Hyperbolic Efficiency and Parametric Distance Functions: With Application to Spanish Savings Banks

Distance functions are gaining relevance as alternative representations of production technologies, with growing numbers of empirical applications being made in the productivity and efficiency field. Distance functions were initially defined on the input or output production possibility sets by Shephard (1953, 1970) and extended to a graph representation of the technology by Färe, Grosskopf and Lovell (1985) through their graph hyperbolic distance function. Since then, different techniques such as non parametric-DEA and parametric-SFA have been used to calculate these distance functions. However, in the latter case we know of no study in which the restriction to input or output orientation has been relaxed. What we propose is to overcome such restrictiveness on dimensionality by defining and estimating a parametric hyperbolic distance function which simultaneously allows for the maximum equiproportionate expansion of outputs and reduction of inputs. In particular, we introduce a translog hyperbolic specification that complies with the conventional properties that the hyperbolic distance function satisfies. Finally, to illustrate its applicability in efficiency analysis we implement it using a data set of Spanish savings banks.     

基于PCI/PCIX总线实现宽带数据高速传输

介绍了传统宽带数传的实现方式,分析了用FPGA实现PCI/PCIX总线的优点,实现了基 于PCI/PCIX总线IP核的宽带高速数传,IP核在66 M/64 bit工作方式,以突发传输模式 下,速度达到了420 Mbyte/s,满足了宽带数据高速传输的要求。     

担保债务凭证(CDO)定价研究——基于正态与学生氏copula法的比较

利用蒙特卡罗模拟技术,研究担保债务凭证(CDO)的定价问题,对于不同的相关系数,使用正态Copula以及学生氏Copula计算各级分类证券的公平价差,并对正态Copula以及学生氏Copula产生的结果进行比较分析。研究表明,在担保债务凭证(CDO)的定价中,学生氏Copula的性能更好。     

An Analytical Model for External Auditor Evaluation of the Internal Audit Function Using Belief Functions

The purpose of this paper is to advance research in internal audit (IA) evaluation by developing an IA assessment model that considers interrelationships among specific factors used by external auditors to evaluate the strength of the IA function. The model is based on three factors identified by auditing standards and by prior academic research: Competence, Work Performance, and Objectivity. We develop an analytical expression of the model using the belief function framework in order to overcome limitations of prior research. Our results reveal that modeling the “And” relationship is essential for assessing the strength of the IA function. As far as interrelationships are concerned, the analysis shows that, when the three factors have a strong or a perfect relationship, the strength of the IA function remains high even if there is positive or negative evidence about one of the factors. This result holds as long as there are high levels of belief about the other two factors. Further, we demonstrate how the quality of corporate governance affects the evaluation of the IA function and how a cost–benefit analysis can be applied to this framework to help determine the amount of external audit work needed to comply with standards. Our analysis reveals that the extent of external audit work to be carried out by the external auditor depends on the strength of the IA function and the amount of litigation and regulatory costs likely to be faced by the external auditor.     

银行与政府职能的冲突与解决对策

国有商业银行监管中由政府职能冲突引发的利益冲突问题只不过是中国银行体系改革过程的一个方面。而银行体系的改革又直接服务于我国经济体制转轨的需要。因此,我们必须站在宏观经济的视角来看待国有商业银行的困境和改革路径。更进一步,我们还要根据国家宏观经济政策的走向,对国有商业银行改革的前景作一个判断。本文就银行与政府职能的冲突与解决对策做了相关探索,希望为化解国有商业银行监管中的政府职能冲突提出一些有益的建议。     

论城市房屋拆迁中政府职能的健全与完善

本文结合目前城市房屋拆迁领域出现的重重矛盾,指出了政府在城市房屋拆迁中存在的角色错位、正当程序缺失以及制度不完备等问题,并就如何健全和完善政府在城市房屋拆迁中的职能提出了相应的建议。     

农产品原产地名称保护中政府职能转变的思考——以普洱茶原产地名称保护为实例

在全面推进农村改革发展过程中,农产品原产地名称保护中政府职能的扭曲发展,导致原产地名称保护产业畸形发展和农民受损。片面的干部政绩考核制度指导思想、行政权力行使“饥渴症”和法律制度缺失等一系列因素综合导致了政府职能的扭曲发展。贯彻落实科学发展观,积极借鉴国外成功经验,以农产品原产地名称保护为切入点,有效推动政府职能转变。     

Asset Prices as Indicators of Euro Area Monetary Policy: An Empirical Assessment of Their Role in a Taylor Rule

This paper estimates forward-looking and forecast-based Taylor rules for France, Germany, Italy, and the euro area. Performing extensive tests for over-identifying restrictions and instrument relevance, we find that asset prices can be highly relevant as instruments in policy rules. While asset prices improve Taylor rule estimates, different assets prove most relevant across countries and this result could be seen as complicating the tasks of the European Central Bank. Encompassing tests show that forecast-based outperform forward-looking Taylor rules. A policy implication is that central banks ought to release their own forecasts and the basis upon which they are generated.

The role of fundamental motivations in willingness-to-pay online

This study aims to determine whether an understanding of chronic fundamental consumer motivations can help determine the mechanisms of willingness-to-pay for products online. To do so, it employs a simulated buying task on a fictional e-commerce site for a consumer product (branded either as a “new arrival” or a “classic”) to investigate the effects of two fundamental motivations (mate acquisition vs. self-protection) on willingness-to-pay for the product online. The primary focus of the paper to investigate the capacity of mate acquisition and self-protection motives to moderate the relationship between attitude toward the product and willingness-to-pay, as well as, the effects of the motives on willingness-to-pay are considered. Through regression and interaction effect analyses, it is shown that chronic fundamental motivation for mate acquisition is directly correlated with an increased willingness-to-pay for both product types, and it moderates the relationship between attitude toward a product and willingness-to-pay. Self-protection motivation increases willingness-to-pay for classic products but not new arrivals. By offering a rare look at chronic fundamental motivation in the consumer context and potentially being the first investigation of the moderating effects of fundamental motivations, the results mostly support the notion of predictable motivation induced behavioral tendencies.     

Public good agreements under the weakest‐link technology

We analyze the formation of public good agreements under the weakest‐link technology. Whereas policy coordination is not necessary for symmetric players, it matters for asymmetric players; however, this fails in the absence of transfers. By contrast, with a transfer scheme, asymmetry may be an asset for cooperation. We characterize various types and degrees of asymmetry and relate them to the stability of self‐enforcing agreements. Asymmetric distributions of autarky public good provision levels (also representing asymmetric interests in cooperation) that are positively skewed tend to be conducive to the stability of agreements. We show that under such conditions, even a coalition including all players can be stable. However, asymmetries that foster stability (instability) tend to be associated with low (high) gains from cooperation.