Some Evidence on the Adjustment of Producer Prices*

We document producer price adjustment using a low‐inflation micro price dataset. On average 24% of prices adjust each month, with an average increase/decrease of 6%. Producer prices adjust more frequently than consumer prices, but their size of adjustment is typically smaller. Sectoral heterogeneity in the frequency of price adjustment is strongly related to heterogeneity in the cost structure. Fluctuations in aggregate producer price inflation occur to a large extent through variation in the relative share of upward and downward price adjustment.     

医疗服务价格管制与"以药养医"

近年来，我国医疗费用持续上涨，医患关系也变得更加紧张。而针对这些问题所采取的一系列改革措施并没有产生明显的效果，这主要是因为没有充分认识到医疗服务价格管制所带来的严重的负面影响。本文提供了一个用于评价医疗服务价格管制的分析框架。本文的分析表明，医疗服务价格管制会导致“以药养医”体制的形成，而且“以药养医”这一间接定价机制，通常无法使患者的效用水平达到只存在道德风险和有限责任约束时的次优水平。因此，改革目前备受非议的医疗体制，重点在于放松对医疗服务价格的管制。     

Futures and forward price differential and the effect of marking‐to‐market: Australian evidence

The objective of this paper is to examine the effects of marking‐to‐market of futures contracts on the price differential between futures and forward contracts based on the predictions of the Cox, Ingersoll and Ross (1981) (CIR) model. Cox et al ., (1981) derive a series of propositions with respect to the relationship between futures and forward prices and a set of testable implications. These are tested empirically in this paper using Australian data from November 1991 to June 1997. The results provide evidence of the presence of significant futures and forward price differences, where the futures price is consistently below the forward price. Only partial support is found for the Cox et al ., (1981) propositions, implying that the effect of marking‐to‐market is not able to fully account for the price differential. Therefore, it is not possible to rule out the influence of other institutional factors on the futures‐forward price difference.     

Short sales, price pressure, and the stock price response to convertible bond calls

The announcement of a convertible bond call is associated with an average contemporaneous abnormal stock price decline of 1.75% and an ensuing price recovery in the conversion period. A price fall and the subsequent recovery suggest price pressure as the explanation for the announcement effect. However, in general the option to convert is not exercised early and hence, the increase in the number of shares outstanding does not occur at the announcement date. Instead, this paper argues and provides evidence that hedging-induced short selling causes at least part of the short-run price pressure.     

具有网络效应的产品的价格竞争分析

具有网络效应的产品是指消费者在消费这种产品时所获得的效用会随着购买这种产品的其他消费者数量的增加而不断增加的产品。本文通过建立一个有两个厂商的离散动态决策模型，研究在分散决策的市场经济中生产具有网络效应的产品的厂商的价格决策对产品市场占有率的影响，价格决策影响产品市场占有率的动态演化的过程，以及市场均衡的务件和特征，包括产品不占有市场、占有部分市场以及上有今都市场的价格条件。     

公司价值评估中管理者柔性的价值评估研究

现在公司价值评估方法往往没有考虑到对管理柔性价值定价问题。由于管理柔性价值定价是一种类似期权的定价，因此本运用Black—Scholes期权定价模型和买权卖权平价关系，定价管理柔性价值，来完善公司价值评估中的折现现金流量模型。     

Deregulation,news releases,and price discovery

We hypothesize that the firm’s regulatory environment influences the sensitivity of its equity value to information. Using intraday stock price data of utilities operating in differing regulatory environments we test for systematic differences between the responsiveness of stock prices of utility firms operating in deregulated and regulated environments to a common information set. Our findings reveal sharp differences in responses, with those of utilities operating in deregulated environments the strongest, and the responses of utilities in highly regulated environments the weakest. While the evidence supports our hypothesis, in a broader sense, the evidence suggests that deregulation aids in the process of price discovery. We also find evidence that suggests that deregulation, per se, does not lead to higher stock price volatility.      

Winner-take-all price competition

Summary. We analyze an oligopoly model of homogeneous product price competition that allows for discontinuities in demand and/or costs. Conditions under which only zero profit equilibrium outcomes obtain in such settings are provided. We then illustrate through a series of examples that the conditions provided are “tight” in the sense that their relaxation leads to positive profit outcomes. Received: April 7, 2000; revised version: September 14, 2000     

The future of hydrogen fueling systems for transportation: An application of perspective-based scenario analysis using the analytic hierarchy process

This paper integrates the analytic hierarchy process (AHP) with scenario analysis techniques to explore the commercialization of future hydrogen fuel processor technologies. AHP is a multi-attribute decision analysis tool useful for evaluating decisions with multiple criteria and alternatives. In this paper, AHP is extended using a technique called perspective-based scenario analysis (PBSA). In PBSA, scenario analysis is conducted based on potential future decision-maker perspectives that are integrated into the AHP framework. This paper discusses this method and applies it to the evaluation of hydrogen fuel processor technologies 15–20 years hence. The results provide an added layer of insight into the opportunities and barriers for the commercialization of these technologies as well as the methodological opportunities for using AHP and PBSA as a futures tool.     

货币政策与金融形势指数FCI: 基于VAR的实证分析

为了探索资产价格在货币政策中的信息功能,经济学者们构造了金融形势指数FCI以反映未来产出与通货膨胀率的变化.常规的FCI指数包括真实短期利率、真实房地产价格指数、真实有效汇率指数和真实股权价格指数.鉴于中国货币政策的实践,本文拓展了FCI指数的概念,考察了加入真实货币供应量的FCI指数在中国货币政策传导中的信息角色.基于VAR模型的实证研究表明：FCI指数可以成为中国货币政策的重要参照系;包含真实货币供应量的FCI指数对CPI通胀率具有更好的预测力.