A note on a semiparametric approach to estimating financing constraints in firms

In this paper, we present a novel approach to modeling financing constraints of firms. Specifically, we adopt an approach in which firm-level investment is a nonparametric function of some relevant firm characteristics, cash flow in particular. This enables us to generate firm-year specific measures of cash flow sensitivity of investment. We are therefore able to draw conclusions about financing constraints of individual firms as well as cohorts of firms without having to split our sample on an ad hoc basis. This is a significant improvement over the stylized approach that is based on comparison of point estimates of cash flow sensitivity of investment of the average firm of ad hoc sub-samples of firms. We use firm-level data from India to highlight the advantages of our approach. Our results suggest that the estimates generated by this approach are meaningful from an economic point of view and are consistent with the literature.     

THE IMPACT OF ANTI‐TERRORISM EXPENDITURE ON ECONOMIC GROWTH AND WELFARE

This paper examines the effects of increasing anti‐terrorism expenditure on economic growth rate and social welfare. It is shown that: (i) spending the least amount possible on anti‐terrorism expenditure will lead to a maximum economic growth rate; and (ii) to achieve maximum social welfare, the government should allocate its budget to anti‐terrorism expenditure. The results shed light on why the US government has chosen to uphold and pursue its anti‐terrorism policies in recent years to present day.     

多杀菌素在平房仓中防治储粮害虫效果研究

以多杀菌素在高大平房仓内储存的玉米为研究对象,采用表层拌粮法,研究此药剂对仓湿、粮温、储粮害虫和粮食品质的影响。结果表明:多杀菌素对玉米象和赤拟谷盗等鞘翅目害虫具有较好的防治效果,对仓湿、粮温和粮食品质基本无影响。     

TPL与精柔协同供应链集成运作弱化牛鞭效应

通过构建TPL与精柔协同供应链集成运作的模型,对供应链中的牛鞭效应进行全面弱化.首先,给出Lee(1997)提出的牛鞭效应的五个成因,回顾了国内外学者做卅的主要研究;然后,构建模型,并对模型的运作机理进行了分析;最后,深入分析了Lee提出的牛鞭效应的五点成因,并论证了模型可以通过减弱这五点成因,从而全面有效地弱化牛鞭效应.     

Differential mortality and social security

Abstract This paper studies the normative problem of redistribution between individuals who differ in their lifespans. We discuss aspects related to the objective function and argue that aversion to multiperiod inequality should be taken into account. Then, we study the properties of the social optimum both with full information and with asymmetric information. We highlight the role of aversion to multiperiod inequality and show that it has substantial consequences on the design of Social Security schemes. In particular, we show that for a low (resp. high) aversion to multiperiod inequality, a negative (resp. positive) implicit tax rate on continued activity is desirable.     

西方国家解决住房问题的历史经验及对我国的启示

文章认为,在历史发展的不同阶段,西方国家曾经采取过一系列有针对性的住房政策,在解决住房问题方面收到了良好的效果,总结其成功经验,可以在政策指向、制度建设和市场监管等方面得到有益的启示,并从发挥市场和政府双重作用、完善住房供应制度、建立个人信用系统、完善相关法律和强化监督等方面,促进我国住宅市场的健康发展。     

Relationships among consumer vanity,gender, brand sensitivity,brand consciousness and private self‐consciousness

The purpose of this study was to examine relationships among consumer vanity, gender, brand sensitivity, brand consciousness and private self‐consciousness within a context of social comparison theory. The four dimensions of consumer vanity are concern for and positive view of physical appearance and concern for and positive view of achievement. Participants were 400 college students (284 women; 116 men). Participants above the median in three of the four dimensions of vanity (except vanity achievement view) were more sensitive to and more conscious of brand names. Participants above (vs. below) the median in vanity achievement view scored higher on private self‐consciousness. Women scored higher on brand sensitivity, brand consciousness and private self‐consciousness than men. There was a significant correlation between brand sensitivity and brand consciousness. Results support the notion that consumers’ decisions, especially regarding brand names, may be guided by vanity‐related concerns and views.     

多媒体课件在《英语国家概况》教学中的思考

针对多媒体课件在制作和使用过程中存在的一些问题,本文阐述了多媒体课件在<英语国家概况>教学中的应用,探求如何使用教学课件更好的调动学生学习的积极性,从而真正达到提高教学效果的目的.     

国企经营管理人才队伍现状及对策

随着社会主义市场经济体制的逐步完善和现代企业制度的建立，如何加强国有企业经营管理人才队伍建设，建立一支数量充足、素质优良、结构合理的企业经营管理人才队伍，已成为中国经济发展的关键，也是我国国有企业改革的重点。