国际债券二级市场监管框架比较研究

在债券二级市场中,政府监管和行业自律监管缺一不可,却又扮演着不同的角色。文章从政府监管和行业自律监管两个角度,对美、英、日、印等国家债券二级市场的监管框架进行了总结分析,为国内债券市场的监管提供了借鉴。     

科技兴业 不断创新 为民族工业再添生力军

无锡阿科力化工有限公司是国家级高新技术企业,专业生产聚酯树脂、丙烯酸树脂、聚氯酯树脂、特种环氧树脂等.公司创建于1999年,位于无锡市锡山经济开发区东亭民营科技工业园,交通便利;占地面积2万平方米,现有厂房建筑面积9000平方米,科研、办公大楼1700平方米,厂房库区2600平方米:固定资产5100万元;拥有18套生产装置,年生产能力达1.3万吨;现有员工80名.     

以市场为导向 重点突破创新项目 成就西部集成电路明星企业

一、企业概况 天水华天微电子有限公司是由原天水永红器材厂(国营第七四九厂)整体改制重组的集成电路高新技术企业.2003年以来,公司分别组建了天水华天机械有限公司、天水华天包装制品有限公司,天水华天传感器有限公司,又联合杭州士兰微电子有限公司等8家企业共同发起成立了天水华天科技股份有限公司.     

The impacts of bank-specific and macroeconomic variables on the capital adequacy ratio: evidence from Islamic banks

The study investigates the relationship between the capital adequacy ratio (CAR) and different bank-specific and macroeconomic variables for 28 Islamic banks. We document that there is a statistically significant positive relationship between the CAR and the bank-specific and macroeconomic variables. In particular, bank-specific variables such as ROA, ROE, leverage, credit risk and size show a strong association with the CAR, while on the macroeconomic side, inflation, market capitalization and exchange rate have an impact on the average Islamic bank in our sample study. Furthermore, we run another model (equity to assets ratio) as dependent, with similar control variables, and the results reveal that, except for inflation, all the variables that have a significant effect on the CAR also influence the equity to assets ratio.     

Why (not) cooperate? A cognitive model of farmers’ intention to join producer groups in Romania

After the breakdown of the communist regime in Romania, collective farms were replaced by a large number of small-scale private farms. Although cooperation seems to be a favourable choice for these smallholders, it did not develop as perhaps expected. This article explores the factors that determine the formation of the intention of Romanian vegetable farmers to join marketing cooperatives in the form of so called producer groups. Our theoretical framework refers to Ajzen’s Theory of Planned Behaviour, which we model with a structural equation model. We identified as main intention drivers the expectation for better prices and easier access to capital. Perceived family support is another significant factor. The level of distrust is high. Although our trust variable is not significant as a predictor of the intention to cooperate in the model, we find qualitative indications that trust plays a role when the intention is translated into actual behaviour.     

Real interest rates: nonlinearity and structural breaks

Real interest rate is a crucial variable that determines the consumption, investment and saving behavior of individuals and thereby acts as a key policy tool that the central banks use to control the economy. Although many important theoretical models require the real interest rates to be stationary, the empirical evidence accumulated so far has not been able to provide conclusive evidence on the mean reverting dynamics of this variable. To resolve this puzzle we re-investigate the stochastic nature of the real interest rates by developing unit root tests for nonlinear heterogeneous panels where the alternative hypothesis allows for a smooth transition between deterministic linear trends around which stationary asymmetric adjustment may occur. When the newly developed panel unit root tests are applied to the real interest rates of the 17 OECD countries, we were able to uncover overwhelming empirical support in favor of mean reversion in the short-run and long-run real interest rates. Therefore, these results show that the conclusions drawn from a miss-specified test that ignores the presence of either nonlinearity, structural breaks or cross sectional dependence can give quite misleading results about the stochastic behavior of the real interest rates.     

Corruption,growth, and growth volatility

While the existing studies focus on the corruption–growth relationship, this paper introduces a new focus involving corruption and growth volatility. The Ehrlich–Lui (1999) framework provides the theoretical background of the paper, which produces testable hypotheses regarding the corruption–growth and the corruption–growth volatility relationship. The cross-section dataset that is used in the empirical analysis contains 121 developed and developing countries. In terms of the relationship between the governance-related variables and growth rates, only corruption control and government effectiveness significantly and adversely affect the average growth rate. Regarding the relationship between growth volatility and governance-related variables, the results suggest that higher corruption control, expropriation risk control, government effectiveness, and government consumption decrease growth volatility.     

浅谈物流管理专业的实践教学

1 引言 物流管理是一门实践性很强的学科.物流管理专业为适应社会主义市场经济的需要,培养掌握扎实的现代物流管理基本理论和专门知识,能在生产、流通和服务领域中面向生产一线的操作层、管理层的高素质技能型人才.国家教育行政主管部门把物流专业人才列为全国十二类技能型紧缺人才之一.我国的物流教育也随着物流产业的蓬勃发展在不断的改革和创新,物流管理专业的实践教学已成为我国物流教育新的起跑点.     

The influence of internet customer reviews on the online sales and prices in hotel industry

In this paper, the impact of two service quality metrics (star rating and customer rating) on hotel room sales and prices is investigated. Two of the most popular tourist destinations in the world, Paris and London, are chosen. It is found that a higher customer rating significantly increases the online sales of hotels. The study results show that a 1% increase in online customer rating increases Sales per Room up to 2.68% in Paris and up to 2.62% in London. Contrary to expectations, higher stars do not increase the sales. It is also shown that higher customer ratings result in higher prices of the hotel and the prices of high star hotels are more sensitive to online customer ratings.     

Entry to foreign markets and productivity: Evidence from a matched sample of Turkish manufacturing firms

We examine the effects of international trading activities of firms on creating productivity gains in Turkey by using a recent firm-level data set over the period 2003–2010. We establish treatment models and investigate the productivity improvements of firms through trade by using propensity score matching techniques together with difference-in-difference estimates. Three different groups of treatment are constructed: (1) firms that are involved only with import activities, (2) firms that are involved only with export activities and (3) firms that are involved with both export and import activities. The results of the study suggest that both exporting and importing have positive significant effects on total factor productivity (TFP) and labour productivity (LP) of firms. Importing is found to have a greater impact on productivity of firms compared to exporting. Further, two-way trade is found to have more significant effects than those of one-way trade on firm productivity. Finally, our results indicate that international trade has greater impact on LP rather than TFP of firms.