Influential Factors of the Social Responsibility of Newspaper Corporations in South Korea

This study examined influential factors of newspaper corporation social responsibility and evaluated corporate social responsibility using a newspaper corporate social responsibility index. Results of this study, which was conducted by survey, showed that arbitrative, essential, and cultural activities were influential factors comprised of newspaper corporate social responsibility. In addition, the findings indicated that higher corporate social responsibility index was not accompanied by Korean newspaper corporations with larger circulations.     

从"浙江模式"的经验看我国中小企业信用担保模式的建立

担保模式的选择首先是一个实践问题而不是一个理论问题,因为担保机构的诞生源于中小企业的融资难这一世界难题。在众多解决中小企业融资难的方法中,我国浙江省创造的中小企业信用担保框架被业界称作"浙江模式,"浙江模式是一个自我发展起来的实践模式,理论界没有对浙江模式进行过系统的解释,文章对浙江模式作了一个理论上的总结,并以此检视我国担保模式的路径选择。     

Is ‘oil and gas’ industry of ASEAN5 countries integrated with the US counterpart?

ABSTRACT

This paper employs the VARMA-MGARCH-ABEKK model and Granger causality on 15 years’ daily time series data to examine investment opportunities in the oil and gas industries for ASEAN5 countries relative to the US counterpart. It shows that the latter leads the former in decomposing integration into cross-country effects on returns and conditional return volatilities. The empirical results show that investors can gain an international intra-industry diversification benefit in Malaysia, the Philippines, Singapore and Vietnam by holding US oil and gas assets in their portfolios whereas Asian oil and gas assets may result in negative shocks due to the increase in return volatilities for Malaysia, Singapore and Vietnam. However, Thailand are insensitive to the cross-country intra-industry diversification. While making trading decisions, investors should be aware of the impulse responses of ASEAN oil and gas markets from the shocks in the US and the Asian markets and their asymmetric spill over effects.     

人民币汇率改革的多维思考

升值幅度的确定——为什么是2％？ 2％的升值幅度的确定，实际上主要考虑的是中国的贸易顺差总体规模以及特定的经济结构调整的需要，以及企业的适应能力。2004年我国商品贸易和服务项目顺差是320亿美元，占GDP的比重不到2％，加上考虑到中国的出口弹性和进口弹性，从总量上来看，2％的升值幅度基本上可以促成实现商品贸易和服务项目的大体平衡。     

MAXIMUM LIKELIHOOD ESTIMATION OF FACTOR MODELS ON DATASETS WITH ARBITRARY PATTERN OF MISSING DATA

In this paper we modify the expectation maximization algorithm in order to estimate the parameters of the dynamic factor model on a dataset with an arbitrary pattern of missing data. We also extend the model to the case with a serially correlated idiosyncratic component. The framework allows us to handle efficiently and in an automatic manner sets of indicators characterized by different publication delays, frequencies and sample lengths. This can be relevant, for example, for young economies for which many indicators have been compiled only recently. We evaluate the methodology in a Monte Carlo experiment and we apply it to nowcasting of the euro area gross domestic product. Copyright © 2012 John Wiley & Sons, Ltd.     

The Effect of Low‐ versus High‐Variance in Product Reviews on Product Evaluation

This research investigates whether the effect of low‐ versus high‐variance product reviews on the evaluation of a product about which consumers have favorable or unfavorable prior expectation can vary depending on product type, the argument quality of product reviews, and the number of reviewers. The data across three laboratory experiments demonstrate that high‐variance product reviews are more likely than low‐variance product reviews to undermine product evaluation when consumers have unfavorable prior expectation about a product. When consumers have favorable prior expectation, however, high‐variance product reviews can enhance or undermine product evaluation depending on product category, the argument quality of reviews, and the number of reviewers. The findings are explained by the type of causal attribution consumers make, such that high‐variance product reviews can allow consumers to make biased product evaluation consistent with their prior expectation when the causes of variance in the product reviews are attributed to the reviewers rather than to the product. However, when the causes of variance are attributed to the product rather than the reviewers, high‐variance product reviews can undermine product evaluation regardless of the favorability of prior expectation.     

巴塞尔协议Ⅲ流动性监管新规及其影响

巴塞尔银行监管委员会于2013年1月推出了新修订的《巴塞尔协议Ⅲ:流动性覆盖率和流动性风险监测工具》,体现了国际流动性监管改革的最新发展趋势。本文介绍了巴塞尔协议Ⅲ流动性风险监管改革及其修订的背景,对流动性监管新规的内容进行了分析和评价,探讨了流动性监管新规可能产生的影响,并为我国监管当局如何应对国际流动性风险监管改革提出了相关的政策建议。     

The speed of adjustment in working capital requirement

This paper analyzes the determinants of working capital requirement (WCR) and examines the speed with which firms adjust toward their target WCR. The findings indicate that firms adjust relatively quickly, which supports the hypothesis that current balance sheet items are easier to manipulate and could be changed quite easily, even in the short run. Moreover, we find that the speed of adjustment is not equal across all firms and varies according to their external finance constraints and their bargaining power. Firms with better access to external capital markets and greater bargaining power adjust faster due to their lower costs of adjustment.     

Good Morning,Vietnam! Opportunities and Challenges in a Developing Franchise Sector

Until recently the development of franchising in Vietnam was hampered by a regulatory framework that did not recognize franchising as a discrete business relationship. The introduction of Vietnam's Franchise Law in 2005 provided, for the first time, a legal foundation for franchising, which was a necessary prerequisite for sector development. Although there are currently few business format franchise systems operating in Vietnam, there is an increasing presence of established international franchise systems and increasing numbers of local systems albeit at an early “product distribution” evolutionary stage. Moreover, the commercial environment for franchising is increasingly favorable: Vietnam is the fastest growing Asian economy after China and India and is experiencing strong gross domestic product growth and annual retail growth. This article addresses the development of franchising, and the challenges and opportunities for franchisers in Vietnam.     

Prediction of bank financial strength ratings: The case of Turkey

Bank financial strength ratings have gained widespread popularity especially after the recent financial turmoil. Rating agencies were criticized because of their ratings and failure to predict the bankruptcy of the banks. Based on this observation, we investigate whether the forecast of the rating of bank's financial strength using publicly available data is consistent with those of the credit rating agency. We use the data of Turkish banks for this investigation. We take a country-specific approach because previous studies found that proxies used for environmental factors (political, economic, and financial risk of the country) did not have any explanatory power and it is hard to find international data for other important factors such as franchise value, concentration, and efficiency. We use two popular multivariate statistical techniques (multiple discriminant analysis and ordered logistic regression) to estimate a suitable model and we compare their performances with those of two mostly used data mining techniques (Support Vector Machine and Artificial Neural Network). Our results suggest that our predictions are consistent with those of Moody's financial strength rating in general.. The important factors in rating are found to be profitability (measured by return on equity), efficient use of resources, and funding the businesses and the households instead of the government that shows efficient placement of the funds.