Distribution of cost inefficiency in stochastic frontier approach: evidence from Spanish banking

The aim of the paper is to demonstrate the appropriateness of an a priori analysis to determine the distributional assumption of the inefficiency term in a stochastic frontier model. To this end, theoretical distributions of estimated inefficiency were obtained when the inefficiency term is assumed to be distributed as a half normal and an exponential in a cost frontier model. Comparisons of such theoretical distributions with the respective cost inefficiency estimators using the goodness of fit test allow selecting the most appropriate distributional assumption. The application on three data sets of Spanish banking system in 2009 demonstrated the relevance of the research question. First, the results of estimated cost inefficiency with a half normal assumption are larger than with an exponential distribution significantly. Besides, half normal assumption was rejected and exponential was not rejected as the most appropriate distribution of inefficiency term in Spanish banking data set. However, the adjustment of saving banks data had been better with the former distribution than the latter. In the case of banks, any distribution results appropriate. To sum up, this work demonstrate that the distributional assumption on inefficiency term in Stochastic Frontier Approach must be established in a justified way, as it can significantly bias the results of estimated inefficiency and therefore, influences improving policies and strategies in the Spanish banking sector.     

"传奇"背后略去的"暗"——电影《长恨歌》书写的上海旧梦

在有关上海的“传奇”书写中,王安忆的《长恨歌》对上海精神的关照是略去“浮华”,指向市民生活底层,指向充斥着腌渍油污和流言私情的弄堂深处,更多地让我们看到了上海背后的“暗”;主人公是生于弄堂长于弄堂,即使到“繁华”里走了一遭,到头来还是归于弄堂死于弄堂——繁华只是旧梦。香港著名导演关锦鹏改编的同名电影则大不相同,流行光影中“繁华”、“风月”成为上海的内核,在视觉的声色享受中谁还记得王安忆那个真实的上海?本文力图通过对原作和改编后电影文本差异性的比较,拨开迷雾看到一个与流行相去甚远的“上海形象”。     

绿色信贷新论:透过公司社会责任思想演化的思考

循着"公司社会责任→绿色责任→绿色金融→绿色信贷"的思想演化轨迹,中国的绿色信贷实践以赤道原则这个金融组织的社会责任基准为切入点,努力实现与国际绿色发展潮流的接轨.但由于制度性瓶颈和技术性瓶颈的制约,绿色信贷通往赤道原则之路依然很长.     

豫南影戏的生存现状与保护对策

豫南影戏作为宋代中原皮影脉络的延续,具有极高的艺术价值与研究价值,其中的罗山皮影被列为国家级非物质文化遗产。由于时代的发展,影戏市场萎缩,艺人经济社会地位逐渐走低,以愿影为主的演出方式对影戏传承产生了负面影响,豫南影戏后继无人,生存状况堪忧。应调动当地的政府、教育界和艺人等多方面力量,担起保护豫南影戏的责任。     

基于核心-边缘网络的中国银行风险传染

采用核心-边缘网络刻画我国银行间市场的网络结构,结合各银行同业往来资产和负债信息构建风险传染模型,对单个银行倒闭以及资产价格泡沫破灭两种情况下的传染过程进行模拟.研究发现,近年来我国银行系统的抗风险能力不断增强,但在所有银行中中国银行的风险传染程度最严重,应该加强对系统重要性银行的重视.同时,防范银行危机的关键在于控制资产价格泡沫,在合理的资产价格水平下,外界冲击难以对银行系统的安全性构成威胁.     

伪满州国时代东北作家笔下的日本阴影——对梁山丁作品的考察

伪满洲国时代,中国东北处于日本统治之下,人民迷惘困惑。梁山丁明晰地表现出该时代知识分子对日本统治的无言的反抗、无声的控诉。透视梁山丁的作品,可以使我们了解伪满洲国时代东北知识分子对日本的态度,折射出东北知识分子、文化人日本认识的一个侧面。     

Examining evidence of financial and credit exclusion in Canada from 1999 to 2005

Changes are occurring in the provision of consumer credit, including the expansion of subprime and some fringe financial services (e.g., payday lending). We link two existing literatures on credit constraint and financial exclusion to assess the impact of these developments on the financial circumstances of low and modest-income consumers. We develop a model that identifies observable measures of credit constraint and financial exclusion and relate them to consumer characteristics and life cycle behaviour. We estimate this model using the two latest Surveys of Financial Security for 1999 and 2005, which provide consistent evidence of credit constraint and financial exclusion through time. We find modest overlap among our measures of financial exclusion, which include a zero balance/no account, credit card refusal, and using a pawnshop. Probit regression is used to investigate the factors influencing the incidence of financial exclusion. The results are similar for 1999 and 2005 and indicate rising incidence of financial exclusion as income and wealth fall, although the relationship is nonlinear such that incidence rises much faster at very low levels of income and wealth. Our analysis also suggests potentially important links between financial literacy, formal education, asset building, and financial exclusion and credit constraint. When we combine the samples, we find statistically significant evidence of growth in the incidence of each indicator of financial exclusion when other factors are held constant. Policy implications may include the strengthening of banking regulations that affect low-income Canadians and the promotion of universal financial literacy.     

论太极拳在全民健身中的作用

本文通过对太极拳与全民健身关系的分析,阐述了在全民健身中大力推广太极拳的意义,以及太极拳运动在全 民健身中的地位、作用,探索了在全民健身中如何推广太极拳,才能使太极拳运动更好地为全民健身服务。     

中国银行业市场结构对城乡金融发展的影响研究

银行业市场结构与城乡金融发展效率、金融发展规模、金融发展结构等高度相关,从而与城乡金融发展水平具有突出的关联性,特别在我国这样一个由银行业主导的金融系统内,这种影响更为显著。银行业市场结构具体通过形成机制、发展机制和循环机制显著作用于城乡金融发展水平。研究发现：中国银行业市场结构对于城乡金融发展的影响具有长期性,银行业的市场结构趋于分散可以缩小城乡金融发展的非均衡化水平。     

碳交易减少了中国火电厂的减排成本吗?——基于2005-2010年面板数据的实证分析

采用中国558家规模以上火电企业微观数据,利用基于产出的二次型方向性距离函数,采用不同的估计方法计算了不同企业2005-2010年的CO2影子价格。研究表明:参数线性规划方法所计算出的CO2影子价格均值最高,为1 957.112元/吨;最小二乘法所计算出的CO2影子价格均值最低,为747.634元/吨;校正平均绝对偏差法所计算出的CO2影子价格均值为808.912元/吨;随机前沿法所计算出的CO2影子价格为934.811元/吨。综合所有估计方法,东部地区CO2影子价格均值为1 115.631元/吨,北部地区CO2影子价格均值为1 119.815元/吨,南部地区CO2影子价格均值为1 106.900元/吨,西部地区CO2影子价格均值为1 114.076元/吨。进一步根据所计算出来的CO2影子价格在八大电力集团公司之间进行了分地区分电厂之间的多维度碳交易模拟分析,证明了碳交易可以给火电企业带来较为可观的经济利益;同时也对未来10年八大电力集团公司的CO2影子价格趋势进行了预测分析,进一步论证中国中长期环境与资源保护战略目标实现的可能性。