Failure to learn from failure: The 2008 mortgage crisis as a déjà vu of the mortgage meltdown of 1994

This article traces the developments in the market for residential mortgage-backed securities (MBS) during the period 1970–2008. Drawing on an analysis of trade publications, business press, and interviews with practitioners, it shows that an MBS market meltdown in 1994 provided clear signals of problems with MBS. The market participants did not re-evaluate their use of risk management tools or adjust security design in response to the 1994 crisis, suggesting a lack of understanding of the implications of the crisis. The 1994 meltdown showed that MBS were vulnerable to systematic risks and that these risks could precipitate an MBS market crash. Furthermore, the 1994 meltdown demonstrated that large-scale investment in MBS could affect the primary mortgage market, thereby rendering the MBS risks unpredictable. After 1994, MBS investment shifted to MBS backed by mortgages with default risk – a development that led to the crash of 2008. By drawing parallels between the 1994 and 2008 crises, this article shows how the MBS market failed to self-correct. The results suggest that financial market participants do not always incorporate relevant information in their decision-making and that market participants have difficulties in both foreseeing the effect of financial innovations on markets and interpreting these effects.     

关于ERP电子沙盘实训考核标准的探讨

ERP电子沙盘实训是目前经济管理专业采用的仿真性实训系统,文章通过分析ERP电子沙盘中各种角色的特征以及对企业发展的影响意义,制定出一个综合考虑企业表现以及课堂表现的考核评价体系,并通过实践分析具有激励学生学习积极性的作用。     

The evolution of social media and its impact on organizations and leaders

This paper examines organizational impacts of social media on Fortune 100 companies over a 5-year period (2011–2016). Specifically, the study focuses on three broad areas of social media impact: (1) the adoption of social media platforms across industries and business models from 2011 to 2016, (2) the influence of social media adoption on the roles of the chief information officer (CIO) and chief marketing officer (CMO) and their changing relationships in companies over this time frame, and (3) the impact of social media on company strategy, governance, and the IT (information technology) and marketing functions. The results support the contention that the CMO role has evolved to meet the technology needs of the marketing function and that the relationship between the CMO and CIO has taken on greater importance. In most Fortune 100 companies in 2016, social media has transitioned to ownership by the marketing department and the CMO provides leadership for social media strategy while working closely with the CIO. This study contributes to a better understanding of the established role of social media in companies, governance structures, and the evolving roles of both the CIO and CMO in relation to social media trends. The study integrates the IT and marketing literature to provide an agenda for future work that builds on theory and establishes an ongoing cohesive research agenda.     

资产证券化中的CMO结构及其特性

资产证券化业务在我国刚刚拉开序幕,本文结合建元MBS和开元ABS的具体情况,介绍了在抵押过手证券基础上发展起来的CMO,分析了其结构、优势以及定价中提前偿还率模型的设定,并指出了将来发展需要注意的问题。     

基于资产证券化解决高校贷款风险问题

当前高校信贷资产规模不断扩大,使银行面临巨大的风险.实施高校贷款证券化对于化解银行风险、优化投融资结构、提升高校品牌等方面有着现实意义.在多种资产证券化模式中,根据不同风险偏好和期限设计的高校贷款CMO比较适合当前形势.