Market reactions to policy deliberations on fair value accounting and impairment rules during the financial crisis of 2008–2009

Fair value accounting (FVA) has been blamed for amplifying the financial crisis of 2008–2009. We investigate investor and creditor reactions to policymaker deliberations, recommendations and decisions about FVA and impairment rules in the banking industry. If FVA was a key contributor to the financial crisis as some industry pundits and academic research suggest, we first should observe positive stock market reactions to proposals that relax FVA rules and negative reactions when policymakers support FVA. Second, we investigate cross-sectional stock price reactions to bank-specific factors that potentially contributed to pro-cyclical contagion. Third, we examine whether banks that have fewer alternative sources of information about fair values experience relatively negative reactions to potential relaxation of FVA and impairment rules. Finally, we investigate credit market reactions to these policy deliberations, recommendations and decisions by examining changes in credit default swap spreads for a subset of banks in our sample.     

浅谈关于分配制度不公的社会影响及解决对策

随着改革开放政策的实施以及中国经济的蓬勃发展,中国人民享受到了改革开放带来的成果,祖国的日益昌盛,使得每个中国人都为自己是中国人而深感自豪.然而,随着改革开放的不断深入,一些问题日益凸显且愈益严重,收入分配不公的问题尤为突出.     

合成气制乙二醇技术进展

综述了以合成气为原料制乙二醇的技术进展情况,并提出发展建议.     

中日出入境动物检验检疫法律体系比较研究

对中国和日本的出入境动物检验检疫法律体系的现状进行了比较与分析,着重从法律渊源、立法宗旨、立法体制、执法机关等方面进行比较研究.认为日本包括出入境动物检验检疫在内的整个动物卫生法律体系相对较为完善,有不少方面值得我国借鉴.针对我国出入境动物检验检疫法律体系存在的主要问题,结合我国的实际情况,提出完善我国出入境动物检验检疫法律体系的建议:加强理论研究和法制建设,构建与国际接轨的出入境动物检验检疫法律体系;确定国家适当的动物卫生保护水平,推进实施SPS措施整体水平;为出入境动物福利立法,促进动物、动物产品及相关服务的国际贸易;政府推动与企业推动模式有机结合,建立和谐的出入境动物检验检疫立法机制.     

禽流感病毒与特定细菌的协同作用

[目的] 从协同致病作用入手,分析并找出香港暴发的低致病性禽流感病毒何以引起鸡群大量死亡的原因.[方法] 本文主要以1997年至2003年期间在香港暴发禽流感病毒感染引起大量家禽死亡的案例作分子病毒学与微生物学研究.[结果] 接种了禽流感病毒弱毒株的WCK细胞样品在类胰蛋白酶及类枯草杆菌的干扰下全部产生病变,接种可产生类胰蛋白酶、枯草杆菌酶、未知裂解酶的菌种的小鸡全部死亡.[结论] 某些禽流感病毒株能与细菌生长过程中所产生的分泌物产生协同作用,使原来低致病的禽流感病毒导致高的死亡率.     

Target-oriented use of strategic sourcing tools: A critical analysis creating process awareness for electronic reverse auctions

The success of an electronic reverse auction (eRA) does not manifest just in price reductions but also in the reduction of transaction costs and costs of the purchasing organization. A dynamic process view allows a better understanding of these dimensions. We illustrate that using the Total Cost of Ownership (TCO) concept. The goal of our study is to determine the impacts of eRAs on Total Cost of the Purchasing Function (TCPF). Therefore we analyze the impacts on three different levels: the process step, the transaction, and the tool integration level, enabling process awareness of firms using eRAs.     

Corporate integration in the EU: Recent developments

Corporate integration was expected to play a central role in the process of industrial reorganisation which would follow the creation of the Single European Market. This article investigates the development of corporate integration in the EU and the likely impact of the Single European Market on the pattern of corporate integration.     

Nature's feast today

The main features of the historical record in population trends are reviewed pointing out that a decrease in death rates took place well in advance of corresponding decline in birth rates and led to the first vital population revolution in the world, lasting from 1650 to the World War II. The present perspective is also discussed in terms of the distribution of the world's population in different continents, will regard to political boundaries, and national identity, poverty, etc. It is proposed that to end or slow down population growth may be far from effective in promoting growth in income per head in a given country. Finally the concepts of optimum population for a given country, and zero population growth are discussed in terms of both developing and developed countries. It is concluded that it is important (a) to find out through research and analysis how fertility can be controlled in a given society, and (b) to present the case of the control in terms of the values of the society which it is addressed.