Aggregation of Price Risk over Commodities: An Economic Index Number Approach

This article extends the economic theory of index numbers to the aggregation of price risk over commodities in production. Superlative indexes of aggregate price risk are related to Tornqvist and Fisher−type output quantity indexes. An application to major crops in Manitoba illustrates the empirical importance of the analysis.     

Estimating the Equity Risk Premium Using Accounting Fundamentals

This study uses recent developments in the theoretical modelling of the links between unrecorded accounting goodwill, accounting profitability and the cost of equity, together with Capital Asset Pricing Model (CAPM) betas, to estimate the ex-ante equity risk premium in the UK. The results suggest that, over our sample period from 1968 to 1995, the premium has been in the region of 5%. Our estimate lends support to the view that the ex-ante equity risk premium is substantially less than the historical average of the excess of equity returns over the risk-free rate, and is similar to the rates applied recently by UK competition regulators.     

人民币资本帐户对外开放的战略分析

东南亚金融危机的爆发 ,使我国对实现人民币在资本项下可兑换问题进行更加深入的思考成为必要。本文主要分析在实行资本项目下人民币可兑换的过程中为减少金融风险而必须注意的问题     

财产所有权转移与风险责任的研究

联系国内外对财产所有权与风险转移问题的立法情况,通过对比研究,对完善我国相应立法作了具体探索。     

浅析陕西中小企业产业集群的风险防范

产业集群因其一定区域内的高度集中,降低了企业的制造成本,提高规模效益而促进了企业及产业的较快发展。然而在陕西中小企业产业集群的发展过程中,存在着一定的风险要加以防范。为促进陕西中小企业的快速健康发展,要充分利用产业集群的优势,并注意防范行业性、制度性风险和由银企信息不对称、企业间的关联性及中小企业自身生命周期所引起的风险。     

信息化环境下审计风险的防范

在信息化环境下,传统的会计业务流程被改变,内部控制制度发生了变更与转移,导致审计风险增加的因素也随之增多。建立健全审计准则和法规,提高审计人员的计算机应用水平,提高审计理论水平等,是控制和防范信息化环境下审计风险的必要措施。     

Income risk and farm consumption behavior

Using panel data from Illinois grain farmers, a direct test of the relationship between income risk and farm consumption behavior is conducted. The estimation results indicate that income risk significantly affects farm consumption and the results are robust using alternative risk measures. This finding casts doubt on the relevance of the conventional life-cycle permanent income hypothesis, which implies that risk has no effect on consumption.     

商业银行信用风险形成机理分析

该文首先概述了企业过度负债现象及其负面效应 ,然后研究了国有商业银行信用风险的形成机理 ,揭示了其内在原因 ,即资金不能吸收。     

浅议现代风险导向审计及其应用

从风险导向审计模式的产生与发展、内涵与特点对风险导向审计进行适应性分析,并提出了推进风险导向审计运用的一些建议。     

我国信用风险缓释市场发展与创新

随着我国融资市场快速发展,信用风险管理面临严峻挑战,信用风险缓释市场亟待发展创新.然而,受金融危机影响,我国金融从业人员在观念、认识和态度上对信用风险缓释工具(CRM)存在诸多不明.本文通过解析CRM市场结构、CDS定价机制,以及中国CRM市场发展对策,帮助金融从业人员正确认识CRM市场功能,提升CRM市场参与能力,为...