Mutual fund selection and performance persistence in 401(k) Plans

We examine how plan sponsors/providers select mutual funds for 401(k) plans and whether performance persistence exists for mutual funds listed in 401(k) plans. Using a hand-collected data set of 401(k) investment options, we find that plan sponsors are likely to choose actively managed growth funds, including aggressive growth funds and long-term growth funds. Furthermore, more than 50% of the mutual funds in our sample of 401(k) plans are selected from the top 10 fund families in terms of total net assets. On average, plan sponsors select funds that outperform the funds with the same investment objective and that have low expense ratios. The performance of mutual funds in 401(k) plans only persists in a short horizon. Our analysis indicates that the menus of 401(k) investment options do not exhibit a signaling effect, indicating that investment options in 401(k) plans do not supply useful information about the future performance of mutual funds for investors in selecting mutual funds.     

Econometric methods for fractional response variables with an application to 401(k) plan participation rates

We develop attractive functional forms and simple quasi-likelihood estimation methods for regression models with a fractional dependent variable. Compared with log-odds type procedures, there is no difficulty in recovering the regression function for the fractional variable, and there is no need to use ad hoc transformations to handle data at the extreme values of zero and one. We also offer some new, robust specification tests by nesting the logit or probit function in a more general functional form. We apply these methods to a data set of employee participation rates in 401(k) pension plans.     

基于规划协同的市(县)空间管制区划研究

现有的四类市(县)空间管制区划,总体上形成了从保护到开发的差异化政策导向,然而在其编制与管理过程中存在的重叠、交叉和冲突现象,直接影响了城乡土地资源的优化配置。基于规划制度背景,比较分析了市(县)层次的空间管制区划目标、标准与内容差异性。规划协同是我国统筹各类规划工作的客观要求,基于此,提出了市(县)空间管制区划的协同原则、路径与要点,并构建了市(县)空间管制区划体系框架,具体通过市(县)域和中心城区两个层级予以落实。其中,市(县)域层次侧重空间功能区、城镇空间增长边界线和保护控制边界线等内容,中心城区侧重管制分区与建设用地规模边界等内容。     

Social Return on Investment (SROI) and Performance Measurement

Abstract

Social enterprises are being promoted as responsive and innovative way to deliver public services. As part of this promotion, these organizations are being required to demonstrate the social and economic value they generate. Social return on investment (SROI) is a performance measurement tool currently being encouraged to capture this impact. This paper draws on survey and interview data to analyse how SROI is used and understood in health and social care settings. It indicates that despite being accepted as an internationally recognized measurement tool for social enterprise, SROI is underused and undervalued due to practical and ideological barriers.     

Understanding Japanese Direct Investment in China (1985–1993):

Abstract Japanese private investors have recently established a remarkable presence in the Chinese economy. While the comparative performance of Japanese direct investment can be attributed to managerial, economic, social and political factors, the present article shows that elements of Japanese culture have also played a role. An intercultural comparative analytical framework is developed. Aggregate data and survey reports suggest that Japanese cultural factors have contributed to the performance of Japanese direct investment (1985–1993), relating to level, pattern and managerial behavior. This study points to 1) the importance of having a comprehensive understanding of Japanese direct investment including its cultural element, and 2) the necessity for the Western investors to pay close attention to the cultural aspect of a successful investment in China.     

评估公务员培训效果的投资回报(ROI)计量法

公务员作为我国庞大的行政队伍,其培训越来越受到专家学者和有关政府部门的重视,培训效果的评估也一直困扰着理论界和实践界。ROI计量法是一种全面反映投资效益的综合性指标,是一个逻辑的、系统的步步衔接的流程,将其运用到公务员培训模式上有助于培训效果的更好的测量。本文阐述ROI计量法的必要性及其量化分析,根据ROI的计量法把ROI流程应用到公务员培训评估上,对公务员培训评估的改进具有不可估量的重要意义。     

基于灰色GM(1,1)模型的高校研发投入强度研究

结合历年辽宁省高校研究与试验投入统计数据,采用补充残差和加权平均的方法对传统的GM(1,1)模型进行改进,分析并预测辽宁省高校研发投入强度。通过预测结果,表明改进的GM(1,1)模型大幅提高了预测精度,给出辽宁省高校研究与试验投入强度的发展趋势。     

基于模糊层次分析法的房地产投资决策研究

房地产投资项目本身具有一定的模糊性,采用模糊层次分析法,建立模糊一致矩阵,判断各方案在各指标下的权重,然后进行排序,为企业的投资决策提供参考。文章以陕西省某房地产企业选址投资为例,验证了此模型的合理性与可行性。     

基于"GM(1,1)模型"投资LNG项目财务评价研究

近年来,我国液化天然气(LNG)在全年能源使用消耗总量中占有的比值持续上升.由于其具有环境污染小、运输方便等优点,因此,在天然气市场占据了较大的市场份额.同时,由于其显著的经济效益,也受到了投资者的青眯,LNG项目成为能源企业的投资热点.在这种背景下,对LNG项目的动态经营成本进行评价分析,也成为投资者特别关注的方面.本文基于GM(1,1)模型,亦就是灰色系统,对LNG投资项目动态经营成本进行评价研究,为科学地投资LNG项目提供测算依据.     

基于"GM(1,1)模型"投资LNG项目财务评价研究

近年来,我国液化天然气(LNG)在全年能源使用消耗总量中占有的比值持续上升.由于其具有环境污染小、运输方便等优点,因此,在天然气市场占据了较大的市场份额.同时,由于其显著的经济效益,也受到了投资者的青眯,LNG项目成为能源企业的投资热点.在这种背景下,对LNG项目的动态经营成本进行评价分析,也成为投资者特别关注的方面.本文基于GM(1,1)模型,亦就是灰色系统,对LNG投资项目动态经营成本进行评价研究,为科学地投资LNG项目提供测算依据.     

基于"GM(1,1)模型"投资LNG项目财务评价研究

近年来,我国液化天然气(LNG)在全年能源使用消耗总量中占有的比值持续上升.由于其具有环境污染小、运输方便等优点,因此,在天然气市场占据了较大的市场份额.同时,由于其显著的经济效益,也受到了投资者的青眯,LNG项目成为能源企业的投资热点.在这种背景下,对LNG项目的动态经营成本进行评价分析,也成为投资者特别关注的方面.本文基于GM(1,1)模型,亦就是灰色系统,对LNG投资项目动态经营成本进行评价研究,为科学地投资LNG项目提供测算依据.     

基于"GM(1,1)模型"投资LNG项目财务评价研究

近年来,我国液化天然气(LNG)在全年能源使用消耗总量中占有的比值持续上升.由于其具有环境污染小、运输方便等优点,因此,在天然气市场占据了较大的市场份额.同时,由于其显著的经济效益,也受到了投资者的青眯,LNG项目成为能源企业的投资热点.在这种背景下,对LNG项目的动态经营成本进行评价分析,也成为投资者特别关注的方面.本文基于GM(1,1)模型,亦就是灰色系统,对LNG投资项目动态经营成本进行评价研究,为科学地投资LNG项目提供测算依据.     

On the existence of an increasing symmetric equilibrium in (k + 1)-st price common value auctions

In a classical result, Milgrom (1981a) established that the Monotone Likelihood Ratio Property (MLRP) is a sufficient condition for the existence of an increasing symmetric equilibrium in (k + 1)-st price common value auctions. We show: (1) If MLRP is violated, then for any number of bidders and objects there exists a distribution of the common value such that no increasing symmetric equilibrium exists; (2) If MLRP is violated, then for any distribution of the common value there exist infinitely many pairs of the number of bidders and the number of objects such that an increasing symmetric equilibrium does not exist; (3) There are examples where an increasing symmetric equilibrium exists even when the signal distribution violates MLRP.     

国内投资与外商直接投资就业效应的差异性研究——基于江苏省的数据分析

以江苏省1990～2007年的相关数据为研究对象,运用多元回归分析的方法,对国内投资、外商直接投资以及经济增长带来的就业效应进行估计,并对实证研究结果进行分析,发现国内投资与外商直接投资的就业效应有着明显的差异性,根据这一结论进一步探讨江苏省合理安排投资,促进就业的相应对策。     

对促进灾后重建投资的几点建议

从汶川大地震灾害的严重程度看,灾区总体损失可能达数千亿元,灾后重建所需投资巨大.结合国际经验和我国当前的经济环境,需要在协调政府力量和市场作用的基础上,坚持政府主导、市场运作,举全国之力,多渠道、多形式筹集灾后重建资金.     

国内投资与外商直接投资就业效应的差异性研究——基于江苏省的数据分析

以江苏省1990～2007年的相关数据为研究对象,运用多元回归分析的方法,对国内投资、外商直接投资以及经济增长带来的就业效应进行估计,并对实证研究结果进行分析,发现国内投资与外商直接投资的就业效应有着明显的差异性,根据这一结论进一步探讨江苏省合理安排投资,促进就业的相应对策。