Determinants of spreads on new high yield bonds of shipping companies

This paper investigates determinants of pricing of new high yield bond offerings of shipping companies. New high yield bond offerings issued by shipping companies in the US market, during the period 1993–1998, are used in the investigation. The empirical results suggest that credit rating is the major determinant of the price spread of the bond offerings. Financial leverage and shipping market conditions also account for a significant part of the price variability.     

New Measures for Inflation Uncertainty and Disagreement from Treasury Auctions: Alternative to Surveys

In this article, we propose a novel methodology to construct new uncertainty and disagreement measures for the long-term inflation rate with the use of micro data of Treasury auctions. We employ individual bids submitted in Treasury auctions for nominal and inflation indexed bonds. We argue that these newly formed indicators do not have the problems associated with the survey and market-based uncertainty and disagreement measures. We also focus on the interactions of our proposed measures for inflation rate by comparing the measures commonly used in the literature. The findings of this article are believed to enhance the effectiveness of policy-making by introducing new proxies for crucial economic variables and also by providing the opportunity for other emerging economies with inadequate surveys to construct historical uncertainty and disagreement measures for inflation rates.     

次贷危机对国内银行外币债券投资的影响分析

作为全球规模最大、流动性最好的市场,美国固定收益市场一直是国外投资者追求稳定收益回报的首选地。文章比较了我国相对于其他国家,在美国固定收益市场的投资规模、品种及投资特点,重点分析了随金融市场动荡的加剧,国内商业银行外币债券的持仓变动,以及次贷危机对其外币债券投资造成的潜在损失,建议商业银行应采取更为审慎的投资策略,降低风险资产的投资比例。     

可转换债券发行条款的设计:基于控制权利益的视角

从控股股东角度出发考察在有控制权利益的情形下我国可转换债券发行条款的设计，分析了可转换债券的债券条款、转股条款以及回售、赎回和转股价格向下修正条款等5个主要条款，发现我国可转换债券发行条款的设计本意是，维护控股股东（非流通股股东）的利益，迎合投资人的需求，损害流通股股东的利益，并没有实现流通股股东、非流通股股东与投资人之间利益的平等保护。     

Black's Model of Interest Rates as Options, Eigenfunction Expansions and Japanese Interest Rates

Black's (1995) model of interest rates as options assumes that there is a shadow instantaneous interest rate that can become negative, while the nominal instantaneous interest rate is a positive part of the shadow rate due to the option to convert to currency. As a result of this currency option, all term rates are strictly positive. A similar model was independently discussed by Rogers (1995) . When the shadow rate is modeled as a diffusion, we interpret the zero-coupon bond as a Laplace transform of the area functional of the underlying shadow rate diffusion (evaluated at the unit value of the transform parameter). Using the method of eigenfunction expansions, we derive analytical solutions for zero-coupon bonds and bond options under the Vasicek and shifted CIR processes for the shadow rate. This class of models can be used to model low interest rate regimes. As an illustration, we calibrate the model with the Vasicek shadow rate to the Japanese Government Bond data and show that the model provides an excellent fit to the Japanese term structure. The current implied value of the instantaneous shadow rate in Japan is negative.     

When Does Relational Exchange Matters? Social Bond,Trust and Satisfaction

Purpose: The extant literature on business-to-business relationship has shown that trust, relationship duration, and social bond are the key drivers of relationship satisfaction. Notwithstanding, studies on the examination of when and why these variables translate into successful relationship are still scarce and need further exploration. This research investigates the conditions under which trust and social bonds influence satisfaction in a business-to-business relationship.

Design/methodology/approach: The data were collected from 159 footwear producers using a structured questionnaire. Four hypotheses were developed and tested using hierarchical multiple regression.

Findings: The authors found support for all hypotheses. Social bonds and longevity are crucial in enhancing supplier relationship satisfaction. Likewise, the role of social bonds in inducing supplier satisfaction heightens over time. However, the positive association between exchange partner trustworthiness and supplier satisfaction works well only in high degree of dependence situation.

Research limitations/implications: The study was based on the report on monadic data and cross-sectional design. Future research should adopt longitudinal design to overcome the shortcomings.

Theoretical implications: This study advances the social exchange theory (SET) by elucidating the condition in which social bonds and trust fail to produce relationship satisfaction. Social bonds fail to enhance relationship satisfaction at the beginning of the relationship. Moreover, trust alone cannot be good enough to boost relationship satisfaction in a lose dependence context.

Managerial implications: This study acclaimed a relationship-driven approach as the best choice for those firms who aspire to build a good relationship with their exchange partner. Managers should understand how and when to develop a strong social relationship with their trading partners, and recognize the situations in which to deal with honest and fair business partners in an exchange relationship.

Originality/Contribution: This is one of the very few studies, which have been conducted to investigate the conditions under which the relational variable influences satisfaction in a business-to-business relationships context. It expanded the boundary of the current literature as it investigated the moderating role of relationship duration and dependence in the relationship between relational constructs and relationship satisfaction.     

老工业基地绿色金融发展分析:以辽宁为例

绿色金融蓬勃发展成为近年来我国金融业供给侧结构性改革的重要内容,也是助推老工业基地全面振兴的重要举措。文章深入分析辽宁省绿色金融发展现状,总结了绿色金融发展中存在的突出问题,提出进一步推动老工业基地绿色金融发展应深化绿色发展理念,加强部门协调和信息共享,加大政策支持力度,加快绿色金融专业人才培养。     

What Does the Corporate Bond Market Know?

Do related markets reflect new information simultaneously? For high‐yield bonds, a large abnormal price decline in a corporation's most liquid bond over a month is followed by an average abnormal stock price decline of ?1.42%. This effect is larger for stocks that have increased in value and for volatile stocks. It is also larger for bonds with high coupons and shorter maturities. These results support the view that high‐yield corporate bonds have an informational edge when news is negative and stock returns are noisy, and add to the growing literature on the substantial lags in price discovery between related markets.     

小组合作学习模式对初中英语教学的意义

随着社会的不断发展,以及国际化要求,初中英语课程的改革也是突飞猛进,对于听、说、读、写等综合能力的要求也是越来越高。通过小组合作的形式来实现能力的培养,是现在初中英语教学有效方式之一。通过初中英语课程的教学,以小组为单位进行说写结合学习模式的探讨与分析。     

地方高校高年级学生课堂教学问题及其对策

地方高校高年级学生由于面临就业、考研等方面的压力,参与课堂教学的积极性不高。应该从改革课程设置、改进教学方法、关注社会需要、改善师生关系等方面来解决,以提高高校课堂教学的效果。