基于反贫困视角的小额信贷利率问题分析

小额信贷利率水平的设定是小额信贷的核心问题,学术界对小额信贷应该实行高利率还是低利率尚存争议。本文基于反贫困视角,从市场供求与成本约束两个角度分析小额信贷的合理利率边界,并且通过对白银市农村小额信贷进行调研,发现小额信贷低利率偏离扶贫目标、高额利息小额信贷有利于减少贫困,最后得出结论与对策建议。     

金融抑制下低利率政策对我国经济成长负效应分析

本文从金融抑制理论入手，指出了金融抑制下低利率对一个国家经济造成的一系列后果。全文着重分析了我国作为发展中国家在金融抑制下实行的低利率政策对经济成长造成的诸多负面影响。低利率是导致目前中国经济效率低、消费不振、资产价格不断上升厦泡沫累积、就业问题突出以厦产业升级缓慢等诸多矛盾和问题的关键原因所在。文章指出，适度地提高利率将有助于我国经济健康稳定地成长。     

Warrant price responses to credit spread changes: Fact or fiction?

We use a new approach to analyze the relationship between warrant prices and issuers’ credit spreads. This approach allows us to gain insights into whether issuers use their credit risk systematically to increase their profits. In a post‐Lehman sample, we find strong support for a systematic use since issuers decrease prices less after cred it spread increases than they increase prices after credit spread decreases. Credit spread decreases are accompanied by price increases on several successive days. This sluggish adjustment in prices can be explained by the fact that retail investors’ purchase decisions depend on product prices.     

The new Capital Accord and banks’ lending decisions

Capital requirements (‘pillar one’ of the new Capital Accord) rising with the increase in borrowers’ PDs were thought as being likely: (i) to have a serious impact on the financing of small and medium-sized enterprises (usually riskier than large corporates) and (ii) to increase the procyclicality of the supply of credit.

The aim of this paper is to provide an empirical evaluation of the possible impact of the new Accord proposals on the lending policies of Italian banks. We compare the interest rate charged to a large set of Italian firms with the cost brought about by the change in the calculation of capital requirements. Since the two variables move together in response to an increase in borrowers’ PDs, we conclude that the new regulatory approach to measuring capital adequacy appears consistent with banks’ own risk evaluations. This result is supported by a ‘stress testing’ exercise: the relationship also holds in a distressed economic scenario, which replicates the financial conditions of the Italian corporate sector in the 1993–1994 recession.     

政府对利益集团收入的关注与贸易摩擦的形成——基于贸易政策的政治经济学分析

本文借鉴社会关注模型中的观点,即政府制定贸易政策时会关注特定利益集团的福利状况,并结合保护待售模型,在贸易政策政治经济学的理论框架下对贸易摩擦的成因进行了分析。研究表明,一国政府出于维护国内进口或出口利益集团利益的目的,会选择贸易保护政策,从而引发贸易伙伴国之间在贸易政策方面的冲突,出现贸易摩擦,其中政府给予利益集团福利的权重以及利益集团代表的人数在总人数中所占的比例对政府贸易政策的选择,存在一定的影响。     

Perceived agency politics and conflicts of interest as potential barriers to IMC orientation

While the concept of integrated marketing communications (IMC) is widely acknowledged in the literature, research on potential barriers to its implementation is relatively scarce. In particular, the possible significance of interagency politics and conflicts of interest has received little empirical consideration. This is perhaps somewhat surprising given the generally acknowledged proposition that marketing budgeting is largely a political process. This paper describes an exploratory study of leading Australian public companies and investigates the relationships between perceived agency politics, conflicts of interest and IMC orientation. The findings suggest that the salient conflict of interest is between advertising and public relations firms. The limitations are discussed and directions for future research offered.     

国际贸易中涉外贴牌生产中的商标侵权问题研究

我国涉外贴牌生产中围绕贴牌商标的"侵权"问题已经产生了不少的法律纠纷和诉讼。但是对此我国并没有明确的司法解释,法院的判决也相互冲突。根据侵权行为构成的法理分析、《商标法》第52条中商标使用的分析和利益衡量原则,涉外贴牌生产企业的贴牌行为不应视为商标侵权行为。     

Effective influencer marketing: A social identity perspective

Social networking in the form of online communities and social groups is a characteristic of social media communication that has profound implications on the identity dynamics and behavior of social media users. Drawing from social identity theory, this research brings the social identity construct (i.e., followers' perception of the self in relation to the influencer community) to the literature on influencer marketing and examines the effect of followers' social identity, along with their interest fit and the influencer's opinion leadership, on their purchase intention. This research also examines the moderating role of storytelling, a pervasive approach of social media influencers, in enhancing the social identity–purchase intention link. Empirical results from 467 Instagram users show that all three factors positively impact followers' intention, but social identity has a more salient effect than the others. Storytelling posts can enhance these effects. Studying influencer marketing through the social identity angle contributes to better understanding of influencer marketing effectiveness.     

CREDIT SPREADS, OPTIMAL CAPITAL STRUCTURE, AND IMPLIED VOLATILITY WITH ENDOGENOUS DEFAULT AND JUMP RISK

We propose a two-sided jump model for credit risk by extending the Leland–Toft endogenous default model based on the geometric Brownian motion. The model shows that jump risk and endogenous default can have significant impacts on credit spreads, optimal capital structure, and implied volatility of equity options: (1) Jumps and endogenous default can produce a variety of non-zero credit spreads, including upward, humped, and downward shapes; interesting enough, the model can even produce, consistent with empirical findings, upward credit spreads for speculative grade bonds. (2) The jump risk leads to much lower optimal debt/equity ratio; in fact, with jump risk, highly risky firms tend to have very little debt. (3) The two-sided jumps lead to a variety of shapes for the implied volatility of equity options, even for long maturity options; although in general credit spreads and implied volatility tend to move in the same direction under exogenous default models, this may not be true in presence of endogenous default and jumps. Pricing formulae of credit default swaps and equity default swaps are also given. In terms of mathematical contribution, we give a proof of a version of the "smooth fitting" principle under the jump model, justifying a conjecture first suggested by Leland and Toft under the Brownian model.