Trade Transparency and the London Stock Exchange

On the London Stock Exchange the publication of large trades is delayed to give the market-maker concerned time to unwind the change in their inventory. Using trade and quotations data on 42 stocks for two years, a number of different effects are investigated. These include the association between trade size and the traded bid-ask spread, the inventory control policies of individual market-makers around large trades, the size and speed of the price impact of large trades whose publication is delayed, and the effects of delayed publication on the volume and spreads of the traded equity options market.     

Travel and retirement status

Research shows that travel is a desired activity among retirees; however, investigations into the relationship between retirement and older adult travel activity have been limited by basing retirement status on attainment of age 65, an outdated criterion given recent social, political, and economic changes. Four separate analyses examine the relationship between known retirement status and constraints to travel activity; use of various forms of travel information; travel characteristics, and participation in travel related activities. A number of similarities and differences emerge from this examination. Travel neither becomes more nor less frequent after retirement and interest appears constant. Where differences in travel activity do occur, work force involvement and age may be underlying causes.     

The Distribution of Wealth of Older Self‐Employed Britons

Little is known about the wealth of older self‐employed people, despite growing interest in this labour market group. This paper utilises the British Retirement Survey to fill the gap by providing novel estimates of their lifetime wealth. The findings dispel the idea that the self‐employed live in poverty; indeed, they seem to be a relatively wealthy group, holding a broad spread of assets and subject to moderate lifetime wealth inequality. These findings may help inform modelling of retirement behaviour of this group, as well as pension policy design.     

延迟法定退休年龄的必要性分析

我国法定退休年龄偏低,职工缴纳养老保险费的年限偏短,而领取养老保险金年限偏长,一方面,引起赡养率上升,统筹养老保险基金入不敷出;另一方面,随着预期寿命的延长,退休职工人平均寿命将超出10年,个人账户面临长寿者支付风险。因此,延迟法定退休年龄成为改革的必然。借鉴国外做法,结合国情,建议我国应尽快延迟法定退休年龄,实行浮动退休制度。     

Capacity retirement in the dry bulk market: A vessel based logit model

The paper investigates the effect of vessel specific and market variables on the probability of scrapping dry bulk ships. Using a dataset from 2012 to 2015, we find that the probability of scrapping increases with age, but that the relation between vessel size and scrapping probability varies across the different segments. In addition, while the relation between earnings and probability of scrapping ships is negative, bunker prices seem to affect only the scrapping rate of smaller tonnage. Scrapping probability also increases with an increase in interest rates, freight market volatility and scrap steel prices.     

Delayed Expected Loss Recognition and the Risk Profile of Banks

This paper investigates the extent to which delayed expected loan loss recognition (DELR) is associated with greater vulnerability of banks to three distinct dimensions of risk: (1) stock market liquidity risk, (2) downside tail risk of individual banks, and (3) codependence of downside tail risk among banks. We hypothesize that DELR increases vulnerability to downside risk by creating expected loss overhangs that threaten future capital adequacy and by degrading bank transparency, which increases financing frictions and opportunities for risk‐shifting. We find that DELR is associated with higher correlations between bank‐level illiquidity and both aggregate banking sector illiquidity and market returns (i.e., higher liquidity risks) during recessions, suggesting that high DELR banks as a group may simultaneously face elevated financing frictions and enhanced opportunities for risk‐shifting behavior in crisis periods. With respect to downside risk, we find that during recessions DELR is associated with significantly higher risk of individual banks suffering severe drops in their equity values, where this association is magnified for banks with low capital levels. Consistent with increased systemic risk, we find that DELR is associated with significantly higher codependence between downside risk of individual banks and downside risk of the banking sector. We theorize that downside risk vulnerability at the individual bank level can translate into systemic risk by virtue of DELR creating a common source of risk vulnerability across high DELR banks simultaneously, which leads to risk codependence among banks and systemic effects from banks acting as part of a herd.     

失独老人的社区照顾模式探究——基于福利多元主义理论的视角

目前,我国失独老人数量与日俱增,随着年岁的增长,他们的养老需求也逐渐增加,并呈多元化趋势。我国政府、机构、家庭和民间社会组织在应对养老需求上各具优势,但这四种养老模式都难以独自面对失独老人的养老问题。运用福利多元主义理论,有效整合各种养老资源,构建依托社区、政府引导、民间社会组织支持和市场补充的多元化社区照顾模式,以解决失独老人的养老难题。     

论新形势下科研单位离退休干部工作

目前,我国正加速迈入老龄化社会,离退休老干部的管理问题正面临着比以往任何时刻都更加艰巨的挑战。新形势下离退休干部工作也出现了一些新问题、新动态。针对目前形势下离退休干部常见的一些问题进行了分析,并结合工作实际,提出了解决办法。     

Employment transitions and computer use of older workers

Our empirical analysis studies the impact of computer use on out of employment transitions of older workers, disentangling the effect of using a Personal Computer (PC) at work from that of being PC literate. Data are drawn from the 2000, 2002 and 2004 waves of the Bank of Italy Survey on Household Income and Wealth. We provide empirical evidence that, even controlling for a wide set of covariates, older employees who use a PC at work have a higher probability of remaining employed in the future. However, our results also indicate that, once PC literacy is controlled for, the use of a PC at work decreases only marginally the risk of becoming not employed (i.e. the effect is smaller than the one registered when we do not control for PC literacy).