Large scale analysis of Islamic equity funds using a meta-frontier approach with data envelopment analysis

The paper aims to analyze the efficiency of Islamic equity funds (IEF) during crisis and growth periods and across six investment regions. To our best knowledge, our study uses for the first time the meta-frontier approach with data envelopment analysis (DEA) to compare the relative efficiency of Islamic equity funds. The paper uses a large scale set of data with a sample of 301 IEF for the period of 1993–2013 which enables us to reach conclusions across different investment regions and across different periods which cannot be made with a small size set of data. The paper provides empirical evidence about the improvement of the efficiency levels between 2002 and 2007. It shows that the average efficiency scores during recession periods are higher than the corresponding scores during growth periods. The paper also reveals that the Asia Pacific and Middle East/Africa investment regions exhibit the best technology for IEF. While North America, Europe, Emerging Markets and funds investing worldwide operate with almost the same scores and remain below the average showing a technology gap from “the best practice” for IEF. For funds investing worldwide and in North America, the meta-technology ratio is steadily increasing since 2009, indicating an improvement in their technologies. Our results suggest that although Islamic funds do not seem to be impacted by the financial crisis, they do need to improve their efficiency since the levels are far below the frontier.     

The friend or foe fallacy: Why your best customers may not need your friendship

Organizational transactions are handled along a continuum of the firm’s customer relationships, ranging from relational and friendly to more adversarial and us-versus-them in demeanor. For top customers, the approach is almost always close and relational. In this article, we question this view and suggest that it is beneficial to condition the firm’s relationship development efforts on an understanding of the true value to be gained from partnering and increased closeness. We provide a framework with which managers can diagnose their current portfolio of relationships with key customers or suppliers and offer suggestions for action. We provide an empirical illustration of the typical distribution of responses among five regions of the framework and discuss its implications.     

重庆烟农专业合作社主导模式及发展路径分析

发展烟农专业合作社,是现代烟草农业建设的重要抓手与关键环节。作为我国重要烟叶产区之一,重庆发展烟农专业合作社已有近6年的历史,逐渐形成了烟叶站点依托型、经理团队负责型、单一能人主导型、社队关系松散型等多种建设模式,但同时仍然面临基础条件不足、能人队伍缺乏、内生需求不足等一系列问题。基于此,应重点在适度规模种植、基础设施建设、能人队伍培育、规范内部管理等方面进行加强。     

货币市场基金规模变动与监管政策研究——基于面板数据的实证分析

本文对于面板数据的回归结果表明：在剔除互联网技术或者监管政策等短时外部冲击要素下,基金规模与上期收益率、上期净资金流入都表现出显著正相关性,由此推断,货币市场基金的规模变动是一个动态的自我调节过程,包含内生变动和外生变动两个作用机制.随着我国利率市场化改革进程的深入推进,监管当局应坚持审慎监管原则,推进资本金的逆周期管理,强化行业集中度管理及负债期限结构的流动性要求.     

对我国共同基金监督机制的法学反思——澳大利亚修法的启示

我国信托型共同基金的内在结构决定了资产保管人与基金管理人之间必然存在着职权运用上的张力与冲突,任何试图让二者协调运达致和谐与平衡的做法都只是空想。通过澳大利亚修法的视角再次证明,在信托体制下,资产保管人与基金管理人之间权力配置的矛盾深深地内生于信托制度之中,根本无法彻底根除。鉴于此,适时引入公司型共同基金,成为遏制基金丑闻并推动我国基金业稳健发展的重要举措。     

浅谈吉林省农村信用社企业文化建设

吉林省农村信用社从2006年开始导入企业文化建设,建立了包括企业精神、定位文化、愿景文化、管理文化、行为文化、服务文化等内容的企业文化体系,开创了我国农村信用社全面进行企业文化建设的先河。吉林省农村信用社在导入和推广企业文化建设过程中既有优点,又存在着不足,需进一步发展完善。     

试论组建种植业巨灾保险专业合作社

我国幅员辽阔,地理气候条件复杂,自然灾害多且发生频繁。农业特别是种植业,主要依靠自然条件露天作业,抵御自然灾害的能力差,受自然灾害的影响大。虽然我国的农业保险在近些年来得到了较快的发展,但是至今还未形成一种抵御巨灾的农业保险机制。本文通过研究保险的运作机理和农业合作经济组织的内涵,综合两者的组织运行机制,试图组建一个全国性的种植业巨灾保险专业合作社。     

农民专业合作社发展的现状、问题及对策——以德惠市为例

农民专业合作社是一种有利于带动农民增收、促进农业发展,进而推进社会主义新农村建设的组织形式。本文以德惠市农民专业合作社为例,分析了该合作社的发展历程,指出了德惠市农民专业合作社的积极作用。在肯定成绩的同时,也指出了发展过程中存在的问题,并针对问题提出了相应的对策建议。     

小企业互助担保基金模式研究——以产业集群为视角

本文以产业集群小企业贷款为研究背景,提出了基于产业集群平台建立小企业贷款互助担保基金的制度模式建议,并对互助担保基金的制度安排进行研究、设计。     

农民专业合作社可持续发展主要约束因素分析——以湖南省为例

农民专业合作社可持续发展面临的约束因素主要有:内部治理机制不健全、管理人员队伍素质不高、社(成)员合作意识不强、政策法规体系不完善、管理部门职责不明确、政府扶持力度小等,严重制约了合作社的发展。基于奥斯特罗姆自主治理理论提出了化解农民专业合作社可持续发展约束的策略。