Investment Opportunities and the Relation Between Equity Value and Employees' Bonus

A sample of firms where employee stock options and other long‐term incentives are absent but an annual bonus is required is examined. A positive relation is found between firm equity value and stock bonus but not cash bonus. The positive relation is stronger when the firm has greater investment opportunities. Additionally, the relation is shown to be nonlinear in the sense that the marginal effect of stock bonus on equity value is positive but decreasing (negative) when the stock bonus is below (above) the breakpoint. Overall, the annual stock bonus is valued positively by investors even though it is linked to the firm's contemporaneous but not future performance.     

On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

欧债危机的根源及对策分析——基于最优货币区内生性理论

根据最优货币区内生性理论,加入最优货币区的决定取决于一体化、对称性和劳动力市场弹性三种内生性。美国次贷危机导致欧元区对称性下降,金融一体化、劳动力市场弹性不足和财政转移支付等补偿机制的缺失,使得欧元区未能形成最优货币区。欧元区必须通过要素市场改革和推进财政一体化等措施,才能走出困境。     

划拨土地使用权益基准地价评估方法探析

本文先简要介绍了几种常用的评估方法,并对划拨土地使用权权益基准地价评估进行研究,从而提出了基于土地增值收益分配理论的评估方法思路.     

Game-theoretic properties of Final-Offer Arbitration

Final-Offer Arbitration (FOA) is a dispute settlement procedure in which an arbitrator chooses one side's final position as the resolution. Game-theoretic models of FOA in two-sided interest disputes are reviewed, especially models of the disputants' final offer choices under uncertainty about the arbitrator's preferences. The extent to which the Brams-Merrill Theorem (1986) reveals optimal strategic behavior under FOA, and the implications for efficiency and equity, are assessed. Analysis of a model not satisfying the hypotheses of the Theorem suggests that, for some arbitrators, FOA can have an undesirable tendency. Another game model is used to address the question of how disputants' differential risk-aversion is reflected in their strategic behavior, and in the fairness of FOA outcomes. This calculation clarifies some apparently contradictory empirical evidence about FOA.     

The accountable governance of provincial governments of a Pacific island country

ABSTRACT

Using the theory of indigenous alternatives and a benchmark of indigenous financial reporting expectations, this paper examines the challenges to accountable governance of the nine provincial governments of the Solomon Islands for the years 1998 to 2017. Every provincial government consistently received disclaimed or qualified opinions from the state auditor. The author explains why the regional development of all provinces of the Solomon Islands could be improved if rudimentary forms of financial reporting were to be addressed.     

功能翻译理论观照下张家界景点介绍的文化术语英译

张家界景点介绍的英译对展示张家界的自然风光和风土人情,吸引海外游客起着重要作用。运用诺德的功能翻译理论对张家界景点介绍的文化术语英译进行了探讨,发现现有的译文存在文化术语误译等问题,并建议采用注释性增译、音译加意译等翻译策略对其进行改译。     

从勒菲维尔改写理论赏析林纾的翻译策略

林纾是我国晚清时期的翻译奇才,他的翻译作品典雅流畅,风行一时,因而他的翻译思想、翻译动机、接受环境、对原作的＂误译＂和＂不忠＂等都被深入研究和评价。他也因为对原作的＂误译＂和＂不忠＂而饱受争议。从翻译学文化操控派代表人物勒菲维尔的改写理论视角来看,林纾的＂误译＂和＂不忠＂往往是他刻意选择的结果,这实质上就是一种改写,是他在当时社会文化的操控下,对原作做出的赋予其二次生命的调整,即是林纾在中国当时社会意识形态、诗学观等因素影响下对西方文学所进行的改写。     

合作社生猪质量供给困境与治理研究——基于集体行动理论的视角

专业合作社成员在空间分布上呈现出明显的地缘性特征,使得合作社对生猪质量控制具有天然的优势,但仍无法避免成员“搭便车”的困境。文章以奥尔森的集体行动理论为指导,设计了选择性激励、允许成员异质性以及强制措施等治理机制,并通过对金诚众和合作社的案例分析,提出扶持合作社进行生猪品牌建设,提高生猪抽检比例,加强猪肉产品的认证管理等政策建议。     

上市公司社会责任审计的理论建构与实践问题探索

随着上市公司履行社会责任情况的信息披露日益受到利益相关者的密切关注,作为履行第三方鉴证责任的上市公司社会责任审计也越来越受到理论界和实务界的重视,因此通过理论建构与实践操作两个层面对上市公司社会责任审计问题进行有关探索十分必要。上市公司社会责任审计的理论框架可以从审计依据、审计原则、审计主体、审计内容、审计目标五个方面来构建;上市公司社会责任审计的实践问题可以从强化上市公司社会责任审计信息披露的监管、构建上市公司社会责任审计的标准、巩固上市公司社会责任审计的依据、探索上市公司社会责任审计的辅助机制和培养上市公司社会责任审计人员几个方面来探索。