Interbank contagion and resolution procedures: inspecting the mechanism

This paper develops a network model of a stylized banking system in which banks are connected to one another through interbank claims, which allows us to study the diffusion of default avalanches triggered by an exogenous shock under a number of different assumptions on the degree of interconnectedness, level of capitalization, liquidity buffers, the size of the interbank market and fire-sales. We expand upon the existing literature by comparing two alternative resolution mechanisms: (i) liquidations triggered by either illiquidity or insolvency-related distress implying asset sales and compensation of creditors; and (ii) a bail-in mechanism avoiding bank closure by forcing a recapitalization provided by bank creditors. Our model speaks to how contagion dynamics unravel via illiquidity-driven defaults in the first case and higher-order losses in the latter one. Within this framework, we show how the liquidity risk externality can be resolved, and we put forward a macro-criterion to assess the adequacy of the liquidity ratio introduced with Basel III.     

一种实用的无线信道纠错方法

核心竞争力是企业适应市场的潜力。中国某些企业由于缺乏核心竞争力而使其市场份额逐渐缩小。为了适应国际市场竞争的形势,发展企业核心竞争力是重中之重。为此,除了企业加强自身建设以外,政府应该利用法律和政策,充分利用加入WTO以后宝贵的“缓冲期”,使国内市场尽快完善,促进企业核心竞争力的不断提高。     

Impact of the Financial Crisis on Banking Acquisitions: A Look at Shareholder Wealth

This paper examines the influence of the 2007–08 financial crisis on value creation for acquirer’s shareholders in the banking industry using a sample of 883 deals over 2004–12. Applying an exploratory and top-down approach, banking acquisitions are considered at the global level, narrowing the analysis step by step to consider domestic versus cross-border acquisitions. Then cross-border deals are split based on the economic development of the acquirer and target countries. It is observed that only acquisitions involving emerging-economy acquirers and developed-economy targets generate positive and significant returns to shareholders after the crisis. Major changes in the global acquisition landscape are also observed since 2007, with emerging-economy banks increasing their acquisition activity, both nationally and internationally.     

中国银行业创值能力分析--EVA体系对银行经营绩效的考察

中国经济要保持高速、稳定增长,需要进一步提高经济效率,实现质量型增长.其中,关键是资金效率.中国资金运用效率的高低很大程度上取决于占社会资金78%以上的银行业的资金效率.为此,本文应用EVA分析体系来综合系统地分析中国银行业的绩效.分析结果显示,上市银行虽然好于非上市银行,但由于国有商业银行的比重较大,银行业整体创值能力明显较弱.建议以提高国有商业银行资金运用效率为当下改进社会资金运用效率的切入口.     

信道估计偏差对空时编码的OFDM系统性能的影响

本文研究了采用空时编码的OFDM系统的性能，通过Monte Carlo仿真分析了系统性能和信道估计偏差对系统的影响。     

频率复用系统同信道干扰抑制因子的研究

随着中国加入WTO及中国经济的发展,国外、国内企业的国际直接投资、融资需求将进一步扩大。因此,招商引资中介服务将越来越重要。但目前在我国国际直接投、融资中介方面还存在诸多问题,不能适应发展的需要。将传统的方式与现代的网络技术相结合,把整合营销的观念引入招商引资中,发展招商引资中介业,促进国际资本流动和我国经济的发展,有着重要的意义。     

自适应无线传输技术在高速下行数据分组接入中的应用

随着高速、多媒体数据业务需求的日益增长 ,未来无线移动通信系统越来越需要解决支持更高速数据传输技术及频带利用率的问题 ,自适应传输技术是提高频带利用率的有效手段。结合最新3GPP提出的高速下行数据分组接入HSDPA ,归纳、总结和分析了自适应无线传输技术在HSDPA的应用以及其优点和应用前景、未来的研究方向     

发射分集系统在空间相关莱斯快衰落信道下的性能

我国加入WTO以后,对于上海的发展是一个千栽难逢的机遇,同时也给上海的发展带来新的挑战。本文通过详实的资料分析了上海经济发展的现状和制约上海进一步发展的问题,并运用市场营销新理论,提出构建上海现代化大都市的营销战略。     

Turbo码在无线移动通信中的应用

首先分析了Turbo码的基本编、译码结构与原理，然后探讨了它在无线移动通信系统中的几个具体应用。