Risk of Structured Transfer of Non-Performing Assets of Commercial Banks and Its Prevention

China implements license management for AMC and strictly controls the license in limited quantities. Under the influence of the declining economy, non-performing assets increase sharply, which causes an oversupply of non-performing assets in the transaction market. If commercial banks directly transferred the assets to AMC, the price is relatively low,which may result in great losses to banks. To relieve the dilemma, commercial banks should work out methods for treating the non-performing assets. By fully utilizing the structured financing model and the bank’s own financing advantages to broaden the actual purchaser of non-performing assets, transfer incomes should be raised and direct capital losses should be reduced. Structured transfer of non-performing assets as a new mode of disposing non-performing assets to ordinary investors or the bank’s own investment funds via all kinds of AMCs, trusts, funds, brokerages, SPV (such as LP)and other institutions contains four business risks, including channel operation risk, pricing risk, recovery risk and tax risk and three legal risks, such as regulatory compliance risk, the ambiguous orientation of bank legal subject and the ambiguous orientation of return rights. These risks require in-depth study into their causes for proper prevention.     

Legislative Transparency and Credit Risk

Open governance requirements are designed to improve accountability, which implies that transparent governments are more trustworthy stewards of their publicly invested power. However, transparency may also reduce institutional effectiveness and inhibit political compromise, diminishing the capacity to manage resources responsibly. We assess empirical support for these competing perspectives in the context of American state legislatures, many of which have become exempt from state sunshine laws in recent decades. We leverage variation in the timing of these legislative exemptions to identify the effect of removing transparency in a crucial governing institution on investors’ risk perceptions of states’ general obligation bonds. Our analysis of these data during the period 1995–2010 suggests that removing legislative transparency reduces state credit risk. We conclude that while openness in government may be normatively desirable, shielding legislative proceedings from public view may actually be better for states’ debt repayment capacity, improving their overall fiscal health.     

环境行政许可的八个立法原则

在现代社会,许可证制度是防范环境风险最主要的法律制度。目前,学界对行政许可的一般立法原则(法律保留原则、便民效率原则、信赖保护原则、公开公平原则等)探讨甚多,而对环境行政许可具有自身特色的立法原则探讨较少。环境行政许可具有风险品性、科技背景、利益权衡、代际平衡、国际关联等五个特征,因此,环境行政许可的立法,除了须遵循行政许可的一般立法原则外,还须遵循预防、谨慎行事、合理开发利用、污染者负担、科技促进、公众参与、协同合作、国家环境资源主权与不损害国外环境等八个立法原则。这八个原则对具体制度的建构均有明确的要求,并在特定情况下使许可举证责任发生转移。     

Sensory speculations:Visual discourse and the vision of visuality

It is now commonplace within the discipline of art history and visual culture to speak to theories of vision and visuality. Recent questions concerning the subject of vision, sexed positionalities and discourses of viewing are indebted to theories of visuality, which now occupy a privileged place within the study of visual culture. Theories of visuality have revealed both the terms of cultural visibilities and significantly the how of what we see. And yet despite this engagement of the opacity and duplicity of the visual, recent work into visuality has been plagued by a re‐occurring myopia regarding the corporeal This oversight within the visibilites of visual discourse is the unchallenged idea of a ‘human vision’ within the social constructivist project. In this article I assess how this universal operates as the matter for theories of visuality and of the ramifications of this for the project of the critique of vision.     

我国创业板初创期市场风险识别与防控初探——以海外创业板经验教训为借鉴

从对海外典型的成功或失败的创业板市场经验教训的分析总结来看,创业板初创期的市场是充满风险的.初创期风险的成功解决与否与创业板最终的命运存在着明显的关联.因此,对创业板初创期风险及时地识别、合理地防控成为我国创业板当前阶段应该重点关注的问题.     

Prediction of violent and sexual offences: A replication study of the VRAG in Switzerland

Abstract

The Violence Risk Appraisal Guide (VRAG) is a widely used actuarial risk assessment instrument and has been validated in different countries. However, there is no investigation supporting the predictive accuracy of the VRAG in the German language area. The VRAG scores of 79 violent and sexual offenders in Switzerland were assessed based on data from their psychiatric expert opinions. The VRAG scores were compared to subsequent recidivism as shown in the official criminal records. Consistent with past research in the English language area, the VRAG yielded a satisfying predictive accuracy (ROC area = .73), demonstrating its usefulness for risk assessment of violent delinquency in the Swiss cultural and German language area.     

风险社会背景下的公共安全与政府责任——以食品安全事件为视角

社会存在一定的风险。现代社会中的风险具有不确定性以及多样性、广泛性和人为性的特点。与风险相对应的是安全,尤其是备受关注的公共安全。其中,与民生有着密切联系的食品安全由于发生的频次高、危害范围广、原因复杂、后果严重,更是考察政府职能的一个参照。在如此的背景下,相关部门应当建立并完善风险预警机制、食品安全信息公布与通报机制、食品安全检验和检疫机制以及重大事故处置机制,以应对风险。     

产业集群风险理论研究述评

在简要评述国内外产业集群风险理论的基础上,指出现有集群风险理论研究上的缺陷。基于演化经济学的分析框架,从技术与制度变迁两个层面入手构建了产业集群自稔性风险成因的扩展模型,旨在为深入探求集群风险的成因与化解途径提供更多支持。     

The economic significance of “insignificant” rules

We know relatively little about the economic effects of “insignificant” rules because they are not typically analyzed. Yet, these rules could be cumulatively important. We provide an economic analysis of one proposed rule to control hazardous air pollutants, which is not considered to be economically significant. This rule is of particular interest because it is one of the first in a long series of rules that Environmental Protection Agency (EPA) will consider for limiting hazardous air pollutant emissions. Our analysis suggests that the proposed controls that EPA has considered are not likely to pass a benefit–cost test. We recommend that an agency base its decision to allocate additional resources to benefit–cost analysis on the expected value of the improved information. In addition, agencies should consider applying a rule of thumb that would specify a threshold level of risk reduction that needs to be achieved before some kinds of regulation are considered.