我国银行理财业务发展趋势研究

对国内商业银行理财业务的发展状况进行了简要概述， 进而对理财业务开展过程中的一些问题进行了分析， 强调指出市场化应该成为银行理财业务转型升级和创新发展的方向， 并提出了实现市场化发展方向的若干具体措施。     

There is no smoke without a fire: The effect of government interventions in less advanced economies

The lack of liquidity in the interbank market during the crisis of 2007–2011 led governments to impose different policies to rescue their countries’ banking sectors. While in advanced countries interventions in the banking sector were mostly related to a lack of liquidity and significant asymmetric information regarding counterparty risk, in many less advanced countries they had a precautionary motive. In our article, we investigate the effectiveness of policy interventions on healthy banking markets, with possible negative spill-over effects from other countries. To this extent, we use an event study methodology to test the effect of liquidity and financial sector policy announcements on interbank spread changes in six Central and Eastern European (CEE) countries over the period between 2007 and 2011. We find that standard liquidity interventions did not provide effective stabilization. In fact, our evidence suggests that the spread widened after their announcement, probably as a result of the negative signal and consequently increased risk aversion of banks. In such situations, regulators should consider policy instruments that aim to decrease uncertainty in the market.     

The use of landslide hazard maps to determine mitigation priorities in a dam reservoir and its protection area

Despite longstanding research on the landslide hazard assessment and mapping, the use this information in regional planning applications remains largely unclear. There is still a need for novel methods to interpret the results of hazard analyses. In this respect, the main research question of this study is how the landslide hazard maps can be evaluated in planning practice. To evaluate this issue, a comprehensive case study was carried out and a new methodology, defining the order of priority for the locations where mitigation measures are applied was developed. The investigations were carried out in the Melen Dam reservoir, which provides potable water to the city of Istanbul, and the dam protection area (Duzce, Turkey) in four main stages: (i) Evaluation of the general characteristics of the study area, (ii) preparation of landslide inventory, (iii) development of landslide hazard model, and (iv) implementation of the results of hazard analyses in planning. As a consequence, a decision support system that can evaluate analytically complicated outputs “P_Combined”, “P_{AL min.}”, and “L_Total” and provide clear decisions “Urgent”, “Primary”, and “Secondary” was suggested. Considering the limited resources available for the mitigation measures, the determination of mitigation priorities for the micro-catchments constitutes the key land-use policy for the protection of the dam reservoir.     

When Auditors Say ‘No,’ Does the Market Listen?

Previous research on whether the market responds to auditors’ opinions has provided mixed results. We revisit this issue in China, where individual investors who are more likely to neglect value-relevant information dominate the stock market. In addition to going concern opinions (GCOs), China permits modified audit opinions (MAOs) on violations of accounting standards or disclosure rules (GAAP/DISC MAOs), providing an opportunity not available in the literature to enrich the study of audit-opinion pricing. We find that, ceteris paribus, MAO recipients underperform in the future and have a higher incidence of adverse outcomes such as misreporting and stock delisting, and the market reacts negatively to MAOs during the short window around MAO disclosure. Importantly, MAO disclosure is not followed by negative long-term stock returns, suggesting stock price adjustments to MAOs are speedy and unbiased. These findings hold for both GCOs and GAAP/DISC MAOs. Together, our findings support the informativeness of audit opinions and cast doubt on the argument that investors inefficiently price audit opinions due to information-processing bias.     

Market drivers of sustainability and sustainability learning capabilities: The moderating role of sustainability control systems

This study examines (i) the impact of market drivers of sustainability on the adoption of sustainability learning capabilities and (ii) the moderating role of sustainability control systems (SCS) on the relationship between market drivers of sustainability and sustainability learning capabilities. Drawing on the levers of control framework, stakeholder theory and organisational learning literature, survey data were collected from 175 large scale local and multinational companies operating in Sri Lanka. Findings reveal that market drivers of sustainability have a significant positive impact on sustainability learning capabilities. Whereas the interactive use of SCS shows a positive moderating impact, the diagnostic use of SCS shows a negative impact. The study enhances our understanding of (i) the influence of market drivers of sustainability on the adoption of sustainability learning capabilities and (ii) the use of SCS in enabling sustainability learning capabilities. The study reveals novel insights for managers responding to changing market drivers of sustainability, on how to (re)align different uses of SCS to enable sustainability learning capabilities.     

Leadership succession planning for today’s digital transformation economy: Key factors to build for competency and innovation

Digital transformation is rapidly changing the competitive landscape and the war on talent for today’s organizations. As part of this economy, organizations and their HR units must continuously reevaluate leadership structures and practices that exploit core competencies while allowing for innovation (i.e., leadership ambidexterity) and incorporate big data with predictive analytics. In this vein, understanding how HR executives can create better solutions around this problem remains sparse. Specifically, what frameworks can HR executives apply to identify potential alignment failures in leadership succession planning in light of newer emerging markets? What internal decision-making traps need to be recognized? Finally, what specific forms of data and evidence must test these plans for relevance and recharge and renew the talent-to-strategy pipeline? In this article, we examine these questions by reviewing the gaps in the literature and identifying through our four-step model how organizations can incorporate ambidexterity-building as a leadership succession planning practice.     

The antecedents of digital collaboration through an enhanced digital platform for destination management: A micro-DMO perspective

While the tourism sector shifts towards digital transformation, Destination Management Organisations (DMOs) often struggle to adapt to their changing technological environment. This study explores the antecedents of digital collaboration and develops a framework for micro-DMOs to enhance effective destination management through digital technologies. An integrated sequential qualitative approach was adopted by conducting multi-phase interviews, in addition to designing and trialling a real-world trial digital platform. The research provides empirical evidence that digital collaboration is essential for micro-DMOs, necessitating them to transform their current “websites” into digital platforms which act as a hub for business stakeholders to actively be involved in. Antecedents of successful digital collaboration include mutuality, trust, control, and leadership which may be manifested differently from non-digital collaboration. Additionally, the study identifies three aspects for digital collaboration; marketing, networking and knowledge sharing that demands specific attention. Our results have theoretical, methodological, and practical implications for academia, industry and policymakers.     

Integration of and Deliveries among the World Zionist Organization,Israel, and Diaspora Countries: System Articulation with the Social Fabric Matrix

Abstract:

The religious economics (not economics of religion) concern here is the relationship between the World Zionist Organization (WZO) and Israel, which is known as a geopolitical power in its region and which is also known as an economic success story. Joseph Schumpeter and Karl Polanyi explained how the political economy of medieval Europe was influenced and guided by Christian morality. This paper extends the analysis of religious economics by using the social fabric matrix of original institutional economics to define and structure the integration of the WZO, Israel, and the Diaspora countries. This allows us to observe how to conduct such work and to learn how Israel is guided and influenced by the WZO. It also helps to explain Israel’s “risk of tearing itself apart” as noted in a recent article in the New York Times.     

Firm performance and corporate finance in New Zealand

Low productivity growth in New Zealand has been a paradox. We study New Zealand firms’ profitability, in terms of profit margin and return on assets (ROA), from the viewpoints of productivity enablers using firm-level panel data. We find that tangible fixed investment and a research and development (R&D) tax incentive are associated with higher profitability performance. In addition, the firm size is found to be a key determinant of profit margin. By contrast, we do not find any evidence that intangible investment can improve the profitability. The global financial crisis has not changed the leverage effect on ROA in New Zealand, while the impact of R&D became more prominent after the crisis.     

Policy Dimensions of Progressive Institutional Change: Lessons from China’s Construction of a Socialist Market Economy

Abstract:

Through a comprehensive review of the progressive institutional change (PIC) literature, I first discuss four possible trajectories of PIC by considering the forces of societal reaction that might frame the path, as well as the scale and scope of the changes. Thus, I pose four questions that need to be asked when related policies are formulated for PIC. To illustrate this method, I scrutinize the evidence from the construction of a socialist market economy by the Chinese government since the 1980s and argue that related policies have successfully promoted PIC from three dimensions: (1) curbing potential conflicts with power groups; (2) promoting a sense of awareness among stakeholders; and (3) minimizing disturbances to the community. Actually, the related changes demonstrate a dynamic “displacement process” for PICs. Despite the success of this sociosystem, it is found that the sustaining of PIC which requires policy factors that enhance instrumental efficiency in the Chinese context will serve as a challenge to the Chinese government ahead.