China＇s Current Real Estate Cycle and Potential Financial Risks

I. Introduction Since the late 1990s, the debate on China’s current real estate cycle has aroused great attention. The People’s Bank of China, China’s central bank, initiated a series of macroeconomic management policies to prevent the real estate market from overheating. Since the real estate bubble in the early 1990s, the Chinese Government is conscious to attach great importance to the possible financial risks and corresponding shocks to China’s economy of the real estate market ove…     

银行财务管理目标模式研究

随着金融市场的逐步对外开放，我国商业银行的管理活动也必须走与国际接轨之路。本文分析了目前流行的主要的财务管理目标，即利润最大化、股东财富最大化、企业价值最大化及相关利益者最大化，研究了其优缺点。在此基础上，提出了我国商业银行财务管理的目标应是相关利益者最大化。     

Research on Enterprise Credit Ratings Issue in China

With gradually deep construction in social credit system, the function of enterprise credit rating becomes increasingly emergence in prompting credit risk, maintain finance stable and impel society credit system construction. But due to the enterprise credit consciousness is not strong, the function of government impels to be insufficient and the enthusiasm of commercial bank in using exterior rating outcome is not high, and some local enterprise credit rating service is still bare to survive. Therefore, only exerting the government impetus function, enhancing the credit rating organization public credit power, guiding the society to increase credit product demand and establishing an integrated supervisory system combined government supervision with industry autonomy, can further impel the credit rating industry steady development in China.     

商业房地产项目多维定位的理论借鉴

文章认为我国商业房地产发展历史较短,相关的理论研究尚不完备,特别是理论界对商业地产定位研究、经验积累须做进一步探索,在此,笔者提出商业地产项目多维定位的理论借鉴,一方面全面总结了与商业房地产和商业零售业相关的国内外定位理论研究现状,另一方面其理论涵盖了商业地产项目定位思想、定位策略、定位原则、定位内容、定位程序和定位方法,为房地产开发商开发商业地产项目进行科学的项目定位提供有益帮助。     

PRICING EQUITY DERIVATIVES SUBJECT TO BANKRUPTCY

We solve in closed form a parsimonious extension of the Black–Scholes–Merton model with bankruptcy where the hazard rate of bankruptcy is a negative power of the stock price. Combining a scale change and a measure change, the model dynamics is reduced to a linear stochastic differential equation whose solution is a diffusion process that plays a central role in the pricing of Asian options. The solution is in the form of a spectral expansion associated with the diffusion infinitesimal generator. The latter is closely related to the Schrödinger operator with Morse potential. Pricing formulas for both corporate bonds and stock options are obtained in closed form. Term credit spreads on corporate bonds and implied volatility skews of stock options are closely linked in this model, with parameters of the hazard rate specification controlling both the shape of the term structure of credit spreads and the slope of the implied volatility skew. Our analytical formulas are easy to implement and should prove useful to researchers and practitioners in corporate debt and equity derivatives markets.     

信用卡客户价值模型分析

提出了信用卡客户历史价值模型、潜在价值模型和特约商户价值模型,分析了各种模型的有效性和可操作性。     

商业银行人力资源管理中的潜规则及其运用

潜规则与显规则一起渗透在商业银行人力资源管理一系列活动的各个环节，成为指导、左右并决定每一环节活动顺利进行和成功实现其目标的关键因素。同时，潜规则在商业银行人力资源管理中的表现多种多样，其功能发挥与约束条件不同于显规则。由此，在商业银行人力资源管理实践中，必须在重视正式规则建设的同时，注意加强非正式规则的建设，改善商业银行的软环境。既要发挥显规则的硬约束功能，又要运用好潜规则的软约束效应，为改进商业银行人力资源管理创造良好的条件和基础。     

Empirical study on the financial repression of rural households＇ debit and credit and the effects on their welfare in less developed regions --Take Suqian city of Jiangsu province as an example

This paper carries out empirical analysis of the ration behavior of rural credit cooperatives in less developed regions in providing loan services to rural households. It also inspects the interaction between rural households＇ demand for credit and the loan supply from rural credit cooperatives with simultaneous discrete model. The performance of supporting agriculture through a new round reform of rural credit cooperatives is doubtable in this sample region.     

Linear Correlation and EVT: Properties and Caveats

Due to the current credit crisis, critical questions are beingasked concerning some of the quantitative methods used in riskmanagement under the Basel II proposals. In this paper I havegiven a critical look at Extreme Value Theory and Copulas. Boththeir potential applications and the possible caveats are discussed,and this mainly with the subprime crisis as a background.     

Consumer credit and monetary policy in Malaysia

What is the impact of monetary policy on the Malaysian consumer? The study addresses this issue by empirically investigating the consequences of interest rate shocks on consumer credit in Malaysia. The study relies on the impulse response functions and the variance decomposition analysis based on the structural Vector Auto‐regression methodology. Apart from analysing the responses of aggregate consumer loans (ACL) to interest rate changes, further disaggregation is made in efforts to arrive at more detailed findings. In particular, the ACL data are categorized into loans for purchase of residential property, loans for personal uses, loans for credit cards, loans for purchase of consumer durables, loans for purchase of passenger cars and loans for purchase of securities. Through this disaggregation, the study shows the relative sensitivity of the various types of consumer loans to interest rate shocks.