Tax Benefits of Open Individual Private Pension Plans

This article describes the open private pension plans offered in Brazil, which is one of the four pillars of the Brazilian retirement system. A framework is created to describe and analyze the impact of the transaction costs and tax advantages one can obtain from these financial products. This framework allows us to show and measure the advantages of these products versus other alternatives for long-term investment in the Brazilian financial market. It is shown that private plans are better than direct investment in funds in a high interest rate environment.     

The Association between Earnings' Yield and Market Returns: A Stochastic Dominance Analysis

This paper examines the contemporaneous association between earnings' yield and return on common stock, during the nineteen-year period commencing with 1959. The analysis includes 391 firms, which have been clustered in ten portfolios, by the magnitude and changes in their Total Debt to Total Assets ratios, over twenty years. Three Stochastic Dominance rules have been employed in a twofold examination: a market index and direct pairwise portfolio comparisons. The results suggest a positive association between earnings' yield and return on common stock and, therefore, support previously published findings. However, the association reported in this paper is limited to Third Degree Stochastic Dominance, which is tied to decreasing absolute risk aversion behaviour on the part of market participants. Since the analytical path followed in this study is free of some criticism voiced with respect to empirical applications of the capital asset pricing and market models, which have been utilized by previous writers, the results also lend further validity to the application of those models in similar studies. Résumé Cette étude examine l'association simultanée entre le rendement des bénéfices et le rendement d'actions ordinaires pendant une période de 19 ans commençant en 1959. L'analyse comprend 391 entreprises qui ont été regroupées en 10 portefeuilles selon l'ampleur et les changements du rapport de la dette totale et l'actif total sur une période de 20 ans. Trois règles de dominance stochastique ont ete employées dans un examen a deux volets portant sur l'indice boursier et les comparaisons de portefeuilles par paires. Les résultats indiquent une association positive entre les bénéfices et le rendement sur les actions ordinaires et corroborent donc les résultats d'études publiées précédemment. Cependant, l'association établie dans la présente etude est limitée à une dominance stochastique du troisième degré qui est reliée à une diminution du comportement d'aversion au risque absolu chez les participants sur le marché boursier. Comme le cheminement analytique de la présente étude ne comporte pas toutes les critiques concernant les applications empiriques des modèles de marché et de détermination de la valeur de l'actif qui ont été utilisés par d'autres auteurs, les résultats confèrent également une validité accrue à l'application de ces modèles dans des études semblables.     

中国企业年金替代率水平研究——基于随机波动模型的分析

构建我国企业年金替代率现金流模型,把年金资产的投资收益率作为随机变量引入随机波动(Stochastic Volatility,SV)模型,以年金资产投资于股票和国债两类风险资产为例,对年金替代率进行模拟分析。研究表明:从供给角度讲,在当前条件下,制度能够实现的替代率水平远远低于制度的预设目标;在总缴费率较高,而其它因素又很难改变的情况下,提高年金替代率的关键是提高投资收益率水平。为此,要改善年金资产的投资环境,引入竞争机制,降低基金管理费率。     

Wages,Health Insurance and Pension Plans: The Relationship Between Employee Compensation and Small Business Owner Income

Small business owners claim that their ability to provide higher wages and more frequent employee health insurance and pension benefits is severely constrained by the profitability of their firms. This paper examines the proposition that employee wage levels, provision of employee health insurance, and sponsorship of an employee pension plan are associated with small business owner income. A large trade-association survey supplies the data for the inquiry. Regression analysis (OLS and logistic) demonstrates that all three forms of employee compensation are tied to business owner income. Further, the business owner income variable "washes out" the generally accepted relationship between size of business and wages, though not the relationships between size of the business and the presence of health insurance nor between the size of business and the presence of pension benefits. The regressions also indicate that unit costs of health insurance and pension benefits are higher for those employing 10 or fewer and 20 or fewer respectively compared the other small businesses.     

State‐owned Enterprises,Exporting and Productivity in China: A Stochastic Dominance Approach

A popular explanation for China's rapid economic growth in recent years has been the dramatic increase in the number of private domestic‐ and foreign‐owned firms and a decline in the state‐owned sector. However, recent evidence suggests that China's state‐owned enterprises (SOEs) are in fact stronger than ever. In this paper, we examine over 78,000 manufacturing firms between 2002 and 2006 to investigate the relationship between ownership structure and the degree of firm‐level exposure to export markets and firm‐level productivity. Using a conditional stochastic dominance approach, we reveal that although our results largely adhere to prior expectations, the performance of SOEs differs markedly between those that export and those that supply the domestic market only. It appears that China's internationally focused SOEs have become formidable global competitors.     

智慧养老:养老体系需要顶层设计

人口老龄化对经济和社会的发展提出严峻挑战。无论是从宏观还是微观层面,政府、企业和家庭都无法回避老龄化社会所带来的各种问题,因此必须深入思考和探索相关的应对机制。本文从政府、公众、产业的需求入手,对国家智慧养老服务体系做顶层设计,并对其实施提出意见和建议。     

Japan's Quest for M-Commerce Dominance

Abstract

NTT DoCoMo's I-mode system is one of the most successful stories in mobile communication industry. The system has expanded the spectrum for mobile phone users to do more than just phone calls. Although I-mode is primarily used in Japan, its business model and the strategy of doing business may have a profound impact on world's m-commerce in the near future.     

Optimal Sure Portfolio Plans

This paper is a sequel to the author's "Certainty Equivalence in the Continuous-Time Portfolio-cum-Saving Model" in Applied Stochastic Analysis (eds. M. H. A. Davis and R. J. Elliot), where a model of optimal accumulation of capital and portfolio choice over an infinite horizon in continuous time was considered in which the vector process representing returns to investment is a general semimartingale with independent increments and the welfare functional has the discounted constant relative risk aversion (CRRA) form. A problem of optimal choice of a sure (i.e., nonrandom portfolio plan can be defined in such a way that solutions of this problem correspond to solutions of optimal choice of a portfolio-cum-saving plan, provided that the distant future is sufficiently discounted. This has been proved in the earlier paper, and is in part proved again here by different methods. Using the canonical representation of a PII-semimartingale, a formula of Lévy-Khinchin type is derived for the bilateral Laplace transform of the compound interest process generated by a sure portfolio plan. With its aid. the existence of an optimal sure portfolio plan is proved under suitable conditions, and various causes of nonexistence are identified. Programming conditions characterizing an optimal sure portfolio plan are also obtained.     

Sales Force Compensation Plans

No abstract available for this article.     

基于企业养老保险会计核算的研究

随着人口的不断增加,人均寿命也在不断的延长,养老保险是国家解决人口老龄化所建立的一种社会保障制度,而养老保险的会计核算是确定养老保险金至关重要的步骤。当前,企业养老保险会计核算中存在的问题,主要体现在个人账户核算工作混乱,会计信息披露不全面,不符合权责发生制原则和配比原则,设置相关科目时未考虑实际需求等方面。相关部门应通过完善个人账户记实工作,完善养老保险会计信息披露,建立权责制度,重新设计和完善会计科目等有关措施来解决养老保险会计核算中出现的问题,以此提高企业养老保险会计核算水平,继而为企业退休职工提供更加可靠的生活保障。     

Banks Mull Survival Plans

Tensions could be eased over howto jump-start China's ailing banking sector as top regulatory authorities recentlymapped out detailed restructuring plansfor the biggest but most risky four commercial banks on the capital market.The bold therapies, although still notyet finalized, are seen as crucial movesto improve the efficiency of the "BigFour" - the Industrial and CommercialBank of China, the China ConstructionBank, the Bank of China and the Agricultural Bank of China - which areviewed…     

Pension Reform in Europe

Pension reform is high on the agenda almost everywhere in Europe. The contributions to this Forum outline the different pension systems of selected European countries, providing an assessment of both the reform steps taken so far and the need for further reform.

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* The authors gratefully acknowledge financial support provided by the Gesamtverband der Deutschen Versicherungswirtschaft GDV). All errors remain their own.     

Dynamic Optimal Pension Fund Portfolios when Risk Preferences Are Heterogeneous among Pension Participants

In this paper, we consider the problem of an optimal pension fund portfolio given the heterogeneous risk preferences of pension fund participants. The relative risk aversion of a pension fund tends to be a decreasing function of the level of aggregate wealth. We find that the dynamic optimal portfolio is simply characterized as the weighted sum of the optimal portfolio for each participant. Our model helps successfully establish the microfoundation of asset liability management models. A numerical example using recent Japanese data indicates the significant total welfare losses of adopting a suboptimal portfolio strategy and an inefficient risk‐sharing rule.     

人口老龄化、养老保险缴费率与基本养老金目标替代率

构建一个包含"统账结合"养老金制度的跨期迭代模型,基于联合国人口预测数据模拟老龄化对2020—2100年中国基本养老金替代率的影响,并考察为维持59.2%的目标替代率应如何调整企业和个人的基本养老金缴费率。结果显示:人口老龄化将导致替代率大幅度降低;为维持目标替代率水平,需要大幅度提升缴费率;实施延迟退休能够显著降低为确保目标替代率而不得不提高的缴费率。有鉴于此,中国应综合实施延迟退休、调整缴费率的联动政策,在控制缴费负担、减少效率损失的基础上实现目标替代率,确保基本养老保险体系的养老保障质量。     

2005，央视的优势地位更加巩固

随着中国电视媒体的蓬勃发展，至今已有3000多个电视频道。而央视2004年通过对频道的改版和其节目的优化整合，央视的优势媒体地位和公信力也得到了大量提升，吸引了越来越多的国际大品牌参与其广告段的竞标，CCTV黄金时间的竞标价格也因此逐年上升。     

农村“五保”养老问题的研究综述

我国五保养老问题的学术研究始于税费改革以来。普遍认为五保养老是构建我国社会保障安全网络的重要一环。目前对五保养老问题的研究主要集中在政策的执行环节。基本是基于政策工具与政策效果之间的对比研究,缺乏关于政府支撑五保养老工作的基础理论研究。从农村五保供养制度的沿革、养老模式、困境和原因、出路等整理、归纳和评述了学术界已有的观点。对五保供养的目标操作化有待进一步的深入探讨。应将对五保的关注提升到权利和人权层次的高度。     

农村"五保"养老问题的研究综述

我国五保养老问题的学术研究始于税费改革以来.普遍认为五保养老是构建我国社会保障安全网络的重要一环.目前对五保养老问题的研究主要集中在政策的执行环节.基本是基于政策工具与政策效果之间的对比研究,缺乏关于政府支撑五保养老工作的基础理论研究.从农村五保供养制度的沿革、养老模式、困境和原因、出路等整理、归纳和评述了学术界已有的观点.对五保供养的目标操作化有待进一步的深入探讨.应将对五保的关注提升到权利和人权层次的高度.     

养老金退款的账务处理方法

<正>一、养老金退款的一般做法在社会保险经办机构(以下简称经办机构)同参保单位结算下拨养老金以及为调转职工办理基本养老保险个人账户基金转移的过程中,时常发生退款现象。退款原因多种多样:有时是因户名、账号、开户银行有误而退款;有时是因经办机构疏忽大意将养老金汇错了单位;