Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

《南极条约》当事国实施南极考察活动的管理制度比较研究

南极对人类发展进程具有十分重要的意义,是国家拓展生存空间和维护国家利益的战略要地。目前,人类在南极的活动以科学考察为主,其特点是以科学研究为中心、活动频次受诸多因素影响等。有关考察活动的管理制度涉及国际规制和国内规制两个层次。国际规制设定法律框架,国内规制细化各项制度。通过分析各国开展南极考察的国家实践,总结其在考察主管部门、资金来源、设施设备和考察成果管理等方面的特点,可为我国南极考察管理制度提供有益经验,包括加快南极立法、明确考察统筹部门、丰富考察资金来源、加大考察投入力度、完善成果管理制度等,以不断推进我国的南极事业发展。     

Asp技术在校园网管理信息系统中的应用

以internet为依托的校园网络系统在大中专院校的教学、管理工作中发挥了越来越重要的作用。本文从当前Internet／Intranet及MIS系统的发展出发,在比较当前流行的数据存取及信息处理技术的基础上,阐述了ASP的作用与优点以及在校园网信息处理中的应用。     

我国政府农村扶贫中的组织效率问题分析

本文通过建立监督博弈模型。对我国中央政府和地方政府之间的委托代理关系选行博弈分析，并以此判断我国目前政府扶贫的组织效率，认为目前政府扶贫效率低下的一个主要原因是。扶贫体制的组织效率低下。进而建议中央政府应采取提高监督效率、增加惩罚力度和实行激励等措施，以有效提高政府扶贫的组织效率。     

苦卤制取硫酸钾综合利用技术的进展

介绍了自1993年中国第一家利用苦卤制取硫酸钾厂-山东海化集团有限公司硫酸钾厂建成后的生产情况,经过十几年来不断对该技术的完善,该厂的各种技术指标优于设计指标,在激烈的市场竞争中站住了脚,形成了我国特有的苦卤制取硫酸钾综合利用技术.     

影响河北农民收入增长的因素分析与对策探索

农民问题是“三农”问题的核心,而农民问题的关键是提高农民收入。文章深入分析了影响河北农民收入增长的因素,并对河北农民收入如何增长作了探索。     

供应链信息安全现状及体系框架研究

本文研究了我国供应链目前普遍存在的信息安全问题,如:企业员工的信息安全意识淡薄;信息安全管理有章不循现象普遍;缺乏统一的信息安全战略规划和防范机制;合作企业间存在逆向选择风险和各种败德行为等。针对上述问题,参考众多企业积累的经验,吸取了供应链信息安全领域的最新理论研究成果,提出了供应链信息安全体系框架。该框架由信息安全治理、信息安全管理、基础安全服务和架构、第三方信息安全服务与认证机构和供应链信息安全技术标准体系五个部分构成。在具体运用中从供应链整体业务需求出发,参照供应链信息安全体系框架,通过评估和风险分析等方法,定义供应链及其节点企业安全需求,并最终确定供应链信息安全建设的内容和方向。     

Pricing vulnerable options with correlated jump-diffusion processes depending on various states of the economy

In this paper, we use a Markov-modulated regime switching approach to model various states of the economy, and study the pricing of vulnerable European options when the dynamics of the underlying asset value and the asset value of the counterparty follow two correlated jump-diffusion processes under regime switching. The correlation is modelled by both the diffusion parts and the pure jump parts which describe the uncertainty of the value of the risky assets. We develop a method to determine an equivalent martingale measure and a parsimonious representation of the risk-neutral density is provided. Based on this, we derive an analytical pricing formula for vulnerable options via two-dimensional Laplace transforms, and implement the formula through numerical Laplace inversion.