Market Power,Efficiency and the Dispersion of Systematic Risk

A number of studies have used the Capital Asset Pricing Model (CAPM) to integrate product market and financial theories of the firm. We reexamine the relationship between product market structure and systematic risk at the firm and industry level. We show that theory yields no testable implications at the firm level. We show, however, that there is a relationship between the intraindustry dispersion of systematic risk and industry concentration which depends on the causes and consequences of concentration. Estimates of the relationship between the intraindustry variance of and concentration for a 1987 cross-section of U.S. industries suggest that concentration allows larger firms to exercise market power.     

Reproducibility investigation of elicitation techniques in risk assessment for hydraulic turbines

Abstract

Certain elicitation techniques exert some control on expert opinions by leading them to a consensus or to a specific choice. In the absence of such guidelines, experts rely on their own knowledge to formulate opinions. This can result in large dispersions and affects the decision maker’s judgment. In this situation, we wonder what the relevant elicitation techniques are and how we can help experts to express their knowledge. From literature review, it is hard to decide if elicitation techniques are equivalent or not, which justifies the reproducibility analysis that we carry out in this paper. In this study, multiple experts have been involved in order to predict the defect size in hydraulic turbines, according to four proposed elicitation techniques. The comparison between these techniques was performed based on a suggested algorithm using the area metric concept. Our Findings show that elicitation techniques with ‘support’ tend to limit variations between experts and might be suitable only when prior knowledge on the expected elicited variable is available. Otherwise, we can end up with a distorted opinion of the elicited variable and an erroneous risk assessment.     

Perceptions of pre-service teachers on seismic risk and their implications for science education: a comparative study between Spain and Portugal

Abstract

This study investigated the importance given by two groups of pre-service teachers of primary education from Spain and Portugal to seismic risk in a framework of different natural risks, both in personal terms and as future teachers. A questionnaire was used for data collection. Some questions about the seismic phenomenon were also included. The sample groups consisted of 110 students from an institution in Spain and 121 from one in Portugal. Both institutions are in cities affected by the historic Lisbon earthquake of 1755. The results showed that the risk of forest fire was the first choice for classroom study in both cases. The Spanish group was also more focused on the importance of other risks like flood and drought. The Portuguese group showed a greater concern with seismic risk, frequently referring to their own historic earthquake of 1755. A few gaps in knowledge concerning earthquake prediction and comparing seismic risk in different regions of their own countries were also found. In accordance with the results, it is suggested that training courses for primary school teachers should include Disaster Risk Education in Science Education for a better understanding of the impact of various hazards and a greater concern with seismic risk due to its particular features, especially in regions where the seismic pattern is characterized by long seismic cycles with major earthquake episodes.     

保险业发展运行中亟待解决的若干问题

保险业在连续多年的快速增长后面临着一系列亟待解决和突破的重大问题,包括发展与转型、区域发展不均衡、如何学习与借鉴国际先进经验、风险防范与支持业务发展、一盘棋与差异化、外部环境配套等问题.保险业的快速发展要兼顾业务结构调整和产品转型.区域发展不均衡既是问题,也意味着中西部存在良好的发展机遇;学习与借鉴国际先进经验要结合中国实际,逐渐推进;风险防范与支持业务发展是辩证统一的关系,不是对立不可调和的;一盘棋思想与差异化政策应该有机结合使用,不可顾此失彼;税收优惠政策的突破与投资渠道的进一步放开是满足广大人民群众保险保障需求和促进保险业健康发展的重要外部环境条件.     

企业财务风险预警体系分析

财务风险预警是现代企业进行战略管理的重要方式之一,本文阐述了建立财务风险预警体系的意义和财务风险产生的原因,构建了企业财务风险预警指标。     

关于影响农业生产经营风险因素的实证分析

在农业生产领域中存在许多非人为的风险及人为因素可以克服或降低的风险,对于前者,我们可能很难解决,但是对于后者,我们可以采取相关的措施来预防与降低农业生产经营风险。具体到本文,主要通过对影响农业生产经营风险的两大因素,即农业投入与农业技术的实证分析,从而为降低农业生产经营风险提供政策导向。     

企业财务筹资风险的预测与控制

在市场经济条件下企业财务风险加大，特别是筹资风险更大，因此，应加强企业财务风险管理，规避筹资风险，加强预测和控制，以使企业财务康稳健运营。     

我国结构性理财产品的开发研究

近年来,结构性理财产品正在我国兴起,并逐步受到投资者的青睐。但在发展过程中,我国结构性理财产品存在一些问题,制约了市场发展。本文在分析发展现状和存在问题的基础上,提出了发展对策与建议。     

国有商业银行上市及其风险研究——从制度的角度

当前,国有商业银行正紧锣密鼓进行股份制改革,其中的重头戏就是实现上市。国有商业银行上市属于一种典型的产权制度变迁,是国有商业银行调整公司治理结构、改变“一股独大”局面的一个主要手段。作为一种新制度的设计与安排,在实际中肯定将面临很多问题,特别是制度变迁与移植过程中固有的一些隐性风险,是国有商业银行上市改造中不容忽视的问题。     

基于信息共享机制的供应链融资风险管理研究

从信贷业务的共性和供应链融资的特殊性出发,指出了供应链融资面临的多种信贷风险,分析了信息共享对信贷风险的影响,并提出基于信息共享机制的供应链融资信贷风险管理策略。