我国商业银行债权在上市公司治理中的效应

本文对我国银行在上市公司发挥公司治理作用的机制和途径进行了理论和实证研究。研究结果表明,我国银行债权对上市公司的治理力度很弱。银行贷款无论期限长短,治理总体效应都为负,体现为对公司绩效的影响都是显著的负相关关系。在治理机制的途径上,无论是短期贷款还是长期贷款,与公司管理成本费用率之间都是正相关关系,长期贷款与自由现金流量之间显著负相关;这说明银行的长期债权能发挥一定的监督作用,但由于长期贷款占比少,银行债权不能有效约束经理人。公司规模与公司绩效、自由现金流和管理成本费用率之间有显著的合理相关性。     

碳纤维在旧桥加固中的应用

通过在京建线双山子至木头登段改建工程安子沟中桥加固中采用的碳纤维加固施工,介绍了碳纤维加固桥梁梁板的施工工艺以及特点,指出碳纤维加固强度高、防水效果好、重量轻、施工简便,且加工后可保持物体原状,不影响表面装饰。     

企业应建立顾客抱怨管理体系

顾客抱怨反映了顾客对企业产品和服务的不满,揭示了企业经营管理的缺陷。为提高顾客满意度,企业应建立顾客抱怨管理体系,以正确处理顾客抱怨和利用顾客抱怨信息,推动企业持续改进。     

对解决保险理赔难题的思考

对于保险服务而言,最为引人关注的是理赔问题。在众多保户心中,对保险存在"投保容易,理赔难"的印象,严重影响了保险业的健康发展。笔者拟从保险公司、客户、保险监管部门、保险行业协会、外部环境等角度入手,逐一分析不同因素对保险理赔的影响,并在此基础之上,提出了对应的解决措施,以期望对保险理论与实践有所裨益。     

The performance of insolvency prediction and credit risk models in the UK: A comparative study

Theoretically-driven, market-based contingent claims models have recently been applied to the field of corporate insolvency prediction in an attempt to provide the art with a theoretical methodology that has been lacking in the past. Limited studies have been carried out in order directly to compare the performance of these models with that of their accounting number-based counterparts. We use receiver operating characteristic curves to assess the efficacy of thirteen selected models using, for the first time, post-IFRS UK data; and investigate the distributional properties of model efficacy. We find that the efficacy of the models is generally less than that reported in the prior literature; but that the contingent claims models outperform models which use accounting numbers. We also obtain the counter-intuitive finding that predictions based on a single variable can be as efficient as those which are based on models which are far more complicated – in terms of variable variety and mathematical construction. Finally, we develop and test a naïve version of the down-and-out-call barrier option model for insolvency prediction and find that, despite its simple formulation, it performs favourably compared alongside other contingent claims models.     

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

Insurgent Building: Emerging Spatial Politics in the Bedouin–State Conflict in Israel

In the conflict between Bedouin representatives and government authorities in the southern Israeli Negev, the term ‘insurgent building’ refers to the construction of buildings erected in the full expectation that they will be demolished by the Israeli police shortly thereafter. This article analyses how insurgent building is employed as a spatial practice by emerging political actors to claim contested Bedouin landownership. Importantly, insurgent building relies on the ability of media and advocacy organizations to mobilize behind the issue. Most of the relevant scholarship takes the interpretative categories advanced by these actors at face value. Following anthropological debates regarding objectification and categorization, I examine the context of a specific case of insurgent building. Emerging political actors who employ insurgent building often rely on predefined ethnic categories and clear‐cut people–state polarities. This case demonstrates the need for a more differentiated understanding of multilayered local dynamics than the one offered by mainstream linear interpretations. At a more abstract level, political actors contribute to the reproduction of the very categories against which they mobilize.     

MARKOWITZ'S PORTFOLIO OPTIMIZATION IN AN INCOMPLETE MARKET

In this paper, for a process S , we establish a duality relation between K_p , the     - closure of the space of claims in     , which are attainable by "simple" strategies, and     , all signed martingale measures     with     , where   p ≥ 1, q ≥ 1  and     . If there exists a     with     a.s., then K_p consists precisely of the random variables     such that ϑ is predictable S -integrable and     for all     . The duality relation corresponding to the case   p = q = 2  is used to investigate the Markowitz's problem of mean–variance portfolio optimization in an incomplete market of semimartingale model via martingale/convex duality method. The duality relationship between the mean–variance efficient portfolios and the variance-optimal signed martingale measure (VSMM) is established. It turns out that the so-called market price of risk is just the standard deviation of the VSMM. An illustrative example of application to a geometric Lévy processes model is also given.     

从会计等式看产权理论在我国企业的运用

本文认为,会计等式在一定程度上反映了产权理论在企业中的运用状况。传统计划经济体制下的“企业”没有企业的本质属性,其会计等式只记录“企业”使用物质资料和物质资料在“企业”里的分布情况,国家是生产资料的完全所有者,没有产权的存在。现阶段的企业是市场经济的主体,有自己的生产经营权利,追求利润最大化,而组织活动本身又受社会主义市场经济条件下生产资料公有制的影响,其会计等式反映了一定条件下的产权关系,说明了产权理论在会计核算上的运用。文章指出,会计等式中体现的产权思想只是产权经济学的一部分,用会计等式和会计的语言说明生产要素所有者参与利益形成和分配过程的权益,即会计反映的是权力怎样计算为权益的。     

A Hedonic Analysis of Nutrition and Health Claims on Fruit Beverage Products

This paper investigates the effects on prices of nutrition and health claims for foodstuffs, in addition to other attributes, using fruit beverages as a case study. The model estimation is based on revealed purchasing behaviour for fruit beverages in the north‐east of Italy. Applying an hedonic price model, the price of a product is explained as a function of product attributes. The model estimate identifies the implicit retail‐market‐level price of specific attributes such as nutrition and health claims, ceteris paribus. Nutrition and health claims significantly affect retail prices. Our findings suggest that retail price response to nutrition and health claims differs in relation to other product attributes, showing a strong reduction of price variation among flavours when such benefits are claimed on the label.