消费者对产品评价影响因素之研究——品牌形象与知觉风险所扮演的中介角色

消费者对产品之概念,经常因个人之人格特质、习惯、偏好及受环境的影响,产生极大的差异化,且随着产品不断创新,使消费者对产品属性逐渐产生信息不对称之情形,故在选购产品时无法有明确的标的做为参考之依据,因而往往受到外部线索或外在刺激之影响进行购买行为。以往研究外部线索的相关议题中,皆只谈到单一外部线索或两种外部线索对产品评价进行讨论,因此本研究将过去学者所提到之外部线索加以整合形成概念性架构,加以探讨外部线索对消费者购买行为之影响。本研究共发放350份问卷,有效回收问卷253份,利用结构方程模式(SEM)以验证性因素分析检验各构面之效度,检定结果各构面均具有足够的收敛效度与区别效度,并进一步验证整体模式配适度,验证结果显示整体模式配适标准达检定水平,表示本研究的理论模型可获得支持,且代言人可信度、享乐主义、促销活动、品牌形象等外部线索对产品评价皆有正向显著的影响,分析结果亦显示品牌形象对享乐主义与产品评价之间具有中介效果,及知觉风险对品牌形象与产品评价之间亦具有中介效果,更凸显了品牌形象与知觉风险所扮演的重要角色。另外,从本研究发现,消费者在搜寻外部线索时,品牌形象在消费者心中占了相当重要的地位,过去惯用的营销手法...     

商业银行效率、风险与技术进步——基于18家国际大银行的实证分析

本文运用非参数DEA方法对2006～2008年18家国际大银行的效率变化情况进行了实证研究。在选取投入产出指标上,与传统方法不同,本文考虑风险投入,利用利润法选取指标。通过运用两种DEA模型,分别对效率进行静态与动态分析,探讨引起国内外银行效率变动的原因,并且对技术退步现象首次作出可能的解释。本文主要结论为,不论从国际银行业,还是中国银行业来看,全要素生产率的减少主要是由技术退步引起的。而技术变动的原因在于风险的变动。     

论巨灾期权及其演进

巨灾期权是以巨灾损失指数为基础而设计的期权合同,是保险公司通过在期权市场上缴纳一定期权费以购买在未来一段时间内的一种价格选择权。本文旨在对巨灾期权及其演进进行系统考察,以期对其有更为全面的认识。本文回顾了巨灾期权的市场发展;分析了ISO,PCS,GCCI和CHI四种指数为基础的巨灾期权产品和运作原理,考察了这四种巨灾指数及其产品的演进。     

利率市场化对我国商业银行的挑战及应对策略

利率市场化是我国金融市场国际化非常重要的一步。利率市场化使中国银行业面临严峻考验。面对净利息收入减少、利率波动提高、银行竞争加剧、信用风险提高以及系统性风险加大,我国商业银行必须调整盈利结构,创新产品,拓宽利润增长点。     

供应链核心企业社会责任研究——以复杂网络理论为视角

核心企业往往通过制定不合理契约将社会责任风险转移到供应链中的相关利益方.通过复杂网络理论构建核心型供应链网络拓扑结构模型,对核心型供应链网络中社会责任风险传播的非线性动力学行为进行分析,研究表明:一方面,由于供应链网络具有非线性的特点,导致社会责任风险在整个供应链网络中涌现,最终严重影响到核心企业以及供应链的适应性成长;另一方面,核心企业在供应链网络中具有较高的度,对供应链网络的稳定性起到决定性作用.因此,有必要通过强化核心企业的社会责任主导作用来实现供应链社会责任治理.     

基于多视角的PFI项目风险评估研究

PFI（Private Finance Initiative）是目前发达国家广泛推行的一种新的民营资本参与公共投资的项目建设管理模式。政府在确定PFI项目的时候,需要考虑众多因素,从不同角度客观论证项目的可行性。这其中,项目的风险是PFI项目决策时必须考虑的问题。PFI项目相对于传统公共项目而言,风险体系的建立、风险评估的方法都会有其特殊性。同样的风险对于不同的主体会产生不同的影响。本文建立了PFI项目的风险评估指标体系,并且在利益相关者分析的基础上,综合三大主要利益相关者——政府公共部门、SPC、使用者（公众）的群体意见,运用基于格栅获取的模糊Borda数方法实现了PFI项目风险的多视角评估。对多个备选PFI项目中进行多视角评估,可实现项目决策的优先排序;对单一项目进行多视角评估,可反映项目的风险水平;最后通过算例验证该方法的可行性、有效性和实用性。PFI模式在我国适逢良好的发展机遇,相关的理论研究正成为热点,风险管理就是其中的一大方面,对此所作的探讨是必须且有意义的。     

Cattle as a consistently resilient agricultural commodity

This study compares a range of agricultural commodities over periods of varying economic circumstances. These commodities are examined over three categories, including returns, risk, and contribution to portfolio optimisation. Consistency in these categories is determined over four equal three-year stages which comprise pre-GFC (Global Financial Crisis), GFC, post-GFC and post-post GFC. To demonstrate resilience in the most extreme circumstances, the study uses Conditional Value at Risk (CVaR), which measures extreme risk in the tail of a distribution, as the risk measure and risk-return optimiser. The study thus provides a unique and comprehensive extreme-risk based focus which identifies and ranks the consistency of performance of agricultural commodities over a range of criteria and conditions. Cattle commodities consistently demonstrate the strongest overall performance in the categories examined.     

Determinants of the Method of Payment in Asset Sell‐Off Transactions

Using a sample of asset sell‐off transactions from January 1990 to April 2010, we find that the method of payment used in asset sell‐off transactions is associated with several characteristics cited in the acquisitions research that reflect cash constraints of the bidder. Specifically, bidders facing more stringent cash constraints are more likely to use equity when purchasing assets, while sellers subjected to cash constraints prefer cash when selling assets. Second, we find that the variation in method of payment among asset sell‐off transactions also is partially explained by variables representing asymmetric information. Third, we apply our model to an expanded sample that includes non‐U.S. sellers of assets and find that an equity payment is more likely when sellers are based in countries that have relatively high country risk (more government restrictions), weak shareholder rights, and a weak legal system. Thus, it appears that bidders prefer that sellers share in the risk of the transaction under these conditions.     

Momentum crash,credit risk and optionality effects in bear markets and crisis periods: evidence from the US stock market

This study explores whether the credit risk anomaly exhibits option-like behaviour similar to the momentum anomaly. It finds that the inverted credit risk spread indeed displays option-like behaviour in bear market states. Unlike a momentum portfolio, which is effectively a short call option on the market, an inverted credit risk portfolio appears to be a long call option on the market.     

Social aspirations in European banks: peer-influenced risk behaviour

We test a sample of 3,586 banks from 33 European countries to determine whether performances above or below a social aspiration level (median performance of peer banks) influence banks’ aggregate risk levels. Our results are consistent with the behavioural theory of the firm and prospect theory in that we find that bank performance below a bank’s social aspiration level is followed by increased aggregate risk, i.e. risk-taking behaviour in the subsequent year. Although under-performing banks tend to be risk-takers, large banks and banks with high aggregate risk levels tend to limit the increase in their aggregate risk levels.