Optimal Dynamic Capital Requirements

We characterize welfare maximizing capital requirement policies in a quantitative macrobanking model with household, firm, and bank defaults calibrated to Euro Area data. We optimize on the level of the capital requirements applied to each loan class and their sensitivity to changes in default risk. We find that getting the level right (so that bank failure risk remains contained) is of foremost importance, while the optimal sensitivity to default risk is positive but typically smaller than under Basel internal ratings based (IRB) formulas. Starting from low levels, savers and borrowers benefit from higher capital requirements. At higher levels, only savers prefer tighter requirements.     

The impact of bank regulation on the cost of credit: Evidence from a discontinuity in capital requirements

We study the effect on credit relationships of the Small and Medium Enterprises Supporting Factor (SME-SF), a regulatory risk weight reduction on small loans to SMEs. Employing a regression discontinuity design and matched bank-firm data from Italy, we find that a 1 percent drop in capital requirements causes an average 13 basis points reduction in the cost of credit. Moreover, with a novel measure of bank regulatory capital scarcity, we show that the drop is larger for banks facing tighter constraints. Furthermore, the drop is larger for firms with low switching costs, while the sharp assignment rule may have led to the rationing of marginal borrowers. Such findings indicate that the entire distribution of firms and banks’ characteristics plays a crucial role in determining the impact of regulatory capital changes.     

对关联交易规则的质疑及改进建议

对当前有关的关联交易规则进行了解读,分析了关联交易的构成要件,结合案例分析了目前关联交易规则存在的问题,并提出了改进建议。     

Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis

We examine the association between corporate governance structures and incidences of listing suspension from the JSE Securities Exchange of South Africa. Using a matched-pairs research design, we compare 81 firms suspended between 1999 and 2005 to an equal number of control firms matched in terms of time, size and industry. Employing a conditional logistic model, we find that the likelihood of suspension is higher in firms with a smaller proportion of non-executive directors, without an audit committee, and with greater block-share ownership and higher gearing (i.e. leverage). Further analysis splitting block-share ownership into institutional and non-institutional investors provides mixed results. While we find a positive association between suspension and non-institutional investors, we observe no association with institutional investors. No association is detected for board size, role duality, directors' share ownership, auditor quality and return on assets. Given the paucity of studies examining listing suspension from stock exchanges and corporate governance mechanisms, these findings contribute to the literature. Additionally, the dearth of research on corporate governance in developing countries suggests that our findings have important implications for policy makers in these countries as they endeavor to improve corporate governance.     

试析营养强化食品对人体的保健作用

文章通过列举加碘盐、强化面粉、强化大米等营养强化食品,阐述了营养强化食品在促进人体生长发育,预防和减少营养缺乏病,满足特殊人群的需要等方面的保健作用,并强调了对食品进行营养强化的基本要求以及选用营养保健食品的注意事项。     

The Biofuel Controversy

Summary  About a decade ago, the main OECD countries decided to promote the use of biofuels so as to reduce greenhouse gases, to contribute to energy self-sufficiency and to create additional demand for agricultural commodities. The introduction of mandatory blending requirements and lavish subsidies spurred fast adoption of this technology. In the course of 2008, the already existing controversy about the effectiveness of this strategy culminated as the resulting upward shift in demand contributed to staggering rises in food prices on world markets. It is uncertain as yet whether this will tone done current ambitions among policy makers to expand biofuel production. The paper shows that high ratios of energy prices to food prices are needed to make biofuel production profitable without the mandatory blending and subsidies. Yet, even if food-based biofuels disappeared, the issue remains that rising high energy prices will promote intensified use worldwide of land for energy crops, requiring huge amounts of mineral fertilizers and putting nature under additional pressure. In policy terms, this defines three major tasks. The first is replacing the current excise taxes on energy carriers by a uniform carbon tax, so as to mitigate greenhouse gas emissions in an efficient manner, the second to prevent price fluctuations on the oil markets from destabilizing food markets, as happened in recent years. Introduction of upper limits on the use of food for biofuel could prove effective here. The third, much wider, task is to make the transition to a partly biomass based energy production possible and sustainable, that is establishing fair distribution of property and user rights over the lands, while safeguarding biodiversity and soil fertility and maintaining adequate labour standards and living conditions, also during periods that these become non-profitable following a drop in energy prices. The authors thank Lia van Wesenbeeck for her comments.     

负面清单的行业选择与动态调整

负面清单单内行业选择标准,是我国进一步开放自由贸易区的重要问题。巴格瓦蒂的次优理论可以作为制订负面清单对单内行业进行特殊监管的理论基础。当前应把由于市场不完全、信息不完整而存在着外部性扭曲、增长潜力扭曲的行业置入负面清单,进行特殊监管,审慎对等开放。此外,还可以通过对单内行业的动态出单来增加行业活力,扩大开放水平。     

质检机构中实验室信息管理系统的设计与研究

论文结合质检机构的实验室信息管理系统的实际运用,研究了主要集C/S三层分布式体系结构在信息系统设计中的特征体现,并根据质检机构检验流程、组织结构职能影响下的LIMS多个模块功能以及仪器连接、报表模板设计等技术要求。     

知名服务特有名称认定与知识产权侵权损害赔偿要件探讨

在知识产权研究领域中关于知名商品的特有名称司法认定和知识产权侵权案件中的损害赔偿问题始终争论不一,本文首先对知名商品的特有名称做出了司法认定,提出了对知名服务特有名称的认定标准。最后分析了知识产权侵权案件中的损害赔偿构成要件问题。     

谈产品设计中的增加操作难度的意义

在众多产品设计中,有一部分设计需要使用既注重产品的易用易懂性,又能满足产品在保密或者安全方面的需求,那么,这种设计就要求设计者需要忽视所谓的优秀设计原则,来设计出满足用户需求的产品。本文通过对特殊安全设计例证的分析,论证在设计中增加操作难度的必要性和意义。