For effectively early warning the marketing risk caused along with the varied environment, a BP neural network method was introduced on the basis of analyzing the shortcomings of the risk early warning method, and com...For effectively early warning the marketing risk caused along with the varied environment, a BP neural network method was introduced on the basis of analyzing the shortcomings of the risk early warning method, and combined with the practical conditions of dairy enterprises, the index system caused by the marketing risk was also studied. The＇principal component method was used for screening the indexes, the grades and critical values of the marketing risk were determined. Through the configuration of BP network, node processing and error analysis, the early warning resuits of the marketing risk were obtained. The results indicate that BP neural network method can be effectively applied through the function approach in the marketing early warning with incomplete information and complex varied conditions.展开更多
The issue of agricultural insurance subsidy is discussed in this paper aiming to make it provided more rationally and sci- entifically. It is started with the connection between agricultural insurance and financial su...The issue of agricultural insurance subsidy is discussed in this paper aiming to make it provided more rationally and sci- entifically. It is started with the connection between agricultural insurance and financial subsidy. It is really necessary and crucial to implement the financial insurance due to the bad operational performance, especially in the developing countries. But the sub- sidy should be provided more rationally because financial subsidy has lots of negative effects. A model in competitive insurance markets developed by Ahsan et al (1982) and a farmers' decision model are developed to solve the optimal subsidized rate. Finally, the equation is got to calculate it. But a quantitative subsidized rate is not made here because the calculation should be under some restricted conditions, which are always absent in the devel- oping countries. So the government should provide some subsidy for the ex ante research and preparation to get the scientific prob- ability and premium rate.展开更多
The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging busines...The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant＇s studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information.展开更多
On the basis of the price, volume and volatility of underlying stocks, this article empirically investigates the impact of 273 Taiwan call warrants on underlying stocks. Discussions by the market risk, depth, tightnes...On the basis of the price, volume and volatility of underlying stocks, this article empirically investigates the impact of 273 Taiwan call warrants on underlying stocks. Discussions by the market risk, depth, tightness and liquidity, changes on underlying stocks due to warrants issuance, are investigated. In this study, the CAPM is applied for evaluating the market risk, the Kyle model for the market depth, the averaged best five bid-ask spread for the market tightness and the averaged turnover rate for the market liquidity. The empirical results indicate that the most significant influence is the market liquidity, the market tightness next; the market risk and market depth are non-significant.展开更多
This study aims to find the effect of financial risks, price risks and market risks on the Earning Response Coefficients （ERC） for China Commercial Banks. The research methodologies use the traditional cumulative ab...This study aims to find the effect of financial risks, price risks and market risks on the Earning Response Coefficients （ERC） for China Commercial Banks. The research methodologies use the traditional cumulative abnormal returns and the unexpected earning as the main dependent and independent variables. The evidences show that： （1） There is a strong returns-to-earnings relation for banks; （2） The liquidity risk has information content beyond earnings changes in the returns-to-earnings relation. This probably due to the reason that managers of banks find the level of liquidity that fulfilled the need of investors and at the same time earns good profits for the banks.展开更多
The article is concentrated on the Slovak commercial insurance, commercial insurance market, non-life insurance, and international risks on the Slovak Republic. Since 1 May 2004, the Slovak insurance market has been p...The article is concentrated on the Slovak commercial insurance, commercial insurance market, non-life insurance, and international risks on the Slovak Republic. Since 1 May 2004, the Slovak insurance market has been part of the uniform European Union insurance market, which includes over 5,000 insurance companies. After Slovakia’s admission to the European Union, several legislative changes have been adopted in the area of commercial insurance industry, which also influenced non-life insurance and the insurance of international risks as part of non-life risks. The most recent act in the area of commercial insurance mentioned in the paper is the Act of the National Council SR No. 39/2015 Coll. on Insurance, in which there are legislative changes in life and also non-life insurance. Basic terms are defined and commented on in the first two chapters （Lowry, Rawlings, ＆ Merkin, 2015）. The nature of international risks as part of non-life risks is described in the second chapter. International risks are classified in the third chapter; international risks are subdivided in the paper into commercial or trade risks, political and economic risks, and special types of risks.展开更多
This paper uses a Value at Risk （VaR） approach to evaluate a country financial vulnerability, by analyzing the risk exposure of its Central Bank, as if their assets are subject to market risk. The Brazilian currency...This paper uses a Value at Risk （VaR） approach to evaluate a country financial vulnerability, by analyzing the risk exposure of its Central Bank, as if their assets are subject to market risk. The Brazilian currency exchange swaps contracts （USS/Brazilian Reais） are submitted to a delta-normal VaR method, in order to evaluate the market risk of each swaps series, by modeling the variance of the daily returns, from August 1999 to January 2003. All daily returns series exhibited heteroscedasticity in the conditional variance and sudden changes in the unconditional variance. The points of changes of the unconditional variance were determined through the Iterative Cumulative Sum of Squares （ICSS） algorithm, and the conditional variance was modeled with Markov-Switching-Generalized Autoregressive Conditional Heteroscedasticity （SWGARCH） in order to capture heteroscedasticity and regime change. The results lead to two main conclusions： First, a VaR model must incorporate heteroscedasticity and regime switching in order to describe the variance of the tested series, submitted to brisk changes of economic and political scenarios. Second, a volatility-based VaR do not necessarily generate forward-looking indicators, but rather coincident indicators of possible financial vulnerabilities. The future research will evolve towards evaluating the effects of the Basel III recommendations as if they could be applied to this crisis period.展开更多
文摘For effectively early warning the marketing risk caused along with the varied environment, a BP neural network method was introduced on the basis of analyzing the shortcomings of the risk early warning method, and combined with the practical conditions of dairy enterprises, the index system caused by the marketing risk was also studied. The＇principal component method was used for screening the indexes, the grades and critical values of the marketing risk were determined. Through the configuration of BP network, node processing and error analysis, the early warning resuits of the marketing risk were obtained. The results indicate that BP neural network method can be effectively applied through the function approach in the marketing early warning with incomplete information and complex varied conditions.
文摘The issue of agricultural insurance subsidy is discussed in this paper aiming to make it provided more rationally and sci- entifically. It is started with the connection between agricultural insurance and financial subsidy. It is really necessary and crucial to implement the financial insurance due to the bad operational performance, especially in the developing countries. But the sub- sidy should be provided more rationally because financial subsidy has lots of negative effects. A model in competitive insurance markets developed by Ahsan et al (1982) and a farmers' decision model are developed to solve the optimal subsidized rate. Finally, the equation is got to calculate it. But a quantitative subsidized rate is not made here because the calculation should be under some restricted conditions, which are always absent in the devel- oping countries. So the government should provide some subsidy for the ex ante research and preparation to get the scientific prob- ability and premium rate.
文摘The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant＇s studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information.
文摘On the basis of the price, volume and volatility of underlying stocks, this article empirically investigates the impact of 273 Taiwan call warrants on underlying stocks. Discussions by the market risk, depth, tightness and liquidity, changes on underlying stocks due to warrants issuance, are investigated. In this study, the CAPM is applied for evaluating the market risk, the Kyle model for the market depth, the averaged best five bid-ask spread for the market tightness and the averaged turnover rate for the market liquidity. The empirical results indicate that the most significant influence is the market liquidity, the market tightness next; the market risk and market depth are non-significant.
文摘This study aims to find the effect of financial risks, price risks and market risks on the Earning Response Coefficients （ERC） for China Commercial Banks. The research methodologies use the traditional cumulative abnormal returns and the unexpected earning as the main dependent and independent variables. The evidences show that： （1） There is a strong returns-to-earnings relation for banks; （2） The liquidity risk has information content beyond earnings changes in the returns-to-earnings relation. This probably due to the reason that managers of banks find the level of liquidity that fulfilled the need of investors and at the same time earns good profits for the banks.
文摘The article is concentrated on the Slovak commercial insurance, commercial insurance market, non-life insurance, and international risks on the Slovak Republic. Since 1 May 2004, the Slovak insurance market has been part of the uniform European Union insurance market, which includes over 5,000 insurance companies. After Slovakia’s admission to the European Union, several legislative changes have been adopted in the area of commercial insurance industry, which also influenced non-life insurance and the insurance of international risks as part of non-life risks. The most recent act in the area of commercial insurance mentioned in the paper is the Act of the National Council SR No. 39/2015 Coll. on Insurance, in which there are legislative changes in life and also non-life insurance. Basic terms are defined and commented on in the first two chapters （Lowry, Rawlings, ＆ Merkin, 2015）. The nature of international risks as part of non-life risks is described in the second chapter. International risks are classified in the third chapter; international risks are subdivided in the paper into commercial or trade risks, political and economic risks, and special types of risks.
文摘This paper uses a Value at Risk （VaR） approach to evaluate a country financial vulnerability, by analyzing the risk exposure of its Central Bank, as if their assets are subject to market risk. The Brazilian currency exchange swaps contracts （USS/Brazilian Reais） are submitted to a delta-normal VaR method, in order to evaluate the market risk of each swaps series, by modeling the variance of the daily returns, from August 1999 to January 2003. All daily returns series exhibited heteroscedasticity in the conditional variance and sudden changes in the unconditional variance. The points of changes of the unconditional variance were determined through the Iterative Cumulative Sum of Squares （ICSS） algorithm, and the conditional variance was modeled with Markov-Switching-Generalized Autoregressive Conditional Heteroscedasticity （SWGARCH） in order to capture heteroscedasticity and regime change. The results lead to two main conclusions： First, a VaR model must incorporate heteroscedasticity and regime switching in order to describe the variance of the tested series, submitted to brisk changes of economic and political scenarios. Second, a volatility-based VaR do not necessarily generate forward-looking indicators, but rather coincident indicators of possible financial vulnerabilities. The future research will evolve towards evaluating the effects of the Basel III recommendations as if they could be applied to this crisis period.
