中国农村老人的劳动供给研究

本文利用2000年农户抽样调查数据,测算了中国农村50岁及以上人口的劳动参与率并分析了影响农村老年劳动力劳动供给的因素。研究发现,农村老人的劳动参与率较高;影响老人是否工作的因素主要是年龄、健康状况、所承担的责任、性别、居住方式和土地等家庭因素,与经济因素关系不大。分析结果表明,随着农村家庭的核心化和青壮年劳动力向城镇流迁,农村传统的家庭养老模式正面临冲击,必须在农村建立社会养老保障机制。     

Opening the Black Box: Internal Capital Markets and Managerial Power

We analyze the internal capital markets of a multinational conglomerate, using a unique panel data set of planned and actual allocations to business units and a survey of unit CEOs. Following cash windfalls, more powerful managers obtain larger allocations and increase investment substantially more than their less connected peers. We identify cash windfalls as a source of misallocation of capital, as more powerful managers overinvest and their units exhibit lower ex post performance and productivity. These findings contribute to our understanding of frictions in resource allocation within firms and point to an important channel through which power may lead to inefficiencies.     

Towards A Synthesis of Transaction Cost Economics and a Feminist Oriented Network Analysis

A bstract This paper suggests the possibility of an interdisciplinary, tripartite merger of transaction cost economics and the concept of embeddedness, with feminist insights. It demonstrates that in isolation, a simple application of transaction cost analysis can offer an adequate explanation of economic activity. The explanatory power of this approach however, is enhanced when complemented by greater recognition of the importance of the social context in which economic activity occurs. This paper uses research from New Zealand's largest street market to examine women's work in street commerce, a sub-sector of the informal sector. Aspects of transaction cost analysis are applied to activities of women market vendors. It is proposed however, that the approach we take which considers the embeddedness of economic activity in ongoing networks of social relations, and the intertwining of economic with non-economic goals, is compatible with aspects of feminism. Novel features of the analysis include the application of transaction cost analysis to informal sector activity and a synthesis of this approach with a feminist oriented network analysis.     

Derivative Pricing with Liquidity Risk: Theory and Evidence from the Credit Default Swap Market

We derive an equilibrium asset pricing model incorporating liquidity risk, derivatives, and short‐selling due to hedging of nontraded risk. We show that illiquid assets can have lower expected returns if the short‐sellers have more wealth, lower risk aversion, or shorter horizon. The pricing of liquidity risk is different for derivatives than for positive‐net‐supply assets, and depends on investors' net nontraded risk exposure. We estimate this model for the credit default swap market. We find strong evidence for an expected liquidity premium earned by the credit protection seller. The effect of liquidity risk is significant but economically small.     

Productive Restructuring and ‘Standardization’ in Mexican Horticulture: Consequences for Labour

In this paper we discuss how the establishment of strict quality and food safety norms for horticulture to satisfy the current consumer demands has forced enterprises to invest in modifying their productive processes. In the light of the unavoidable trend in favour of consumers, we analyze the precarious situation of farm workers, a situation that is not in tune with the concept of decent work promoted by the International Labour Organization or with the Social Accountability Standard promoted by the United Nations. We conclude that the enterprises have achieved major progress in productive restructuring to comply with quality standards, but at the expense of their workers' salaries and living and working conditions. This contradiction between the well‐being of the consumer and the misery of the worker is a fundamental characteristic explaining the current success of globalized agro‐food systems.     

The Benefits of Financial Statement Comparability

Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to fill these gaps by developing a measure of financial statement comparability. Empirically, this measure is positively related to analyst following and forecast accuracy, and negatively related to analysts’ dispersion in earnings forecasts. These results suggest that financial statement comparability lowers the cost of acquiring information, and increases the overall quantity and quality of information available to analysts about the firm.