Comparative Managerial Values

The personal values of 162 Malaysian managers were studied, using data from the three major cultural-ethnic groups that compose Malaysia's population. Core managerial values were compared with similarly derived data from respondents in the USA and Australia. Multidimensional scaling was used for the comparison. Personal values are analyzed within the context of a discussion of heterogeneous cultural value systems within Malaysia and also within the parameters of the broader convergence-divergence debate. The evidence points to the impact of convergent forces, but there is recognition of the simultaneous play of opposing, divergent forces. Such a situation of cultural diversity and dynamic tension is not unique to Malaysia, but this particular multicultural environment provides a fascinating microcosmic laboratory in which to study it.     

Arbitrage opportunities in the depositary receipts market: Myth or reality?

We analyze the price discrepancy between American depositary receipts (ADRs) and their corresponding underlying shares using a high frequency data set of French and American stocks. Albeit infrequent, it is shown that large deviations from the law of one price are present in the data and an arbitrage trading rule reveals that profits could have been made on these large disequilibria. We thus classify these markets as disintegrated and not fully efficient. An estimate of the minimum size necessary to make a price discrepancy profitable is provided and we propose this variable as a proxy for measuring the degree of efficiency displayed by the markets involved.     

关于国家储备局开展仓单质押业务的探讨

仓单质押业务是物流金融新的实现形式,国家储备局作为具有大型仓储设备的国有事业单位,可以通过开展仓单质押业务在资金链上发挥主动性作用,实现银行、储备局、需要融资的中小企业三赢的有利局面,推动现有资源的有效配置,加快市场经济建设进行。     

货币政策类型与外汇收支变化关联性实证分析——以江苏省为例

文章以江苏省为例,从货币政策的角度人手,以实证方法对货币政策类型与外汇收支的关系进行研究：将2002-2011年货币政策的实施情况和江苏省外汇收支月度数据变化情况分为四个阶段,分别进行详细分析;通过定义一些货币政策的变量后,将其与江苏省月度外汇收支差额数据进行实证分析;最后就中国人民银行如何通过货币政策来调整国际收支平衡提出意见和建议。     

铁路物流企业开展仓单质押业务的研究

介绍了仓单质押的相关特性及国内外开展仓单质押的现状,对铁路物流企业开展仓单质押业务进行了系统地分析,并提出了具体要求与风险防范内容。     

财政资金收支制度改革研究——从部属高校财务管理角度探讨

本文在综述部属高校财政资金收支改革内容的基础上,分析并判断财政资金收支制度改革对部属高校财务管理的影响,归纳总结收支制度改革推进过程面临的主要实践问题,并依此探讨了在部属高校领域进一步深化财政资金收支制度改革的策略。     

Accounting behavior of German firms after an ADR issuance

This paper presents preliminary evidence on whether German corporations that issue American depositary receipts (ADR) experience a change in the level of garbling in earnings as expressed under German Generally Accepted Accounting Principles (GAAP). In a shareholder regime, a manager's objective is to maximize the company's stock price. Past literature suggests that this will lead managers to follow a policy of more disclosure. In stakeholder regimes, managers have an ill-defined objective function and their compensation is not typically sensitive to the price of the stock. This literature suggests that managers in stakeholder regimes will manipulate earnings to satisfy the various constituents of the firm. By issuing an ADR, a company changes its regime: shareholders become relatively more important to the manager. To maximize the stock price, managers should minimize the overall noise in accounting numbers even under local GAAP. The empirical results are generally consistent with this hypothesis, but a small sample size prevents drawing definitive conclusions.     

Do tourism receipts affect bank profitability? Analytical evidence from 85 tourism economies

Using data from 17,077 banks in 85 tourism economies during 1995–2016, this study analyzes the impact of international tourism receipts on banks’ profitability and hence financial stability. This study uses two-step system dynamic generalized method of moments estimator techniques to find that the tourism receipts are received through both direct and indirect channels and adversely affect bank profitability. Developing and low-income countries experience the greatest negative impact on profitability. Banks in European countries suffer the highest negative impact, whereas those in the United States are affected the least. Commercial and savings banks experience the highest negative impact of tourism. The findings of the study emphasize prudence in fiscal spending in countries where tourism constitutes a significant part of government revenue. The deleterious impact of COVID-19 on the flow of tourism revenue is likely to affect bank profitability and financial stability of the countries dependent on tourism. Therefore, it is of great significance to policy planners worldwide. The study also opens new vistas for research.     

关于我国国际收支统计数据国际接轨的思考

我国国际收支统计数据在指标范围、公布数据质量、公布数据完整性等方面与GDD6(数据公布通用系统)存在一定差距。应从多方面努力改进。     

中国大陆省级行政区国际旅游收入的时空差异分析

以中国大陆31个省级行政区为基本地域单元，利用1996—2007年中国统计年鉴数据，定量分析了国际旅游收入的时空差异。研究结果表明：①省级行政区间的国际旅游收入的绝对差异不断扩大，且速度不断加快；相对差异逐年缩小，下降幅度较小。②国际旅游收入地域空间集聚态势显著，国际旅游收入发达省级行政区全部集聚在东部沿海。③根据其相对发展速率和收入水平，可以划分为高高（HH）、高低（HL）、低高（LH）和低低（LL）4种空间发展类型，低低型（LL）数量及比重占绝对多数。④旅游资源的知名度、客源市场距离、区域开放程度、区域发展政策和基础设施，是影响国际旅游收入空间差异的主要原因。最后，提出了优化省级行政区国际旅游收入差异的对策建议。