Optimum currency areas and the European experience

Across nations or regions, the debate on optimum exchange rate cum monetary policies is not yet resolved on three levels. First is the optimum domain of fixed exchange rates versus keeping them flexible. Second is the subordinate debate on whether one needs full monetary union (as in continental Europe) to secure an optimum currency area's internal domain; or, whether virtually fixed exchange rates — where national currencies remain in circulation — can be sufficient. Third is whether a regional grouping of economies with close trade ties (as in East Asia) gain by collectively pegging to an outside currency such as the US dollar. Using an axiomatic approach, which limits the set of cross‐country financial claims to what is feasible, I analyse how best to both share and reduce macroeconomic risks on these three levels. JEL classification: F31, F36.     

The Market's Assessment of the Financial Services Modernization Act of 1999

We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.     

Initial Public Offerings: CFO Perceptions

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns.     

现代企业财务风险的测定和防范

在市场竞争环境下，现代企业面临的各种风险不断增多，财务风险作为企业特有的风险日益突出，是企业利用融资财务杠杆的直接后果，企业必须重视财务风险的测定和防范，以增强企业财务实力。     

Sources of Bank Interest Rate Risk

We investigate bank stocks'sensitivity to changes in interest rates and the factors affecting this sensitivity. We focus on whether the exposure of commercial banks to interest rate risk is conditioned on certain balance sheet and income statement ratios. We find a significantly negative relation between bank stock returns and changes in interest rates over the period 1991–1996. We also find that bank characteristics measured from basic financial statement information explain bank stocks'sensitivity to interest rate changes. These results suggest that bank managers, analysts, and regulators can use this information to assess the relative risk exposure of banks.     

AN EVALUATION OF PROCESS‐ORIENTED SUPPLY CHAIN MANAGEMENT FRAMEWORKS

Supply chain management (SCM) is implemented by integrating corporate functions using business processes within and across companies. Several process‐oriented frameworks for SCM have been proposed but only two of these provide sufficient detail to enable implementation. We evaluate the Supply‐Chain Operations Reference (SCOR) framework and The Global Supply Chain Forum (GSCF) framework using four criteria and identify their relative strengths and weaknesses.     

亚洲金融危机之后的深层思考

进入20世纪90年代以来,全球各类金融危机频频发生。影响国际经济金融秩序的因素发生了新变化,目前的国际金融秩序已经不能适应国际政治格局和经济、技术发展趋势,不能适应调整当前国际金融关系的需要,必须进行变革,并建立公正、合理的国际金融新秩序。     

试论高职院校财务工作的机制建设——对高职院校深化财务管理防范风险的思考

为了适应高职院校教育事业的发展,高职院校需要深化对财务管理的改革。要明确以科学发展观作为改革的指导思想,建立财务管理机制、运行机制、防范风险机制,提高资金的使用效率,保证学校持续、健康的发展。     

企业核心竞争力提升的模型选择研究

价值链理论提出,系统是由一系列创造价值的环构成,约束理论帮助选择了价值提升的关键环节,价值工程理论从功能与成本的关系进行了投入产出比的分析。三种理论的结合为企业合理选择,提升其核心竞争力提供了理论依据。     

股市波动、金融政策和宏观经济关系研究——基于因子VAR模型

通过因子分析从诸宏观经济变量中提取了金融政策因子和宏观经济状态因子,建立了基于VAR的股价波动、金融政策和宏观经济三变量回归模型。研究表明：金融政策影响股价的表现,而宏观经济状态对股价、股价对金融政策和宏观经济状态的影响均不显著;基于标准差的VAR（5）模型相对于基于收益率的VAR（3）模型能更好地刻画股市波动与金融政策、宏观经济三者之间的关系。