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On the Issue of Commercial Insurance and Commercial Insurance Market in the Slovak Republic 斯洛伐克商业保险与商业保险市场问题研究
Pub Date : 2018-03-28 DOI: 10.17265/1537-1506/2018.03.003
B. Drugdová
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.
本文主要介绍了斯洛伐克商业保险、商业保险市场、非寿险以及斯洛伐克的国际风险。自2004年5月1日起,斯洛伐克保险市场成为统一的欧盟保险市场的一部分,该市场包括5000多家保险公司。斯洛伐克加入欧洲联盟后,在商业保险业领域进行了几项立法改革,这也影响到非人寿保险和国际风险保险作为非人寿风险的一部分。本文中提到的商业保险领域的最新法案是国家议会SR第39/2015 Coll号法案。在保险方面,寿险和非寿险的立法都有变化。基本术语在前两章中进行了定义和评论(Lowry, Rawlings, & Merkin, 2015)。第二章阐述了国际风险作为非寿险风险的一部分的性质。第三章对国际风险进行分类;国际风险在本文中被细分为商业或贸易风险、政治和经济风险以及特殊类型的风险。
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引用次数: 0
The Effects of Gross vs. Net Asset Value-Based Managers’ Compensation on REIT Capital Structure and Performance. Evidence from the Italian REIT Market 基于总资产价值与净资产价值的经理人薪酬对REIT资本结构和绩效的影响。意大利房地产投资信托市场的证据
Pub Date : 2018-02-28 DOI: 10.17265/1537-1506/2018.02.001
Massimo Biasin, A. Quaranta
Investors should always argue about management fees because of their impact on net performance that can be substantial. This especially for investments, like real estate, which require intensive management. However, different from traditional mutual funds that are usually related to the gross value of the assets under management, but similar to other financial industry sectors (e.g. hedge funds and private equity funds), REIT managers’ compensation structure typically provides a basically fixed payment based alternatively on gross asset value (GAV) or net asset value (NAV). In addition, managers usually also gain a performance fee. The paper analyses how the two alternative compensation schemes influence REITs’ investment decisions and capital structure and, consequently, REITs’ share value and performance. The final issue addressed is whether—and under which conditions—one compensation scheme is superior to the other. Due to the (usual) market price discount on NAVs, both fee structures incentivise managers to leverage—even in a tax-free environment—in order to maximize the management fees. However, the leverage motivation is stronger for GAV-based than for NAV-based REITs, which are also expected to be more selective in investment decisions. Overall, considering initial fee percentage, GAV-based REITs are expected to execute higher management fees than NAV-based REITs due to the relevant leverage effect. Moreover, debt recourse produces different effects on share value if measured upon market price or net asset value. The empirical analysis focuses on public Italian REITs (2002-2012). The results seem to support the theoretical expectations. GAV-based REITs experience higher debt trends and levels than NAV-based REITs. At the same time, GAV-based REITs register lower real estate asset returns gross and net of management fees for both current and growth yields. Differences in the returns lead to permanent higher performances over total return indexes of NAV-based REITs compared to GAV-based REITs.
投资者应该一直争论管理费问题,因为管理费对净业绩的影响可能很大。这尤其适用于投资,如房地产,这需要密集的管理。然而,与通常与管理下资产总值相关的传统共同基金不同,但与其他金融行业(例如对冲基金和私募股权基金)类似,房地产投资信托基金经理的薪酬结构通常基于资产总值(GAV)或资产净值(NAV)提供基本固定的支付。此外,基金经理通常还会获得业绩费。本文分析了这两种补偿方案如何影响REITs的投资决策和资本结构,从而影响REITs的股票价值和业绩。最后要解决的问题是,在何种条件下,一种补偿方案是否优于另一种。由于资产净值(通常)的市场价格折扣,这两种费用结构都激励管理人员利用杠杆——即使是在免税的环境中——以最大化管理费用。然而,基于gav的REITs的杠杆动机比基于nav的REITs更强,后者在投资决策中也更有选择性。总体而言,考虑到初始费用百分比,由于相关的杠杆效应,基于gav的REITs预计将比基于nav的REITs执行更高的管理费。此外,如果以市场价格或净资产衡量,债务追索权对股票价值的影响是不同的。实证分析的重点是意大利公共REITs(2002-2012)。研究结果似乎支持了理论预期。基于gav的REITs的债务趋势和水平高于基于nav的REITs。与此同时,基于gav的REITs在当前收益和增长收益方面的总和净管理费的房地产资产回报率较低。收益差异导致基于nav的REITs在总收益指数上的表现永久性高于基于gav的REITs。
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引用次数: 0
Share of Wallet in FMCGs Retailing: Proposing a Conceptual Model 快速消费品零售中的钱包份额:提出一个概念模型
Pub Date : 2018-02-28 DOI: 10.17265/1537-1506/2018.02.003
Vincenzo Basile
Recent years, the Marketing Science Institute considered marketing performance measurement (MPM) a priority in marketing research and managerial practice. Several contributions on the same topic have been proposed in literature. The ability to measure the marketing performance is considered, a cognitive gap that determined a decrease of marketing relevance within firm and organizations. Based on relevant literature on retailing and an explorative case study, it will be proposed a conceptual and pragmatic model to investigate MPM for a consumer goods retailer. The model is aimed to identify antecedents of “share of purchase”, “share of wallet”, and “share of visit”. An early test of the model has been carried out on three Italian leading chains: Superò, a master franchisee of SMA Spa (owned of 27 small supermarkets under control of the French Auchan Group), Decò-Multicedi (the Group is a multi-channel company based on network of five Ad Hoc cash & carry centers, 253 Decò outlets and three Ayoka pet shops) located in Campania Region. “U2” (the outlets label of Unes Spa, Finiper Group, operating mostly in northern Italy, with a chain of more than 190 direct and franchise supermarkets).
近年来,营销科学研究所将营销绩效衡量(MPM)作为营销研究和管理实践的优先事项。文献中已经提出了关于同一主题的一些贡献。衡量营销绩效的能力被考虑在内,这是一种认知差距,决定了企业和组织内部营销相关性的降低。基于零售业的相关文献和一个探索性的案例研究,将提出一个概念和实践模型来研究消费品零售商的MPM。该模型旨在识别“购买份额”、“钱包份额”和“访问份额”的前因。该模式的早期测试已经在三家意大利领先的连锁店进行:Superå,SMA Spa的主特许经营商(由法国欧尚集团控制的27家小型超市所有),Decå-Multicedi(该集团是一家多渠道公司,基于坎帕尼亚地区的五个特设现金和运输中心、253家Decò门店和三家Ayoka宠物店网络)。“U2”(菲尼珀集团Unes Spa的门店品牌,主要在意大利北部运营,拥有190多家直营和特许经营超市连锁店)。
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引用次数: 0
Influence of International Financial Reporting Standards Application on Education Accounting in Indonesia 国际财务报告准则的应用对印尼教育会计的影响
Pub Date : 2018-02-28 DOI: 10.17265/1537-1506/2018.02.002
Abdillah, Arif, Nasution, Wardayani, Zul, Azmi, Iskandar, Muda
This study aims to explore fundamental issues related to IFRS adoption in Indonesia, including how educational accounting anticipates IFRS implementation in 2012, the readiness of Indonesian accountants to face the implementation of IFRS and the liberalization of accounting services and PPA preparedness to make accountants, who are competent and able to compete in the global market. The research method used in this research is descriptive research method by using data from various sources of literature such as books, information from mass media and internet. The results of this study indicate that IFRS implementation will be done taking a lot of changes in mindset, paradigm, and accounting teaching patterns. A curriculum improvement should be made to create accountants ready to compete in the global marketplace.
本研究旨在探讨与印度尼西亚采用国际财务报告准则相关的基本问题,包括教育会计如何预测国际财务报告准则在2012年的实施,印度尼西亚会计师面对国际财务报告准则实施的准备情况,会计服务的自由化和PPA准备使会计师能够胜任并能够在全球市场上竞争。本研究使用的研究方法是描述性研究方法,使用各种文献来源的数据,如书籍,大众媒体和互联网的信息。本研究的结果表明,国际财务报告准则的实施将在思维方式、范式和会计教学模式上发生很大的变化。应该改进课程,以培养能够在全球市场上竞争的会计师。
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引用次数: 0
Four Rare and Unusual Dedications From Areas of Viminacium and Nais 四个罕见的和不寻常的奉献来自乙烯和乙烯地区
Pub Date : 2018-02-28 DOI: 10.17265/1537-1506/2018.02.004
Radmila Zotović
In the areas of Viminacium and Nais four rare and unusual votive dedications were identified. These are the dedications Deus Aeternus, Dii Angeli, Hero (Viminacium), and Atta (Naissus). The dedications Deus Aeternus and Dii Angeli may perhaps indicate Christianity, while the dedications Hero and Atta may indicate settlers of Greek origin. The dedication to goddess Atta could have been made by a freed man, since her cult was to an extent related to the cult of Heracles who, thanks to his loyal service to Omphale, where he was to repent his sins, was freed from slavery, and thus was also a protector of freed man. Main methodological approach in this paper is the analysis of cults as well as their backgrounds as conditions for their realisation. Until now for the territory of Serbia there was not corpus of analyzing cults. There is only corpus of grave and votive monuments for the territory of Serbia with very rare and sporadic comments of cult. So, the main topic of this article is analyzing of cults. It includes the main meaning of the cult, dateing of monuments and historical and archeological backgrounds of the cults. At the same time it was the main method in the analyzing of the mentioned votive monuments. By this method as the result appeared the dateing of the monuments and improvement of existing Greek settlers. At the same time there were the main research questions which should be ensolved. For ensolved the dateing of the monuments was used the system of analyzing syllabic formulae and for the improvement of existing Greek settlers the method of “healty mind” and connections of analogies. As a result the dateing of monuments of Deus Aeternus, Dii Angeli, and Hero was early 2-nd century, and for Atta from the beginning of 2-nd to the end of 3-rd century.
在维米纳丘姆和奈斯地区,发现了四种罕见和不寻常的还愿奉献。这是献给Deus Aeternus、Dii Angeli、Hero(Viminacium)和Atta(Naissus)的献词。Deus Aeternus和Dii Angeli可能表示基督教,而Hero和Atta可能表示希腊裔定居者。对女神阿塔的奉献可能是由一个自由的人完成的,因为她的崇拜在某种程度上与赫拉克勒斯的崇拜有关,赫拉克勒斯由于对奥姆法勒的忠诚服务,在那里他忏悔了自己的罪行,从奴隶制中解脱出来,因此也是自由人的保护者。本文的主要方法是分析邪教及其实现条件的背景。直到现在,塞尔维亚还没有分析邪教的语料库。塞尔维亚境内只有坟墓和还愿纪念碑,很少有零星的邪教言论。因此,本文的主要内容是对邪教的分析。它包括邪教的主要含义、纪念碑的年代以及邪教的历史和考古背景。同时,它也是分析上述还愿碑的主要方法。通过这种方法,纪念碑的年代确定和现有希腊定居者的改善出现了。同时,也存在着需要解决的主要研究问题。为了解决这些纪念碑的年代问题,使用了分析音节公式的系统,为了改进现有的希腊定居者,使用了“健康思维”的方法和类比的联系。因此,Deus Aeternus、Dii Angeli和Hero纪念碑的日期是2世纪初,阿塔纪念碑的日期从2世纪初到3世纪末。
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引用次数: 0
Assessing Probabilities of Unique Events in Decision Making 评估决策中唯一事件的概率
Pub Date : 2018-01-28 DOI: 10.17265/1537-1506/2018.01.003
W. Hughes
This paper outlines a two-stage assessment procedure for deriving probabilities of unique events. The calculations are illustrated using possible events pertaining to the Lehman failure in 2008. The procedures utilize pairwise comparisons associated with the Analytic Hierarchy Process. Typical betting odds are used to motivate an ordering of qualitative judgments that are then converted into quantitative assessments and finally a probability distribution.
本文概述了一个用于推导独特事件概率的两阶段评估程序。这些计算使用了与2008年雷曼破产有关的可能事件。这些程序使用与层次分析法相关的成对比较。典型的投注赔率用于激励定性判断的排序,然后将其转换为定量评估,最后转换为概率分布。
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引用次数: 0
Causal Relationship Between Electricity Production and Macroeconomic Indicators: Cross Countries Analysis 电力生产与宏观经济指标的因果关系:跨国分析
Pub Date : 2018-01-28 DOI: 10.17265/1537-1506/2018.01.001
Mudassira Sarfraz, A. Nowak
Today, many developing countries are facing severe shortage of electricity production in their economies which results into a widening gap between electricity production and consumption. This paper employs three-step methodology of Unit Root, Johansen Cointegration, and Vector Error Correction Mechanism to examine whether there exists short-, long-run, uni-, or bi-directional causality among economic growth, electricity production, and inflation for three South Asian economies namely, India, Pakistan, and Bangladesh covering the period 1973-2014. This paper finds the neutrality hypothesis in the short run for India, Pakistan, and Bangladesh. For the long run, the test result indicates that different hypothesis exists for the three countries under the analysis. This implies that policies and strategies for increasing the installed capacity of electricity generation can lead towards prosperous economic growth in the long run.
今天,许多发展中国家正面临着其经济中电力生产的严重短缺,导致电力生产和消费之间的差距日益扩大。本文采用单位根、约翰森协整和矢量误差修正机制的三步方法,考察了1973-2014年期间印度、巴基斯坦和孟加拉国三个南亚经济体的经济增长、发电量和通货膨胀之间是否存在短期、长期、单向或双向因果关系。本文发现印度、巴基斯坦和孟加拉国在短期内存在中立假设。从长期来看,检验结果表明分析下的三个国家存在不同的假设。这意味着,从长远来看,增加发电装机容量的政策和战略可以导致繁荣的经济增长。
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引用次数: 0
Review of U.S. Apparel and Textile Imports From China and Three Other Regions, 1995-2006 1995-2006年美国从中国和其他三个地区进口服装和纺织品的审查
Pub Date : 2018-01-28 DOI: 10.17265/1537-1506/2018.01.002
Shu-Hwa Lin
This project is to evaluate the benefits of the MFN status and the consequences of non-MFN renewal on trades between China and the United States. This paper also reveals the effects of quota removal on clothing and textile products on international trades between the United States, China, Hong Kong, Taiwan, and India. Data analyses, statistics, and charts, the changes in China’s number of exports to the United States, in particular, the apparel and textile sectors were selected to analyze from 1995 to 2005.
该项目旨在评估最惠国地位的好处以及非最惠国待遇续期对中美贸易的影响。本文还揭示了取消服装和纺织品配额对美国、中国、香港、台湾和印度之间国际贸易的影响。选择数据分析、统计数据和图表,分析1995年至2005年中国对美出口数量的变化,特别是服装和纺织行业。
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引用次数: 0
Forecasting International Tourism Regional Expenditure 国际旅游区域消费预测
Pub Date : 2018-01-28 DOI: 10.17265/1537-1506/2018.01.004
Benjamin Ognjanov, Yihong Tang, L. Turner
The vast majority of tourism forecasting studies have centered on tourist arrivals at an aggregated level. Little research has been done of forecasting tourist expenditure at a national level let alone at a regional level. This study uses expenditure data to assess the relative economic impact of tourism into regional areas. By comparing five time-series models (the Naïve, Holt, ARMA and Basic Structural Model (BSM) with and without intervention), and three econometric models (the Vector Autoregressive (VAR) model and the Time Varying Parameter (TVP) with and without intervention), the study sought to find the most accurate model for forecasting tourism expenditure two years ahead for each of the 31 provinces of mainland China. The results show that TVP models outperform other time series and econometric models. The research also provides practical management outcomes by providing methods for forecasting tourist expenditure as an indicator of economic growth in China’s provinces. The research concludes with the findings on the most appropriate model for regional forecasting and potential new variables suitable at the regional level.
绝大多数的旅游预测研究都集中在游客到达的总体水平上。在国家一级预测旅游支出的研究很少,更不用说在区域一级了。本研究使用支出数据来评估旅游对区域的相对经济影响。通过比较5个时间序列模型(Naïve、Holt、ARMA和基本结构模型(BSM))和3个计量模型(向量自回归模型(VAR)和时变参数模型(TVP))的干预和不干预,本研究试图找到最准确的预测中国大陆31个省份未来两年旅游支出的模型。结果表明,TVP模型优于其他时间序列和计量经济模型。研究还提供了将旅游支出作为中国各省经济增长指标的预测方法,从而提供了实用的管理成果。研究总结了最适合区域预报的模式和适合区域一级的潜在新变量。
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引用次数: 7
Abuses of Women in Inheritance Across Cultures: An Exploratory Study of Its Prevalence and Religious Panacea 跨文化继承中的妇女虐待:其普遍性和宗教灵丹妙药的探索性研究
Pub Date : 2017-12-28 DOI: 10.17265/1537-1506/2017.12.004
P. S. Akorede, A. A. Muinat
The patriarchal nature of African society generally lays emphasis on the superiority of men over women in every sphere of life. When a woman dies, in most African societies, her legacy is usually inherited by the husband, children, and her family. But if a man dies, the widow, usually experiences false accusations of killing her husband to deny her share of her husband’s properties. This paper examines how the dynamics of cultural practices in Nigeria promotes abuse of inheritance rights of women and discusses the possibilities of using Islamic inheritance rules as a divine solution to the abuse of inheritance rights of women. The research questions as follows: what is the nature of women’s rights to father’s estate? What is the nature of widow’s right to the husband’s estate? What is your perception about the Islamic law of inheritance? The data for this study were collected using questionnaire and simple percentage was used for the analysis. In this respect, a questionnaire was administered to 220 women who were purposely selected from the three major tribes in Lagos state, Nigeria. The result showed that various cultures in Nigeria favour male child, grant male higher rights to land and other properties and promote abuse of inheritance rights against women.
非洲社会的父权本质通常强调男人在生活的各个领域都比女人优越。在大多数非洲社会,当一名妇女去世时,她的遗产通常由丈夫、孩子和她的家人继承。但是如果一个男人死了,这个寡妇,通常会被诬告杀害她的丈夫,以剥夺她应得的丈夫的财产。本文探讨了尼日利亚文化习俗的动态如何促进妇女继承权的滥用,并讨论了使用伊斯兰继承规则作为滥用妇女继承权的神圣解决方案的可能性。研究问题如下:妇女对父亲遗产的权利本质是什么?寡妇对丈夫遗产的权利的性质是什么?你对伊斯兰教的继承法有什么看法?本研究采用问卷调查法收集资料,采用简单百分比法进行分析。在这方面,特意从尼日利亚拉各斯州的三个主要部落中挑选了220名妇女,对她们进行了问卷调查。结果表明,尼日利亚的各种文化都偏爱男孩,赋予男性更高的土地和其他财产权利,并促进对妇女滥用继承权。
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引用次数: 0
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中国经济评论:英文版
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