基于DEA分析的养老保险基金投资绩效评价

随着中国人口老龄化趋势及人口结构发生的重大变化,养老保险基金如何保值增值成为现阶段一个重要的问题。本文基于数据包络分析(DEA),提出了一种对养老保险投资基金进行绩效评价的方法。该方法不需要建立评价指标体系,也不需要基金投资公司的生产函数,通过输入层与输出层的数据即可以得到养老保险基金投资公司的相对效率值,该方法为养老保险基金投资与选择提供了决策依据和手段。     

Client Focus,Cooperation, and Coherence: (Re)professionalising Processes for Elderly Care

This paper suggests the study of professionalism and the professionalising processes within public sector organisations. Sociologists propose that professionalism is changing into a new variant developing under the premise of organisational management and control. This paper disputes the perspective that the use of management control leads to deprofessionalisation in terms of the routinisation of reflective professional tasks or weakened professional values. This paper proposes that, with client focus, professionals and accountants can cooperate and create coherence between management control system elements and professional values. This dynamic contributes to the retention of professional values and more reflective work procedures.     

企业价值管理创新模式研究——基于自发秩序与程序理性的视角

本文在对企业价值管理模式进行理论梳理之后,原创性地提出企业的价值创造能力源自一种企业内在的自发秩序力量,这一力量需要借助一种程序理性的管理架构,才能有效地为企业创造价值。这一程序理性的管理架构包括结构理性、过程理性和行为理性三个层面。     

The Minimal Entropy Martingale Measure (MEMM) for a Markov-Modulated Exponential Lévy Model

This paper deals with the characterization problem of the minimal entropy martingale measure (MEMM) for a Markov-modulated exponential Lévy model. This model is characterized by the presence of a background process modulating the risky asset price movements between different regimes or market environments. This allows to stress the strong dependence of financial assets price with structural changes in the market conditions. Our main results are obtained from the key idea of working conditionally on the modulator-factor process. This reduces the problem to studying the simpler case of processes with independent increments. Our work generalizes some previous works in the literature dealing with either the exponential Lévy case or the exponential-additive case.     

李嘉图等价定理的理论回顾和实证研究

1998年以来，我国政府实施了积极的财政政策。这种通过增发国债增加政府支出的积极财政政策能否有效地扩大总需求，即财政政策是否有效，不仅是宏观经济理论的一个核心问题，也是我国今后很长时期内制定宏观经济政策时必须考虑的问题。本文主要对李嘉图等价定理进行回顾性理论分析，并在理论上论证该定理站不住脚，最后通过计量经济分析证明该定理不适用于我国。本文的结论是：税收和国债在我国并非等价，通过增发国债增加政府支出的积极财政政策是有效的。     

Managerial Compensation and the Market Reaction to Bank Loans

This article considers why a manager would choose to submithimself to the discipline of bank monitoring. This issue isanalyzed within the context of a model where the manager enjoysprivate benefits, which can be restricted by the monitor, andis optimally compensated by shareholders. Within this settingwe find that managers will submit to monitoring when they receivefavorable private information. This result is consistent withevent study evidence that suggests that the market has a favorableview of financing choices that increase monitoring.     

Inflation-Indexed Bonds and Nominal Bonds: Financial Innovation and Precautionary Motives

This paper introduces a two-period monetary general equilibrium model with proportional transaction costs on nominal and inflation-indexed bonds. This paper demonstrates that financial innovation on indexed bonds causes equilibrium interest rates of the nominal bond to increase when agents have precautionary saving motives. This result implies that ignoring precautionary motives would underestimate savers' welfare gain and overestimate borrowers' welfare gain from innovation on indexed bonds.     

Accounting, Modernity and Health Care Policy

The National Health Service of the United Kingdom has been the subject of many reforms since it was established in 1948. This paper examines the process of reform in relation to significant changes to the NHS in recent decades. This reform process places ideas of the modern at the heart of these various initiatives. This paper also examines the intended or actual role of accounting in this modernisation process to examine its significance in the making of health care policy.     

国际板建设的理论、制度和操作层面障碍

本文讨论了国际板建设涉及的三方面的理论问题,以及五个具体操作层面的问题。这三个方面的关系问题是国际板与香港国际金融中心的地位关系问题、国际板与外汇管理制度的关系问题以及国际板与国内板的关系问题。五个方面具体操作层面的问题包括国际板的保荐、发行和审批流程问题、国际板的招股书披露要求问题、国际板的适用财务准则问题、国际板的上市规则问题以及国际板的公司治理问题。     

The Discount to NAV of Distressed Open-End Real Estate Funds

The Journal of Real Estate Finance and Economics - This paper examines the discount to NAV in the context of distressed German open-end real estate funds. This is a unique setting to study NAV...     

Journeys through space and time—from the Santa Maria to the ‘last Columbus’

This series examines how the factors of growth have all encouraged and required different forecasting techniques. This article focuses on the role of the voyager, the call of distant lands and technological developments in transport.     

The neoliberal project—Local taxation intervention in Scotland

This paper is concerned with one of the central economic aspects of neoliberalism namely taxation. The shifting of the burden of taxation from the rich to the poor has been one of the raft of neoliberal economic reform policies. However, there has been a growing social movement in the UK against such a regressive form of taxation. This was led by a socialist political party in Scotland.¹ This party devised a new taxation system which was specifically designed to reverse some of the economic inequalities brought about by the neoliberal turn. The new form of taxation, the Scottish Service Tax formed a bill (the Council Tax Abolition and Service Tax Introduction (Scotland) Bill) which was put before the Scottish Parliament in February 2006. This paper, taking a political-economy perspective, sets the possibilities presented by the bill within the context of neoliberalism.     

物业服务企业知识管理存在问题与对策研究

本文首先分析了当前物业管理的发展现状、面临的机遇和挑战。在此基础上引入知识管理是一种新的管理理念和模式。文章分析了物业服务企业知识资源的特点,研究了知识管理在物业服务企业实施中存在的问题,提出了解决问题的对策和建议。通过研究希望能够帮助物业企业有效实施知识管理,使物业服务企业能充分挖掘、利用知识资产,增强物业企业的核心竞争力。     

The impact of state ownership on share price informativeness: The case of the Split Share Structure Reform in China

This study examines the impact of state ownership on share price informativeness using the unique setting of the Split Share Structure Reform in China. This reform abolishes the trading restriction on shares held mainly by state shareholders. In doing so, it renders state shareholders' wealth more sensitive to share price movements and decreases their conflict of interests with private shareholders. This change is expected to strengthen the corporate governance incentives of state shareholders and reduce the information asymmetry in Chinese listed firms. This prediction is confirmed through empirical evidence of increased share price informativeness among firms that are more sensitive to the impact of this reform, i.e. those with more state ownership or restricted shares. These findings imply that this reform benefits the information environment and minority shareholders in the Chinese stock market.     

Geographic dispersion and corporate resilience during the COVID-19 pandemic

This study demonstrates the positive role of geographic dispersion in corporate resilience to the COVID-19 pandemic in the context of China. This association is more pronounced when firms are highly dependent on the domestic market, less likely to obtain enough financing, highly apply digital technology, and have low customer concentration. This association is attributable to the following three channels: a diversified portfolio, the maintenance of business relationships, and access to non-local resources. Overall, our findings provide a more nuanced picture of the potential impacts of corporate diversification on corporate resilience.     

A CROSS-SECTIONAL REGRESSION TEST OF THE MEAN-VARIANCE EFFICIENCY OF AN AUSTRALIAN VALUE WEIGHTED MARKET PORTFOLIO

This paper tests the Mean-Variance efficiency of a value weighted Australian market portfolio using a multivariate cross-sectional regression approach developed by Shanken (1985). This test methodology is sufficiently powerful to reject the null hypothesis that the market portfolio is ex ante Mean-Variance efficient when test assets are constructed on the basis of size (market capitalisation). However, when test assets are constructed on the basis of industry classification the model is unable to reject the Mean-Variance efficiency of the market portfolio. This test statistic provides some useful diagnostics which are examined in the paper.     

Family ownership and productivity: the role of owner-management

This article analyses the relationship between family ownership and productivity, with special focus on the role of owner-management. The results show that family-owned firms are less productive than non-family-owned firms. This productivity gap is, however, explained by differences in management regime. Family-owned firms managed by a person hired outside the owner family are equally productive as non-family-owned firms, while family-owned firms managed by a person from the owner family are significantly less productive. This finding is sustained after controlling for endogeneity of management regime.     

Term Structure Movements and Pricing Interest Rate Contingent Claims

This paper derives an arbitrage-free interest rate movements model (AR model). This model takes the complete term structure as given and derives the subsequent stochastic movement of the term structure such that the movement is arbitrage free. We then show that the AR model can be used to price interest rate contingent claims relative to the observed complete term structure of interest rates. This paper also studies the behavior and the economics of the model. Our approach can be used to price a broad range of interest rate contingent claims, including bond options and callable bonds.     

On the Robustness of Least-Squares Monte Carlo (LSM) for Pricing American Derivatives

This paper analyses the robustness of Least-Squares Monte Carlo, a technique proposed by Longstaff and Schwartz (2001) for pricing American options. This method is based on least-squares regressions in which the explanatory variables are certain polynomial functions. We analyze the impact of different basis functions on option prices. Numerical results for American put options show that this approach is quite robust to the choice of basis functions. For more complex derivatives, this choice can slightly affect option prices. This revised version was published online in June 2006 with corrections to the Cover Date.