Switching costs and financial stability

We establish that the effect of intensified deposit market competition, measured by reduced switching costs, on the probability of bank failures depends critically on whether we focus on competition with established customer relationships or competition for the formation of such relationships. With inherited customer relationships, intensified competition due to lower switching costs destabilizes the banking market, whereas it stabilizes the market if we focus on competition for the formation of customer relationships. We characterize the factors important for evaluating the effects of intensified competition on stability in a market with unattached as well as locked-in depositors.     

Labor force participation of women left behind in Tajikistan

This paper examines the impact of male migration on the labor force participation of the women left behind in Tajikistan. Studies from many countries show that when men migrate, female labor force participation decreases and this is largely explained by the income effect from remittances. Our study challenges this finding. Using panel data from 2007, 2009 and 2011, we find that, in Tajikistan, migration has no significant effect on the number of hours that women work. We use panel data which allow us to control for unobservable heterogeneity, rather than the cross-sectional data used by others. We analyze several countervailing factors that may have neutralized the income effect, such as the need to substitute for the missing labor in the household. We also find that women work more when the household has a farm, regardless of the presence of a migrant in the household.     

Cost analysis of plasma-derived factor VIII/von Willebrand factor versus recombinant factor VIII for treatment of previously untreated patients with severe hemophilia A in the United States

Background: Inhibitor development to factor VIII (FVIII) hemophilia therapy results in increased complications and substantial economic costs. The SIPPET study, the first randomized controlled trial to compare the immunogenicity of plasma-derived FVIII (pdFVIII)/von Willebrand factor (VWF) and recombinant-DNA-derived FVIII (rFVIII), demonstrated higher inhibitor rates in previously untreated patients (PUPs) treated with rFVIII than in PUPs treated with pdFVIII/VWF.

Objective: To quantify the economic impact of treating PUPs with pdFVIII/VWF vs rFVIII.

Methods: An Excel-based clinical and economic model was developed from a US healthcare payer perspective and run over a 5-year period. The analysis utilized a cohort approach to model patient treatment and outcomes over a monthly cycle to quantify differences in costs of FVIII, bypassing agents, and hospitalizations for serious bleeds. Rates of high-titer inhibitor development were obtained from the SIPPET study. Patients developing high-titer inhibitors were treated with immune tolerance induction (ITI). Patients who developed low-titer inhibitors and those who did not develop inhibitors continued their usual FVIII treatment. Patients who were successfully treated with ITI returned to FVIII treatment, while unsuccessfully treated patients received bypassing agents. Total costs per treated patient were estimated and a one-way sensitivity analysis was conducted to quantify the impact of parameter uncertainty on the model outcomes.

Results: Total cumulative costs per patient over 5 years were $834,621 for pdFVIII/VWF patients and $1,237,163 for rFVIII patients, representing a total saving of $402,542 per patient over the 5-year period, for an average annual saving of $80,508 per patient.

Conclusions: Based on data from the SIPPET study, this analysis found that initiating FVIII treatment in severe hemophilia A PUPs with pdFVIII/VWF has the potential to offer substantial cost savings to healthcare payers, amounting to a one-third reduction in costs.     

The labour income share and the relative price of investment in the US: an empirical investigation

Several studies argue that the recent decline in the secular trend of the labour income share is mostly driven by capital-embodied technological progress which is typically identified with trend reductions in the relative price of investment. In this paper, I use data from the United States to assess the nature of the relationship between trends in the labour share and the relative price of investment. Results from co-integration tests reveal that the share and the relative price of investment are most likely not co-integrated. However, co-variation tests indicate that both time series share a common stochastic component, and additional tests of structural breaks point at the presence of a common change in the mean or trend of both series. These results suggest that capital-embodied or investment-specific technological progress may have played an important role in the decline of the secular trend of the labour share.     

延迟退休年龄下隔代抚育与劳动参与的抉择*——基于工资收入随机性假定的研究

隔代抚育会对延迟退休年龄政策在促进劳动力供给上产生挤出效应。为了对此进行验证，本文在工资收入随机性的假定及延迟退休5年的情景下，模拟了面临孙辈照护需求的女性临近退休者提前退休所产生的福利变化。进一步，本文采用CHIP和CHARLS的微观调查数据，对不同群组的收入增长率和收入风险进行了估计，继而分析了当面临孙辈照护需求时这些收入特征对退休决策者制度退休和退休后劳动参与抉择产生的影响。总体上，在延迟退休年龄政策下，隔代抚育将对女性劳动力供给产生挤出效应。当面临孙辈照护需求时，女性临近退休者的制度退休抉择主要受自身收入增长率和收入风险的影响，收入增长率越低，或收入风险越高，她们提前退休的意愿就越强烈；制度退休后的劳动参与则更多地受子女收入增长率的影响，子女收入增长率越高，劳动参与的概率越低。     

It is not a flat world after all: Tax repatriation costs and cash value

US corporations have accumulated record‐high amounts of cash, and most of it is trapped in foreign accounts. This study tests the hypothesis that the marginal value of cash decreases in the presence of tax repatriation costs, as these costs are a strong indication that part of the cash is trapped abroad. Cash abroad is not readily available to the company because it is subject to an additional layer of tax before it can be used or distributed. Moreover, uncertainty surrounds the potential use of foreign cash, and research documents that firms holding high amounts of cash abroad are likely to invest in negative net present value activities. Finally, possible changes in tax regulation are an additional source of uncertainty. Consequently, foreign cash should be worth less than domestic cash. Using a large sample of US firms drawn from COMPUSTAT during the 1991–2012 period, the analysis suggests that shareholders value an extra dollar of cash at $1.086. However, this result changes dramatically when the change in cash is interacted with the tax cost of repatriating the earnings. That is, the marginal value of cash decreases significantly in the presence of tax repatriation costs, and shareholders discount cash when it is likely to be held abroad. This study contributes to the literature on cash holding by investigating whether tax repatriation costs affect the value of corporate cash. Moreover, the findings show that there are important economic consequences linked to the phenomenon of cash accumulation in foreign countries and therefore provide regulators with a sound foundation on which to take additional actions to require more disclosure of and transparency in the actual location of firms’ cash holdings.     

基于AD9361的掌上型LTE RRU设计与开发

当前小体积远端射频单元（Remote Radio Unit,RRU）主要是皮站级别的Pico-RRU，其重量和体积仍然难以满足掌上型的要求。为此，采用高集成度的AD9361芯片来实现长期演进（Long Term Evolution，LTE）宽带收发信机功能，配合时钟同步模块、放大器模块和控制接口电路等一起构建低成本的掌上型RRU。主要解决了基于AD9516的时钟同步、低相位噪声设计和高灵敏度接收机设计三个技术难点，成功实现了掌上型、高性能、低成本的设计目标。整个RRU样机尺寸为18 cm×10 cm×2 cm，质量约500 g，量产成本千元以内。测试表明，该RRU下行误差向量幅度（Error Vector Magnitude，EVM）小于3%，优于3GPP要求的8%；10 MHz带宽时上行接收机灵敏度优于3GPP要求的-93.5 dBm。     

Quality of Corporate Social Responsibility Disclosure and Cost of Equity Capital: Lessons from China

This article explores the relationship between the quality of corporate social responsibility (CSR) disclosure and the cost of equity capital by analyzing the financial data and CSR reports of A-share listed firms in China from 2008 to 2014. The quality of the CSR disclosure is shown to be negatively related to the cost of equity capital of the listed firms. This negative correlation proves to be more prominent among firms of environmentally sensitive industries. Taking the ownership of the listed firms into consideration, it is further confirmed that the negative relationship between the CSR disclosure and the cost of equity capital is of higher significance for state-owned enterprises. Our findings also empirically demonstrate that the quality of CSR disclosure is more negatively related to the cost of equity capital among the large listed firms than the smaller ones.     

Aging Workforce,Firm Productivity and Labor Costs in Korea: Are Older Workers Costly to Firms?

Are older workers costly to firms? This study aims to investigate the relationship between an aging workforce on firm productivity and labor costs using a unique Korean firm‐level panel dataset (WPS) covering the period from 2007 to 2011. The primary results show no evidence of a negative relationship between the proportion of older workers and firm productivity, and no significant relationship between the proportion of older workers and labor costs. In addition, the findings of this study implies that failure to account for unobserved firm heterogeneity and endogeneity of changes in age structure biases the results toward finding a correlation between the age structure of workers and firm productivity and labor costs. Consequently, there is a tendency to underestimate the true value of older workers for firms.     

关于企业成本管理的探讨

成本管理是预算管理和绩效管理的前提,企业需要正确地将成本进行分类、计量和归集。恰当的成本管理制度可以帮助企业提升运营效率和业务绩效,同时企业的流程改善、突破和优化与成本管理密不可分。另外,管理者需要令客户对产品和服务满意,并且有效控制各项成本。企业成本管理不是单纯地降低成本,而是通过利用成本分析工具,有效地管理和规划资源,进而提高总体运营效率,保证企业总体绩效的持续改善。论文通过成本计算制度的制定方法和业务流程改善分析技术两方面对成本管控进行探讨。