规范民间借贷视角下中小企业应急互助基金构建

在现代金融服务体系中,缺少能为中小企业提供应急性资金需求的组织或服务平台。从规范民间借贷视角出发,政府牵头构建中小企业应急互助基金能够切实解决中小企业应急资金融资难问题,提高中小企业富余资金的利用效率及收益率。应急互助基金由政府、专业机构、广大中小企业和担保机构等共同参与,遵循一定的运营流程与管理规则,并设立成员及客户的准入机制、借贷资金上限控制机制、风险分担机制和基金损益机制。     

Who benefits in a crisis? Evidence from hedge fund stock and option holdings

We use a unique data set of hedge fund long equity and equity option positions to investigate a significant lockup-related premium earned during the tech bubble (1999–2001) and financial crisis (2007–2009). Net fund flows are significantly greater among lockup funds during crisis and noncrisis periods. Managers of hedge funds with locked-up capital trade opportunistically against flow-motivated trades of non-lockup managers, consistent with a hypothesis of rent extraction in providing crisis era liquidity. The success of this opportunistic trading is concentrated during periods of high borrowing costs, in less liquid stock markets, and is enhanced by hedging in the equity option market.     

我国证券投资基金的积极资产组合管理能力研究

本文以19支开放式基金和23支封闭式基金为研究样本,通过改进PCM模型,设计适用于非有效市场或弱有效市场的指标S,来考察我国证券投资基金在2005年1月1日至2007年6月30日这段研究区间内的积极资产组合管理能力,并对开放式基金和封闭式基金的积极资产组合管理能力进行比较分析。研究发现,开放式基金和封闭式基金均有较强的积极资产组合管理能力;封闭式基金的积极资产组合管理能力整体要高于开放式基金,特别是在上涨和震荡行情中;同时,市场走势的波动也会对基金的积极资产组合管理能力产生一定的影响。     

Dividend decisions in the property and liability insurance industry: mutual versus stock companies

This article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend payout ratios between mutual and stock property–liability (P–L) insurers in the US. Our large sample evidence suggests: (1) mutual insurers tend to have a lower dividend payout ratio than stock insurers and the observed difference is about 4% points, holding other factors constant; (2) mutual insurers tend to adjust dividend payout ratios toward their long-run target levels more slowly than stock firms. These results are consistent with the capital constraints and/or greater agency costs of equity in mutual insurers.

Bonds versus stocks: Investors’ age and risk taking

It has become increasingly popular to advise investors to relocate their funds from a primarily stock portfolio to a primarily bond portfolio as they get older. However, the well-known decision rules such as mean–variance or stochastic dominance rules are unable to explain this common practice. Almost stochastic dominance (ASD) and almost mean–variance (AMV) approaches are used to examine the dominance of stock and bond portfolios. ASD and AMV rules unambiguously support the popular practice of advising higher stock to bond ratio for long investment horizons. Hence, we provide an explanation to the practitioners’ recommendation within the expected utility paradigm.     

How do institutional investors influence accounting conservatism in China?

Using a sample of Chinese listed firms from 2003 to 2015, we find that domestic mutual funds have negative effects while qualified foreign institutional investors (QFIIs) have positive effects on firm accounting conservatism. These effects become stronger when their ownerships are closer to that of the controlling shareholder, respectively. Furthermore, these results are more pronounced when institutional investors are more able to monitor managers and compete with controlling shareholders. Our findings suggest that the influence of institutional investors on accounting conservatism in China is subject to their identities as well as the control contestability against the controlling shareholders.