关于转让定价税务管理的国际协调问题

为避免各国在转让定价税务管理中引发新的矛盾,必须加强国家间的协调与合作。因此,需要对转让定价税务管理中涉及的国际协调问题进行分析,包括:各国转让定价税务管理依据的指导原则和具体方法;转让定价的初次调整和相应调整的配合;转让定价税务管理国际争议的协调机制等。     

从博弈论看保险市场信息不对称的本质及规范举措

博弈论是研究信息不对称问题的一种有效方法。保险业作为信息不对称最为集中的行业，保险人与被保险人之间存在着严重的信息不对称，特别是被保险人的逆向选择、道德风险和保险人的违规操作等现象普遍存在，长期困扰着保险界。     

Transfer Pricing, Incentive Compensation and Tax Avoidance in a Multi-Division Firm

This article examines the relation between transfer pricing and production incentives using a model of a vertically integrated firm with divisions located in different tax jurisdictions. We show that if divisional profits are taxed at the same marginal rate, the transfer price should be set to minimize the compensation risk faced by the manager of the buying division. For the case where divisional profits are taxed at different marginal rates, we are able to characterize the trade-off between the tax savings from setting transfer prices to reduce profitability in the high tax jurisdication and the loss of effort attributable to the impact of tax avoidance on the incentive compensation system. Further, we show that if it is feasible to compensate the division managers using multiple performance measures, the transfer price should be used to minimize the firm's overall tax liability. Finally, we show that when authority to determine the transfer price must be delegated to one of the division managers, it is optimal to assign responsibility for setting the transfer price to the manager of the division with the most production uncertainty.     

The Impact of Information Release on Stock Price Volatility and Trading Volume: The Rights Offering Case

This paper examines whether information released via rights offering announcements induces changes in price volatility and trading volume of underlying stock. The results of this paper provide support for the release of new information via offering announcements and evidence of its effects on price volatility and volume of underlying stock. Specifically, utilization of the announced information by investors is evidenced by greater trading volume following the announcement date than during the pre-announcement period. We interpret this result to mean that informedness dominates consensus. However, stock price volatility decreased from the pre-announcement period to the post-expiration period of rights offerings.     

Price Dynamics and Information Flows in Strategically-Linked Debt Instruments: The NOB and MOB Constituents

We examine information flows between the constituents of the NOB (notes-over-bonds) and MOB (municipals-over-bonds) futures spreads. The results suggest a bicausal relationship between notes and bonds and a unicausal relationship from bonds to municipals. Shocks in the bond market have a large impact on the municipal and note markets, whereas shocks in the municipal or note markets have a smaller impact on the bond market. Volatility spillover from bonds to notes and municipals is detected. We also find significant volatility persistence in all three markets. Spread trades are found to have an asymmetric influence on notes and municipal futures variance.     

The Market for New Issues: Impact of Offering Price on Price Support and Underpricing

Previous studies have shown that the pattern of first day returns to initialpublic offerings is consistent with the hypotheses of underpricing and price support. We examine two different periods, 1975–1984 and 1996–2002, and find that in each case the measures of price support and underpricing are substantially affected by the initial public offerings' beginning price. During the period 1975–1984, the mean and standard deviation of returns to the price supported group are nearly always zero regardless of price, whileg the mean of the returns to the underpriced group is smile-shaped: high for low-priced and high-priced stocks but lower for stocks offered at intermediate prices. The patterns are different in the most recent data: the mean and standard deviation of both the price supported and underpriced groups are smile-shaped. For the lowest priced stocks, the measures in the later period mirror those for the 1975–1984 period, but for more expensive stocks the measures are substantially higher. The results apply to the first day returns of both firm commitment and best efforts offerings. Once price is taken into account, other than the difference in the probability of price support, the differences among offering types seem to be of secondary importance in explaining first day returns. JEL Classification: 1, G12, G24     

新型农村合作医疗中的农民信息角色分析

本文从农民在新农合中扮演的信息角色出发,通过数据对比、实地调查等方式以及农民与其他利益相关主体的关系分析,对农民的信息角色定位进行深入的论述．提出农民扮演信息接受者的角色、信息参与者或者制定者的角色以及信息评估者和信息反馈者等多重角色。我们还就农民在新农合中信息角色存在问题进行了分析,指出农民作为信息接受者,存在信息接收的不完整、农民作为信息的参与者、评估者和反馈者,缺乏信息上行渠道等问题。最后我们就存在的问题提出了几点建议：建立多层次、多形式的制度性信息宣传源、开展多形式的医疗知识下乡活动,完善新农合的配套设施、健全信息反馈机制,广纳农民心声、加强制度建设和监督力量,堵住潜在的“漏洞”。     

The Trade-off Between the Selling Price of Residential Properties and Time-on-the-Market: The Impact of Price Setting

When a house is placed on the market, the seller must choose the initial offer price. Setting the price too high or too low affects the marketability of the property. While there is near universal agreement that the seller faces a trade-off between selling at a higher price and selling in less time, there is less agreement about how to measure this trade-off. This paper offers a framework for analysis and shows that an increase in the list price increases expected time-on-the-market (TOM). Because house buyers must solve a type of signal extraction problem, the effect of a higher list price is magnified for houses in a market segment having a low predicted variance of the list price. This paper also shows that the list price of houses which are withdrawn before sale has a higher mean and variance, and that the possibility of withdrawal censors information about the time-on-the-market.     

Uniform Versus Discretionary Regimes in Reporting Information with Unverifiable Precision and a Coordination Role

We examine uniform and discretionary regimes for reporting information about firm performance from the perspective of a standard setter, in a setting where the precision of reported information is difficult to verify and the reported information can help coordinate decisions by users of the information. The standard setter's task is to choose a reporting regime to maximize the expected decision value of reported information for all users at all firms. The uniform regime requires all firms to report using the same set of reporting methods regardless of the precision of their information, and the discretionary regime allows firms to freely condition their sets of reporting methods on the precision of their information. We show that when unverifiable information precision varies across firms and users' decisions based on reported information have strong strategic complementarities, a uniform regime can have a beneficial social effect as compared to a discretionary reporting regime. Our analysis generates both normative and positive implications for evaluating the necessity and effectiveness of reporting under standards.     

The Effect of Tick Size on Price Clustering and Trading Volume

Proposals have been made for some stock exchanges to reduce the size of their trading tick in order to lower transactions costs and, as a result, attract more trading volume and firm listings. We investigate the impact of tick size on price clustering and trading volume when the minimum price change varies with price level. Controlling the firm specific variables, we find that a smaller trading tick tends to exacerbate price clustering. Furthermore, a reduction in tick size is more likely to increase trading volume if the shares are heavily traded. These results suggest that previous studies on other stock markets may have overstated the benefits of a smaller trading tick to traders.