Scale and the Scale Effect in Market‐based Accounting Research

The nature of the data we usually encounter in market‐based accounting research is such that the results of the regressions of market capitalization on financial statement variables (referred to 'price‐levels' regressions) are driven by a relatively small subset of the very largest firms in the sample. We refer to this overwhelming influence of the largest firms as the 'scale effect'. This effect is more than heteroscedasticity. It arises due to the non‐linearity in the relation between market capitalization and the financial statement variables. We present the case that scale is market capitalization rather than a correlated omitted variable. Since scale is market capitalization, we advocate its use as a deflator in a regression estimated using weighted least squares. This regression overcomes the scale effect and the resultant regression residuals are more economically meaningful. Christie's (1987) depiction of scale is the same as ours but he advocates the use of the returns regression specification in order to avoid scale effects. We agree that returns regressions should be used unless the research question calls for a price‐levels regression.     

我国上市公司高送转公告效应的实证研究

为检验上市公司定高送转预案公告发布对其股票价格的影响,本文以2009年至2010年沪深两市推出高送转预案的285家上市公司为样本,选取公告日前10日至公告日后20日为事件窗口,运用事件研究法对高送转公告效应进行实证研究。结果表明：中国股市具有明显的高送转公告效应,上市公司高送转预案公告发布前后股票具有显著的正价格效应,会产生持续的累计异常正收益;然而,由于信息不对称,部分投资者通常会提前获得有关高送转的内幕信息并提前买入,并以此获得可观的超额收益,而普通投资在公告发布后买入只能获得小部分的超额收益并且需要承担更大的风险。     

广西旅游业结构变迁中的生产率增长效应分析

利用偏离-份额法,以＂结构红利假说＂的角度分析了广西各市旅游业的产业结构生产率增长效应,以解释各市旅游业发展的动力来源和影响。研究表明,旅游业的产业结构变迁对广西各市的劳动生产率均有积极作用,主要通过内部增长效应体现。对大多数城市结构变迁有利于旅游业劳动生产率的提升,但是另一部分城市出现了＂结构负利＂的情况。     

藏区农牧民医疗救助体系运行效果及其评价指标设计——以甘肃甘南藏族自治州为例

因病致贫已经成为制约藏区经济社会发展的主要因素之一,实施制度化的医疗救助以帮助藏区农牧民尽快摆脱贫困,成为政府做好民族工作的重要任务。本文全面阐述了贫困与民族发展之间的密切关系,认识到藏区农牧民医疗救助由于经济、社会等因素的影响,导致医疗救助体系运行不规范,未能达到既定的目标和预期效果,迫切需要对藏区农牧民医疗救助体系的运行效果进行评价,逐步提高藏区农牧民医疗救助的水平。本文运用层次分析方式,选择具有藏区典型特征的甘肃甘南藏族自治州为研究对象,采用鱼骨图来表述藏区农牧民医疗救助体系运行效果,并以此为依据设计评价指标,以期能够更好地保障该体系的良好运行,促进藏区经济社会的稳步发展。     

Real Effects of Money Growth and Optimal Rate of Inflation in a Cash‐in‐Advance Economy with Labor‐Market Frictions

This paper studies the consequences of labor‐market frictions for the real effects of steady inflation when cash is required for households' consumption purchases and firms' wage payments. Money growth may generate a positive real effect by encouraging vacancy creation and raising job matches. This may result in a positive optimal rate of inflation, particularly in an economy with moderate money injections to firms and with nonnegligible labor‐market frictions in which wage bargains are not efficient. This main finding holds for a wide range of money injection schemes, with alternative cash constraints, and in a second‐best world with preexisting distortionary taxes.     

Solvency Ⅱ与C-ROSS非寿险保险风险最低资本要求比较研究——基于中国60家财产保险公司的经验证据

本文以非寿险业务保险风险最低资本要求为考察对象,研究了欧盟Solvency Ⅱ与中国C-ROSS的差异,并利用中国保险市场60家财险公司的经验数据,对两者之间的差异进行了实证和模拟分析。研究结果表明,Solvency Ⅱ和C-ROSS对中国财险公司保险风险最低资本要求存在差异。对于拥有传统业务结构的财险公司,Solvency Ⅱ对保险风险最低资本要求更高,但是这种差距随着公司业务规模的缩小而减弱;对于以经营某些专业险种为主的财险公司,主营业务险种对两者差异具有决定性影响。本文的研究结论详细解释了Solvency Ⅱ与C-ROSS在非寿险保险风险最低资本计算上的异同,对C-ROSS下一步的修订工作提供了一定的支持与参考。