Banks’ earnings: Empirical evidence of the influence of economic and financial market factors

The structure of income is a foremost address within research on banks’ performance, especially with regard to effects on the resilience of banks’ earnings. Indeed, given their central position in the economy, banks shall thrive to generate sustainable earnings and control for their potential volatility. Existing studies mostly consider the weight of non‐net interest income (nonNII) as opposed to the traditional NII income source. Such aggregated nonNII is found to increase earnings risk but more granular studies conflict. We propose an original investigation of the influence of economic and financial conditions on various income types, assuming that performance may actually be driven by both the income structure and external conditions. We focus European banks, which have long been allowed to diversify beyond retail banking. Out of a straight panel framework, we question if the influence of external conditions spreads to earnings components other than credit losses and trading income and if it does allow for diversification benefits among components. We find that each component actually evolves owing to its own equation. Furthermore, effects of single variables may cumulate over different components of earnings (e.g. GDP) or provide with diversification benefits. These effects are all the more important since they are not mitigated by operating expenses. Hence, over a regarded period, banks’ performance depends upon their structure of income and upon volatilities and correlations of influential variables. Besides controlling for ex‐ante volatility, our approach shows that a given structure of income is not necessarily more resilient than others but that selected non‐banking income may support a higher stability of Earnings     

Bringing people (back) into risk analysis

Abstract

This paper explores the different ways in which people (i.e. human factors) have been incorporated in extant studies of risk. A preliminary scan of the literature shows that people are not just passive maleficiaries of risk but are also active participants in its inception. People are actors whose biases and behaviors give rise to risk and make an impact on both the degree of its likelihood and the severity of its consequences. Because people themselves undertake risk analysis (either as experts and/or stakeholders), the risk analysis process itself is subject to biases and human error. Therefore, it is argued that human factors must be explicitly brought into risk conceptualization, analysis, and theory development in order to enrich and extend the frontiers of the field. Scholarly contributions by members of the Society for Risk Analysis Australia and New Zealand (SRA-ANZ) investigating the challenges and complexities of incorporating people in risk analysis are introduced in this issue.     

会计职业判断的研究

会计职业判断是会计信息系统的必要程序,其必要性缘于会计的主观性特征。会计职业判断不仅会影响到会计信息的质量,而且会产生相应的经济后果,因此应引起充分的重视。本文探讨了会计职业判断的必要性、特点、应遵循的原则、影响因素以及判断能力的提高途径。     

我国农村劳动力转移法律问题研究——以“民工荒”现象为例

我国一向被认为廉价劳动力"无限供给",经过20多年的发展,却出人意料地大范围出现"民工荒",农村劳动力转移已经成为危及当代中国经济发展前景的关键问题.这需要从管理学、经济学、社会学等多学科角度进行分析和探讨,特别需要在法学视野下对农村劳动力转移进行研究.以利益为理论基点,在对"民工荒"现象有所诠释和成因剖析,并进而构建完善农村劳动力转移的路径选择.     

湖南上市公司投资吸引力分析

运用因子分析法,对湖南省46家上市公司2007年的财务报表进行分析;选取9个原始变量,提取了两个公共因子,得出上市公司投资吸引力的综合得分和排名,以期为上市公司和投资决策者提供一定参考。     

关于债务期限结构影响因素之研究——来自沪深股市上市公司的经验证据

本文对2001至2006年度沪深股市中的575家上市公司债务期限的影响因素进行了研究。结果表明：影响上市公司债务期限的因素主要有流动性风险的一次方、流动性风险的二次方、资产期限、企业规模、财务杠杆、增长期权和边际税率;上市公司的债务融资决策考虑到了其自身的财务风险状况,因而尽管上市公司的债务期限偏短,但却是其理性思索的结果;偏短的债务期限导致上市公司存在着固定资产投资不足的倾向,因此当前应积极发展长期债务市场,努力降低上市公司进行长期债务融资的成本,从而诱使其借入更多的长期债务,以便有更多的长期资金用于其长期资产的投资,最终切实提高其盈利能力的可持续性。     

论城乡要素平等交换和公共资源均衡配置

城乡要素平等交换和公共资源均衡配置是市场经济条件下实现公平、公正、正义的客观要求,要素资源的合理流动是推进经济社会全面协调可持续发展的基础。针对区域经济发展和城乡劳动力资源的不均衡状况,应发挥政府的作用,强化政策统筹、组织协调和经济杠杆,以实现公共资源的均衡配置。     

Perceptual and Functional Antecedents of Local Residents' Support-for-Tourism: Findings of a Study in Hanoi,Vietnam

This study examined the effects that three perceptual constructs (country image, emotional solidarity, and life satisfaction) and three functional variables (sex, education, and income) have on local residents' support-for-tourism attitude. Using the data generated from a case study in Hanoi (Vietnam), the findings revealed that the perceptual model could explain 32% of the total variance of support-for-tourism, while the functional model only contributed 3.6% to the explanation. Among the perceptual constructs, only country image did not generate any significant influence on the dependent component. Among the functional variables, education was the only significant predictor of the support attitude. The outcomes advocate a psychological approach in tourism research and management with the focus on the examination and control of tourism actors' perceptions, attitudes, and behaviors.     

Occupational accidents in the Netherlands: incidence,mental harm,and their relationship with psychosocial factors at work

This study investigated the incidence of mental harm due to occupational accidents and the relation between psychosocial factors at work and the occurrence of occupational accidents in the Netherlands for the construction industry and health and welfare sector. Analyses revealed that occupational accidents in the construction industry more often involved physical harm, whereas accidents in the health and welfare sector relatively more often resulted in mental harm, in comparison to other sectors. Results showed that psychosocial factors were associated with occupational accidents in both sectors. For the construction industry, high time pressure and exposure to violence and harassment by colleagues or supervisors were associated with occupational accidents. For the health and welfare sector, low autonomy and exposure to violence and harassment by colleagues or supervisors or by people outside the organization were associated with occupational accidents. The present paper stresses the importance of also taking psychological consequences and psychosocial factors at work into account in assessing the occurrence of occupational accidents.     

浅谈工业管道安装质量控制

在日常生活中,我们经常能听到压力管道这个词,它主要是指最高工作压力大于或等于0.1MPa(表压),且公称尺寸大于25mm,用于输送气体、液化气体、蒸汽介质或可燃、易燃、有毒、有腐蚀性、最高工作温度高于或等于标准沸点的液体介质的管道。由于其工作对象是易燃易爆、温度过高、毒害性强的危险物品,是一种能造成爆炸或其他危险事故的特种设备。为了避免安全事故的发生,压力管道安装安全质量就显得非常重要。所以,本次研究在此基础上开展,以影响管道安装质量因素入手,更加深入的探讨关于压力管道安装安全问题。