Revisiting the theory of optimum currency areas: Is the CFA franc zone sustainable?

This paper aims at explaining why the CFA countries have successfully maintained a currency union for several decades, despite failing to meet many of optimum currency area criteria. We suggest that the CFA zone, while not optimal, has been at least sustainable. We test this sustainability hypothesis by relying on the Behavioral Equilibrium Exchange Rate (BEER) approach. In particular, we assess and compare the convergence process of real exchange rates towards equilibrium for the CFA zone countries and a sample of other sub-Saharan African (SSA) countries. Our findings evidence that internal and external balances have been fostered and adjustments facilitated in the CFA zone as a whole—compared to other SSA countries—as well as in each of its member countries.     

Exchange Rate Volatility and Economic Activities of Africa's Sub-Groups

Exchange rates have been highly volatile in Africa, especially since the move to a floating exchange rate system beginning in the 1980s. Generally, the pattern of exchange rate changes differs between Africa's two main sub-groups (CFA and non-CFA groups) due to the different monetary/exchange rate systems they adopted. This article therefore examines the effect of exchange rate volatility on the economic activities in Africa and its sub-groups during the period 1986–2011 using a panel data approach.

Rational expectation theory informs the division of exchange rate into anticipated and unanticipated. Both the demand and supply channels are explored to trace the impact of the exchange rate volatility on price as well as aggregate demand and its components. Empirical results reveal differences in the impact of exchange rate volatility on economic activities between Africa's two sub-groups. Exchange rate volatility produced more significant effects in the non-CFA group than in the CFA group.     

Developing and validating a psychometric shopper-based mall equity measure

This paper introduces a new retailing concept called shopper-based mall equity (SBME). SBME is the differential effect of mall knowledge on shoppers' responses to a mall's marketing activities. The results of a study in two Canadian shopping malls consisting of 905 shoppers who were administered a questionnaire suggest that SBME is a bi-dimensional construct, composing two sub-scales, namely mall awareness and mall image. Further psychometric tests show a parsimonious SBME measure with support for convergent, discriminant and predictive validities. Multi-group latent mean structures show that the SBME measure is able to discriminate shoppers that globally attribute high-mall scores from those who globally attribute low-mall scores. The article includes theoretical and managerial implications.     

基于COSO模式的国有商业银行内部控制评价模型研究

内部控制是商业银行的一项重要管理活动,是商业银行实现风险管理的有效手段。根据COSO的思想,我国商业银行的内部评价体系可分为五个控制要素,即控制环境、风险评估、控制活动、信息与交流、监督和评审。借助于探索性因子分析和验证性因子分析的双因子检验方法,通过对我国国有商业银行内部控制活动的数据调查,可以对基于COSO模式的国有商业银行内部控制评价模型进行经验性分析,以揭示我国国有商业银行内部控制活动中的成效及不足之处,为加强我国商业银行内部控制、大幅度提高内部控制效率提供可靠的理论借鉴。     

Exchange Market Pressure in the Central African Economic and Monetary Community (CAEMC) Area: Empirical Assessment of the Macroeconomic Determinants

ABSTRACT

The current empirical study contributes to the literature on the exchange market pressure. First we construct as proposed by Eichengreen, Rose, and Wyplosz [1996. Contagious currency crises: First tests. The Scandinavian Journal of Economics, 98 (4), 463–484], a continuous measure of EMP for the CAEMC franc zone, using quarterly data from 1985Q1 to 2012Q2. We then address the main macroeconomic determinants of this EMP.

We find that our main measure for EMP as well as two alternative measures of this index captures quite well episodes of crises of the CFA (XAF) currency. During the period of study, the common currency of the CAEMC countries experienced about four speculative attacks, with the one in 1993 ending with the devaluation of that currency in January 1994. The other attacks were warded off through reserves losses, as it is clear that the currency peg was maintained principally through changes in reserves. We also find that the GDP growth, the trade balance and the international oil price are the main contributors of EMP and therefore the most significant predictors of currency crises in the CAEMC area.     

我国星级酒店业知识资本微观机理研究

知识资本是知识经济时代经济增长舞台上的首要角色.我国星级酒店业只有加强知识资本管理,才能提高核心竞争优势,以应对国内外日益紧逼的严峻挑战局面.知识资本结构解析是知识资本管理的首要前提,结构解析过程必须密切结合所依附的行业运作特性,而验证性因子分析可以对建立起的指标体系提供有效性检验.     

A Study of the Disposition Effect for Individual Investors in the Taiwan Stock Market

We examine the disposition effect and identify its potential attributes for individual Taiwanese investors. The results indicate several interesting findings. First, only 26 percent of Taiwanese individual investors report slight gains in a bull market. Second, level of education is significantly associated with the disposition effect. Investors holding college or advance degrees have a lower disposition effect. Third, the status of gains or losses is also related to the disposition effect. The disposition effect is stronger in the losers' group. Finally, three preliminary elements, namely, avoiding regret, maximizing profits, and seeking pride, are highly correlated with respect to each other and this observation is backed up by the concept of the disposition effect.     

旅游饭店中级职业经理人胜任特征模型研究

研究在文献分析和行为事件访谈基础上,设计旅游饭店中级职业经理人胜任特征调查问卷,对南京市旅游饭店中级职业经理人群体实施抽样调查,采用探索性因子分析和验证性因子分析方法探索和检验胜任特征模型的合理性和有效性。探索性因子分析结果表明,旅游饭店中级职业经理人的胜任特征由"沟通与团队建设"、"职业道德与特质"、"自主学习力"、"自我控制和执行力"、"管理思维"五个维度22个特征要素构成;验证性因子分析表明,"沟通与团队建设"、"职业道德与品质"、"自主学习力"、"自我控制和执行力"、"管理思维与工作绩效"的标准化路径系数分别为0.60、0.50、0.48、0.60、0.59,模型能够预测和反映工作绩效。     

The regulatory evolution of the post credit crisis fund management industry

The credit crisis that developed as a result of the problems in the US sub-prime mortgage market has consequences for the future shape of regulation of the fund management industry. The author examines the exposed agency problems, poor risk management, and the lack of liquidity in many fund offerings that have led to a number of new onerous regulations (as distinct from ‘acquired regulations’). The new regulations are changing the industry microstructure. Post credit crisis valuations are 73% of the pre credit crisis five-year levels, implying the markets are evaluating the industry differently in view of the many new challenges that it now faces.