元化理论与企业实践操作间联系的纽带。     

Ethics and Performance: A Simulation Analysis of Team Decision Making

The interrelationships among a number of variables and their effect on ethical decision making was explored. Teams of students and managers participated in a competitive management simulation. Based on prior research, the effects of performance, environmental change, team age, and type of team on the level of ethical behavior were hypothesized. The findings indicate that multiple variables may interact in such a fashion that significance is lost.