The post-financial crisis challenges for corporate governance and banking reform in China

The purpose of this paper is to review the impact of the global financial crisis on banking reform in China. The significant doubt concerning the efficiencies of Anglo-American model of corporate governance has raised a critical political question amongst scholars and practitioners as to whether China should continue to follow the U.K.-U.S. path in relation to financial reform. This conceptual paper provides an insightful review of the corporate governance literature and regulatory reports. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, which promotes greater liberalization and less control, the paper considers the risks in opening China’s financial markets and relaxing monetary and fiscal policies. A critique of shareholder-capitalism is outlined in relation to the German���s “social market economy” styled capitalism. Through such analysis the paper explores a number of implications for China to consider in terms of developing a new and sustainable corporate governance model applicable to the Chinese context.

Ultimate attainment in the use of lexical collocations among heritage speakers of Turkish in Germany and Turkish-German returnees

In this paper we show that heritage speakers and returnees are fundamentally different from the majority of adult second language learners with respect to their use of collocations (Laufer & Waldman, 2011). We compare the use of lexical collocations involving yap- “do” and et- “do” among heritage speakers of Turkish in Germany (n=45) with those found among Turkish returnees (n=65) and Turkish monolinguals (n=69). Language use by returnees is an understudied resource although this group can provide crucial insights into the specific language ability of heritage speakers. Results show that returnees who had been back for one year avoid collocations with yap- and use some hypercorrect forms in et-, whilst returnees who had been back for seven years upon recording produce collocations that are quantitatively and qualitatively similar to those of monolingual speakers of Turkish. We discuss implications for theories of ultimate attainment and incomplete acquisition in heritage speakers.

Ultimate attainment in the use of collocations among heritage speakers of Turkish in Germany and Turkish-German returnees

In this paper we show that heritage speakers and returnees are fundamentally different from the majority of adult second language learners with respect to their use of collocations (Laufer & Waldman, 2011). We compare the use of lexical collocations involving yap- “do” and et- “do” among heritage speakers of Turkish in Germany (n=45) with those found among Turkish returnees (n=65) and Turkish monolinguals (n=69). Language use by returnees is an understudied resource although this group can provide crucial insights into the specific language ability of heritage speakers. Results show that returnees who had been back for one year avoid collocations with yap- and use some hypercorrect forms in et-, whilst returnees who had been back for seven years upon recording produce collocations that are quantitatively and qualitatively similar to those of monolingual speakers of Turkish. We discuss implications for theories of ultimate attainment and incomplete acquisition in heritage speakers.

‘Warsaw Pact Military Doctrines in the 70s and 80s: Findings in the East German Archives’

This article draws on Warsaw Treaty Organisation and East German military archives to demonstrate that the WTO's military exercises until the mid-1990s always envisaged an offensive strategy with the aim of reaching the Channel in a few days. Only gradually did this change under Gorbachev and to include also defensive strategies, very much against the opposition of East Germany.

Bank market concentration, relationship banking and small business liquidity

This paper examines two contrasting interpretations of how bank market concentration (Market Power Hypothesis) and banking relationships (Information Hypothesis) affect three sources of small firm liquidity (cash, lines of credit and trade credit). Supportive of a market power interpretation, we find that in a highly concentrated banking market, small firms hold less cash, have less access to lines of credit, and are more likely to be financially constrained, use greater amounts of more expensive trade credit and face higher penalties for trade credit late payment. We also find support for the information hypothesis: relationship banking improves small business liquidity, particularly in a concentrated banking market, thereby mitigating the adverse effects of bank market concentration derived from market power. Our results are robust to different cash, lines of credit and trade credit measures and to alternative empirical approaches.

Why high seed densities within buried mesh bags may overestimate depletion rates of soil seed banks

1. Estimates of seed bank depletion rates are essential for modelling and management of plant populations. The seed bag burial method is often used to measure seed mortality in the soil. However, the density of seeds within seed bags is higher than densities in natural seed banks, which may elevate levels of pathogens and influence seed mortality. The aim of this study was to quantify the effects of fungi and seed density within buried mesh bags on the mortality of seeds. Striga hermonthica was chosen as the study species because it has been widely studied but different methods for measuring seed mortality in the soil have yielded contradictory estimates. 2. Seed bags were buried in soil and exhumed at regular time intervals to monitor mortality of the seeds in three field experiments during two rainy seasons. The effect of fungal activity on seed mortality was evaluated in a fungi exclusion experiment. Differences in seed-to-seed interaction were obtained by using two and four densities within the seed bags in consecutive years. Densities were created by mixing 1000 seeds with 0, 10, 100 or 1000 g of coarse sand. 3. The mortality rate was significantly lower when fungi were excluded, indicating the possible role of pathogenic fungi. 4. Decreasing the density of seeds in bags significantly reduced seed mortality, most probably because of decreased seed-to-seed contamination by pathogenic fungi. 5. Synthesis and applications. Models of plant populations in general and annual weeds in particular often use values from the literature for seed bank depletion rates. These depletion rates have often been estimated by the seed bag burial method, yet seed density within seed bags may be unrealistically high. Consequently, estimates of seed mortality rates may be too high because of an overestimation of the effects of soil or seed-borne pathogens. Species that have been classified from such studies as having short-lived seed banks may need to be re-assessed using realistic densities either within seed bags or otherwise. Similarly, models of seed bank dynamics based on such overestimated depletion rates may lead to incorrect conclusions regarding the seed banks and, perhaps, the management of weeds and rare species.

Inverting the lives of 'others': retelling the Nazi past in 'Ehe im Schatten' and 'Das Leben der Anderen'

The article compares Florian Henckel von Donnersmarck's film Das Leben der Anderen (2006) with Kurt Maetzig's early post-war film Ehe im Schatten (1947). The comparison is based on significant narrative and thematic elements which the films share: They both have a ‘theatre couple’, representatives of the ‘Bildungsbürgertum’, at the centre of the story; in both cases the couple faces a crisis caused by the first and second German dictatorship respectively and then both try to solve the crisis by relying on the classical ‘bürgerliches Erbe’, particularly the ‘bürgerliches Trauerspiel’. The extensive use of the ‘bürgerliches Erbe’ in the films activates the function this heritage had for the definition of the German nation in the nineteenth century. However, while Maetzig's film shows how the ‘heritage’ and its representatives fail in the face of National Socialism, von Donnersmarck's film claims the effectiveness of this ‘heritage’ in the fight against the East German dictatorship. Von Donnersmarck thus inverts a critical film tradition of which Ehe im Schatten is an example; furthermore, as this tradition emerged from dealing with the Third Reich, von Donnersmarck's film, it will be argued, is more interested in the redemption of the Nazi past than the East German past.

An empirical investigation of the effects of rounding on the SPF probabilities of decine and output growth histograms

I consider the possibility that respondents to the Survey of Professional Forecasters round their probability forecasts of the event that real output will decline in the future, as well as their reported output growth probability distributions. I make various plausible assumptions about respondents’ rounding practices, and show how these impinge upon the apparent mismatch between probability forecasts of a decline in output and the probabilities of this event implied by the annual output growth histograms. I find that rounding accounts for about a quarter of the inconsistent pairs of forecasts.

A word of caution on calculating market-based minimum capital risk requirements

This paper demonstrates that the use of GARCH-type models for the calculation of minimum capital risk requirements (MCRRs) may lead to the production of inaccurate and therefore inefficient capital requirements. We show that this inaccuracy stems from the fact that GARCH models typically overstate the degree of persistence in return volatility. A simple modification to the model is found to improve the accuracy of MCRR estimates in both back- and out-of-sample tests. Given that internal risk management models are currently in widespread usage in some parts of the world (most notably the USA), and will soon be permitted for EC banks and investment firms, we believe that our paper should serve as a valuable caution to risk management practitioners who are using, or intend to use this popular class of models.