The purposes of this research are to examine bank risk taking behavior and its relationship with bank charter value, particularly whether the responses of risk measures to charter value are different for banks with high and low level of charter value for the five European countries (France, Germany, Italy, Spain and the UK) during the period 1993-2002. By employing Galloway et al’s (1997) empirical model, the findings are partially consistent with their results. The consistency is the acceptance of the ‘moral hazard’ hypothesis that banks with low charter value are more apt to engage in high risk taking strategies. Further analyses found this behavior was constrained in the early 2000s. Moreover, it is interesting that the results also illustrate that risk taking increased with bank charter value over the period, which rejects the ‘bankruptcy cost’ hypothesis that when banks charters are valuable, they are more likely to be risk aversion due to the fear of potential losses of their valuable charters. Overall, the pooled data indicate that there is a non-linear relationship between risk taking behavior and bank charter value.

In a real options and game-theoretic framework, this paper examines the optimal R&D investment timing of an incumbent under uncertainty, which faces the threat of preemption by a potential entrant. We incorporate incomplete information into the model by assuming that the incumbent does not know the entrant’s investment timing but know its distribution. We find that incomplete information reduces the erosion of waiting option value by the competition, and therefore waiting is still valuable even in the presence of preemption and competition. The entrant's hazard rate has the impact on the incumbent's optimal investment timing: the more the hazard rate is, the earlier the incumbent invests.

Based on the research of foreign capital flows and financial risks, this note puts forward the conceptual model─“Foreign Capital Reliance”(FCR), and analyses its interior development mechanism and the possibility & inevitability of its result in Financial Crisis from the perspective of monetary capital. The author believes that financial risks also exist in foreign capital flows, and foreign capital inflows are entirely possible to result in a more fragile economic system. The author also regards Asian Financial Crisis as Crisis typical of FCR. The empirical analyses of sampling five Asian countries: Thailand, Korea, Indonesia, Malaysia and Philippines support the arguments.

摘　要: 银行卡在信息时代发挥着重要的作用，但由于存在信息保护和业务处理方面的漏洞，已被犯罪分子充分利用，给银行和持卡人带来了巨大的经济损失。用变形字符表示卡的特征值、结合卡号和密码检验能实现银行卡的多维防伪，杜绝他人成功伪造银行卡，对国家、银行和持卡人来说都具有十分重要的意义。 Abstract:：The Bank card produces a marked effect in information age. It easy be used by lawless person that message saveing and deal processing has defects. So Banks and holders of card suffers a great economics loss. To express eigenvalue of card by changed chars, combining card No and password check can achieves card preventing to forge in many ways. This can prevent man to successfully forge Bank card . This is very important for country, Bank and holder of card. Key words: Bank card; preventing to forge ; preventing to forge in many ways

利率期限结构是资产定价、金融产品设计、保值和风险管理、套利以及投机资等的基础。因此，对利率期限结构的估计是金融工程领域一个十分基础的工作。本文则是在这方面进行的一个尝试性研究工作。对利率期限结构的估计，可以有许多方法，其中包括息票剥离法（bootstrap method）和样条估计法（spline approximation）。本文则同时利用这两种方法对中国2001-2002的利率期限结构进行一个静态的估计，比较两种估计方法的静态估计结果并在此基础上分析中国利率期限结构的变化特征。 The term structure of interest rate is the foundation of Asset pricing, financial products design, hedging and risk management, arbitraging and Investment. For this reason, the estimation of term structure of interest rate is a fundamental research work in the field of financial engineering. This paper is a trial on this subject. There exist many methods to estimate to term structure, which include the bootstrap method and spline approximation. This paper uses both methods to make a static approximation of term structure of interest rate in China from 2001 to 2002, compares the static estimation results of two approximation methods, and then analyzes the dynamic change of term structure of interest rate in China.

We explore whether compensation policies in bidding firms counter or exacerbate agency conflicts by examining CEO pay and incentives around corporate takeovers. We find that even in mergers where bidding shareholders are worse off, bidding CEOs are better off three quarters of the time. In the years following mergers, CEOs of poorly performing firms receive substantial increases in option and stock grants that offset any effect of long-term underperformance on their wealth. As a result, the CEO’s pay and his overall wealth become insensitive to negative stock performance, but his wealth rises in step with positive stock performance. Corporate governance matters; bidding firms with stronger boards retain the sensitivity of their CEOs’ compensation to poor performance following the acquisition. In comparison, we find that CEOs are not rewarded for undertaking major capital expenditures, and that they receive only minor downside protection. Our results highlight that acquisitions are treated differently from other capital investments by the board in setting CEO compensation and our evidence is consistent with the self-serving management hypothesis in corporate acquisitions.

This paper constructs a rural speci¯c model to investigate how inequalitycan a®ect growth when moral hazard problem exists in credit markets. Banks rely on collateral, whereas the informal institutions directly yet costly monitor borrowers. Since both are unfavorable to certain segments of the agents,coexistence of these two could be growth enhancing. The dynamic rise and fall of them are implied. Further, the negative relationship between inequality and growth is discovered, using cross-province data in rural China. Interestingly,the policy dummy variable showing the attitude towards the informal institutions presents a positive sign, which supports our model empirically.

和无风险国债相比，公司债券的投资者必须承担由于公司无力偿还债券本息的额外违约风险。因此，根据风险收益对称原则，公司债券的收益率应该高于同一时期的无风险利率。二者之间的差额即是公司的违约风险溢酬 。本文在郑振龙、林海（2002）对中国利率期限结构静态估计的基础之上对中国违约风险溢酬问题进行了估计和分析。研究结果表明，我国的公司债券市场存在着公司违约风险溢酬，这种风险溢酬随着期限的增加呈现出不断上升的总体趋势，这与投资者的理性观念相符。但是由于中国公司债券市场发展的落后以及品种的稀少，对公司债券的定价存在着一定程度的不合理现象。 The investors of corporate bonds have to undertake the additional risk that the corporate will lose the ability of paying off the principal and interest and default. So the return of corporate bonds should be higher than the interest rate of the same period. The difference is the default risk premium. This paper uses the estimation result of Zheng and Lin(2002) and makes an empirical test on the default risk premium in China’s corporate bond market. The results show the existence of default risk premium, which increases generally with time horizon. This matches the rational investment idea. But due to the less development of China’s corporate bond market, the price of corporate bonds is unreasonable in some extent and in some periods.

员工持股制度（ESOP - Employee Stock Ownership Plan）起源于美国，是指在某特定的时期内，以某种约定的方式使公司经营管理者或普通员工得到该公司一定量的股份，使经营者或员工的角色发生转变，由单纯的代理方转向管理者和所有者的双重职能，从而使其更加尽职尽责，达到激励公司雇员而取得公司利益最大化的目的。 本文主要针对该种制度在中国的实践和理论状况做一探讨。

Cross-asset derivative securities are studied and a dichotomous asset pricing model (DAPM) is derived that signi…cantly enriches the Sharpe-Lintner-Black capitalasset pricing model. An asset’s beta is shown to be observable ex ante through the price of its cross-market call or put, and the DAPM separately predicts the assets’ expected return - beta relations under the upper-market and lower-market conditions. A su¢cient condition for the DAPM to hold is that assets’ return distributions satisfy Ross’ (1978) two-fund separation property, which implies that any well-diversi…ed portfolio is both mean-variance and gain-loss e¢cient.