Labor Income Taxation,Human Capital,and Growth: The Role of Childcare*

In this paper, we examine the effects of labor income taxation on growth in an overlapping generations model in which schooling and childcare play a role in the production of human capital. We compare such effects with those obtained in a model in which only schooling matters for skill formation. We show that the omission of childcare from the technology of skill formation can bias the results related to the impact of labor income taxation on growth.     

Models for relief routing: Equity, efficiency and efficacy

In humanitarian relief operations, vehicle routing and supply allocation decisions are critically important. Similar routing and allocation decisions are studied for commercial settings where efficiency, in terms of minimizing cost, is the primary objective. Humanitarian relief is complicated by the presence of multiple objectives beyond minimizing cost. Routing and allocation decisions should result in quick and sufficient distribution of relief supplies, with a focus on equitable service to all aid recipients. However, quantifying such goals can be challenging. In this paper, we define and formulate performance metrics in relief distribution. We focus on efficacy (i.e., the extent to which the goals of quick and sufficient distribution are met) and equity (i.e., the extent to which all recipients receive comparable service). We explore how efficiency, efficacy, and equity influence the structure of vehicle routes and the distribution of resources. We identify trends and routing principles for humanitarian relief based on the analytical properties of the resulting problems and a series of computational tests.     

Blocking efficiency in an economy with asymmetric information

In this paper, we study a pure exchange atomless economy with asymmetric information and having an ordered Banach space with an interior point in its positive cone as the commodity space. An extension of the main theorem in Vind (1972) to the private core without free disposal is established. As a particular case of this result, a solution to a problem mentioned in Pesce (2010) is derived.     

企业人员招聘中存在的问题与对策研究

当今社会,人才已经成为企业最宝贵的财富,招聘是企业人力资源配置的前提和首要工作,人才招聘实施的成功与否,事关企业的生存与发展。     

The optimal asset allocation of the main types of pension funds: a unified framework

The existing literature deals with the optimal investment strategy of defined benefit (DB) or defined contribution (DC) pension plans. This article’s objective is to compare the optimal policies of different types of pension plans. This is done by first defining an original framework, which is based on the distinction between the nature of the guarantee—which can be internal or external—offered by or to a pension fund. This framework allows to establish links between optimization programs of DC, DB and targeted money purchase schemes. The case of an internal guarantee appears as a standard portfolio insurer’s problem. The second kind of guarantee, not analyzed in the literature yet with regard to the resulting optimal policy, is characterized by the existence of an option in the final wealth definition. Four funds are present in the internal guarantee optimal allocation: the speculative component, the preference independent guarantee- and contribution-hedge terms and the preference dependent state variable-hedge fund. The external guarantee program, solved with an original method using the principles of standard options theory, yields an optimal policy incorporating the delta of the option embodied in the final wealth definition. The conclusion is that the resulting optimal portfolio policy becomes riskier.

The tactical and strategic value of hedge fund strategies: a cointegration approach

This paper analyzes long-term comovements between hedge fund strategies and traditional asset classes using multivariate cointegration methodology. Since cointegrated assets are tied together over the long run, a portfolio consisting of these assets will have lower long-term volatility. Thus, if the presence of cointegration lowers uncertainty, risk-averse investors should prefer assets that are cointegrated. Long-term (passive) investors can benefit from the knowledge of cointegrating relationships, while the built-in error correction mechanism allows active asset managers to anticipate short-run price movements. The empirical results indicate there is a long-run relationship between specific hedge fund strategies and traditional financial assets. Thus, the benefits of different hedge fund strategies are much less than suggested by correlation analysis and portfolio optimization. However, certain strategies combined with specific stock market segments offer portfolio managers adequate diversification potential, especially in the framework of tactical asset allocation.

并购对企业R&D投资的挤出效应研究——基于并购前后资产负债率变动的视角

创新是企业内涵式的增长方式,并购是企业外延式的增长方式。在资源有限的情况下,企业如何在这两种战略之间进行权衡?本文以2007-2018年沪深A股上市公司为研究样本,发现如果并购引起企业资产负债率增加,则会对并购后的R&D投资形成"财务侵占",从而对研发产生负面影响;这种抑制作用在主并企业存在融资约束的情况下会更加显著;按企业特征划分,这种抑制作用主要存在于小企业和民营企业。研究结果为基于边界条件的并购如何影响企业创新绩效提供了实证证据,同时也为企业进行相关战略变更和投资决策提供了有益参考。     

基于生态系统服务空间流的洪涝调节 服务需求制图与生态空间优先级识别

中国快速城市化地区面临严重洪涝风险和洪涝调节 服务供需空间的分离。为识别在满足洪涝调节服务需求方面重 要性高的生态空间以纳入保护的优先级,提出了一种在生态空 间中绘制洪涝调节服务需求的新技术：基于生态系统服务空间 流,利用流量、流边界、流方向、分配原则及其修正因子4个 多维指标,表征将服务需求从建设空间向生态空间分配与投射 过程的关键环节。结果显示：面积大、人口密度高的建设空间 存在高需求流量;借助水文空间流,服务需求由建设空间被分 配至同一集水区内具有洪涝调节能力的生态空间中;被投射为 高服务需求的生态空间大多规模较大或紧邻高需求的建成空 间。通过控制流量、扩展流区域、增加流方向和提升生态空间 服务供应能力,能有效调控投射于生态空间内的洪涝调节服务 高需求。     

基于DEA-Malmquist的中部地区高技术产业R&D效率实证研究

在中部科技崛起思想背景下,文章基于《中国高技术产业统计年鉴(2005—2010)》数据资料,使用C2R模型、BC2模型以及DEA—Malmquist指数分析法对2004—2009年中部六省高技术产业的R&D的综合技术效率、资源配置效率、技术进步指数等因素进行实证研究。结果认为:航天航空业综合效率无效,是导致整体高技术产业TFP值低下的主要原因;电子计算机及办公设备制造业的TFP值与技术进步指数最高;技术进步对高技术产业的推动作用超过资源配置指数。文章最后还给出了几点改进非有效行业R&D效率的对策建议。     

影子价格长短期划分及其计算

影子价格对资源配置具有重要的指导意义。但是影子价格的定义方式通常与短期生产相联系,而长期生产多资源要素的变化往往被忽视。区分生产短、长期,通过方向导数来确定长期生产资源调整的影子价格。