From Benevolent Dictator to Constitutional Monarch

SUMMARY

Frustration with didactic methods in teaching American students about European-style “participation” led to the use of a semester-long simulation of a European works council in a graduate cross-cultural course. Students shaped in the American culture of person-centered, direct participation learned by living an institutionalized, representational participation system. A written class council charter contractually bound both instructor and students to power-sharing via redefined roles in the management of the class. Student testimony documents the effectiveness of this simulation in driving learning to previously unreached levels.     

后金融危机时代社会养老保险基金投资策略研究——基于亚洲新兴市场国家的政策研究

上世纪90年代我国引进了养老保险个人账户,确立了统账结合的养老保险制度,我国的社会养老保险基金规模日益增大,如何将国家规模巨大的社保基金高效投资,实现保值增值,成为讨论之热点。本文结合亚洲典型的新兴市场国家养老金的投资策略及其政府政策规定,深度剖析中国养老金投资现状,提出并规划了有效的投资策略新路径。     

高等学校科研经费管理制度探讨

当前科研经费总量是高校科研能力和水平的重要衡量指标。但在经费高增长的背后存在着许多经费管理和使用的问题,主要集中在评价机制不合理、预算管理不科学、项目管理与经费管理严重脱节等,急需建立科学高效的高等学校科学研究管理制度、评价体系和有效的监检制度。     

Visible Reserves in Banks – Determinants of Initial Creation,Usage and Contribution to Bank Stability

The opportunity of building up visible “Reserves for General Banking Risks” by the bank management represents a peculiarity in the German financial accounting framework for banks. We investigate German banks' motives for the creation and usage of these reserves and assess their role in financial stability. We find that banks primarily create and use GBR reserves to build up Tier 1 capital for regulatory capital management and earnings management purposes. Most importantly, however, we also reveal that banks using these reserves are less likely to experience a future distress or a bank default event. We therefore conclude that the existence of GBR reserves within the financial accounting framework represents both a convenient capital and earnings management tool for bank managers and a beneficial regulatory instrument to enhance bank stability.     

BILATERAL COUNTERPARTY RISK UNDER FUNDING CONSTRAINTS—PART II: CVA

The correction in value of an over‐the‐counter derivative contract due to counterparty risk under funding constraints is represented as the value of a dividend‐paying option on the value of the contract clean of counterparty risk and excess funding costs. This representation allows one to analyze the structure of this correction, the so‐called Credit Valuation Adjustment (CVA for short), in terms of replacement cost/benefits, credit cost/benefits, and funding cost/benefits. We develop a reduced‐form backward stochastic differential equations (BSDE) approach to the problem of pricing and hedging the CVA. In the Markov setup, explicit CVA pricing and hedging schemes are formulated in terms of semilinear partial differential equations.     

Decentralized screening: Coordination failure, multiple equilibria and cycles

We explore the inter-temporal effects of the pool externalities caused by imperfect screening in competitive credit markets. We find that imperfect screening may, depending on the parameters of the model, generate excessive screening, inefficient duplication of screening or screening cycles. Whenever screening cycles occur they are manifestations of either socially excessive or insufficient screening. We present a full equilibrium characterization and a welfare analysis. The implementation of socially optimal lending decisions requires communication across lenders (i.e. information sharing), which decentralized markets typically cannot achieve.     

人口老龄化冲击下的我国养老机制及其再造

人口老龄化是我国在发展中面临的一个难题.在分析我国未来人口老龄化变动的基础上,提出了建立未来我国养老机制的基本原则及可行模式,并就此内容进行了初步分析.     

Productivity and financial support in academic bioscience

Despite widespread awareness that scientific record and grant funding reinforce one another, empirical models of scientific production normally consider laboratory inputs to be exogenous. The present article employs a cross-section of academic bioscientists to examine the mutual relationship between research output and financial support. Information's nonrival character is such that scientific output and funding success cannot be expressed in strictly supply-and-demand terms. We find the typical bioscience laboratory to operate in a range of decreasing returns to scale and to over-invest in laboratory equipment and materials. Publication and funding success strongly reinforce one another, explaining the right-skewed success distributions often observed in science.     

Future-oriented technology analysis as a driver of strategy and policy

The methodology known as strategic foresight is an important tool to be used in long-term strategic planning activities and in support of the decision making process in public as well as private sectors. This article addresses the use of strategic foresight applied to the strategic management plan for an agency that deals with the funding and promotion for the development of science, technology and innovation in Brazil, and the logic that permeated its construction, promoting an alliance of the concepts of strategy and foresight. It has as key elements the long-term vision and the adoption of participatory approach and qualitative and quantitative methods. The methodological framework involved the use of different techniques, methods and tools, including, among others, web survey, diagnosis, SWOT, future timeline, interviews, workshops and strategic roadmap.     

小额信贷机构资金来源及融资杠杆率探析

小额信贷机构在促进经济增长、增加就业、推动科技创新等方面具有不可替代的作用。但较之于国外发展较为成熟的经济体,我国的小额信贷机构尚处于探索阶段,信贷资金来源受限难以满足现金需求,融资杠杆率低制约着其资本收益率,这些都限制着我国小额信贷机构的可持续发展。对比国外成功经验,我国应给予小额信贷机构更多政策扶持,提高其融资杠杆率,拓宽其资金来源。