A study on risk retention regulation in asset securitization process

We study the impacts of the recently proposed risk retention regulation for asset securitization, i.e. the issuer has to retain a certain proportion of securitized assets. We also consider the frequently discussed measure to require the issuer disclose certain information of the securitized assets. In a dynamic model with asymmetric information between a risk-averse originating bank and a continuum of risk-averse investors, we find that it is impossible for a flat-rate retention requirement to be optimal for all asset types. Although both risk retention and information disclosure regulations are effective in reducing investors’ informational loss, neither can unconditionally enhance social welfare upon the unregulated case. For both measures, there are associated regulatory cost: risk retention regulation aggravates adverse selection problem because it undermines the channel of informational revelation by the choice of securitization intensity, and information disclosure requirement incurs a signalling cost by distorting banks’ securitization intensity in sending signals. Under an appropriate set of conditions we find that information disclosure requirement complements risk retention regulation when investors are sufficiently risk averse.     

Financialization of Housing in Brazil: New Frontiers

The financialization of housing has been increasingly identified as an important driver of social and economic change in contemporary capitalism. Focusing on the Brazilian context, this article considers the extent to which recent changes in housing regulations, policies and markets confirm or challenge narratives about the financialization of housing in the international academic debate. I argue that while many of the trends stressed in the literature are apparent, more extreme processes of financialization within the Brazilian housing sector remain limited––not only because of institutional and regulatory constraints, path dependence or political resistance, but also because of fundamental structural conditions of Brazil's position as a peripheral economy. Three different but mutually reinforcing processes are scrutinized in order to evaluate the financialization of housing and its limits in Brazil: the re‐regulation of the real estate financial sector initiated in the 1990s; the changing funding patterns among real estate companies since the mid‐2000s; and the increasing commodification of housing induced by a large‐scale and heavily subsidized housing program launched in 2009.     

论物流业刑事犯罪及法律规制

目前，有关物流行业的法律制度、管理制度的不健全和诸多漏洞，使得物流业刑事犯罪率逐年上升。研讨了物流业犯罪种类，分析犯罪成因，指出强化法治管理，有效遏制物流业刑事犯罪的建议，势必进一步推动物流业健康有序发展。     

Adaptive conjoint analysis for the vitalisation of angel investments by entrepreneurs

In order to promote angel investments, attracting those who have entrepreneurial experience is necessary because their capital, unique managing experience, and business insight are highly beneficial to the performance of the investment. This can be accomplished by providing a preferred investment environment for potential angels who have entrepreneurial backgrounds. In this paper, we use an adaptive conjoint analysis to identify preferred investment environments represented as a combination of support policies for business angels who have entrepreneurial experience in Korea. Of particular interest is a preference for angel insurance. This insurance is newly proposed based on prospect theory, which explains that people tend to be more sensitive to a loss than to a gain. The value of the angel insurance is compared to those of tax policies and matching funds for business angels. The empirical results are expected to contribute to promoting angel investments by attracting entrepreneurs to become business angels.     

The legal theory of finance and the financial instability hypothesis: Convergences and possible integration

This article presents the legal theory of finance (LTF) and compares it with the financial instability hypothesis (FIH), identifying points of convergence and divergence. The study aims to contribute to the literature by connecting these theories and provides the following main conclusions. First, the LTF incorporates aspects of the FIH, as the theories share several key elements, particularly the presence of fundamental uncertainty, the constraint of liquidity, and the necessity for governments to act as lenders of last resort. Second, the liquidity concept used in the LTF can be better comprehended with the use of Keynesian and post Keynesian literature on the topic. Third, the LTF aims to advance and update certain aspects of Minsky’s theory, particularly with regard to the globalization of markets, power relations, and the interdependencies of the political economy of finance. The study concludes that the theories are more complementary than divergent and future studies should create an analytical framework that integrates the theories’ most insightful aspects.     

Processes of non-identification: Business school brands and academic faculty

This paper examines the internal implications of branding within higher education, a specific context which is dominated by the co-existence of strong professional logics and identity structures. We focus on how and whether academic faculty identify with the branding practices undertaken by their respective institution. The paper proposes a communicative perspective on brand identification to understand how academic faculty relate to and make sense of the brand. The findings, from responses of 65 faculty members at five business schools, indicate widespread indifference and non-identification with brand messages. Specifically, we identify four types of disconnects between faculty members and branding practices of their respective schools, namely ambiguity, emptiness, misalignment, and irrelevance. The evidence of these disconnects, we argue, suggests that the faculty members refrain from relating the brand to their own identities. Although individuals relate to discourses around the brand, these are often not internalized and do not thereby impact on their individual identity. Rather than navigating between identity tensions, they eschew identification altogether. We contribute to research on how branding works inside contemporary organizations – including higher education - through questioning the role of identity in branding processes seen as the management of meaning.     

Sustainability accounting regulation in Spanish public sector organizations

In 2011, the Spanish government made sustainability accounting mandatory for public sector organizations. This paper documents why, despite the new legislation, the quantity and quality of sustainability accounting practices remains low.     

Reputation,risk-taking,and macroprudential policy

This paper examines the role of macroprudential capital requirements in preventing inefficient credit booms in a model with reputational externalities. In our model, unprofitable banks have strong incentives to invest in risky assets when macroeconomic fundamentals are good in order to avoid the stigma of being assessed as low ability by the market. We show that across-the-system countercyclical capital requirements that deter such gambling are constrained optimal when fundamentals are neither extremely weak nor extremely strong.     

Knowledge management through the development of knowledge repositories: towards work degradation

This paper questions the consequences of the use of electronic knowledge repositories for work and employment. Drawing on critical research suggesting that knowledge management associated with such tools presents similarities to scientific management principles, it proposes to examine the following key research question: how do employees experience the transformation of the employment relationship when a knowledge repository is introduced to the workplace? The inquiry is grounded in an exploratory qualitative case study of a knowledge management system designed to foster knowledge‐sharing in a Belgian public administration. The findings illustrate two complementary outcomes: this system resulted in employees experiencing deskilling and work degradation, and was met with resistance. Significantly, this paper considers work degradation as a reflexive phenomenon in the context studied, where knowledge‐sharing systems produced deskilling and resistance as part of a specific re‐regulation process.     

An application of data envelopment analysis to evaluate the efficiency level of the operational cost of Brazilian electricity distribution utilities

This paper shows efficiency indices for 60 Brazilian electricity distribution utilities. The efficiency scores are gauged by three DEA models. For both models, these quantities are evaluated under different contexts. One treats with respect to the regulator perspective. The others examine an alternative approach based on cluster analysis and restrictions on factor weights. It is worth pointing out that these developments can reduce the information asymmetry and improve the regulator's skill to compare the performance of the utilities, a fundamental in incentive regulation schemes.