银行究竟需要多少资本？

对银行而言,资本管理是一项重要议题和关键技能。本文按照资产规模,将全球100大银行作为样本,研究市场对银行资本的反应情况。得出的结论是,亚洲银行应该建立适当的资本水平、确定清晰的资本战略和提升资本分配的能力。     

Risk and regulation: An empirical test of the relationship

The relationship of the variance of rates of return and estimates of systematic risk to the nature of the regulatory paradigm is examined for Bank Holding Companies in Australia. Strong evidence is found to support the hypothesis that shareholder risk is negatively related to the intensity of regulation.     

How Did the 2003 Dividend Tax Cut Affect Stock Prices?

We test the hypothesis that the 2003 dividend tax cut boosted US stock prices and thereby lowered the cost of equity capital. Using an event‐study methodology, we attempt to identify an aggregate stock market effect by comparing the behavior of US common stock prices with that of foreign equities and the equities of real estate investment trusts (REITs). We also examine the relative cross‐sectional response of prices of high‐ and low‐dividend‐paying stocks. We do not find any imprint of the dividend tax cut news on the value of the aggregate US stock market. On the other hand, high‐dividend stocks outperformed low‐dividend stocks by a few percentage points over the event windows, suggesting that the tax cut may have induced asset reallocation within equity portfolios. Finally, the positive abnormal return on nondividend paying US stocks in 2003 does not appear to be tied to tax cut news.     

Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism?

A rational analysis of analyst behavior predicts that analysts immediately and without bias incorporate information into their forecasts. Several studies document analysts' tendency to systematically underreact to information. Underreaction is inconsistent with rationality. Other studies indicate that analysts systematically overreact to new information or that they are systematically optimistic. This study discriminates between these three hypotheses by examining the interaction between the nature of information and the type of reaction by analysts. The evidence indicates that analysts underreact to negative information, but overreact to positive information. These results are consistent with systematic optimism in response to information.     

Sinfully decadent: priming effects of immoral advertising symbols on indulgence

Marketing Letters - This research introduces an immorality-indulgence priming effect, whereby the presence of immorality symbols (i.e., devil, hell, serpent) versus morality symbols (i.e., angel,...     

Celebrity versus film persona endorsements: Examining the effect of celebrity transgressions on consumer judgments

This study introduces film personas (e.g., Hermione Granger, Jack Sparrow, Bridget Jones) as effective brand endorsers. A three study, mixed‐method approach is used. Results show that a film persona (e.g., Legolas, from Lord of The Rings, vs. celebrity, Orlando Bloom) is a more (less) effective endorser (i.e., resulting in more positive attitudinal and behavioral judgments). Exploratory findings indicate that this may be due to film personas possessing a tight (vast) association set, which is more (less) easily transferred onto the endorsed brand. Results of this study also illustrate that endorsed brands are shielded from the negative effects of celebrity transgressions when they are featured as their film persona in an endorsement. This study has important implications for advertisers in the choice and execution of their advertisements featuring celebrities.     

How Do Outside Experts Evaluate Team Performance? An Empirical Analysis of Harris Poll Voting Behavior

How do outside experts evaluate different group performance? Using Harris Poll voter behavior for National Collegiate Athletic Association (NCAA) Football Bowl Subdivision teams under the previous Bowl Championship Series (BCS) system, we created a model of voter behavior and found that team performance and team quality affect voting behavior, but not equally. We further investigated these voting differences and found that Harris Poll voters view some conferences more favorably than others. Before drawing a conclusion of discrimination, we also investigated whether differing non-conference team performance was statistically different and found supporting evidence that different conferences perform at differing levels.     

Institutional arrangements and public debt threshold limits

Inter-governmental Organisations, such as the IMF and OECD, advocate a medium-term reduction in deficit spending and public debt accumulation among advanced economies to satisfy conditions of fiscal sustainability. Buttressing the need for fiscal austerity, Reinhart and Rogoff claim to have identified a so-called tipping point, beyond which public debt accumulation negatively affects economic growth. While recent data seem to indicate that some Eurozone (non-sovereign) economies have reached a tipping point, for other advanced (sovereign) economies, such as the US, UK and Japan, this is not clear. The mainstream tipping point literature however does not recognise the importance of institutional arrangements for the conduct of fiscal and monetary policy. Furthermore, the literature sheds little light on the transmission mechanism between high public debt and low economic growth. This article draws on the principles of Modern Monetary Theory to discuss institutional arrangements and to justify the theoretical and empirical focus on Eurozone economies. The empirical analysis unpacks the transmission mechanism(s) to reveal that Eurozone economies have reached a public debt threshold limit with respect to long-term interest rates.