Prospective Changes in Tax Law and the Value of Depreciable Real Estate

The Economic Recovery Tax Act of 1981 significantly reduced the taxation of income-producing properties by accelerating tax depreciation on both new and, especially, existing properties. A partial reversal of the 1981 legislation appears likely. To provide some insight into the possible effects of a decrease in tax depreciation of income-producing properties, two potential tax changes are analyzed: an increase from fifteen to twenty years in the tax service lives of both new and existing properties and an increase for existing properties only. Both residential and commercial/industrial properties are considered.     

浅析新会计准则的实施对中国会计准则国际化趋势的影响

2007年起,中国将正式实施新会计准则体系,这标志着我国会计准则与国际接轨的步伐有了历史性的迈进,对中国经济融入到世界经济中去将会起到决定性的促进作用。本文结合新会计准则的内容,回顾了我国会计准则国际趋同的过程,分析了我们当前所遇到的困难与问题,并提出相应措施。进而展望新会计准则实施后我们将会面临的机遇和挑战,并提出中国会计准则国际化的几点建议。     

The Value of Liquidity

In this study, we examine the relationship between the liquidity of equity and its market value. We find that creating liquid equity claims on relatively illiquid property assets increases value by 12–22%. However, the fixed costs associated with creating these claims offset these liquidity gains for pools of assets below $100 million. We also estimate that the liquidity of individual properties adds 16% to their value relative to a notional nontradable property asset. Managers can enhance the liquidity of equity and, therefore, the benefits of securitization by increasing size, focus, and institutional ownership.     

The Value of Building Codes

We present a double moral hazard model to study the impact of building codes on the safety/quality level chosen by the builder and the level of care expended by the buyer. We show that codes can be a mechanism to implement the first-best solution provided: (1) The code prescribes the optimum safety level, (2) The code uses the efficient technology to achieve the optimum safety level, and (3) The courts use Negligence Rule as the liability rule. We argue, however, that codes in general do not use the efficient technology. We provide an alternative mechanism to implement the first-best solution. This mechanism is a contract between the builder and the buyer that specifies the level of safety jquality to be expended by the builder. We prove that the contract is a more effective and more efficient mechanism than are the building codes.     

试论浦项的伦理规范

自20世纪90年代初以来,西方很多企业都在加紧建立员工行为准则,制定伦理培训计划。到90年代中期,已有60%的公司建立了自己的行为准则。在财富500强中,95%的企业都建立了自己的伦理规范,浦项作为一家公众化的大公司,也毫不例外。本文试对浦项推进伦理规范的实践以及从中引发的思     

公司治理对公允价值相关性的影响研究

公允价值计量是我国会计准则的核心内容,也是与国际会计准则趋同的一个重要标志,但其是否提高了会计信息的价值相关性,公司治理又如何影响其价值相关性,是我国会计改革与公司治理亟待研究的重要问题.本文以我国上市公司2007～2009年数据为样本,研究了公允价值的价值相关性以及公司治理对公允价值相关性的影响.研究结果表明,公允价值信息增强了会计信息的解释能力,提高了会计信息的价值相关性;公司治理对公允价值相关性具有显著的正向作用,并且相较于可供出售金融资产,其对交易性金融资产的作用效果更强,公司治理是提高公允价值相关性的一条可靠途径.     

Prospective payments and hospital efficiency

This paper examines the effects of the Prospective Payment System on the behavior of hospitals with respect to their capital allocations and the efficiency with which they produce in-patient care. A theoretical model adapted from Pope [1989] yields the testable hypotheses that as a hospital's Medicare population increases the hospital will supply greater levels of capital and produce in-patient care using less technically efficient methods. A two stage test of these hypotheses is run on a sample of US non-federal hospitals. Results from patient demand functions and a stochastic profit frontier are consistent with the theoretical model.     

我国会计准则国际化应遵循的原则及策略选择

随着经济体制的改革,会计的改革也日见迅速,会计准则国际化问题成为我国会计改革的一个重要内容,如何推进我国会计准则国际化,是会计领域中急需解决的一个问题。本文论述了我国会计准则国际化应遵循的原则,随后提出我国会计准则国际化应采取的策略。     

人在服装设计中的价值

人——服装的新顺序,这不单是排列顺序的形式变化,它标志着一种新的设计价值观的确立。     

价值工程在流通中的功能

价值工程在我国已得到广泛的应用，但过去主要应用于生产，强调产品的技术性能和降低生产成本，没有从商品生产的总过程来考虑。随着我国市场经济体制的确立，必须以现代营销观念为指导，才能使之有所突破，取得更大的经济效益。     

关于在标准化工作中建立环境准则的思考

环境问题早已超出了环境保护与安全部门的范围.本文从人类环境保护的角度提出了在标准制、修订工作中也应把握资源经济、全周期设计、环境友好及维护健康等项原则,并提出了对产品在环保方面的功能如何进行评价等看法.     

The Hidden Value of Knowledge in New Products

The purpose of this article is to evaluate the impact that knowledge management has on new product success. In this study, two aspects of knowledge management—knowledge acquisition and knowledge dissemination—were examined relative to traditional determinant of new product success. Moderating effect of competitive intensity is also investigated. The results generally support the importance of knowledge management to new product success. These findings imply that if organizations fail to understand the subtle ways by which different features of KM influence new product success, they may fail to harvest the full value of KM.     

Waiting to Default: The Value of Delay

This paper analyzes the opportunity for early termination of a mortgage contract. We consider the possibility of defaulting on the property and explore the rules that are used by a value-maximizing borrower in exercising this option to default. The discussion centers on the value of waiting to make such a decision and the consequences of this rational inertia. We show that the observed delay in default usually attributed to transaction costs can instead be explained as entirely rational choice in a dynamic environment.     

The Value of Federal Sponsorship: The Case of Freddie Mac

The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 attempts to limit the risk borne by the taxpayer due to federal sponsorship of the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Association by: (1) controlling their range of activities; (2) requiring a level of capital sufficient to absorb substantial losses; and (3) providing a mechanism for closure if capital is insufficient. This article estimates the impact of the capital standards on the value to the FHLMC of federal sponsorship. Although FHLMC's level of capital exceeds requirements, the federal government still bears a nontrivial portion of the FHLMC's risk.     

市场结构范式的标准与构建措施

市场结构理论是整个经济学的构筑要件与基础。在熊彼特淋淳尽致地批驳了完全竞争模式的子虚乌有和容易感染经济萧条的霉菌的特点以后，各种市场结构模式的缺陷暴露无遗，经济研究进入了无所适从的艰难时期，经济实践也陷入了盲人瞎马的混乱局面和夜半临池的危险境地。所以，建设市场结构范式是经济学的当务之急。本文试图通过一系列的反垄断把垄断改造成为市场结构范式。     

“价值主张”概念解析与未来展望

系统梳理和辨识了价值主张概念,将价值主张概念内涵归纳为“产品营销口号”、“感知承诺”、“互惠承诺”、“公司定位陈述”、“企业家远见”五类,并将五种类别的价值主张概念进行横向比较和纵向演进分析,阐明它们彼此之间的区别和联系。在此基础上,重构了价值主张概念,提出了价值主张层级模型。文末对价值主张的未来研究方向进行了展望。     

复杂项目危机研究回顾与展望

现代项目日趋复杂,复杂性特征使得现代项目更易遭遇危机,复杂项目危机的传染性使得此类项目危机管理的重要性日益凸现,传统项目管理方法在应对复杂项目危机的局限性逐渐显露。从复杂项目的复杂性特征、复杂项目危机影响因素和危机管理方法及措施、网格技术的特点及网格技术应用于复杂项目危机管理的优势3个方面对国内外学者在复杂项目危机应急管理方面所作研究进行系统的梳理和总结,在此基础上,指出当前研究的不足,基于新兴的计算机网格技术提出了未来复杂项目危机管理的研究方向。     

基于小波变换模极大值的信号奇异性检测

信号的突变性或奇异性通常携带有最重要的信息,小波变换为信号的多尺度瞬态分析提供了最合适的方法,本文阐述了基于小波变换模极大值的奇异信号检测理论,利用从光滑函数的一阶或二阶导数获得的小波,分析了信号奇异点定位方法及奇异度的计算方法,并指出了利用此方法时对所用小波函数的要求及尺度参数的选取原则,为非平稳信号的检测提供一种行之有效的方法。     

市场制度的价值取向与经济结构的市场调整

本文试图说明,在现有的生产技术条件下,市场制度应体现什么样的价值取向,才能通过市场调整出合理的经济结构。文中通过模型对中国经济的产业结构、所有制结构以及产业结构和所有制结构之间的互动影响进行实证分析,发现从产业结构或所有制结构单方面地对经济结构进行调整,都无法使经济结构达到一种合理的状态。并且通过市场调整经济结构时,市场制度的价值取向将起到关键的作用。比较分析不同的市场制度价值取向下市场对经济结构的调整发现,只有当经济中形成一种国有经济不与民(资本和劳动)争利的制度环境,并且制度的价值取向侧重于保护资本利益,但同时兼顾劳动利益时,市场才能调整出合理的经济结构。