关于“裸卖空”和“CDS裸卖空”的经济分析及启示

金融危机后,欧美监管当局针对证券市场裸卖空和CDS裸卖空制定了包括短期禁令在内的各种新政策。这些新政使得相关问题再度引起热议。本文针对这一热点,在理清卖空、证券市场裸卖空以及CDS裸卖空概念的基础上,指出了CDS裸卖空与证券市场裸卖空在众多方面存在的本质性区别。与此同时,文章对欧美监管当局关于卖空和裸卖空的监管政策演变和最新动态进行了简要介绍。最后,文章还总结了欧美监管当局的相关新政对我国发展金融市场的启示。     

关于违法低于成本价格销售行为的立法思考

从低于成本价格销售行为的危害性来分析,法律禁止的低于成本价格销售行为主体只能是占市场支配地位的经营者;违法低于成本价格销售行为的构成要件主要包括四个方面;附赠式有奖销售与低于成本价格销售的规定有不协调之处,应给予界定;对违法低于成本价格销售行为的法律责任之立法规定也应给予完善。     

金融交易的适合性原则研究

金融机构不加区别地向公众推销雷曼迷你债券,令购买者在金融危机中损失惨重。香港地区的雷曼迷你债券风波引发人们对买者自负原则进行反思。雷曼迷你债券的高度专业性、风险性特点使得这类衍生品根本就不适合向个人投资者推销出售。此次风波正暴露了香港地区金融立法的漏洞,金融交易的适合性原则不仅是监管规则,应当落实为投资者可以直接援引的私法规则。     

销售人员的激励扭曲与反馈激励分析

销售人员激励是企业激励机制的一个重要组成部分.以系统思考的方法对销售人员激励机制进行分析,揭示了销售人员激励扭曲的原因在于销售人员激励机制运行系统中各子系统之间的反馈作用,提出了以反馈激励的方法来有效地设计激励措施并控制销售人员激励扭曲问题.     

基于试销的新产品模糊综合评价

新产品进入市场和市场营销计划的试金石是市场试销本文提出了基于试销的新产品模糊综合评价方法.     

激励导向的销售人员互动工资制

本文在剖析销售人员现有工资制度的基础上,提出了较有新意的互动工资体系。在该工资体系下,销售人员为了获得最理想的工资收入,就必须认真研究目标市场,挖掘市场潜力,做出准确的销售预测,并努力实现自己预测的销售目标。     

The influence of sale announcement on the optimal policy of an inventory system with perishable items

In this paper a single-period inventory system with a sale announcement for perishable items is investigated. In this problem setting, the perishable product has a deterministic expiry date and a demand with a probabilistic behavior during the period. When the expiry date of the product is approaching, a special sale announcement may alter the customers' behavior and escalate the demand rate preventing huge loss of the expired products. Two model is developed to obtain the optimal order quantity of the product and the optimal time for sale announcement. The first model considers a static price dependent behavior of customers independent from the product’s expiry date, while in the second one the product's demand rate after sale announcement is assumed as an increasing function of its remaining lifetime. Usefulness of the proposed models and the influence of sale announcement on total revenue is demonstrated using numerical examples. Finally, a comprehensive sensitivity analysis is conducted revealing the effect of different parameters of the models on the optimal policy.     

What explains differing holding periods across hotel investments? A hazard rate framework

We explain the variation in hotel holding periods (HP) based on liquidity needs, owner type, acquisition conditions and timing of hotel renovation. Contrary to popular belief, properties owned by listed companies tend to have longer HPs due to lower liquidity constraints. REITs sell heterogeneous hotels sooner to strengthen their focus whereas REOCs keep such assets longer for diversification benefits. Moreover, we document that higher quality hotels tend to have longer HPs, and that capital expenditure employed in renovating an acquired asset prolongs the HP whereas assets renovated before acquisition experience shorter HPs. Finally, we show how our model can be used in practice to predict the median HP based on a given hotel characteristics, and present a method to adjust the DCF discount rate according to the selected holding period.     

Accounting Regulation and Management Discretion—A Case Note

This article explores the manipulation of published financial reports in order to counter the potentially unfavourable impact of newly introduced regulation. In this case the reported capital ratio of a major British building society was enhanced using a sale and leaseback transaction with a related party and a change in depreciation policy, methods which reflected limited alternatives. Analysis of the case is set in the context of the sector and addresses the questions of whether these manipulations were within then‐prevailing generally accepted accounting principles and why, despite disclosure in the society's financial statements, they failed to attract public comment or concern, regulatory action or an audit qualification. In examining a major British mutual financial organization we depart from traditional analyses of managerial discretion in accounting choices in British companies.     

物联网技术在煤炭远程运销管理中的研究与应用

系统与许厂煤矿原有综合自动化系统、汽车衡称重防作弊、视频监控系统相互配合,利用物联网技术,实现远程自动装车控制,杜绝车辆称重作弊、煤种作弊,有效提高煤炭运销现场管理水平,提高工作效率.