中国的金融市场开发与借款证券化

在当今社会，市场对金融运行的压力越来越大，传统的融资方式已难以满足投资者的需要。一种新的金融形式——贷款证券化，使资金拥有者可以通过这一渠道将资金转移到贷款者手中。通过这种形式，可以很好地解决当今社会许多融资难的问题。目前，这种融资形式正在引起我国许多业界人士的注意，这种形式如果能够在我国的金融体系中得到完善，将会极大地促进我国的经济建设，也能很好地解决我国投融资体系中存在的诸多现实问题。     

Market microstructure in a global B2B network

On‐line marketplaces raise several interesting issues, among them the relevance of location when content is digitized, and the assessment of a supplier's capabilities when buyers worldwide only have electronic contact with sellers. In global B2B on‐line marketplaces, market microstructures, i.e. which firms compete for the same customers, are thus likely to be influenced by how customers value location and firm capabilities in their decisions to do business with different suppliers on‐line. We suggest that both these sets of attributes will continue to matter on‐line—firms possessing similar capabilities, as well as firms that are similar in location by country, time zones or clusters, will compete for business from the same customers. We model the similarity in competitive positions between pairs of firms based on the overlap in their customer networks, using data on actual interactions between supplier and customer banks on an electronic trading system. Using QAP network regression techniques on the 100 largest banks in this industry, we find that similarity in capabilities influences who competes with whom, and that location still matters in a global B2B exchange. Interestingly, location influences who a firm's competitors are, but not where its customers are from. Copyright © 2001 John Wiley & Sons, Ltd.     

Incentives and Performance in Real Estate Brokerage

This article has two objectives. One is to offer a theoretical model to study how the difference in commission structures affects the performance of agents at full-commission firms (e.g., RE/MAX agents) relative to other agents. The other is to provide an empirical test of the relative performance of full-commission agents. We predict that in equilibrium the selling price and the expected time it takes to sell a listing through a full-commission agent are the same as they are with a traditional agent. Our theoretical predictions are supported by our empirical results.     

The Infusion of Relational Market Obligations into the Austrian Agenda—Some Lessons Learned from Economic Sociology

Given its dictum of market equilibrium, economics in general obviously does poorly in shouldering market dynamics. Pervading obligatory traits of the market (other than mere dyadic contracting) is yet another area where not much attention is devoted. Whereas the Austrian agenda fills the first of these voids in a most sophisticated manner, its current discourse appears as oblivious concerning the manner in which market exchange transforms into relational interconnected obligations. That is to say, exchange is hardly understood as an indispensable facet of durable market obligations such as relationships 'constituting the market', but exclusively as immediate entrepreneurial arbitrage. Apart from an outright peculiar failure to recognize some of its own roots in this regard this omission unnecessarily delimits the manner in which Austrians can proceed and deepen their market analysis. The principal idea of this paper is to scrutinize the manner in which relational market obligations can be introduced into Austrian reasoning by drawing on ideas from within economic sociology. Max Weber's dictum on market openness takes on a particular role in this regard. An adjacent contribution strived for is to let this scrutiny foreshadow the manner in which such a partial reconciliation of market ideas from within economic sociology and Austrian economics could proceed.     

Allocating an advertising budget to international travel markets

Deciding on advertising appropriations is a common problem to all National Tourist Offices. The Austrian National Tourist Office now employs a decision support model allowing for inclusion of managerial judgments. In tourism, like elsewhere, application of standard optimization routines to marketing decision making is straight- forward, once the relationship linking market response to input has been modeled adequately. A tailor-made decision calculus procedure eliciting managerial judgments on the relative importance of the factors determining a receiving country's travel market share provides the weights otherwise inaccessible by objective parameter estimation. A tourism manager thus can evaluate countries as tourism generators and allocate an advertising budget accordingly.     

Stock Market Valuation of Deferred Tax Assets: Evidence from Internet Firms

Abstract:   We use the provisions of SFAS No. 109 , Accounting for Income Taxes , to examine the extent to which stock prices of Internet firms were associated with expectations of future profitability before versus after the 'market correction' in early 2000. We find that the valuation of deferred tax assets of firms with business models reliant on the level of web site traffic was significantly greater after the market correction. In our view, this evidence is consistent with pre‐correction mispricing.     

Stability, Asymmetry and Seasonality of Fund Performance: An Analysis of Australian Multi‐sector Managed Funds

Using a sample of Australian Multi-sector trusts we examine selectivity and market timing performance and extend the analysis to include the relatively new measure of volatility timing. This is of particular relevance to our data set, as high levels of volatility persistence are prevalent in Australia. In addition we consider the stability, asymmetry and seasonality of the various performance and risk measures. A survivorship adjustment procedure is also employed in order to assess the impact of survivorship on selectivity, market timing and volatility timing performance.     

中国商业银行市场结构分析——基于Panzar-Rosse模型

运用Panzar--Rosse模型这一国际上前沿的市场结构判定方法，分析中国商业银行的市场结构，发现其目前正处于垄断竞争状态，垄断性较强。在此基础上本文提出了降低市场准入门槛、改善市场竞争环境的政策措施。     

Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.