Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

论商业银行的"大堂革命"

我国商业银行营业及大堂管理正在经历系统变革,正确认识这一变革的原因,全面了解这一变革的内容,准确把握其实质,顺应其要求,是银行经营管理者当前面临的一项重要任务.     

The dynamics of moonlighting in Russia1

This paper uses the Russian Longitudinal Monitoring Survey (RLMS) to analyse the dynamics of moonlighting by the working‐age population. We find that moonlighting is transitory and that a desire to switch jobs expressed in the past is positively related to moonlighting in the present and to actual job changes in the future. We also find that workers who moonlighted as self‐employed in the past represent 26.5 percent of the new self‐employed. These results suggest that moonlighting in Russia can be seen as an effective incubator for setting up new self‐employed businesses, thereby providing long‐term benefits for the economy.     

An empirical analysis of bank interest rate swaps

Considering the characteristics of banks that do and do not report interest rate swaps, the long-term interest rate exposure of a bank and the likelihood and extent of swap market participation are found to be positively related. Key to the finding is the inclusion of variables related to the provision of swap market intermediary services, which significantly explain both the likelihood of swap market participation and the notional value of outstanding swaps. The results suggest that the likelihood and extent of swap market participation by low-capitalized banks is less than for other banks.     

A flight to Q? Firm investment and financing in Korea before and after the 1997 financial crisis

We examine investment behavior among exchange-listed Korean manufacturing firms before and after the 1997 financial crisis using firm-level panel data. Starting with the standard Q-theory of investment, we augment it by allowing for a sales accelerator and the possibility of cash constraints, categorizing firms based on their age, size and affiliation to an industrial conglomerate (i.e., chaebol). We find that Tobin’s Q is a robust determinant of investment in a pooled sample for 1992–2001, but that it became more important for small firms and less important for chaebol-affiliated firms after the crisis. Investment by chaebol firms also became more sensitive to the availability of internal cash balances after the crisis. We interpret this as reflecting a shift in the Korean economy to a stronger market orientation after the crisis and to a business climate in which the quality of potential projects became more important relative to capital market imperfections in determining the destination of investment funds.     

中国金融业分业经营与混业经营研究

实践表明，混业经营有助于增强金融机构的国际竞争力，促进一国经济的发展，目前已成为全球金融业发展的趋势。就我国而言，从长远的角度来看，混业经营是金融业的必然选择，但短期内尚不具备过渡的条件。由于我国已加入WTO，所以目前应抓住机遇，采取相应的对策，为将来混业经营作好准备。     

通过教育捍卫民主——美国中小学公民教育的国家标准

在公民教育中,最重要的部分,是厘定清楚政府的权威和责任,厘定清楚公民的权利和责任。这里重要的是,使公民知道政府的权威何在,政府的责任何在,政府权力又应该止步在什么地方;同时,也使公民清楚地了解,为什么要尊重政府的权威,以及如何维护自己的公民权利。     

适应金融市场环境 提升风险管理能力

进入新的五年计划时期，中国金融市场化环境已经并将继续发生新的深刻变化，包括利率和汇率市场化的进程不断加快，在此形势下，政府、银行和企业都面临一个更好地转变外部宏观金融市场环境，深入培育市场，更好地适应利率市场化和人民币汇率市场化的任务，只要积极主动应对，构建明晰的金融风险管理框架、提升风险计量与管理技术、方法、手段、工具，有效管理利率汇率风险，才能促进商业银行和全社会整体资金效益的提高和企业的可持续发展。     

Technical innovation and 3.5 mobile phone generation: Lessons from Korea

In 1996, the Korean mobile communication market was the first in the world to commercialize the code division multiple access (CDMA). Since then, the voice-based mobile phone market has continued to grow and has now reached near saturation. Having recognized the potential of the mobile data service as a new source of profit, telecommunication operators are scrambling to evolve 3.5 generation (3.5G) technology in order to lead market competition. Recently, the Korean 3.5G mobile telecom market has faced stiff competition from CDMA-based EVDO Rev.A and global system for mobile telecommunications (GSM)-based high-speed downlink packet access (HSDPA). In addition, the world's first wireless LAN-based wireless broadband internet (WiBro) service was commercialized in June, 2006. This paper reviews the current status of the 3.5G technology and analyzes the service standardization strategies from the viewpoint of technological evolutions. This paper also suggests implications for Korea's specific circumstances where different mobile telecom technologies complement and compete with one another. Korea's experiences may serve as important lessons for other countries or operators who try to introduce the 3G and look beyond mobile telecom technologies.     

浅谈高职高专院校数学教学方法与手段的改革

教学方法与教学手段的改革是高校教学改革的重点之一。高职高专院校的数学教学应采取多种形式的教学方法,比如启发式教学法、形象解析法等等。只有恰当和正确地设计教学方法和教学手段.才能达到高质量的教学效果,进而针对性地提高学生运用数学思维解决实际问题的能力。