财务视角下营销10问

董事们对不专业且花费了公司大笔资金却没有带来相应回报的营销部门再也无法忍受了。以下10个关键的问题是董事们越来越多地向营销部门提及的。透过看似简单的问答,你能看到财务视角下的营销之道。一场认识吗并?了解我们的主要市答:我们是以满足需求来定义市场的,而非售出的产品。     

Nonnormalities and Tests of Asset Pricing Theories

The robustness of the multivariate test of Gibbons, Ross, and Shanken (1986) to nonnormalities in the residual covariance matrix is examined. After considering the relative performance of various tests of normality, simulation techniques are used to determine the effects of nonnormalities on the multivariate test. It is found that, where the sample nonnormalities are severe, the size and/or power of the test can be seriously misstated. However, it is also shown that these extreme sample values may overestimate the population parameters. Hence, we conclude that the multivariate test is reasonably robust with respect to typical levels of nonnormality.     

Microfinance Interest Rates and Client Returns

The interest rates of microfinance institutions (MFIs) are widely criticized, although they are lower than those of many short‐term lenders in ‘developed’ countries. The criticisms are not usually related to the returns on micro‐investments. Little data is available, but earnings from farming seem generally to be below or little above the interest charged for microcredit. Returns from petty trade, a more frequent use of such credit, are well over the price that micro‐borrowers pay for their loans. Microfinance is not a replacement for subsidized farm credit; farming is subsidized, everywhere, and efforts should be made to improve and revive the provision of low‐cost agricultural finance.