基于网络DEA交叉效率模型的我国商业银行效率评价研究

本文从商业银行的实际情况出发，将其经营过程划分为资金筹措与资金运营两个阶段。结合网络DEA与权重平衡交叉效率思想，并利用熵值法处理交叉效率的集结问题，构建了商业银行各子系统及链形系统的交叉效率评价模型。将上述模型应用于我国16家商业银行的效率评价，发现这16家商业银行的效率普遍不高，且城市商业银行的系统平均交叉效率高于国有银行，国有银行的系统平均交叉效率略高于股份制银行。     

Global and Euro Imbalances： China and Germany

We analyze global and euro area imbalances by focusing on China and Germany as large surplus and creditor countries. In the 2000s, domestic reforms expanded the effective labor force, restrained wages, shifted income toward profits and increased corporate saving. As a result, the Chinese and German current account surpluses widened, and that of Germany has proven more persistent, with subdued domestic investment. China is an early-stage creditor, holding a short equity position and a longposition in safe debt. Germany＇s balanced net debt and equity claims mark it as a mature creditor thatprovides insurance to the rest of the world. China pays to lay off equity risk, while Germany, by contrast, harvests a moderate yield on its net claims. In both economies, the shortfall of the net international investment position from cumulated current account surpluses arises from exchange rate changes, asymmetric valuation gains, and, in Germany＇s case, credit losses.     

Behind managerial reforms: the French experience

Inspired by new public management (NPM), managerial reforms in many countries from the 1990s onwards focused on three criteria: effectiveness, efficiency and enhancing service quality. These criteria were meant to be given equal weight in measuring performance, but this paper shows that some criteria dominated. The reform experiences of four countries are compared, with a focus on French reforms.     

The Higher Earning in America: Are 529 Plans a Good Way to Save for College?

This article studies whether 529 plans are an effective way for most people to save for college. The 529 plans were created in 1996 to help low- and middle-income American families save for college. Since this time they have adopted more tax advantages and grown substantially as a result. While total balances in 529 plans now exceed $250 billion, less than 3.0 percent of households have a 529 plan. And the majority of 529 plan accounts are held by the wealthiest households. Low- and middle-income households receive little tax savings from investing in 529 plans, and some states count these plans against financial aid. Also, 529 plans are complicated, rules vary by state, and fund management fees tend to be high. Thus, 529 plans are not the panacea to college affordability.     

Fuller Employment with Uptrending Prices: The 1968 Economic Report

When used in those spheres of life where attaching a price tag or making an economic calculus is impossible or loses any meaning, markets usually under perform and disappoint. In addition to empirical shortcomings of markets, the unrealistic theoretical assumption and poor predictive and explanatory value of neoclassical equilibrium theory provides fertile ground for critics of the institution of markets. Complexity theory provides a theoretical framework that enables us to analyze the role of markets from a radically different perspective than that offered by neoclassical equilibrium theory and, therefore, to reach very different conclusions about the role of markets in industrialized economies.     

Share price anticipation of earnings and management's discussion of operations and financing

This paper combines research on the measurement of disclosure quality and the measurement of share price anticipation of earnings to produce a new test of the usefulness of the information disclosed in management discussions of operations and financing for predicting future earnings. Market-Based Accounting Research has shown that earnings changes are anticipated and impounded in prices well before the financial year for which earnings are reported. This price anticipation leads to downward biased earnings response coefficients (ERCs) in the commonly estimated regression model of returns on contemporaneous earnings changes. We exploit predictable differences in the biasedness of the ERC estimate across firm-years to test the hypothesis that share prices are better informed when the annual report contains a detailed discussion of the firm's operations and financing. Our results suggest that such voluntary disclosure may have been useful in predicting future earnings changes. The effect would appear to be strongest (1) in models that examine one-period-ahead and two-period-ahead share price anticipation and (2) when we employ a disclosure index that captures forward-looking information.     

外商直接投资状况分析

随着经济全球化程度的加深和中国改革开放的深化,外商直接投资进入中国的步伐显著加快。外商直接投资状况如何,值得研究和探讨。     

企业财务适应性的培育发展机制研究

企业财务适应性的实现和增强,需要培育机制和发展机制。培育机制注重企业财务适应性的先天植入与养成、后天培养与育成两个方面,主要解决财务适应性从无到有的问题;发展机制着重解决企业财务适应性由弱变强、由小变大的问题,需要明确企业价值最大化目标、坚定可持续发展信念、运用复杂适应系统理论、调整企业财务管理战略、提高财务适应性效率等。     

Quantile serial dependence in crude oil markets: evidence from improved quantilogram analysis with quantile wild bootstrapping

We examine the quantile serial dependence in crude oil prices based on the Linton and Whang’s quantile-based portmanteau test which we improved by means of quantile wild bootstrapping (QWB). Through Monte Carlo simulation, we find that the quantile wild bootstrap-based portmanteau test performs better than the bound testing procedure suggested by Linton and Whang. We apply the improved test to examine the efficiency of two crude oil markets – WTI and Brent. We also examine if the dependence is stable via rolling sample tests. Our results show that both WTI and Brent are serially dependent in all, except the median quantiles. These findings suggest that it may be misleading to examine the efficiency of crude oil markets in terms of mean (or median) returns only. These crude oil markets are relatively more serially dependent in non-median ranges.     

Regional Energy Efficiency of China’s Commercial Sector: An Emerging Energy Consumer

This article applies a parametric metafrontier method and the Malmquist index to analyze the energy efficiency and its dynamic performance in China’s commercial sector from 1995 to 2013. The results indicate that the energy efficiency in China’s commercial sector is generally low, and there are significant regional differences and enormous energy-saving potentials. Relative to metafrontier, commercial sectors in eastern China have relatively higher energy efficiency; while those in central and western China have relatively low energy efficiency. Besides, the dynamic energy efficiency performance in China’s commercial sector has improved over the period. The technology improvement is a major driving factor to improve the energy efficiency in the commercial sectors of all the three regions.