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.     

Modelling Credit Risk for SMEs: Evidence from the U.S. Market

Considering the fundamental role played by small and medium sized enterprises (SMEs) in the economy of many countries and the considerable attention placed on SMEs in the new Basel Capital Accord, we develop a distress prediction model specifically for the SME sector and to analyse its effectiveness compared to a generic corporate model. The behaviour of financial measures for SMEs is analysed and the most significant variables in predicting the entities' credit worthiness are selected in order to construct a default prediction model. Using a logit regression technique on panel data of over 2,000 U.S. firms (with sales less than $65 million) over the period 1994–2002, we develop a one-year default prediction model. This model has an out-of-sample prediction power which is almost 30 per cent higher than a generic corporate model. An associated objective is to observe our model's ability to lower bank capital requirements considering the new Basel Capital Accord's rules for SMEs.     

深圳地铁NOCC系统方案及信息需求分析

深圳地铁网络发展迅速,且有多个运营商参与运营,急需建设网络运营控制中心系统(NOCC),以实现全市轨道交通统一调度、统一管理.针对深圳市各轨道交通线路的庞大信息源,分析合理的NOCC职能范围,以及NOCC基本信息需求,确定了系统架构、容量、功能、网络负荷及设备配置,提出了经济适用、合理、可实施的NOCC系统方案.     

物流管理专业课程体系建设初探

课程体系建设是一个专业能否适应社会发展的重要标志。职业类院校应坚持以"能力为本位"的原则组织教学计划的制定,处理好理论与实践的关系;合理分配专业基础课、专业课、专业理论课与选修课的比例,突出在一线岗位从事现场和实际的职业活动能力,强调"一专多能",引发对学生的"思考与分析能力"、"自学能力"、"协同工作能力"、"创新能力"的培养。     

Multiple reserve requirements in a monetary growth model

Summary. This paper considers a monetary growth model in which banks provide liquidity, and in which a government finances a deficit by printing money and selling bonds. In this context, I examine the possibility that the government may want to impose binding reserve requirements on banks' holdings of both money and government bonds. Conditions are established under which doing so increases steady state welfare and reduces the scope for indeterminacies. Furthermore, under a binding system of multiple reserve requirements we have that money is superneutral. On the other hand, if reserve requirements are imposed on cash holdings alone, increases in the steady state inflation rate adversely affect capital accumulation and long run real activity. Thus systems of multiple binding reserve requirements can insulate real activity from the consequences of inflationary taxation. Received: June 30, 2000; revised version: January 31, 2001     

从《合同法》解释（二）第二十六条再论情势变更原则

合同法司法解释（二）第二十六务确立了情势变更原则。引入情势变更原则的价值在于当合同原有的利益平衡因经济的激烈动荡而导致不公正结果时,施以法律的救济。情势变更原则历史沿革及其在我国的演进起伏,说明该原则的确立来之不易。它是公平原则适用的体现,是当代民法的特别规范。第二十六条司法解释有成功之处,也有待改进之处。要发挥情势变更原则的适用功效,就应谨慎考察其法律构成要件,严格区分与不可抗力及正常市场风险之间的不同,最大限度地避免对交易安全和市场秩序造成大的冲击。就其适用法律后果是变更还是撤销合同．法院要以公平原则为基本准则,结合具体案情定夺。     

论我国环境侵权的构成要件

经济的高速增长带来了诸多环境问题,环境侵权越来越频繁。救济环境侵权损害的权利需要理清环境侵权的构成要件。我国理论界对环境侵权的构成要件颇有争议,从我国关于环境侵权构成要件的立法趋势、环境侵权的归责原则以及环境法的发展来看,抛弃"行为的违法性"之一构成要件是大势所趋,同时对其他要件也要予以正确认识。     

标准化学校网络中心机房的建设

随着信息时代的来临,学校作为教育的前沿重地,为我国未来信息化人才提供重要的学习环境。因此,学校网络机房建设和应用水平将是体现学校现代化教学环境和科研力量的重要组成部分。建设标准的学校计算机网络中心机房是确保学校网络系统安全、可靠的重要环节。设计学校网络中心机房不同于设计单机计算机机房。网络中心机房设计主要包括总体设计、环境设计、空调容量设计等。文章就学校网络中心机房建设的总体设计、环境设计、空调容量设计等方面分别进行分析和阐述。     

新生代农民工信息需求研究

从新生代农民工的信息需求现状入手,对新生代农民工的各类信息需求进行调查研究,分析其制约因素,并针对现阶段存在的问题提出切实可行的解决方案,以期引起社会各界的关注和重视。     

谈辅导员的“角色”要求

从事学生思想政治工作的高校辅导员 ,如何工作才能获得国家、社会、学校、学生、家长对其“角色”的认同 ,这是急待研究的课题。辅导员“角色”有“为人师表”要求、爱岗敬业要求、工作能力要求等。