Nonlinear Models in Corporate Finance Research: Review,Critique, and Extensions

Since the work of Morck, Shleifer and Vishny (1988), nonlinear model specification has gained more attention in corporate finance research. In this paper, we provide a detailed review of the previous studies that have examined nonlinear relations in corporate finance. We review the theory and evidence in these studies and discuss the advantages and disadvantages of the various methodologies used to detect nonlinearity. We also suggest two possible methodological extensions, which we apply in the empirical analysis of R&D investment and firm value.     

Is Tax Harmonization Useful?

It is a widely acknowledged result of the literature on international tax competition that an inefficient provision of public goods can only be avoided, if taxes are sufficiently coordinated. In this paper we use a model where governments use commodity and factor taxes in the tax competition game. We show that governments will always choose a second-best efficient tax structure in the Nash equilibrium if they have access to a residence-based capital tax and either a destination-based commodity tax or a labor tax. Moreover, we show that tax competition need not foreclose third-best efficiency in a world with a restricted tax policy toolkit.     

The Rationality Behind Immigration Policy Preferences

Summary What drives stated policy preferences about the number of foreigners? Is it self-interest, as stressed by the political economy of immigration? Does social interaction affect this preference, or is the immigration policy preference completely in line with the preference for the aggregate population size? In this paper we distinguish each of these categories and show, for the case of the Netherlands, that each of these elements applies, although the effect of population size preference and self-interest are the most important elements. There is a clear divide across educational levels, as the less educated are more strongly opposed to immigration than the highly educated: the less educated are more likely to think there are too many foreigners. Experience with foreigners arising from social contact matters in positively appreciating immigrants, especially if people meet non-Western foreigners at work and school. Contact with foreigners while going out decreases peoples preference for immigrants. The ethnic concentration of the neighbourhood in which people live does not exert a noticeable effect on the evaluation of the number of foreigners present. The biggest effect on immigration policy preferences is, however, the aggregate population size preference of respondents.JEL classification F22, J15, J61Comments by Frans Willekens, Aat Liefbroer, and two anonymous referees are gratefully acknowledged.     

中国银行资本结构动态调整研究——基于5家股份制上市银行的分析

运用中国5家股份制上市商业银行2003～2007年的季报数据,首次在其资本结构研究中同时考察权益和负债比率的动态调整问题,结论表明中国股份制上市商业银行权益比率与负债比率的决定机制互相依赖;非债务税盾、银行规模、管理层持股对股份制上市银行权益比率与负债比率的影响都非常显著,而破产成本、国有股比例仅显著影响权益比率,成长性与前5大股东持股比例仅显著影响了不可作为资本的负债比率;中国股份制上市商业银行的存款类负债更多地受到宏观经济变量的影响;选择银行职工人数作为工具变量,较好地解决了模型中规模变量的内生性问题。     

论户外广告设计与城市环境互动

户外广告设计是一个城市发展的重要指向,现代的户外广告已经与城市环境融为一体,它向人们传递着信息,侧面展现出城市的面貌,户外广告设计在城市空间中逐渐重要起来,并成为体现城市软实力的一部分。     

网络与多媒体环境下交互式英语课程设计

高职英语教学改革要着重以学生为中心,融“教、学、做”为一体的教学理念。文章提出利用计算机、网络技术等现代化教学手段,结合大学英语的教学现状进行交互式课程设计,提高教学效率。     

论国际贸易与国际直接投资关系的发展与变迁

国际贸易和国际直接投资是跨国界配置资源的两种方式 ,都能有力地推动一国经济增长 ,通过对相关理论和各国实践进行考察 ,结合当今跨国公司的活动得出结论 :国际贸易和国际直接投资之间的关系历经了以替代、互补为主的阶段 ,目前表现为在跨国公司全球战略控制下的并重、互动的关系。同时从两方面具体分析了这种互动关系 ,并在此基础上指出国家相关政策应搭配协调 ,以更好地为其经济发展服务。     

空间相互作用与购物中心建设规模的确定

近两年我国大中城市兴起了建设购物中心的热潮,通过空间和空间的相互作用,形成了影响购物 中心建设规模的各种重要因素。用确定购物中心规模的简单模型,结合实际.情况再对模型进行修正,这 样能对中国大中城市购物中心的建设起着一定的借鉴意义。     

基于消费者相互作用对新产品的扩散过程与参照群体的分析

作为企业营销者,了解个体消费者行为的特点是必要的,但是消费者的行为并非孤立存在,而是因诸多外在的和内在的因素而相互影响。了解和把握消费者的相互影响在新产品的扩散过程和参照群体的地位是成功营销战略的一个重要因素。     

滑带土及其强度影响因素研究进展

滑坡对工程建设危害巨大,滑带土是滑坡的关键组成部分,由于其蕴含了滑坡发育、发展过程的丰富信息甚至控制着滑坡灾害的发生,成为国内外工程地质界关于滑坡研究的基础内容。目前关于滑带土的研究多集中在对具体滑坡滑带土的物理力学性质方面,而较少对滑带土形成演化机制和影响滑带土强度因素深入系统研究,本文首先从滑带土的识辨出发,介绍回顾了滑带土形成演化研究现状,然后重点介绍了滑带土的颗粒组成、矿物组成(特别是粘土矿物组成)、水—岩(土)化学作用、水的物理力学效应、微观结构对滑带土强度影响的研究成果。最后探讨了滑带土研究中存在的问题和发展趋势。