基于家庭数据的燃油税制改革福利分析

燃油税制改革是一个复杂的问题,涉及政府(G)、居民消费者(RC)、客运和货运消费者(DC)、出租车消费者(TC)、公交车消费者(PC)、公路建设者(PB)、原油和成品油供应者(S)、汽车行业(CI)等多方利益体,需要用整体的眼光来看待和分析.本文运用定量研究法,首先依据居民消费者需求行为的数据估计出货币效用函数及其参数,并在效用最大化和预算约束的限制下构造拉格朗日辅助函数求解得到需求函数.同时将政府的燃油税制改革政策选择作为参数引入该模型中,求得燃油税制改革前后的不同需求值,进而得到在政府政策选择变化情况下的效用改变量.通过将福利改变情况与政府初始多重政策目标相比较,最后得出结论和相应的政策指导意见.     

Commercial and tax policy with endogenous capital flows: a welfare analysis

A model of two small trading countries linked by flows of two types of sector specific capital is analysed. We present the effects of a country's commercial and tax policy on its welfare in the presence of complete capital mobility between these ‘neighbouring’ countries. The welfare effects are shown to depend crucially on multilateral factor intensity rankings, as well as on the relative importance of exported versus imported capital.     

Consumption and Portfolio Selection with Labor Income: A Continuous Time Approach

This paper studies the consumption and portfolio selection problem of an agent who is liquidity constrained and has uninsurable income risk. The paper investigates how the optimal consumption and asset allocation policies deviate from the case where the financial market is perfect, i.e., the case where there are no liquidity constraints and uninsurable income risk. In particular, the paper shows that, for a given level of financial wealth and labor income, optimal consumption is smaller and the optimal level of risk taking is lower in the case where the agent is liquidity constrained and has uninsurable income risk than in the case where the financial market is perfect. The paper also discusses how the agent assesses the value of lifetime labor income and relates this evaluation to optimal consumption and asset allocation policies.     

Export-share requirements and welfare in less developed countries: a three-sector general equilibrium analysis

This paper analyzes the welfare impacts of export-share requirements in a three-sector, general equilibrium, sector-specific unemployment model. We demonstrate that the favorable welfare impact of export-share requirements is mitigated by a rise in the unemployment ratio. In addition, we deduce the welfare impact of a change in tariff rate for a given level of export share. Our analysis suggests that the export-share requirement policy is always welfare improving in the long run. The policy may not improve welfare in the short or intermediate run, however; the condition under which export-share requirements are welfare enhancing is derived and interpreted.     

International mergers: Incentives and welfare

Information asymmetry creates incentives for firms from different countries to merge. To demonstrate this point, we develop a model of international oligopolistic competition under demand uncertainty and asymmetric information. We show that when domestic firms but not foreign firms are completely informed of local market demands, information sharing enhances the profitability of a merger between a domestic firm and a foreign firm. We also examine how such a merger affects the non-merging firms' profits, consumer surplus and social welfare.     

Reassessing Portfolio Entrepreneurship

Portfolio entrepreneurship, that is the simultaneous ownership of several businesses, is becoming an important theme in the small business research literature. To date, however, there have been few dedicated empirical investigations of the phenomenon. This article analyses research on portfolio entrepreneurship that has been derived from a wide range of subject literatures, including economic sociology, cultural anthropology and agricultural economics. The aim is to provide a deeper understanding of the motivations for portfolio entrepreneurship approaches and the processes associated with it.     

Country Portfolio and Taxation: Evidence from Japan

Journal of Business Ethics - This study investigates the conditions under which host country portfolios are more likely to regularize corporate tax behavior. We use a sample comprising data on...     

Entrepreneurship and welfare

Here, I examine returns to entrepreneurship using a standard measure of welfare, the per-capita consumption expenditure. This analysis, using quantile regressions, reveals the existence of a welfare hierarchy in occupations. The results suggest that, across the welfare distribution, entrepreneurs who employ others have the highest returns in terms of consumption, while those entrepreneurs who work for themselves, that is, self-employed individuals, have slightly lower returns than the salaried employees. However, self-employment entails higher returns than casual labor and a relative escape from poverty.     

Optimal Sure Portfolio Plans

This paper is a sequel to the author's "Certainty Equivalence in the Continuous-Time Portfolio-cum-Saving Model" in Applied Stochastic Analysis (eds. M. H. A. Davis and R. J. Elliot), where a model of optimal accumulation of capital and portfolio choice over an infinite horizon in continuous time was considered in which the vector process representing returns to investment is a general semimartingale with independent increments and the welfare functional has the discounted constant relative risk aversion (CRRA) form. A problem of optimal choice of a sure (i.e., nonrandom portfolio plan can be defined in such a way that solutions of this problem correspond to solutions of optimal choice of a portfolio-cum-saving plan, provided that the distant future is sufficiently discounted. This has been proved in the earlier paper, and is in part proved again here by different methods. Using the canonical representation of a PII-semimartingale, a formula of Lévy-Khinchin type is derived for the bilateral Laplace transform of the compound interest process generated by a sure portfolio plan. With its aid. the existence of an optimal sure portfolio plan is proved under suitable conditions, and various causes of nonexistence are identified. Programming conditions characterizing an optimal sure portfolio plan are also obtained.     

Strategic Portfolio Management Model

Abstract

Institutional investors look forward to extra-ordinary returns in the new millennium. Yet, many have not displayed knowledge of scientific models such as modern portfolio theory, capital asset pricing model, and other financial assets investment management approaches, particularly within the local setting. They indiscriminately take risk by investing in subjectively determined options. We surveyed 44 quoted and unquoted companies, typical of emerging economies using Nigeria as a case. The test of hypotheses reveals that the firms' basis of portfolio selection is traditional. Investment risk is taken for granted. Also the homogeneity of portfolio components, though attractive in the short-run, adversely affect investment returns in the long-run. We, therefore, recommend the departmentalization and standardization of the corporate investment management process, reorientation and direction of organizational functionaries towards effective adoption of scientific approaches as integrally represented by the strategic portfolio management model, exemplified in this work.     

The Pattern of Intraday Portfolio Management Decisions: A Case Study of Intraday Security Return Patterns

This article examines causes of observed stock trading patterns that show high hourly returns and trading volume during early and late trading hours. Using time-stamped data from an institutional investor, we document high levels of portfolio managers' early-morning and late-afternoon decisions to trade that can result in the volume pattern and relatively higher proportions of buy decisions that could contribute to the return pattern.     

基于投资组合理论的企业国际化新解

企业国际化进程中的区位组合和行业组合实质上也是一种投资组合,可以用资产组合理论来解释企业国际化问题.笔者基于马科维兹(Markowitz)的资产组合理论,指出在新的经济背景下,企业国际化应当从全球角度去分析,而不应仅仅从个别东道国所能提供的资源角度考虑.在进行区位选择和行业选择决策时,企业应当把全球市场作为一个综合大系统分析,谨慎将风险规避问题考虑在内.在其他条件相同的情况下,尽可能选取相关性弱的区位和行业进行组合,从而达到规避局部风险和部分整体风险的目的.     

品牌延伸:基于产品组合理论的新解释

国内外学者对品牌延伸的概念内涵及外延的解释众说纷纭。本文基于传统的品牌战略管理模式是建立在品牌、产品一一对应的关系上的这一理论前提,从企业产品组合理论入手,对品牌延伸概念进行了全新的阐释。事实上,品牌延伸策略的运用必定伴随着企业产品的拓展,但并非企业所有的产品拓展行为都是品牌延伸。从而得出了品牌延伸是指将原品牌(或与其相似的品牌)运用到全新产品或经过改进的现有产品之上的行为这一全新的定义。