Fuelled Power: Oil,Financiers and Central Bank Policy in Nigeria

While the literature on business power and global finance has illuminated the ways in which financial institutions limit the policy autonomy of states in developing countries, we know much less about the circumstances under which the power of financiers is undermined. In this article, I advance explanations of these circumstances by arguing that state access to natural resource revenues reduces the power of financial institutions and enhances the capacity of the state to pursue central bank policies which violate the interests of major financiers. I employ a case study of central bank policy in Nigeria to probe this argument and find evidence that supports the claim that whenever the Nigerian government's access to resource revenues increased, the state's capacity to diverge from financiers’ preferred central bank policies and to advance its own preferences increased as well. The analysis provides the basis for broader propositions about the policy space of developing countries vis-à-vis financial institutions and the variability of structural power.     

企业财务管理中的业财融合问题分析

近年来,随着我国各领域的快速发展,企业的数量持续增多,各企业扩大了发展规模,承受着巨大的竞争压力。通过业财融合问题的分析,发现企业财务管理对企业的经济发展有直接的影响性。对此,需要提高重视度,优化管理理念,创新管理模式,及时地发现业财融合所存在的问题,采取科学合理的措施进行有效解决,确保企业财务管理工作的稳定发展。     

房屋土建工程质量监督管理问题与强化建议探究

随着社会经济的快速发展,我国的房屋建筑工程也随之发展起来。建筑施工中无论是技术还是人员的配置都日趋合理,但同时一些问题也逐渐显现出来,如工程施工人员的素质水平不高、建筑市场混乱等,使得工程质量受到了影响,所以我们必须要加强对房屋土建工程的质量监管。     

自然灾害背景下农村金融消费者权益保护问题探讨

目前，农村金融消费者权益保护工作力量薄弱，自然灾害对农村金融消费者影响较大；同时，金融产品设计对农村金融消费者权益保护考虑不足。为保护农村金融消费者权益，并最大限度地规避自然灾害给农户带来的经济损失，应循序渐进、阶段性地推动金融消费立法，完善农村金融服务体系，构建农村金融消费者自然灾害权益保护机制，开展针对农村金融消费者的常态化宣传教育活动。     

铁路工程造价超概算问题研究

铁路工程建设中经常出现造价超概算的相关问题,对此,论文主要阐述了铁路工程造价的概算要求,并重点分析引起铁路工程造价超概算的原因,结合原因提出针对性的解决措施,希望能够避免工程造价超概算情况的发生,以供参考。     

Underperformance of Actively Managed Portfolios: Some Behavioral Insights

Abstract

Two glaring anomalies in investment management are apparent: (1) after fees, active portfolio managers do worse than market indices, and (2) clients continue to pay for services they don’t receive. The purpose of this paper is to offer explanations of these anomalies from a behavioral perspective. We explore some of the cognitive biases that perpetuate active management and subsequent underperformance, including herding, disposition, and endowment effects, as well as conservatism and status quo biases, overconfidence, and agency problems. Investors’ continued use of active managers despite persistent disappointing returns is attributed to being victims of framing effect, hot-hand fallacy, lack of knowledge as well as intimidation or insecurity, and status quo bias. We propose some ways that portfolio managers and investors could improve their decision making.     

基于PPP模式工程项目融资风险管理的思考

近年来,我国的经济发展较为迅猛,呈现出繁荣的景象。在此基础上,推动项目融资风险管理的出现与成长,而PPP模式较为突出,不同于暗含经济风险的传统型风险管理,能够在一定程度上助力政府财政支出压力的降低。但是需要多加关注的是,PPP模式的工程项目融资本身就具备一定的风险因素。为此,论文着眼于实际情况,充分考虑其基本特点,提出行之有效的防患策略,为我国顺利推进PPP模式工程项目管理工作提供一定的借鉴意义。     

Moving markets? Government bond investors and microeconomic policy changes

Do sovereign bond markets react systematically to microeconomic policy reforms? Some observers suggest that investors are very attentive to supply‐side policies such as those related to labor markets, corporate taxation, and product standards. They argue that, along with macroeconomic outcomes and broad financial market conditions, such reforms affect sovereign bond premiums, for developed as well as emerging economies. In contrast, we predict few systematic effects of supply‐side policy reforms on sovereign bond market outcomes. Our theory draws on a standard three‐equation model of the economy, widely accepted among economic and finance professionals. That model makes few clear predictions regarding the anticipated effects of microeconomic policy changes; as a result, we expect that such reforms will not generate systematic market reactions. Our analyses, based on daily data from 37 countries from 2004 to 2012, indeed reveal little evidence of a systematic bond market reaction to the 47 most significant reforms to corporate taxation and labor market regulation. These results call into question the notion that “bond market vigilantes” play a central role in compelling governments to enact specific microeconomic policy changes.     

The provision of long-term credit and firm growth in developing countries

Do small and young firms benefit from an increase in the provision of long-term loans? By combining firm-level data from 62 countries (over the period 2006–2016) with a new database on short-term and long-term credit provided to the private sector, this article shows a higher provision of long-term credit does not stimulate growth of small and young firms. On the contrary, an increase in the availability of short-term credit spurs firm growth. The main explanation of this (counter-intuitive) result is the differential impact of short-term and long-term credit provision on small and young firms’ access to credit. Young and small firms are able to take advantage of an increase of short-term loans, which allow them to switch from informal finance to bank loans. However, a higher level of long-term credit does not alleviate credit constraints faced by opaque firms because these funds are allocated towards transparent borrowers.     

RETURNS TO DEBT AND EQUITY IN FARM PRODUCER ORGANIZATIONS

While the capital structure irrelevance proposition is the point of departure in corporate finance, it is unknown if debt‐or‐equity decisions matter to farm producer organizations. To inform decisions of capital acquisition, a panel study is conducted to estimate the relationships of different types of debt (current, long‐term) and equity (allocated, unallocated) to the financial performance of 707 farm producer organizations in the United States during the 2005–2011 period. Using 3,120 observations, the panel analysis indicates net sales in period t is increased by $1.97, $9.59, and $4.01 with an addition of $1 in current debt, allocated equity, or unallocated equity in period t_‐1. Furthermore, the magnitude of the positive relationship of an additional dollar of allocated (unallocated) equity to net income is estimated at $0.32 ($0.14). We thus reject the notion managers and directors of farm producer organizations should decide to use debt or equity with a coin toss.