Financing constraint,over-investment and market-to-book ratio

In a simple symmetric information continuous-time model, we consider leverage as way to finance a fraction of the investment cost. We show that underinvestment cannot arise while overinvestment may and the room for overinvestment is negatively related with the fraction paid by equityholders. Finally, we show that our model predicts the (empirically observed) negative relation between the market-to-book ratio and the leverage ratio.     

Who Are the Potential Smokers of Smuggled Cigarettes?

Although smuggled cigarettes have been a prevalent problem and a severe challenge to public health and welfare around the world, little is known about the behavior associated with smoking smuggled cigarettes and the issue is difficult to study due to data limitations. By means of a population‐based tobacco survey conducted in Taiwan, the present paper applies a latent class model to identify potential smokers who are either currently or will at some point in the future be consuming smuggled cigarettes. This methodology, in contrast to the traditional discrete models, allows potential smokers who are more inclined to smoke smuggled cigarettes to be endogenously classified. The empirical results indicate that socio‐demographic factors do increase the inclination to smoke smuggled cigarettes after unobserved heterogeneity has been accounted for.     

救灾需求内涵模式及其指标体系与救助评估研究

灾害救助的效果评价是灾害分析的重要内容.从已有研究来看,至今还没有一套被认可的灾害救助需求理论,实践中也没有一套恰当评价灾害救助效果的方法.本研究从受灾地区及其灾民的需求出发,界定了灾害救助需求及特点,提出了"‘2+3'灾害救助需求框架模型".并进一步以灾民主体需求为线索,提炼形成一个包括"生命需求-生活需求-心理需求"在内的"三位一体救助需求"指标体系.在此基础上,对灾害救助概念模型以及灾害需求经验系数进行了研究,就一些物资或人员的最小需求量进行了计算运用.最后,以需尜系数为依据对救助需求满足的效果进行了评判,还延伸梳理了灾害救助能力建设的主要内容.     

Providing global public goods under uncertainty

We study how uncertainty and risk aversion affect international agreements to supply global public goods. We consider a benchmark model with homogeneous countries and linear payoffs. When countries directly contribute to a public good, uncertainty tends to lower signatories' efforts but may increase participation. Despite risk aversion, uncertainty may improve welfare. In contrast, when countries try to reduce a global public bad, uncertainty tends to increase signatories' efforts and decrease participation. In that case, an ex-ante reduction of uncertainty may have a large positive multiplier effect on welfare.     

Nominal uniqueness and money non-neutrality in the limit-price exchange process

We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations, face a cash-in-advance constraint, and continuously adjust their short-run dominant strategy in a monetary strategic market game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it becomes a ??veil?? and trade vanishes. Typically, there is a piecewise globally unique trade-and-price curve both in real and in nominal variables. Money is not neutral, either in the short-run or long-run and a localized version of the quantity theory of money holds in the short-run. An optimal money growth rate is derived, which enables monetary trade curves to converge towards Pareto optimal rest-points. Below this growth rate, the economy enters a (sub- optimal) liquidity trap where monetary policy is ineffective; above this threshold inflation rises. Finally, market liquidity, measured through the speed of real trades, can be linked to gains-to-trade, households?? expectations, and the quantity of circulating money.     

A cross-country study of consumer innovativeness and technological service innovation

The current literature suggests that the concept of consumer innovativeness is universally applicable. Innovators are believed to be novelty seekers and risk takers independent of their national identity, and therefore to be attracted to similar characteristics of an innovation across most countries. However, research in intercultural marketing has shown that cultural norms and values have varying influences on the adoption of innovation, a finding that seems to contradict the assumption that the relationship between consumer innovativeness and adoption of innovation is universally uniform. This research investigates the effects of consumer innovativeness on attitude toward a service-based innovation across three European countries. The results of a multi-group structural equation modeling show that the relationship between consumer innovativeness and attitude toward innovation varies across the three dimensions of perceived novelty, perceived value, and perceived risk.     

Environmental Pressures and Technical Efficiency of Pig Farms in Hungary

Pig farming is one of the strongest polluters of water due to its intensive production and slurry rejection. Several European countries have introduced environmental regulations aiming at reducing the pollution caused by nitrates from agriculture, but not yet Hungary. We investigate how Hungarian pig farms' output and technical efficiency would be affected if such regulations are to be fully implemented in this country. Results indicate that the pollution could be reduced with no impact on the output level, and that pig farmers have incentives to reduce nitrogen pollution in order to increase their efficiency even in the absence of regulation. Copyright © 2013 John Wiley & Sons, Ltd.     

中国纸业上市公司经营绩效分化的实证研究——以沪市造纸业上市公司为例

以11家沪市纸业上市公司为研究样本,利用样本公司2004—2007年公开披露的财务数据,运用因子分析法和主成分分析法,对我国纸业上市公司的经营绩效进行了实证分析。研究发现:我国纸业上市公司的经营绩效存在分化现象;11家沪市纸业上市公司2005年的经营绩效总体上好于2004年,但2006年、2007年两年的经营绩效呈下滑趋势。最后,分析了影响纸业上市公司绩效分化的原因。