Shadow costs of incomplete information and short sales in the valuation of the firm and its assets

This paper presents a simple framework for the valuation of compound options within shadow costs of incomplete information and short sales. The shadow cost includes two components. The first component is the product of pure information cost due to imperfect knowledge and heterogeneous expectations. The second component represents the additional cost caused by the short-selling constraint. Information costs are linked to Merton's (1987. Journal of Finance 42, 510) model of capital market equilibrium with incomplete information, CAPMI. This model is extended by Wu et al. (1996. Review of Quantitative Finance and Accounting, 7, 136) who propose an incomplete-information capital market equilibrium with heterogeneous expectations and short sale restrictions, GCAPM. This model is used in our paper to provide for the first time in the literature analytic solutions for derivatives in the presence of both shadow costs of incomplete information and short sales.When deriving the compound call option formula, we consider a call option on a stock, which is itself an option on the assets of the firm. Our methodology incorporates shadow costs of incomplete information and short sales on the firm's assets as well as the effects of leverage in the capital structure. The formula can be useful in the valuation of several corporate liabilities in the presence of information uncertainty and short sales constraints about the firm and its cash flows. Our analysis can be used for the valuation of several real options.     

啤酒企业的销售费用控制分析研究

啤酒产品属于典型的快速消费品,也属于微利产品,尤其是低端产品,在整个行业生产成本不断上涨的现状下,为保障企业利润,维持企业生存发展,大部分企业已经开始加强对内部销售费用的分析和管控,目的是在维持目前销量与收入的前提下,使企业利润最大化,提高企业经营效益。     

浅谈体验式教学——销售竞赛在销售管理实践教学中的应用

由于《销售管理》是一门实践性很强的课程,在教学中需要通过体验式教学来让学生理解知识、体会销售技巧并最终提高销售管理实操能力。本文作者设计了"销售竞赛"应用于《销售管理》的实践教学环节,起到了较好的教学效果。     

When collaborative HR practices may not work well: the moderating role of social capital in the Chinese life insurance industry

In this study, we examine the main and interaction effects of insurance agent-focused collaborative HR practices and insurance agents' social capital on their sales performance. Data from 984 participants were collected in five subsidiaries of a large Chinese life insurance company. The results show a strong relationship between social capital and objective sales performance. More importantly, we found a negative interaction effect of collaborative HR practices and network size on individual performance and a positive interaction effect of collaborative HR practices and network range on objective sales performance. The study is unique in that it looks at the interaction between HR and social capital, investigates how HR practices affect individual performance and not firm performance as has been more commonly done, and focuses on one industry to be able to capture the unique aspects of HR practices in that industry. Theoretical contributions, managerial implications, and limitations are also discussed.     

Who's in charge of the central city? The conflict between efficiency and equity in the design of a metropolitan area

A circular metropolitan area consists of a central city surrounded by a suburb. Households sort over the two jurisdictions based on public service levels and their costs of commuting to the metropolitan center. Using numerical simulations, we show that (1) there typically exist two equilibria: one in which the poor form the voting majority in the central city and the other in which the rich form the majority in the central city; (2) there is an efficiency vs. equity trade-off as to which equilibrium is preferred; and (3) if the central city contains only poor households, equity favors expanding the central city to include rich households. The third result arises not because of a fiscal subsidy from rich to poor households induced by a property tax but rather because of a change in house price capitalization.     

浅谈企业经营方式中的增值税纳税筹划

我国建立市场经济体制以来,企业对纳税问题有了进一步的认识,相应地也开始研究纳税筹划问题。本文从企业经营方式中的几种特殊销售行为方面对我国企业增值税税收筹划工作进行分析,以更好的促进企业税务筹划工作的积极性,从而达到减轻税负,提高企业经济效益的目的。     

视同销售行为应税收入与应缴增值税问题刍议

合理的税制结构既能够减少重复征税,降低企业负担,又能节约税务部门的人力物力成本。本文首先介绍了《增值税暂行条例实施细则》对于税法中关于视同销售行为内容的界定,分析并归纳了企业或其他经济组织发生视同销售行为时,应如何根据不同经济交易情况的货物移送转移行为确定合理的税种。在此基础上笔者结合当前实际延伸了一些关于现代税收制度体系的思考。     

销售成本与销售量最佳匹配研究

本文通过对产品销售人员数量与产品销售数量变化而导致成本和收入变化的分析,应用非线性盈亏平衡理论,对模型进行假设、分析与建立,并进行实际应用。通过对模型的求解,得出合理的销售量的预测,同时可估算最佳销售量时的最大盈利值。研究成果具有较好的理论和实际应用价值。     

基于预订销售策略的生命周期产品库存模型

研究了一类基于预订销售策略的生命周期产品的库存模型,其中需求率是销售价格和时间的函数,且需求率符合产品生命周期的变化规律,目的是极大化总利润,采用倒算法和动态规划方法,讨论了模型最优解的存在性和唯一性,并给出了最优订购策略的数值例子和参数的灵敏度分析。     

The implications of inflation in an estimated new Keynesian model

This paper studies the steady state and dynamic consequences of inflation in an estimated dynamic stochastic general equilibrium model of the U.S. economy. It is found that 10 percentage points of inflation entail a steady state welfare cost as high as 13% of annual consumption. This large cost is mainly driven by staggered price contracts and price indexation. The transition from high to low inflation inflicts a welfare loss equivalent to 0.53% of annual consumption. The role of nominal/real frictions as well as that of parameter uncertainty is also addressed.     

Migration consequences of welfare reform

We investigate whether recent changes in welfare policy affect the migration of low-educated unmarried mothers. Estimates indicate that welfare reform is associated with an increase in employment-related intrastate migration, and a decrease in non-employment related migration, both within and between states. The net effect was a small increase in intrastate migration and a small decrease in interstate migration. The close link between migration and employment suggests that welfare reform has motivated low-income women to move for economic reasons. In general, welfare policy appears to have a much larger effect on residential location because of its relationship to employment than because of benefit differences between states.     

物流园区水泥砼路面破坏的原因及其预防的总结

文中结合了大量的文献资料,论述了物流园区内混泥土破坏的具体原因及如何及早预防,以免在施工过程中发生不必要的损失。     

"标准"对贸易及福利影响的实证检验——基于价格楔方法以欧盟RoHS指令对上海市机电产业的影响为例

基于"标准"是一些复杂特性的综合体,对其直接量化存在困难,本文采用价格楔方法,将"标准"转化为对等关税,进而量化"标准"的贸易及福利的影响.本文的创新之处在于对价格楔方法进行扩展,放松了国内产品与国外产品完全替代的假设.研究表明,欧盟RoHS指令对上海市机电产业构成了严重的贸易壁垒,并进一步影响该产业的专业化分工.但从长期看,标准的实施会使国内外产品的替代弹性增强,标准的对等关税会逐渐下降,社会净福利提高.     

标准对贸易及福利影响的实证检验——基于价格楔方法以欧盟RoHS指令对上海市机电产业的影响为例

基于"标准"是一个复杂特性的综合体,对其直接量化存在困难,本文采用价格楔方法,将标准转化为对等关税,进而量化标准的贸易及福利影响。本文的创新之处在于对价格楔方法进行了扩展,放松了国内产品与国外产品完全替代的假设。研究表明,欧盟RoHS指令对上海市机电产业构成了严重的贸易壁垒,并进一步影响该产业的专业化分工。但从长期看,标准的实施会使国内外产品的替代弹性增强,标准的对等关税会逐渐下降,社会净福利提高。     

Voting on welfare reform Stemming migration, assisting the needy, or promoting economic growth?

This paper examines the influences on voting by members of the House of Representatives on the Carter Administration's welfare reform legislation. The analysis finds some support for the hypothesis that voting by national legislators responded to the potential mobility of welfare recipients from low to high benefit states. Defining the public interest as promoting economic growth and the special interest as increasing redistribution, the results also provide evidence in support of the Stigler hypothesis that politically secure legislators are better able to vote the public, as opposed to the special, interest. Received: July 15, 1998 / Accepted: August 6, 1999