小型农村商业银行跨区域发展研究

随着农村信用社逐步改制为农村商业银行,其能否通过跨区域发展达到更高的高度是十分值得探讨的。通过研究农村商业银行发展的现状,探讨小型农村商业银行发展过程中存在的问题。以某农村商业银行为例进行SWOT分析,进而对小型农村商业银行跨区域发展的可行性和利弊进行讨论,从而为其跨区域发展提出相应的策略。     

Peer group ties and executive compensation networks

Publicly traded firms in the US typically determine C.E.O. compensation by benchmarking the pay of their C.E.O.s against the pay of C.E.O.s in “peer” firms. Consequently, executive compensation is influenced not only by firm-level characteristics, but also by the selection and actions of the firm’s immediate peers as well as by the structure of the executive compensation network overall. Analyzing compensation peer group choices made by the same 1183 firms for F.Y. 2007, 2008 and 2009, we find that while the typical compensation peer is similar in size and industry to the firm that chose it, deviations from this norm are common, especially among larger firms, and tend to be towards larger firms with better paid CEOs. Further analysis shows that firms who pay CEOs well relative to the pay that would be predicted from their revenues, return on assets, and industry tend to have greater aspiration bias in their group of named peers.     

Streetwise sales and the social order of city streets

This paper analyses how a Big Issue vendor approached passers-by and how they responded, how recognizable courses of social and economic activity were interactionally produced from initiation through to some conclusion. The paper recovers how the vendor's work was contextually embedded in the urban landscape, how it was constrained by, and actively shaped, the social order of the street. Drawing on video-audio recordings the paper contributes to a growing body of ethnographic and ethnomethodological research which has emphasized the embodied, contingent and interactional character of economic activity. By examining such materials, the paper is well positioned to describe how the vendor found his market on the street, social interventions that propelled passers-by into buying behaviour. The paper sheds light on now familiar encounters which occur millions of times each week in the UK and beyond.     

Competition in Financial Innovation

This paper examines the incentives offered by frictionless markets to innovate asset‐backed securities by owners who maximize the assets' values. Assuming identical preferences across investors with heterogeneous risk‐sharing needs, we characterize economies in which competition provides insufficient incentives to innovate so that, in equilibrium, financial markets are incomplete in all (pure strategy) equilibria, even when innovation is essentially costless. Thus, value maximization does not generally result in complete markets.     

Information Aggregation in Dynamic Markets With Strategic Traders

This paper studies information aggregation in dynamic markets with a finite number of partially informed strategic traders. It shows that, for a broad class of securities, information in such markets always gets aggregated. Trading takes place in a bounded time interval, and in every equilibrium, as time approaches the end of the interval, the market price of a “separable” security converges in probability to its expected value conditional on the traders' pooled information. If the security is “non‐separable,” then there exists a common prior over the states of the world and an equilibrium such that information does not get aggregated. The class of separable securities includes, among others, Arrow–Debreu securities, whose value is 1 in one state of the world and 0 in all others, and “additive” securities, whose value can be interpreted as the sum of traders' signals.     

Monkey bars and ladders: The importance of lateral and vertical job mobility in internal labor market careers

This paper compares results from the empirical literature on internal labor markets with outcomes from analyzing personnel data of the Dutch aircraft manufacturer Fokker. It sheds light on differences in the functioning of internal labor markets between periods of workforce growth and decline. Despite substantial variation in individual wages, careers are important as wages are strongly related to job levels. Promotion rates fall and demotion rates rise when the firm enters the stage of demise. Vertical and lateral job mobility are important in internal labor market careers as they stimulate wage growth and reduce the lay-off risk.     

新兴视频业务运营中平台与内容提供商的定价及利益分配研究

基于双边市场理论建立了一个三阶段价格博弈模型,讨论新兴视频业务运营中平台与内容提供商的定价与合作收益分配问题。模型对双边市场理论中相对单一的定价机制进行了创新,增加了内容提供商对信息内容的定价、平台与内容提供商就信息服务费的收入分成比例,这样的讨论更加符合新兴视频业务实际运营现状。基于模型得出,视频内容为主的新兴视频业务运营的关键仍是规模化运营、用经营媒体而非电信增值业务的思路经营新兴视频等七条核心结论,对新兴视频业务运营和政府政策的制定具有重要指导意义。     

股市中危机传播的 SIＲ 模型及其仿真

选择上市公司的大股东信息,建立了上市公司及其大股东间的持股关联网络． 考虑到上市公司与股东间因为资金流减小或资金链断裂而相互影响所导致的危机在网络中的传播行为,推导出股市中危机传播的SIR模型的计算方法． 继而对网络出现随机故障和遇到蓄意攻击时,危机在网络中的传播过程进行仿真分析． 研究表明: 当网络中的大型上市公司或控股集团 ( Hub 节点) 被蓄意攻击或出现故障时,危机在网络中传播速度极快,造成的破坏力很大,网络表现出明显的脆弱性,从而容易产生多米诺骨牌效应． 该方法为未来对经济危机的传播机理的深入研究提供了一个可供借鉴的方法．     

“改革开放的伟大历程与当代中国的社会变迁”学术研讨会综述

2008年11月18日至20日,"改革开放的伟大历程与当代中国的社会变迁"学术研讨会暨全国党校系统党史教学与研究专业委员会年会在江苏无锡召开。会议围绕改革开放30年历史,从政治、经济、文化及研究方法等方面进行了深入探讨。     

On the estimation and application of max-stable processes

The theory of max-stable processes generalizes traditional univariate and multivariate extreme value theory by allowing for processes indexed by a time or space variable. We consider a particular class of max-stable processes, known as M4 processes, that are particularly well adapted to modeling the extreme behavior of multiple time series. We develop procedures for determining the order of an M4 process and for estimating the parameters. To illustrate the methods, some examples are given for modeling jumps in returns in multivariate financial time series. We introduce a new measure to quantify and predict the extreme co-movements in price returns.