Do Selection Criteria Make a Difference?: Visa Category and the Labour Market Status of Immigrants to Australia

This paper assesses the role of selection criteria in the immigrant settlement process. Do skill-based immigrants have higher participation and employment rates than family-based immigrants? Does this represent a head start or a persistent labour market advantage? The Longitudinal Survey of Immigrants to Australia is used to address these questions. Generally, migrants selected for their skills have better labour market outcomes. Over time, the relative gap in participation rates increases, while the gap in employment rates decreases. Net of visa category, outcomes are better for native English speakers and for those who visited Australia prior to migration.     

Analysis on Inefficiency of Transmitting the Monetary Policy of the Capital Market

Looking from the institutional system that the stock market services the state-owned enterprises, the bad corporate governing structure of the state-owned listed companies, the lack of balance between the yield from an investment and the stock, and the polarization of the wealth distribution in the stock market, we make an intensive analysis and exploration on the inefficiency of transmitting monetary policy of Chinese capital market herein.     

On the Characteristics of Chinese Life Insurance Market

The Chinese life insurance market is developing on the road to join in WTO in the new millennium. The rate of increase in the first six months in 2003 reached 41.1%, and the market takes on some characteristics as follows：     

A Study of the Setting of Margin Levels in Futures Market

Margin rules are very important rules in futures market. This paper provides a new Value-at-Risk （VaR） approach which uses GARCH model to set margin levels. The new approach overcomes the limitation of the hypothesis of normal distribution in traditional methods and improves the estimation precision. We use the data of metal futures in China＇s Shanghai Futures Exchange （SHFE） to have an empirical study.     

The Impossible Split? A Study of the Creation of a Market Actor

Quasi-markets have been created within the health care sector in many countries. One commonly used market model is the purchaser–provider split, which implies that purchasers use contracts to control the providers. A hierarchical organizational solution is replaced by a contractual relation. This article shows that creating quasi-markets in public organizations is complicated by the need to balance the market actors’ (the sub-units) autonomy and the efficiency of the entire public organization. The market actors have limited opportunities to work as autonomous units. The initial aim when creating market actors is to reduce their complexity by giving them distinct responsibilities and authorities. Reducing complexity in some parts of the organization, however, seems to cause problems in other parts. In the article, this effect is called quasi-market externalities or “overflows.” The overflows result in less autonomy for the market actor because the market frame has to be changed. Fiscal pressures, volatile political actors and strong professions are sources of overflow and subsequent changes in the market frame. The conclusion is that it is difficult, perhaps impossible, to create and maintain contractual relationships when both parties are dependent on the same principal.      

Analysis on the Strategy Choice of Market Share and Customer Share

Along with much attention increasingly to the customer share, the lifetime value of the customer and the customer loyalty become more and more important as the key factors for the perpetual development of business enterprises. This paper did a certain analysis on the comparative advantage of the customer share, and probed into the different strategy choice of business enterprises on each development stage, hoping to supply some suggestions on certain degree as reference value.     

Paying Close Attention to the Research on Property Right of Market

The property fight of market is a foundation, on which various kinds of micro tangible property rights and intangible property rights exist and realize, and as an economic category, the property right of market appears after the class, the state and the equity title. The contents that are involved in the research on the theory and the practice of property fight of market are extensive, including a lot of aspects such as its key theory, the relation between market economy and international competitiveness, etc. Therefore, the research on the property right of market has very important theoretic and practical significance.     

Will Deregulating the Labor Market in Australia Improve the Employment COnditions of Women?

This article traces the development of policies designed to reduce gender workforce inequality in Australia. In contrast to earlier centralized and collective approaches, current strategy is founded on individualism and direct workplace bargaining. The location of reform is now the enterprise, with direct bargaining replacing collective standards. Current policy developments have seen gender subsumed under market imperfections and family responsibilities. These policies will remove many of the safeguards of minimum pay and conditions for women workers, especially those who are most vulnerable. When combined with the growth of "nonstandard" jobs the picture is bleak for many workers, especially the low paid. The onus for corrective action now rests with individual employees and workplace managers, with trade unions being marginalized. The authors suggest that a continuation of the current policy will wind back the clock on the employment conditions of women workers in Australia.     

The Analysis of Bases of Market Segmentation

This paper analyses the characters of different bases of market segmentation and classes the bases into four kinds： observable general bases, observable product-specific bases, unobservable general bases and unobservable product-specific bases. The result can be used in the future research of market segmentation.     

Regulation Issues for the Internet Market

Regulation of Internet market attracts more and more scholars and governments＇ attention as the Internet＇s commercial potential is displayed worldwide. Key characteristics of Internet market prove there are also market failures in Internet market, so regulation is an avoidable issue for the Internet market. Policy approaches relating to competition, intellectual property, and information privacy are three key areas of regulation that the paper emphasizes. The paper also analyzes the current regulation practices carried by some developed countries and calls for countries to cooperate and coordinate thus build a legal and fair environment for the Internet market.     

Using Market Prices to Regulate the Costs of a Utility‘s Inputs

This paper analyzes the problem of determining allowable cost of a utilitys inputs when the price of these inputs may be highly volatile and when hedging and long-term contracting are the norm in the supply of these inputs. In such an environment, benchmarks based upon the observable market price of an input are natural regulatory mechanisms to consider. This paper studies such incentive-based regulation. The first section uses contingent claims analysis to investigate a representative contract currently in place. The analysis indicates that this regulation may impose an important monitoring role on the regulator in order to prevent the utility from taking extremely risky positions in fuel markets. Further investigation of benchmark-based regulation is undertaken in a principal-agent framework in which the utility has the dual role of choosing a fuel portfolio and undertaking expenditures to reduce fuel costs. In this setting, it is shown that benchmark-based compensation is, at best, ineffective. Within the same setting, contracts based upon cost sharing are studied and found to be superior at obtaining a tradeoff between risks and cost reduction.     

Analysis of China＇s Logistics Market and the Cooperation in Northeast Asia

In recent years, China＇s logistics market has developed very fast, characterized in demand and supply aspects. Such increase in logistics and other industries of China＇s economy, give more opportunity to the cooperation of logistics system in Northeast Asia. This paper will give more detailed analysis on the logistics market in China with the data coming from the recent survey of the research center of logistics in Nankai University and National Development and Reform Commission.     

The China＇s Mode Reform Process of Market Economy System and the Level of Marketization

During the new epoch of reform, the discussion and practice launched by the government and the Communist Party of China （CPC） has experienced 4 stages. Since 1992, China has entrenched formally establishing the Socialist Market Economy System, which is a so-called China＇s Mode development way led by the Deng Xiaoping＇s theory. This paper tries to set up an index system to evaluate the development level of China＇s market economy from 1992 to 2001.     

Stock Market： Comparisons of the Achievements of China＇s State-owned Enterprises and Private-owned Enterprises

With China taking its reform and opening policy, the private economy has been developed rapidly now, especially going public. It is discovered that there are two ways of entering China＇s stock market： one is direct listing; the other is indirect listing. Private enterprise studied in this paper excludes state-owned economy. Since 1996 in China, a number of private listing corporations have been going increased year by year, and indirect listing has become the main form of private enterprises＇ access to stock market. In the paper, the author made a substantial evidence analysis on the 53 private corporations, which have entered China＇s stock market by the end of 1998. By means of the SHAZAM regression test analysis, the author draws a surprising conclusion： as far as private listing companies are concerned, state-ownership enterprise＇s efficiency is more satisfied than private ones. This indicates that improving the management of private enterprise has already been on the agenda.     

The Relationship between the Trade Life Circle and the Takeover Type ——The Inspection of the Efficiency of the Market for Corporate Control in China

According to the differences between operation and correlationship by both sides of the takeover in the market for corporate control, the takeover can be divided into three types--transverse takeover, longitudinal takeover and mixed takeover. Meanwhile, due to the activities of takeover taken by the companies in the different trade life circles adopting different takeover types, so their performances are different. Seeing about this relationship, you can effectively inspect the efficiency of the market for corporate control. Adopting298 stylebook data from the market for corporate control in China, and through empirical analyzing, it can see that because of the existing of the stock holding, the efficiency of the market for corporate control in China is not very high. The government tempts to adjust the industrial structure through merger and acquisition （M＆A）, but it urged the aim of state-owned economy forward strategic transfer difficult to come true. To solve the contradiction of ＂setting up of the stock holding＂ comes to no time to delay. ＇     

Market Inertia and the Introduction of Green Products: Can Strategic Effects Justify the Porter Hypothesis?

If, according to Porter’s hypothesis, a “greener” strategy is more profitable, why may its implementation need regulatory intervention? We present a repeated Cournot duopoly where the market may exhibit inertia towards the adoption of even cost-efficient environmental goods. With consumers recognizing that a product is green only with a time lag, if a firm unilaterally adopts the green product initially loses profit due to (a) increased costs (direct effect) and (b) reduced market share (strategic effect). By imposing simultaneous adoption, regulation eliminates (b), thus enhancing long-run profitability. Through a similar mechanism a government can increase its domestic firms’ international market share and profits by forcing them to simultaneously adopt the green product.     

Market Shares and Concentration in the EU Auditing Industry: the Effects of Andersen’s Demise

This paper describes and analyses changes at the concentration level of the audit services markets in 15-EU member-countries. The sample consists of 2,862 clients of auditing firms for the period 1998 to 2004. The findings of the research show that concentration in the aggregate sample increased over time. Concentration in the audit markets of the EU-15 member-countries exhibits substantial variation across countries while average concentration, before and after Arthur Andersen’s dissolution, has increased in 12 and declined in three countries. Results segmented by economic sectors indicate that the concentration increased in all sectors except Energy, which is the sector with the highest concentration. Overall, the empirical results suggest that there are complexities in our understanding of auditing services markets for competition purposes.

Reappraisal of outbound open innovation under the policy of China’s ‘Market for Technology’

China’s ‘Market for Technology’ policy has attracted much interest over the past decade. In light of a relative emphasis on the spillover effects of joint ventures, this study examines the transferring effects of Multinationals’ (MNCs) outbound open innovation in such a context. A survey of 2071 research and development (R&D) contract transactions between Chinese entities and MNCs indicates both internal factors (e.g. organisational capabilities) and external factors (e.g. the role of Intellectual Property protection) affect the transferring effects, which reformulate the focus of the Policy from the relational dimension of ‘Government vs. MNCs’ to the transactional dimension of ‘Domestic entities vs. MNCs’. We thus conclude that MNCs’ active initiative in the involvement of technology transfer and the success of domestic transaction partners combine to contribute to the technology progress within China’s ‘Market for Technology’ policy.     

Is the Experimental Auction a Dynamic Market?

Experimental auctions are generally thought of as static markets. This paper presents the results of an experimental auction designed to test whether participants perceptions regarding the relative difficulty of delaying or reversing a transaction outside the experimental market systematically affect their willingness-to-pay bids. The results show that auction participants perceptions significantly impact their bids in a manner that is consistent with real option theory. These results suggest that economists must be careful to consider the existence of outside markets when designing experimental auctions.JEL classifications: C91, D44, D81The author was a visiting collaborator at the Center for Agricultural and Rural Development in Ames, Iowa, while part of this research was completed.