共查询到20条相似文献,搜索用时 15 毫秒
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Pascalis Raimondos-Møller 《Journal of International Economics》2006,68(1):79-91
This paper examines the welfare implications of non-discriminatory tariff reforms by a subset of countries, which we term a non-preferential trading club. We show that there exist coordinated tariff reforms, accompanied by appropriate income transfers between the member countries, that unambiguously increase the welfare of these countries while leaving the welfare of non-members unaltered. In terms of economic policy implications, our results show that there exist regional, MFN-consistent arrangements that lead to Pareto improvements in world welfare. 相似文献
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A recent article in this Journal argued that insider trading is an unethical practice leading to an inefficiently functioning market. The debate on this topic has primarily pitted ethical defenses of prohibition against economic arguments extolling its allowance. In addition to being incomplete, this approach ignores other unwanted economic effects of prohibition itself and unethical implications of its existence. This article shows that Adam Smith's free market concept, when properly interpreted, provides all the incentive structure necessary for an efficient and ethical marketplace even when insider trading is permitted.
Deryl W. Martin has presented his research at several regional and national conferences, and has published in the Journal of Economics and Business, the Journal of Strategic and Financial Decisions, The Moneypaper, and several proceedings and newspapers. He is currently Assistant Professor of Finance at Tennessee Technological University in Cookeville, TN.Jeffrey H. Peterson is a doctoral candidate in finance at the University of Alabama. He also has presented his research at several regional and national meetings, and is currently Instructor of Finance at St. Bonaventure University in Olean, NY. 相似文献
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Reassessing Portfolio Entrepreneurship 总被引:1,自引:0,他引:1
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. 相似文献
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《中国对外贸易(英文版)》2010,(15):10-10
The country is set to begin domestic carbon trading programs during its 12th Five-Year Plan period (2011-2015) to help it meet its 2020 carbon intensity target. 相似文献
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Lucien Foldes 《Mathematical Finance》1991,1(2):15-55
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. 相似文献
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Beate Reszat 《Intereconomics》1987,22(3):107-111
The efforts of the central banks of Western industrial countries to stabilize exchange rates following the Louvre Agreement demonstrated yet again how difficult it can be to influence events in the foreign exchange markets. What factors are currently affecting exchange rates? What significance attaches to technical analysis in this context? 相似文献
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《Journal Of African Business》2013,14(1):103-121
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. 相似文献
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回眸2004年,尽管汽车市场持续萧条、低迷,但中国汽车责任保险制度取得了实质性的进展,中国汽车保险产品结构开始从车损险向责任险的结构迈进。如果将轿车加速进入家庭的2002年称为中国的汽车元年,那么2004年就应当被称为中国汽车责任保险的元年。 相似文献
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Patricia H. Werhane 《Journal of Business Ethics》1989,8(11):841-845
Despite the fact that a number of economists and philosophers of late defend insider trading both as a viable and useful practice in a free market and as not immoral, I shall question the value of insider trading both from a moral and an economic point of view. I shall argue that insider trading both in its present illegal form and as a legalized market mechanism undermines the efficient and proper functioning of a free market, thereby bringing into question its own raison d'etre. It does so and is economically inefficient for the very reason that it is immoral. Thus this practice cannot be justified either from an economic or a moral point of view.
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Patricia H. Werhane 《Journal of Business Ethics》1991,10(9):729-731
The article, Inside Trading Revisited, has taken the stance that insider trading is neither unethical nor economically inefficient. Attacking my arguments to the contrary developed in an earlier article, The Ethics of Inside Trading (Journal of Business Ethics, 1989) this article constructs careful arguments and even appeals to Adam Smith to justify its conclusions. In my response to this article I shall clarify my position as well as that of Smith to support my counter-contention that insider trading is both unethical and inefficient.
Patricia H. Werhane is the Henry J. Wirtenberger Professor of Business Ethics at Loyola University, Chicago. She is the author or editor of seven books including Ethical Issues in Business,edited with Tom Donaldson, in its third edition, Persons, Rights, and Corporations, Profits and Responsibility,and Philosophical Issues in Human Rights,edited with David Ozar and A. R. Gini. She is past president of the Society for Value Inquiry, founding member, past president and Executive Director of the Society of Business Ethics, and Chairperson of the Ethics Advisory Council of Arthur Andersen & Co. She serves on the editorial boards of the Journal of Business Ethics,the Journal of Value-Based Management, and Public Affairs Quarterly,and is Editor-in-Chief of Business Ethics Quarterly.Her book, Adam Smith and his Legacy for Modern Capitalismis forthcoming with Oxford University Press. 相似文献
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European Consumer Law Group 《Journal of Consumer Policy》1986,9(2):205-228
This report sets out the legal requirements which the European Consumer Law Group believes ought to be incorporated into consumer insurance contracts.The opening sections deal primarily with the law and practice governing pre-contractual negotiations. Subject areas covered include: (I) the need for accurate information about the cost of insurance and the extent of cover; (II) the use of consumer protection devices such as the cooling-off period and/or the offre préalable; (III) whether there should be a right to insurance per se; (IV) the unfairness of the law governing declarations of risk and non-disclosure.The next section of the paper analyses the terms of the insurance contract by commenting upon: (V) the wording form and language of contracts; (VI) the law governing warranties and Obliegenheiten; (VII) the legal effect of false replies to questionnaires and basis of the contract clauses; (VIII) whether the terms of insurance contracts should be subject to general consumer legislation.The penultimate section of the paper is concerned with (IX) the duration and (X) the termination of insurance contracts. The paper concludes by addressing itself to (XI) a number of miscellaneous matters and by (XII) stressing the need for effective redress procedures in the insurance field. The recommendations contained therein are then annexed in summary form.
The European Consumer Law Group (E.C.L.G) is a group of lawyers and law scholars in the EEC, concerned with legal aspects of consumer protection. Correspondence regarding this paper should be directed to: Mr. Alex Schuster, Lecturer in Law, Trinity College, Dublin 2, Ireland. 相似文献
Verbraucher und Versicherung
Zusammenfassung Die European Consumer Law Group, eine Vereinigung von Rechtslehrern und Rechtspraktikern des Verbraucherrechts in Europa, macht in ihrem hier veröffentlichten Bericht eine Reihe von Vorschlägen über die grundlegenden Anforderungen, die aus der Sicht des Verbrauchers an die Gestaltung von Versicherungsverträgen zu richten sind. Dabei wird bewußt versucht, unter Absehen von den außerordentlichen regulatorischen Unterschieden innerhalb der Mitgliedstaaten der EG und der anderen europäischen Staaten ein auf Verbraucher zugeschnittenes Versicherungsvertragsmodell zu entwickeln. Zuerst geht es dabei um die Phase der Vertragsverhandlungen. Der Verbraucher benötigt exakte Informationen über die Kosten der Versicherung und den Deckungsumfang (I). Vorgesehen ist die Verankerung von verbraucherschützenden Regeln Über ein Widerrufsrecht und/oder die Verpflichtung des Versicherungsunternehmens zur Abgabe eines bindenden Angebots (Grundsatz der offre préalable) mit vorläufigem Deckungsschutz (II). Erörtert wird weiterhin die Frage eines Kontrahierungszwanges des Versicherungsunternehmens, wie sie im Schwedischen Verbraucherversicherungsgesetz vorgesehen ist (III). Die Angabepflichten des Versicherungsnehmers bezüglich des versicherten Risikos sind klar zu gestalten und hinsichtlich der Rechtsfolgen bei Verstoß vor unnötigen Härten freizuhalten (IV).Der nächste Teil des Papieres geht auf die Versicherungsbedingungen im einzelnen ein. Dazu gehören Sprache und Gestaltung des Vertrages (V), Regeln über Obliegenheiten und sogenannte warranties (Zusicherungen des Versicherungsnehmers bezüglich des versicherten Risikos) (VI), Rechtsfolgen bei Verstoß gegen Vertragsbestimmungen (VII) und Notwendigkeit der Anwendung allgemeiner verbraucherschützender Regeln, etwa über allgemeine Geschäftsbedingungen, auch auf Versicherungsverträge (VIII).Danach wendet sich das Papier der Dauer (IX) und der Beendigung (X) von Versicherungsverträgen zu. Zum Schluß werden eine Reihe sonstiger Fragen des Versicherungsvertrages behandelt (XI), um schließlich die Notwendigkeit effektiver Beschwerde- und Rechtsdurchsetzungsmechanismen (XII) hervorzuheben. Ein Annex faßt die konkreten rechtspolitischen Empfehlungen zusammen.
The European Consumer Law Group (E.C.L.G) is a group of lawyers and law scholars in the EEC, concerned with legal aspects of consumer protection. Correspondence regarding this paper should be directed to: Mr. Alex Schuster, Lecturer in Law, Trinity College, Dublin 2, Ireland. 相似文献
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六年前,天与空发布4A升级版,并提出了4A升级版的十大创意实践,作为一家独立创意热店,我们将它当做自己应该坚守的职业信条,今天我将它再次升级为天空十条,提供给各路创意同行们参考,分享,共谋。一、让创意跨越一切沟通平台我们要跳出传统营销各自为战的作业模式,让创意跨越平面广告、电视广告、户外广告、终端卖场、促销互动、微博微信、手机App、产品设计、游戏开发、门户网站、新闻公关、娱乐文化等一切可以影响消费者的传播机会点,成为跨越一切沟通平台的创意公司。 相似文献