Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

基于CSSCI对浙江省图书馆学情报学研究现状的定量分析

利用CSSCI 2000-2002年来源数据，运用统计学方法，对浙江省图书馆学、情报学领域研究状况进行了定量分析，揭示了其个性特点和群体特征。     

当前我国中西部地区民间投资状况的透视与思考——以山东西部城市菏泽为例

经过20余年的经济发展,在东部沿海的私营经济发展如火如荼的同时,我国中西部地区的民间投资也日趋活跃,本文试图以山东西部城市菏泽为例,对目前我国中西部地区的民间投资状况予以透视与思考。     

全低变工艺开发应用中的问题与对策

讨论了全低变工艺开发过程中遇到的一些问题和对策,对中、小氮肥企业进行技术改造具有一定的参考意义。     

通用ATS实现技术研究

我国武器装备通用ATS(自动测试系统)经历了从引进、仿制到自行研制的过程，但是目前通用ATS总的局面是通用ATS不通用，这种局面主要是由于国内对通用ATS实现技术缺乏统一认识造成的。基于此，本文研究了与开发通用ATS密切相关的标准／规范、硬件配置技术、接口技术、集成测试软件开发环境技术。本文的研究结果适用于所有开发通用ATS的项目。     

DEFAULT RISK AND DIVERSIFICATION: THEORY AND EMPIRICAL IMPLICATIONS

Recent advances in the theory of credit risk allow the use of standard term structure machinery for default risk modeling and estimation. The empirical literature in this area often interprets the drift adjustments of the default intensity's diffusion state variables as the only default risk premium. We show that this interpretation implies a restriction on the form of possible default risk premia, which can be justified through exact and approximate notions of "diversifiable default risk." The equivalence between the empirical and martingale default intensities that follows from diversifiable default risk greatly facilitates the pricing and management of credit risk. We emphasize that this is not an equivalence in distribution, and illustrate its importance using credit spread dynamics estimated in Duffee (1999) . We also argue that the assumption of diversifiability is implicitly used in certain existing models of mortgage-backed securities.     

Use of Statistics in the Monetary Policy of the Czech National Bank: The Case of a Country in Transition

In the presented text the authors judge the importance of statistics in the monetary policy of the Czech National Bank (CNB) over the course of the economic transformation process, with particular consideration of changing statistical needs and the possibilities and limits of statistical data exploitation in the monetary analyses. The importance of statistics lies on the level of collection and processing of statistical information and on the level of use of statistical methods to analyse data. Since the start of the 1990s the requirements for statistics were significantly influenced by monetary policy. In the period 1990–1997, monetary targeting was the primary influential factor. Since 1998, the monetary policy is influenced by inflation targeting. Statistical priorities switched from monetary data to economy and financial market data. Much progress has been made in the use of statistical methods for analysing data. Statistics available at present cover the CNB's standard monetary-policy requirements and are on par with those in developed countries. Its further development will reflect the standard changes taking place in the more advanced countries.     

Provision of Human Resources for Water Resources and Hydropower Projects——A case of CGGC

1.Management of Human Resources in ChinaGezhouba Construction Group Corporation1.1Brief Introduction of CGGCChina GeZhouBa Construction Group Corporation(hereinafterreferred to as CGGC)is a super huge enterprise subordinatedto StateAssets Supervision and Administration Commission of PRC.It main-ly conducts water conservancy project,hydropower project,thermalelectric power project,nuclear electric power station,industrial andcivil works,as well as other works state-ratified.It is fa…     

搞好中小城市绿化建设的几点思考

作者根据自身的实践 ,认为中小城市绿化建设应树立四种意识 :一是树立“规划见绿”理念 ,对城市绿化也要编制总体规划和详细规划 ,并构思布局一批特色绿化工程 ;二要强化“空间绿化”意识 ,以城市道路轴线 ,构建绿化网络 ,扩展绿色绿量 ;三要树立“精品绿化”意识 ,提高绿化质量 ,打造草坪、花坛、公园、街道等名牌 ,四要树立“市场经营”意识 ,建立起多元联动、全社会参与的城市绿化投融资新机制。     

南京市重大危险源监管体系中的物流对策分析

根据南京市重大危险源普查报告,分析了南京市重大危险源的基本状况和监管中存在的问题,以提高应急物流反应能力为目标,分别从监管模式的改进、监管政策保障措施建设和重大危险源监管体系建设等三个方面提出了提高南京市重大危险源监管水平的对策措施。