The information content of funds from operations and net income in real estate investment trusts

This study compares the information content of funds from operations (FFO) and net income (NI) in the real estate investment trust (REIT) industry. We find that models using FFO explain more of the variance in cumulative abnormal returns around earnings announcement dates than models using NI do. We also find that the information content of FFO differs across REITs of different sizes. FFO does not provide useful information to investors in the case of large REITs. Finally, we show that the gain or loss from sales of property is relevant to valuing large REITs.     

强化食品管理安全预警的思考

食品是人类构成社会的物质基础的重要一环,食品安全是事关国计民生的重大社会问题,关系到经济稳定和社会和谐。因此,如何完善食品管理,建立高效、时效、有效的食品安全预警系统,深化食品质量安全监督管理体制改革,是一项十分必要且刻不容缓的工作。     

Substantial effect of voluntary policy interventions on aircraft ground handling safety

Managing safety and health matters require comprehensive policy intervention to change the existing culture in the ground handling operations and reducing the safety performance outcomes. This study aims to investigate the relationship between safety culture and safety performance outcome with voluntary policy intervention as the moderating effect of the relationship. The study employed a quantitative method through a survey instrument, which was participated by 423 ground handling workers from six international airports in Malaysia. The results indicated seven hypotheses in direct relationships have positive association between safety culture and safety performance construct. While for moderator relationships, there were five hypotheses found to be statistically significant and supported. The presence of voluntary policy interventions were found to be beneficial or detrimental elements for the insignificant relationships of the study. The ground handling organisation is expected to utilise these results by strengthening their organisation safety culture and prioritise safety and health matters over demand and cost.     

基于银行流动性管理视角的宏观审慎与货币政策协调研究

本文从商业银行流动性管理视角出发,探究银行微观主体行为如何影响宏观审慎与货币政策的协调。我们借鉴净稳定资金比例的设计理念,将商业银行的流动性管理行为纳入传统理论模型,刻画出两种流动性管理行为对货币政策信贷传导渠道效率的潜在影响及传导路径。在此基础上,采用我国50家商业银行2012年第1季度—2018年第2季度面板数据进行实证检验。我们发现,银行为提升长期流动性水平而进行的优化信贷资产结构的行为,能够显著提高货币政策传导效率。但是,部分净稳定资金比例较低的股份制银行和城市商业银行调整非信贷资产结构的行为则有可能降低货币政策传导效率。因此,在执行既有流动性监管措施的同时,关注与引导银行资产结构调整方式,对增强宏观审慎与货币政策的协调大有裨益。     

Net foreign asset (com)position: Does financial development matter?

We investigate the relationship between a country's domestic financial development and the (composition of its) net foreign asset position using a pooled mean group estimator and data for 50 countries for the 1970–2007 period. The results show that financial development reduces a country's long-run net foreign asset position. In addition, financial development leads to higher net equity and lower net debt positions. These findings confirm the theoretical predictions of Mendoza et al. (2009). The results are robust to using different indicators of financial development and inclusion of the level of development of a country in the cointegrating relationship.     

Willingness to pay for safety improvements in passenger air travel

The risk of being involved in an airplane accident is largely ignored in air passengers’ choice models. The reason presumably is that it is hard to operationalize, because objective safety indicators often involve extremely low probabilities that are hard to grasp and interpret by passengers. In this paper, we propose an operationalization that is based on the perception of safety, which is easy to understand and resonates that perceptions often influence decisions stronger than objective variables. We conceptualize that passengers form a safety perception score of a particular flight based on their perception of airline and route attributes and that this score in turn is traded-off against other flight attributes, such as ticket costs, to arrive at a flight choice. In line with this conceptualization, two stated preference experiments are conducted. In a first experiment, combinations of airline and route attributes are evaluated in terms of safety that is captured on a rating scale. In a second experiment, safety perception is treated as an attribute and traded-off against other flight attributes to arrive at a flight choice. The paper presents the results of a regression and a Panel Mixed Logit model estimated from responses obtained from a convenience sample of 161 air passengers recruited in the Netherlands. The results of both models are then combined to calculate the willingness to pay values for improvements made to a range of airline and route attributes, taking into account socio-demographic variables and psychological traits. As expected, the results indicate that the willingness to pay for improving safety decreases with higher initial safety levels.     

A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation

The Islamic Financial Services Board (IFSB) is the standard setting body for the Islamic banking industry. The IFSB, while endorsing the Basel III accord, modified the criteria to calculate the Net Stable Funding Ratio (NSFR) to cater for the unique aspects of the Islamic banking industry. In this paper, we calculated the modified NSFR of 136 Islamic banks from 30 jurisdictions between 2000 and 2013 and explored the potential impact the requirements of this ratio has on the financial stability of Islamic banks after controlling for bank, country, and market-specific variables. The empirical findings suggest that the modified NSFR has a positive impact on the financial stability of Islamic banks during the sample period. However, the marginal impact of the NSFR on stability diminishes as the size of the bank increases. The results remained robust after applying an alternative measure of stability and using an alternative estimation model based on an instrumental variable approach. These results validate the use of the IFSB’s modified NSFR for Islamic banks as a regulatory measure.     

浅析建筑工程安全管理中存在的问题及解决方法

建筑工程企业的施工,多数情况是露天高空作业,而且现场情况多变,又是多工种的立体交叉作业,安全生产的管理和职工安全教育滞后,因而当前建设系统的安全形势非常严峻,做好建筑施工企业的安全管理工作势在必行。     

论中国金融发展中的结构制约

加入WTO以后中国金融发展面临的主要问题是既要增强国际竞争力,又必须维护国家的金融安全.但目前中国的金融结构存在着严重缺陷,制约了中国金融业的进一步发展与国际竞争力的提升,对金融稳定与安全产生了诸多的不利影响,因此,中国金融发展不能继续依赖数量增长和加快速度的路径,需要转变思路,以结构调整为重点推进中国金融的改革开放与发展,寻求提升国际竞争力与安全性相统一的金融发展之路.     

儿童用品标准化的现状分析

本文介绍了我国儿童用品行业的发展现状,以及我同儿童用品标准化工作的发展状况,通过市场调研,了解了目前部分儿童用占占由于标准不完善而仔在的安全隐患,提出了对今后我国儿童用品标准化工作的建议。