Credit Default Swaps: Risk Hedge or Financial Weapon of Mass Destruction?

Credit default swaps (CDSs) are contracts between buyers and sellers of protection against default. They are a form of debt insurance, or more precisely derivatives contracts that investors buy to either insure against or profit from a default. In this way CDS contracts act as a form of debt insurance in that they provide a means of protection against credit risk. In the aftermath of the global financial crisis, the CDS earned the reputation of a ‘financial weapon of mass destruction’. Why? Is this charge justified? This paper shows that the reality is more complex: CDSs carry benefit as well as costs, and the risks associated with them can be mitigated through prudent supervision.     

短波通信中的低复杂度时域均衡

提出了一种基于Chase算法的低复杂度时域均衡技术。首先通过传统的自适应均 衡器获取软值,再利用Chase算法计算可信度找到不可靠位,同时构造测试序列,然后进行 滑动窗搜索和逐比特译码。此算法在减小计算量的同时消除了译码时延,并且误码率逼近 最大似然序列估计,实现了复杂度和性能的折衷。     

会计分配利息法的运用分析——以出租人融资租赁为例

会计分配是财务会计中运用得较为广泛的一种程序,随着现值技术的完善和发展,利息法将日益成为重要的会计分配方法。本文通过举例说明了利息法的具体运用,分析了利息法的特点,对比了利息法在反映未来现金流量变动时三种方法,提出了倾向于采用修正法的若干理由。     

知识密集型企业外部导向的智力资本报告研究——以“红日药业”为例

本文以红日药业为例,剖析了传统财务报告在智力资本信息披露方面的不足,探讨了知识密集型企业如何构建外部导向的智力资本报告来系统披露智力资本信息。外部导向的智力资本报告应该遵循标准化与特异化相结合的原则,反映一个企业的智力资本现状、智力资本投资和智力资本效率信息。为此,外部导向的智力资本报告不仅应该包括企业概况、愿景和目标、企业战略等智力资本的依存环境信息,还应该在设置社会通用、行业特定、企业特定三种类型计量指标体系的基础上,编制社会通用、行业通用和企业特定三个层面的智力资本报表,以实现标准化与特异化的有机结合。     

The determinants and evaluation of merger success

Many decry the preponderance of merger failures and conclude that mergers and acquisitions (M&A) are failed strategies. However, analysis of the causes of failure has often been shallow and the measures of success weak. The research reported here focuses on what makes a merger successful and what is the appropriate manner of evaluating merger success. Extensive field research of the merger of J.P. Morgan and Chase Manhattan Bank in 2000 is used to illustrate the drivers of merger success and how to improve and value the contributions of mergers.