Financial statements based bank risk aggregation

One of the major challenges involved in risk aggregation is the lack of risk data. Recently, researchers have found that mapping financial statements into risk types is a satisfactory way to resolve the problem of data shortage and inconsistency. Nevertheless, ignoring off-balance sheet (OBS) items has so far been regarded as the usual practice in risk aggregation, which may lead to deviations in conclusions. Hence, we improve the financial statements based risk aggregation framework by mapping OBS items into risk types. Based on 487 quarterly financial statements from all 16 listed Chinese commercial banks over the period 2007–2014, we empirically study whether the overall impact of OBS activities and the individual impact of each of the OBS risk types on total risk depend on bank size. Moreover, this research divides the sample into two subsets, during and after the subprime crisis, to find out how the subprime crisis affects risks of Chinese banks. Our empirical results show that although OBS credit risk is positively linked to total risk while OBS operational risk is negatively linked to total risk for both large and small banks, the overall impact of OBS activities on total risk depends on bank size. The overall OBS activities are positively related to the large bank’s total risk while they are negatively related to the small bank’s total risk. Besides, we also found that it is the increase of liquidity risk and market risk that leads to the larger total risk of Chinese banks during the subprime crisis.     

The pricing of common exchange rate factors in the U.S. equity market

We extend Lustig et al. (Rev Financ Stud 24:3731–3777, 2011) and Brusa et al. (The International CAPM Redux, 2014) by examining if the common exchange rate factors, the dollar and carry factors, are priced in the US equity market. Our results suggest that while the carry factor has incremental pricing information relative to the US market factor, the dollar factor (or the trade-weighted exchange rate index) is redundant. Our results have important theoretical as well as practical implications. Theoretically, we suggest that financial economists take an endogenous perspective of exchange rates. Practically, we suggest that practitioners incorporate in the carry factor to measure the exposure of exchange rate risk.     

基于Citespace的物流企业管理研究科学知识图谱分析

通过分析我国物流企业管理的研究历史和现状,归结出当下讨论热点,判断未来研究趋势,为后续我国物流企业管理的发展创新提供参考意见。以CNKI数据库中2005~2019年刊载的371篇物流企业管理文献为数据基础,运用Citespace软件,绘制发文时间、关键词共现等图谱进行分析,研究结果显示:物流企业管理研究的发文量总体呈下降趋势;围绕焦点的研究话题较为分散;企业物流、物流管理、第三方物流、物流成本、对策是高频关键词,代表物流企业管理研究的热点;研究前沿主要体现在绿色物流、服务质量管理、风险管理等主题上。     

特大城市轨道-公交-慢行三网融合实施方案研究 ——以深圳市白沙岭、红荔片区为例

本文针对特大城市轨道、公交、慢行三网融合实施方案进行了研究,探讨了三网融合的发展目标与策略,三网融合实施方案的编制原则、编制内容等,并以深圳市白沙岭、红荔片区为例进行了案例分析.本文的研究成果可为相关特大城市的轨道、公交、慢行三网融合项目的实施提供参考,也可为相关工程技术人员、科研人员提供有益借鉴.     

Disclosure of Downside Risk and Investors' Use of Qualitative Information: Evidence from the IPO Prospectus's Risk Factor Section

I use the context of a company's initial public offering (IPO) of equity securities as a capital‐market setting to empirically study the economic consequences of risk factor disclosures. Using data from Australian IPOs, I examine the relation of textual risk disclosures in the prospectus to initial underpricing. I find that the quantity of disclosures in the risk factor section itself has no significant impact on initial underpricing. However, an increase in the informativeness of risk factor disclosures is associated with lower IPO underpricing. My results suggest that IPOs that provide informative risk factor disclosures have less ex ante uncertainty, in the sense that the disclosures help investors estimate the dispersion of secondary market value. The effect of informative risk factor disclosures on IPO underpricing is more pronounced for IPOs with less prestigious lead underwriters and is mainly driven by younger firms, smaller firms, and firms with poorer operating performance prior to their IPOs. Collectively, my findings suggest that informative disclosures of downside risk are useful for investors to evaluate IPOs.     

人才培养目标与教学管理水平的关系整合——以高职土建类专业为例

高职土建类专业人才培养目标与教学管理有着密切的关系。教学管理对人才培养目标的实现产生多方面的影响,主要体现在目标管理、过程管理、绩效管理三个方面,在明确学生学习目标、激励学生学习动力、调动学生学习积极性、引导学生全面发展等方面具有举足轻重的作用。为了更好地实现人才培养目标,应实现教学管理重心从传统的过程管理向目标管理和绩效管理的根本性转变。     

Systemic risk and dynamics of contagion: a duplex inter-bank network

This paper constructs a duplex banking network formed by credit relationships and information interaction via the banks’ balance sheet to model the structure of systemic risk and investigate the dynamic mechanism of contagion in terms of default and liquidity infection along with the factors that affect the extent of the contagion. We systematically explain the role that duplex banking networks play in different aspects of risk contagion. Through theoretical analysis and simulations, we conclude that asymmetric information interaction would increase the inflexibility of the system, which leads to liquidity shortage and possibly the collapse of the whole market. The weakness of systemic risk in the interior of the complex banking system can be characterized by the partial discount factor using illiquid assets in the information network. By improving the connectedness of the information network of the duplex networks, the spread of contagion can be partially slowed.     

"互联网+"时代认知学徒制实施的新特点

"互联网+教育"是指将互联网思维应用于教育领域,形成新的教学理念,同时利用新一代信息技术来提高教学绩效的一种改革思路.本文在分析"互联网+"时代教学理念的基础上,重点阐述了"互联网+"与认知学徒制融合的实施策略,包括立体化教学模式、虚拟情境设计和教学活动中的技术融合.嵌入了"互联网+"技术的认知学徒制教学,将具有更大的潜力,在可实现性、安全性、灵活性以及教学效果方面,都远胜于传统的认知学徒制模式.