名义账户制下与金融市场相融合的养老保险自动财务稳定机制

瑞典为了应对人口老龄化、经济衰退等外部因素对养老保险制度带来的冲击,进行了制度创新,引入了名义账户,并设计出了自动平衡机制以确保养老保险制度的财务稳定。通过对该机制的分析,笔者提出了与金融市场相融合的自动财务稳定机制的设想,建议把未来参保者缴纳的终身净税收收入作为名义账户的产权,并将现金流予以证券化,把这些新证券中的一部分在金融市场上进行交易。

浅析我国金融租赁业务的发展与创新

金融租赁是企业重要的间接融资方式之一。本文通过对我国金融租赁业务发展现状问题的分析以及金融租赁在我国发展前景的分析，指出了创新是金融租赁业务发展的方向，并提出了具体业务发展模式。

Empirical Analysis on Rural Financial Development and Farmers' Income Increase in China

The growth of farmer＇s incomes is cIoseIy reIated to rural finance. The research analyzed the dynamic reIationship of rural financial deveIopment, efficiency and farmer＇s incomes based on VAR modeI, and the resuIts indicated that the ex-pansion of rural finance wouId stimuIate farmer＇s incomes in a Iong term, and the growth of rural financial efficiency significantIy improves farmer＇s incomes in a short term, instead of a Iong term. Hence, it is necessary to introduce more credit funds and social funds to rural areas, deepen rural financial system reform and acceIerate use rate of Ioan capital and enhance guidance for farmers and township enterprises in use of Ioan capitals.

Recovery of Foreign Interest Rates from Exchange Binary Options

One of most challenging problems from applying the Black-Scholes model to financial derivatives, is reconciling the deviation between the expected and observed values. This study derives an extension of the Black-Scholes model and recovers the real drift of binary call options from their market prices. For space-dependent real drift, we obtain stable linearization and an integral equation. We also find that using market prices of options with different strike prices enables us to identify the term structure of the real drift. Results demonstrate that our new approach can confirm the existence of arbitrage opportunities in a binary option transaction.

Risk Premiums and Financial Stability

The collective revelation of credit institutions as regards the imminence of specific risks materialising, which often follows long periods of underestimating probable losses, can trigger a broad-based financial deleveraging via an overly high upsurge in banks＇ risk premiums vis-a-vis the dynamics of fundamentals underlying loan repayment capability. In this context, this paper seeks to investigate the banking sector＇s internal mechanisms that might bring about a negative spiral of credit risk by building a model for the interaction between the increase of the risk premium and that of net interest income and provisioning rate. Statistical results confirm that a higher risk premium is one of the major determinants of credit default in Romania and its excessive widening could affect financial stability in Romania.

Predicting Corporate Failure and Global Financial Crisis： Theory and Implications

The purpose of this paper is to discuss corporate failure issues in the context of the global financial crisis. After considering some key issues, the paper shows how relevant these issues are relevant in the present financial fiasco. It is clear that corporate failure brings untold hardships to all stakeholders. Again the problem of predicting corporate failure in the midst of the financial contagion could be overcome with sound risk management structure in place. The discussion mainly focuses on corporate failure within the context of the global financial distress. To the best of our knowledge this study is the first of its kind, which provides conceptual insights on predicting corporate failure and the global financial distress.

Performance-based seismic financial risk assessment of reinforced concrete frame structures

Engineering facilities subjected to natural hazards(such as winds and earthquakes) will result in risk when any designed system(i.e.capacity) will not be able to meet the performance required(i.e.demand).Risk might be expressed either as a likelihood of damage or potential financial loss.Engineers tend to make use of the former(i.e.damage).Nevertheless,other non-technical stakeholders cannot get useful information from damage.However,if financial risk is expressed on the basis of probable monetary loss,it will be easily understood by all.Therefore,it is necessary to develop methodologies which communicate the system capacity and demand to financial risk,Incremental dynamic analysis(IDA) was applied in a performance-based earthquake engineering context to do hazard analysis,structural analysis,damage analysis and loss analysis of a reinforced concrete(RC) frame structure.And the financial implications of risk were expressed by expected annual loss(EAL).The quantitative risk analysis proposed is applicable to any engineering facilities and any natural hazards.It is shown that the results from the IDA can be used to assess the overall financial risk exposure to earthquake hazard for a given constructed facility.The computational IDA-EAL method will enable engineers to take into account the long-term financial implications in addition to the construction cost.Consequently,it will help stakeholders make decisions.

Is There an Impact of Stock Exchange Consolidation on Volatility of Market Returns？

The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.

Qatar as an Emerging Islamic Finance Hub

The principal objectives of this research are to provide information, commentary, and analysis of the potential opportunities for Qatar in developing its Islamic financial services and industry. This research examines how competitive Qatar is today and its future prospects in Islamic finance. This research provides policy makers and Islamic finance stakeholders with a superior understanding of the role of the key competitive factors in Islamic fmance. It is anticipated that this research will influence the growth and diversification of Islamic financial services in Qatar.

Professional Board Members and Firm＇s Performance

This paper explores the connection between company director membership of a professional institute of directors and the financial performance of their companies. Prior research has established links between various governance variables and financial performance, and this study extends this work to the realm of professional directors. It is timely in New Zealand to ask whether directors need to be members of a professional body as the financial markets authority is now prosecuting directors of failed companies and has promulgated new regulations concerning the offering of financial advice. Would directors who are bound by an ethics code and committed to ongoing professional development be good for shareholders？ The issue whether membership enhances financial performance is addressed in this paper. An ordinary least square regression was employed and a statistically significant positive relationship among boards that had institute of director （IOD） members and financial performance was found.

The Crucial Role of Time in M＆A Activities： An Inductive Exploration

Mergers ＆ acquisitions （M＆As） are important strategic instruments, yet nearly half of all transactions fail, often resulting in disastrous write-offs and losses for corporations and financing institutions alike - despite promising prospects upfront. Applied research has been trying to find a ＂panacea＂ to prevent or at least predict M＆A failure, investigating motives, synergies and performance. Despite the growing unease with the stationary explanatory models in literature, research has only marginally focused on the concept of time, with inquiries into market timing and integration speed. Yet other timing concepts have been neglected in concepts so far despite early empirical evidence for their existence. The purpose of this paper is thus to identify and elaborate on the importance of further relevant theories of timing. For this, and true to the exploratory nature of the topic, the authors have chosen a qualitative comparative case study design based on existing case reports which are investigated for narrations highlighting timing concepts. This study reveals six factors which have a crucial impact on the M＆A outcome： time of acquisition, M＆A duration in its entirety, M＆A sequence, synergy chronology, frequency of acquisitions and time to step back. It contributes to theory and practice in outlining the careful attention that needs to be paid in planning in these factors to enhance the chances of a successful M＆A transaction.

The Influence of Market and Company Characteristics on Voluntary Disclosure

In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global index based on both quantitative and qualitative disclosure and a solely quantitative voluntary index. Firstly, the explanatory variables have been selected taking into account the main contributions of international literature. In addition, some specific variables have been introduced in order to take into account the peculiarities of Italian market system and the ongoing financial crisis. A positive relationship has been found among the global voluntary disclosure （GVD） and the number of employees, the dividend policy, and the presence of independent directors on the board. On the contrary, a negative correlation with respect to the percentage of the firm＇s outstanding shares held by directors （not independent） exists. With reference to the quantitative voluntary disclosure （QVD） index, there is a positive correlation with the number of employees, the dividend policy, the market floating, and the incidence of intangible assets. Moreover, such （quantitative） a disclosure is different depending on the industrial membership sector.

The Reconcilability Between Islamic and the Conventional Banking

Tensions between Western and Islamic traditions are very fierce in evidence currently. Many see the two systems as irreconcilable and the conflict between the two as inevitable （Huntingdon ＆ Berger, 2002）. This paper argues if reconcilability between Islam and the West exists in the field of finance and if the two systems can co-evolve in a mutually productive way, then, the author can be optimistic about the ability of the two systems to co-exist. Clearly, they involve different attitudes, but this paper argues on the basis of significant compatibility issues that these are resolvable under the tradition of tolerance that has existed in Western and Islamic societies. The context chosen for this analysis is finance which is central to global capitalism and is an area in which key differences of principle and practice exist between Islam and the West.

Crossover Phenomena in Detrended Fluctuation Analysis Used in Financial Markets

A systematic analysis of Shanghai and Japan stock indices for the period of Jan. 1984 to Dec. 2005 is performed. After stationarity is verified by ADF （Augmented Dickey-Fuller） test, the power spectrum of the data exhibits a power law decay as a whole characterized by 1/f^β processes with possible long range correlations. Subsequently, by using the method of detrended fluctuation analysis （DFA） of the general volatility in the stock markets, we find that the long-range correlations are occurred among the return series and the crossover phenomena exhibit in the results obviously.Further, Shanghai stock market shows long-range correlations in short time scale and shows short-range correlations in long time scale. Whereas, for Japan stock market, the data behaves oppositely absolutely. Last, we compare the varying of scale exponent in large volatility between two stock markets. All results obtained may indicate the possibility of characteristic of multifractal scaling behavior of the financial markets.

The Resources, an Essential Element in the Relationship Between Public and Private

This paper＇s objective is to examine the relationship between public and private sectors through the mechanisms of public intervention in the market. With the financial and economic crisis of 2008, there has been a coordination of states （G20） for the implementation of affirmative action in order to support the international financial system. Our hypothesis is that resource dependence is the basis of all interactions between the public and private sectors. The fact that the public sector bails out private sector activity shows that it is beneficial to citizens through employment and taxes repaid by the company and all this contributes to social stability. Here we develop an argument in two phases. The first is to revisit the question of the relationship between the state and the market. The second part develops the hypothesis by focusing on the interdependence of resources. The theory of resource dependence often applied to international relations and inter-organizational business has allowed us to highlight the correlation between public and private sectors

Financial Appraisal of a Small Scale Wind Turbine with a Case Study in Ireland

This research seeks to evaluate the economic benefits to be gained by installing a small-scale wind turbine for a customer with a three-phase electrical supply requirement. The evidence for the claims made in this paper is obtained by using actual data obtained from the installed equipment over a three year period. The objective is to accurately appraise the financial investment using real data. There appears to be limited studies conducted into this type of research, possibly because the renewable energy sector is in the infancy stage in the host country, Ireland. There are some wind energy installations with financial appraisal techniques based on modeled data, which may, or may not, be accurate. The study concludes by claiming that the financial benefits of the wind energy turbine installation had disappointing results when compared to predicted benefits based on modeled data.

新疆金融发展综合评价及特征分析

科学评判新疆金融业的发展状况,是规范和引导新疆金融发展方向的基础,也是发挥金融造血功能同经济协调发展的重要前提。本文运用因子分析法对2001—2012年新疆金融发展状况进行综合评价,得出金融发展指数。从指数拟合出的走势可以看出,新疆金融业的发展呈上升趋势。特别是2009年中央新疆座谈会后三年,发展速度明显加快。这说明金融业的快速发展为地区的经济发展、结构优化、后发赶超提供了强有力的支持。

The ft values of the superallowed Fermi beta decays

In this work, the ft values of the 0+ →0+ superallowed Fermi beta decays have been investigated. In the calculations, the shell model has been modified by Pyatov's restoration method because of the isospin breaking and the transition matrix elements have been found by means of the quasi-particle random phase approximation (QRPA).

Damping behavior of Ti_(50.1)Ni_(49.9) alloy in reverse martensitic transformation region

Damping behavior of Ti50.1Ni49.9 shape memory alloy during reverse martensitic transformation has been investigated by dynamic mechanical analyzer in a dual-cantilever mode. With the increase of strain amplitude, internal friction （IF） of the alloy increases in martensite and austenite states while decreases in transformation region. Based on the regularity of IF attenuation in isothermal condition, IFTr and （IFpT＋ 1FI） are decomposed from the strain amplitude dependent IF in transformation region. For practical application of shape memory alloys as a damping material, it is significant to evaluate the damping capacity by eliminating the influence of IFTr and consider its time independent real IF （IFpT＋ IFI）.

COMPLEX SYSTEM ANALYSIS OF MARKET RETURN PERCOLATION MODEL ON SIERPINSKI CARPET LATTICE FRACTAL

This paper investigates the statistical behaviors of fluctuations of price changes in a stock market.The Sierpinski carpet lattice fractal and the percolation system are applied to develop a new random stock price for the financial market.The Sierpinski carpet is an infinitely ramified fractal and the percolation theory is usually used to describe the behavior of connected clusters in a random graph.The authors investigate and analyze the statistical behaviors of returns of the price model by some analysis methods,including multifractal analysis,autocorrelation analysis,scaled return interval analysis.Moreover,the authors consider the daily returns of Shanghai Stock Exchange Composite Index,and the comparisons of return behaviors between the actual data and the simulation data are exhibited.