Saving the Euro: Mitigating Financial or Trade Spillovers?

This paper analyzes through what channels the euro crisis affected firms and the efficacy of policies to mitigate the crisis. It analyzes stock price responses for 3,045 nonfinancial firms in 16 countries to four key policy events during 2010–11. Using precrisis benchmarks, it separates financial effects from trade effects and examines how bank and trade linkages propagated shocks. It finds that policy measures affected financially dependent firms more, particularly in creditor countries with greater bank exposure to peripheral euro countries, in statistically and economically significant ways. Trade linkages with peripheral countries played little role, although euro movements meant some differential effects.     

Examining the Patterns of Goodwill Impairments in Europe and the US

We examine the patterns of goodwill impairments in Europe and in the US over the period from 2006 to 2015, for a sample of more than 35,000 firm-year observations. We define the timeliness of goodwill impairments as the frequency of accounting impairments conditional to indications of economic impairments. We measure indications of economic impairment with three metrics: equity market value minus equity book value less than goodwill, market-to-book smaller than one and negative earnings before interest, tax, depreciation and amortisation (EBITDA). Our research strategy leads us to draw very different conclusions than those in the recent EFRAG (2016) study. While median levels of goodwill on the books between US and European firms are relatively similar, we find several indications that US firms recognise timelier impairments, at least during 2008 and 2009, that is, the early years of the financial crisis. We further document that US impairers write down a much greater percentage of their beginning balance of goodwill than European impairers. During the financial crisis, the median level of impairment by US firms was 63% of opening goodwill in 2008 and 40% in 2009, whereas median European write-downs were only 6% and 7% of opening goodwill, respectively. Even though European firms are more likely to impair over multiple years, the cumulative impairments never come close to the level of US firms, be it in a single year or cumulative over multiple years. We also find that the frequency of accounting impairment is small compared to the number of firms presenting evidence of economic impairment: only 20–25% of firms recognise impairments depending on the measure of economic impairment. This has often been interpreted by academics as a sign of untimely write-offs. Accounting differences between US Generally Accepted Accounting Principles and International Financial Reporting Standards are unlikely to explain our results. One caveat of our analysis is that it does not allow us to draw conclusions on whether the observed differences between US and European firms are driven by differences in conditional conservatism and/or big bath accounting practices.     

提升3PL在国内连锁超市物流运作中的地位和作用浅析

从连锁超市物流的概念和特点出发,详尽地分析了目前我国连锁超市物流运作过程,主要从物流运作的专业化、配送、共同配送、信息化、物流人才等方面,定性地给出了提升3PL在我国连锁超市物流运作中的地位和作用的相关建议．以期对我国连锁超市物流的有效运作起到一定的积极作用．     

刍议“3+2”模式高职教育管理问题及对策

“3+2”模式高职教育管理问题日益凸现,课程设置部分重复,教育质量呈下降趋势,高职教育资源不能充分利用。文章从影响“3+2”模式高职教育管理质量的内、外部原因进行分析,提出了一些对策,以努力提高“3+2”模式高职教育的质量。     

SYNCHRONISATION BETWEEN SOUTH AFRICA AND THE U.S.: A STRUCTURAL DYNAMIC FACTOR ANALYSIS

This paper studies the synchronisation of the South African and the US cycles and transmission channels through which supply and demand shocks from the US affect economic activity in South Africa in a structural dynamic factor model framework. We find, using the full-sample period, US supply shocks are transmitted to South Africa through business confidence and imports of goods and services; while US demand shocks are transmitted via interest rates, stock prices, exports of goods and services, and real effective exchange rates. Second, there is a decrease in integration over time translated by a drop in synchronisation of cycles. The impact of an increase in comovement of GDP is outweighed by the structural reforms initiated by the government after the end of apartheid. Finally, the idiosyncratic component still plays an important role in the South African economy.     

黑龙江省发展农产品第三方物流的影响因素分析与对策

发展农产品第三方物流对提高农民收入、发展农村经济都有十分重要的意义。黑龙江省是农业大省,农产品资源十分丰富,为发展农产品第三方物流提供了广阔空间。文章系统分析了影响黑龙江省农产品第三方物流的因素．并在此基础上提出了相应的改善和发展的对策建议。     

第三代移动通信系统中用户移动性模型的研究

本文在研究第三代移动通信系统特点和分析UMTS标准模型与可扩展模型的优缺点的基础上，建立了适用于第三代移动通信系统的综合模型，研究和分析了不同类型用户情况下该综合模型的信道占用时间，并给出了仿真结果。     

Proposal for calculating regulatory capital requirements for reverse mortgages

In the current context in which many people worry about the sustainability of pension systems, reverse mortgages are gaining popularity because they are a way to supplement elderly people's incomes. However, it is necessary to provide banks with an adequate risk measurement and management procedure for reverse mortgages to increase the commercialization of these products, which will result in greater well-being for the retirement age population. In this paper, we propose a method to measure risk and estimate the regulatory capital requirements for a portfolio of reverse mortgages owned by a financial institution according to Basel II and III. The method considers house price risk, mortality risk and interest rate risk; consequently, regulatory capital requirements need to be computed using a Monte Carlo simulation procedure. The proposed method is general and can accommodate several scenarios for reverse mortgage specifications, including fixed or variable mortgage rates and different income stream schemes (with the lump sum as a particular case). The results for the U.K. show that reverse mortgage providers face higher risk when the lender initially advances a higher amount, with the lump-sum case indicating the highest risk, for relatively younger borrowers, the female population, higher interest rates and floating mortgage rates.     

土地整治工程量复核的实践

研究目的:鉴于目前土地整治项目越来越多,验收任务也越来越重的现状,如何既保证验收质量又提高验收效率是本文研究的出发点和归宿点。研究方法:实例分析法。研究结果:在项目竣工验收前开展工程量复核工作,不但可以保证工程的验收质量,同时也能大大提高验收效率,这一点可以从云南省两年多的土地整治工程量复核实践得到证明。研究结论:土地整治工程量复核是一项重要的基础性技术工作,能在保证工程的验收质量前提下提高验收工作效率、树立政府部门的良好形象,值得借鉴和推广。     

基于协作3PL的供应链运作模式研究

本文在分析了传统供应链物流运作模式为足的基础上，提出了一种基于协作3PL的供应链运作模式和机理．并建立了支持协作3PL供应链运作的信息系统架构.最后，总结了该供应链物流运作模式的优点及注意事项.