Re-examination of wage, employment, and hours adjustments: what is crucial for differences in the adjustments?

Manufacturing wage, employment, and hours adjustments are significantly different among developed countries, typically between Japan and the US. The problem of explaining the differences is closely related to that of what effect the extent of wage flexibility has on labor market adjustments. However, prevailing theories are invalid or incomplete for explaining the differences. The differences in the adjustments cannot be unrelated with institutional features of the labor market. Indeed, the extent of wage flexibility depends on the differences in the institutional features. Using a new model with such an idea, this paper theoretically re-examines the cause of the differences in the adjustments. The crucial causes are the characteristics of wage flexibility as well as the differences of the institutional features. The characteristics are that wage adjustment is discontinuous, infrequent, and has a lower limit in comparison with changes in demand.     

Annual Meeting of the Catholic Economic Association

This paper attempts to demonstrate that Keynes's practical writings on the crisis in the Lancashire cotton spinning industry in the 1920s were consistent with the 1930s theoretical conceptualisation of user costs in the General Theory. It is suggested that the key (common) link between these analyses is Keynes's concern with how uncertainty is distributed, in specific historical circumstances, between institutions at the levels of the firm, industry, the industry-financial institution interface, and the local and global economies. It is this concern which still has important, if not more, research and policy relevance today.     

Investment allocation decisions,home bias and the mandatory IFRS adoption

We examine the familiarity hypothesis of home bias by studying how foreign ownership of Swedish firms is affected by the mandatory adoption of IFRS. We decompose foreign investors into institutional and non-institutional investors. Foreign investors are further decomposed into EU (IFRS adopting countries) and non-EU residents (non-IFRS adopting countries). We analyse the equity investments of these foreign investor groups in Sweden during the period of 2001–2007. We find that after the mandatory adoption of IFRS, foreign ownership/owners from countries that adopted IFRS and particularly those from the EU increased. These effects are particularly strong in small firms. Foreign institutional investors increased their ownership stake after the mandatory IFRS adoption, whereas foreign non-institutional investments were not affected significantly by the IFRS adoption. In contrast to ownership from non-adopting countries, ownership from the EU increased in firms with both more and less tangible assets. Similarly, foreign ownership from the EU increased in firms with both concentrated ownership and dispersed ownership after the adoption. Because Sweden has already had strict legal enforcement and a low level of earnings management prior to the adoption, our results suggest that increased foreign ownership is due to better abilities to compare firms rather than an improved quality.     

How does a cluster relocate across the border? The case of information technology cluster in the Taiwan-Suzhou region

Since the end of the Cold War, cross-border regions have proliferated at the borders of formal socialist countries, especially in China. Existing accounts of these emergences treat them either at the macro-level, focusing on political initiatives, or at the micro-level, with emphasis on social and economic relations. This paper uses the Taiwan-Suzhou cross-border region as a case study for suggesting a meso-level approach, arguing that as a result of continuous interactions between individual Taiwanese information technology firms and opportunity structures generated by the selective opening of the Chinese border, the formation of cross-border high-tech regions is shaped and determined at the level of the industrial system. The industrial system acts as a platform for coordination and cooperation between local elites and foreign investors and among individual firms within this system. The formation of the cross-border high-tech region thus involves the relocation and institutional re-embedding of industrial systems across the border, which has been accompanied by the systemic building of Taiwanese firms on the one hand, and the institutional innovation of Chinese local states on the other.     

社会主义和谐社会经济制度基础的研究视域

社会主义和谐社会的经济制度基础研究是一门着眼于改革开放以来经济领域中思想解放的宏观历史进程，以深入研究经济变革中的一般经济制度、经济体制、基本经济制度以及经济发展观为理论重点，以彰显社会主义和谐社会的经济制度创新优势和实现人的全面而自由发展为实践目标的学问。     

我国房地产业的制度变迁

本文描述了自经济体制改革以来我国房地产制度的变迁过程,对房地产业制度变迁历程中存在的产权与融资、管理等方面存在的缺陷进行分析,并提出了完善我国房地产业制度的相关建议。     

Managerial efficiency under risk for broiler producers in Saudi Arabia

Managerial efficiency for broiler producers m Saudi Arabia is generally difficult lo achieve. High investment costs coupled with relatively high average production costs and the consequent incompetent market prices, have resulted in projects either working at less than full capacity or being shut down completely. The aim here is to determine the most efficient production alternatives (actions) available to managers under business risk considerations. The ordinary stochastic dominance approach was used to solicit the most efficient production alternatives for broilet producing projects of all sizes in the Central Region of Saudi Arabia. For small-and medium-sized projects, the efficient production alternatives concentrated on marketing risk. For large projects, the efficient actions concentrated on both marketing and production risks. For the three sizes of projects, the two production alternatives that proved to be the most efficient, were the one that contains creating morc marketing strategies and the one that adopts good veterinary care systems. On the other hand, the production alternative that deals with selecting good breeds of chicks appeared to be most efficient for small and large projects only.     

影响中国房地产市场发展的主要制度安排研究

影响我国房地产市场的主要制度安排有五种：房地产住房供给和保障制度、房地产土地供给制度、房地产金融制度、房地产税收制度和存在于我国居民购房行为中的非正式制度。本文对这些制度安排的主要内容及其变迁做了分析，并研究了这些制度安排对我国房地产发展的影响。     

民间金融兴盛的制度供求分析——以上海钱庄为例

本文运用新制度经济学供求理论分析,指出上海钱庄兴盛的原因是:在需求诱致型金融制度环境中,由旅沪宁绍帮为主的商帮作为初级行动团体,上海钱业公会作为次级行动团体,二者共同进行适应商业习惯制度创新的结果。     

内部控制、治理环境与投资者保护

本文研究了内部控制质量对投资者保护的影响,以及不同治理环境对内部控制治理功能的影响。研究发现:内部控制质量的提高,或更为充分的内控信息披露有助于抑制大股东资金占用,有助于抑制经理人与股东之间的代理成本;治理环境越差的地区,内部控制治理效应越高。这说明,对于投资者保护较弱的地区,内部控制可能成为补偿弱投资者保护负面影响的一种替代机制。本文研究意味着,近年来推出的内部控制相关制度起到了积极的效果;此外,完善上市公司内部控制,对于治理环境较差、投资者利益得不到有效保障的地区显得尤为重要。