Cross-country comparison of intellectual capital performance of commercial banks in Asian economies

This study explores the intellectual capital performances of commercial banks in eight Asian economies by applying Pulic's value-added intellectual coefficient method (VAIC^?). The results show that after controlling for the influence of loan quality (LQ), fund utilisation (FU), and Asian financial crisis, both physical and human capitals (HCs) are the main factors creating value for banks. From 1996 to 2001, banks in Hong Kong on average had the best intellectual capital performance while those in Thailand improved the most. Further analysis shows that the value-creating efficiency of HC is the major driving force of performance.     

资本账户开放与金融危机传染相关性分析——基于国际的比较研究

金融危机传染机制分析是国际金融研究中的重要问题之一。20世纪90年代以来有关资本账户开放与金融危机传染相关性问题引起学界广泛关注。通过对已有文献中关于金融危机传染机制的分析可知．资本账户开放与金融危机传染之间存在正相关性。对我国而言，需加强对短期投机资金流动的监管，谨慎稳妥地推进资本账户开放，采取各种措施预防和减弱国际金融危机传染。     

危机事件对张家界旅游影响评价——基于本底线模型的高分辨率分析

根据张家界2001—2011年旅游统计数据,建立入境旅游客流量及旅游外汇收入、国内旅游客流量及旅游收入四条本底趋势线,引入月指数的概念,基于本底线模型的高分辨率分析危机事件对张家界旅游的影响。研究表明,旅游业既是一个敏感性产业,又是一个自我恢复力强的产业,在危机之后往往能强力反弹,旅游本底趋势线作为旅游业发展的生命线,始终能够把危机形成的凹型谷吸引回来。研究认为,张家界作为国内外知名品牌景区,具有抗周期性和后危机反弹的特征,尤其是国内旅游具有更强的抗周期性和后危机反弹能力,而入境旅游相对更脆弱。此外,作为国际性危机事件,"SARS"和"国际金融危机"对张家界旅游影响较大,周期较长;而"自然灾害"对张家界旅游影响相对较小。研究成果为张家界建立危机预警系统和管理体制提供了科学依据。     

现行财务预警系统存在的问题与建议

每一次经济危机的发生,都会使许多企业陷入了财务困境。很多的大企业、大财团一夜之间倒闭。严酷的现实引起了理论界和实务工作者对财务预警系统的高度关注。本文在此背景下,针对国内目前在财务预警系统的研究与应用所存在的问题进行探讨并提出相应的建议。     

Financial constraints and corporate investments during the current financial and economic crisis: The credit crunch and investment decisions of Slovenian firms

We investigate the effect of financial constraints on the investment decisions of Slovenian firms during the current financial and economic crisis. By estimating the error-correction model and the Euler-equation specification, we found that corporate investments were significantly affected by financial constraints during the crisis. The effect of financial constraints intensified in 2009 and alleviated slightly in 2010, although still being significantly more intense than before the crisis hit the economy. By estimating a switching regression model with unknown sample separation that enabled us to address the problem of judgemental sample separation, we were also able to estimate the error-correction model separately for financially constrained and financially unconstrained firms. The results indicate that financial constraints have a significant effect on both financially constrained and financially unconstrained firms, although corporate investments were more severely affected in financially constrained firms.     

Inflation targeting: Is IT to blame for banking system instability?

In light of the financial crisis, the practice of inflation targeting (IT) has been blamed for authorities’ failure to respond to the increase in financial systemic risk and to the development of asset bubbles. However, utilizing a rich database containing nearly 5500 commercial banks from 70 countries (among which, 22 are IT) for the period 1998–2012, this paper argues that on average, inflation targeting national banking systems (i) are more stable; (ii) possess sounder systemically important banks; and (iii) are less distressed than (or at least as distressed as) other banks during periods of global liquidity shortages. Our results are robust to a series of tests, such as when we compare countries with the same legal origins or control for the delegation of bank supervision responsibility to bodies other than the central bank. Overall, we conclude that IT cannot be blamed for contributing to financial fragility.     

食品企业危机管理策略研究

目前我国食品企业管理中存在一些突出的问题,需要以危机管理的意识、方法和手段加以规范和实施.危机虽然不可避免,但危机却是可以管理的,积极的危机应对则可将危机造成的损失降到最低,甚至可以能够通过危机处理过程中的种种措施增加外界对企业的了解,并利用这种机会重塑企业的良好形象.     

Sovereign CDS spread determinants and spill-over effects during financial crisis: A panel VAR approach

This paper examines the determinants of CDS spreads and potential spillover effects for Eurozone countries during the recent financial crisis in the EU. We employ a Panel Vector Autoregressive (PVAR) model which combines the advantages of traditional VAR modelling with those of a panel-data approach. In addition to variables that proxy for global and financial market spread determinants we also employ variables that proxy for behavioral determinants. We find that the determinants of CDS variance are neither uniform nor stable during different periods and different countries. For instance, as we move from 2008 to 2014 the impact of the slope of the term structure on CDS spread variance is increasing for peripheral countries such as Spain, Portugal, Italy, Greece, Ireland, and decreasing for core countries such as Germany, France, Netherlands, Belgium and Austria. Other findings indicate that investor sentiment was an important CDS spread determinant during the subprime crisis, along with other factors, while spillover effects run from larger peripheral economies such as Spain and Italy to core countries; spillover effects from Portugal, Greece, and Ireland are of minor importance.     

Fragmentation and heterogeneity in the euro-area corporate bond market: Back to normal?

We assess the degree of market fragmentation in the euro-area corporate bond market by disentangling the determinants of the risk premium paid on bonds at origination. By looking at over 2400 bonds we are able to isolate the country-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt crisis, fragmentation shrank in 2013 and receded to pre-crisis levels only in 2014. However, the low level of estimated market fragmentation is coupled with a still high heterogeneity in actual bond yields, challenging the consistency of the new equilibrium.