THE GRAMM‐LEACH‐BLILEY ACT OF 1999: RISK IMPLICATIONS FOR THE FINANCIAL SERVICES INDUSTRY

We document significant risk changes in the financial services industry following the passage of the Gramm‐Leach‐Bliley Act of 1999. Banks experience an increase in risk regardless of whether they have taken steps to participate actively in the investment banking business. Insurance companies also experience an increase in risk, whereas securities firms experience a decrease in risk. We attribute the increase in risk for banks and insurance companies to the fact that the securities business is relatively more risky, and the decline in risk for securities firms to the fact that they can now diversify into relatively less risky banking and insurance businesses.     

INFORMATION AND NOISE IN FINANCIAL MARKETS: EVIDENCE FROM THE E‐MINI INDEX FUTURES

I examine the informational contributions and effects on transitory volatility of trades initiated by different types of traders in three actively traded index futures markets. The results show that trades initiated by exchange member firms account for more than 60% of price discovery during the trading day. These institutional trades appear to be more informative than trades of individual exchange members or off‐exchange traders. I also find that off‐exchange traders introduce more noise into the prices than do exchange members. My findings provide new evidence on the role of different types of traders in the price formation process.     

海南金融业:共筑天涯抗疫“方舟”

新型冠状病毒感染肺炎疫情突如其来,非常之举阻击非常之疫。关键时刻,党中央、国务院作出部署,吹响打赢抗击新型冠状病毒感染肺炎疫情阻击战集结号,一场没有硝烟的"战斗"在全国拉开序幕。抗击疫情,急需人力、财力、物力速援!中国人民银行等五部委在第一时间下发《关于做好防控新型冠状病毒感染肺炎疫情》的紧急通知,海南金融保险业也快速集结,急援抗击疫倩的方舟。     

A FRAMEWORK FOR STATE TRANSITIONS ON THE SELF‐ORGANIZING MAP: SOME TEMPORAL FINANCIAL APPLICATIONS

Self‐organizing maps (SOMs) have commonly been used in temporal applications. This paper enhances the SOM paradigm for temporal data by presenting a framework for computing, summarizing and visualizing transition probabilities on the SOM. The framework includes computing matrices of node‐to‐node and node‐to‐cluster transitions and summarizing maximum state transitions. The computations are linked to the SOM grid using transition‐plane visualizations. We demonstrate the usefulness of the framework on two SOM models for temporal financial analysis: financial performance comparison of banks and monitoring indicators of currency crises. Copyright © 2012 John Wiley & Sons, Ltd.     

THE FINANCIAL IMPACT OF ABOLITION

One argument for metropolitan county council abolition in England was that it would save money, yet detailed studies suggested that it would increase expenditure. After abolition, Government statements emphasised the savings that had resulted. Analysis of expenditure change from 1984/5 to 1987/8 shows that rate and grant-borne expenditure on transferred services increased by four percent over the four-year period, compared with nine percent for all metropolitan county council, district council and precepting authority services. Some increases are directly attributable to diseconomies of scale caused by abolition, while others reflect local political choices which have become possible. Expenditure reductions are also evident in some areas.     

金融发力全面推进乡村振兴——访中银富登村镇银行党委书记、董事长王晓明

民族要复兴,乡村必振兴。当前,作为“三农”工作的重点之一,全面推进乡村振兴战略既需要众人拾柴,又需要精准发力。金融业特别是扎根广大县域和农村的村镇银行,如何担当金融使命,深耕“三农”沃土,助力乡村振兴?就此话题,《中国金融家》记者对中银富登村镇银行党委书记、董事长王晓明进行了独家采访。     

写实的金融资产结构

近来经济与金鼬形势复杂。调控政策凸显特殊处境。与存贷款占GDP的比重波动较大密切相关．因此．宏观政策也需密切关注金融资产的结构性重大变化。     

“点”的脆裂与“面”的恶化

“春风不解禁杨花,乱扑行人面”,还没来得及既然雀跃于溅溅新绿,迎面而来的危机第二波絮风就撩拨得人愁情无依,一寸还成千万缕。刹那间,金融市场中忧如芳草,萋萋划尽还生,宏微观经济主体尽皆小楼听春雨,狐疑着第二波的些许端倪。     

金融全球化矛盾对我国金融结构战略性调整的影响

金融全球化矛盾是指金融全球化本身及其所引起的一系列矛盾的组合,是经济金融化在经济全球化下的必然发展趋势.面对加入WTO后外资金融机构大量进入对我国民族金融业的冲击以及对金融结构战略性调整的影响,我们应当牢牢掌握金融发展的主动权,建立起一个自由、开放、安全、高效的金融服务体系;强化中央银行的独立性,实施分业监管与合并监管相结合的金融监管制度;加快体制创新和科技创新,积极稳妥地推进银行体系重组和国有银行股份制改造,建立现代商业银行制度;积极开展国际金融合作,加强与各类金融机构的国际性政策协调;加快我国金融信息化和科技化建设,提升民族金融业的产业竞争力.     

深化金融改革 建立现代金融企业制度

金融是现代经济的核心,金融企业是服务国民经济和社会发展的载体。通过深化改革推动金融企业建立现代企业制度,是建立和完善社会主义市场经济体制的重要组成部分,对于促进金融业稳定健康发展,     

THE RATE OF RETURN FROM INTERIM FINANCIAL REPORTS AND THE ALLOCATION PROBLEM IN FINANCIAL ACCOUNTING

Estimation theory in accounting explains how accountants allocate noncash expenditures to estimate such concepts as the firm's long run rate of return. If the accountant's goal in estimation is some high degree of precision, the usefulness of financial reports can be evaluated in light of that goal. In this study, the property of unbiasedness is identified with respect to the purposes of interim financial reports. Furthermore, the magnitude of the bias in estimates from financial reports is measured.     

THE IMPACT OF DIVIDEND IMPUTATION ON FIRMS‘ FINANCIAL DECISIONS

This paper investigates the impact of Australia's dividend imputation system on the financial decisions to be faced by an Australian resident company. It briefly outlines the dividend imputation system as enacted, and then analyzes its economic effects on companies' dividend, financing and investment decisions.