The sources of contagion risk in a banking sector with foreign ownership

Foreign-dominated banking sectors, such as those prevalent in Central and Eastern Europe, are susceptible to two major sources of systemic risk: (i) linkages between local banks and (ii) linkages between a foreign parent bank and its local subsidiary. During and after the global financial crisis, the second source of risk has been stressed by local regulators. Using a nonparametric method based on extreme value theory, we analyze interdependencies in downward risk in the banking sectors of the Czech Republic, Poland, Slovakia, and Turkey during 1994–2013. We find that the risk of contagion from a foreign parent bank to its local subsidiary is substantially smaller than the risk between two local banks.     

From selling to supporting – Leveraging mobile services in the context of food retailing

To safeguard their existence in the face of harsh competition, food retailers have shifting their attention from goods to service. In this development, mobile services have emerged as suitable venues for intensifying companies' service orientation. To address this phenomenon, the purpose of this study is to explore and analyze how mobile services are leveraged to serve customers better in the context of food retailing. With the help of 10 case examples the perspective is extended from food retailers' in-store activities to supporting customers' processes at the pre- and post-purchase stages. As a result, a tentative framework is suggested that captures the ways in which companies can use mobile services in their strategic quest to move from selling to supporting.     

综合业务无线个人通信系统

<正> 我国外贸体制改革的目标已明确地设定为“建设有中国特色的自由贸易制度”,这是与社会主义市场经济的总体改革目标相一致的。自由贸易制度的核心就是让企业根据企业自身的利益在国内、国外市场上自由地进行交易,政府不干涉企业的这种自由交易权,政府的各种经济调控政策措施是稳定的、可预见的和非限制性的;在这一点上,任何国家和地区的自由贸易制度都应该是一致的、无特色可言的。我国所建立的自由贸易制度也应如此。然而,我国毕竟还是一个发展中国家,许多产业与国外相比都落后很多,削减贸易保护、建立自由贸易制度后,我国国内产业还能     

一种基于MobiCast的移动IP组播方案

本文提出一种改进的MobiCast方案来实现移动IP组播通信,主要解决MobiCast方案中进行区域间切换时组播数据包丢失问题。与MobiCast方案相比,在区域外地代理(DomainForeignAgent,DFA)处引入一种缓存的机制。当移动节点发生区域间切换时,移动节点的旧区域外地代理采用隧道技术,将移动节点的信息和缓存的组播数据包发送给移动节点的新区域外地代理处,减少移动节点进行区域间切换时丢失的组播数据包。     

Reforming the US IPO market: lessons from history and theory

The current US IPO market is inefficient and unfair. To protect their own balance sheets, US investment banks systematically underprice offerings. To ration the cheap securities, the investment banks utilize various nefarious nonprice rationing techniques, including kickbacks. Regulators should reform the market by loosening restrictions against issuers. The early history of the market (1781-1861) shows that unregulated IPO markets can function efficiently. Early US corporations successfully sold equities directly to investors without the aid of intermediaries because they could overcome information asymmetry cheaply. Today, the Information Revolution is again decreasing the cost of reducing information asymmetry between investors and issuers. Regulators could improve upon the past, however, by allowing the market to price ration new shares via an auction method.     

The impact of bank supervision on loan growth

This paper quantifies the short-term and long-term impact of bank supervision (measured using CAMEL composite and component ratings) on different categories of loan growth: (a) commercial and industrial loans, (b) consumer loans, and (c) real estate loans. For each of these categories, we perform dynamic loan growth equations at the state-level augmented by the inclusion of CAMEL ratings for all banks in the state, after controlling for banking and economic conditions. We perform these regressions for two distinct sub-periods: (1) 1985–1993 (which covers the credit crunch period) and (2) 1994–2004 (which covers the sustained recovery period). For the first period, 1985–1993, we find that out of the three loan categories considered, business lending is the most sensitive to changes in CAMEL ratings (both the composite and the components), although the other loan categories also show some sensitivity. Overall, however, we find little evidence suggesting that the effects of changes in any of the components of CAMEL ratings differ systematically from the effects of changes in the composite CAMEL. For the second period, we find little evidence that changes in CAMEL ratings (the composite or its components) had any systematic effect on loan growth for any of the loan categories considered.     

基于J2ME和PHP技术的移动计算应用解决方案

对以蜂窝网作为承栽网络的移动计算应用平台进行了分析，针对现有J2ME开发平台的复杂性，提出了一种以PHP／PHP JSP作为中间件的完整、高效及便于开发的应用解决方案，同时对相关的技术难点尤其是缓存技术进行了探讨，给出了典型算法。最后给出了一个应用实例——个人健康顾问系统。     

2G与3G移动网系统安全性及用户鉴权

通过对2G和3G系统安全特性比较，研究了2G和3G移动网络共存时用户安全接入的问题，并详细分析了在2G和3G共存网络中漫游2用户和3G用户的鉴权过程。