The Borrower's Choice between Fixed and Adjustable Rate Loan Contracts

Previous research indicates that key variables in the choice between fixed and price index-linked debt are the covariances between inflation and real income and between inflation and the real value of the asset financed by the debt. This model extends those results to adjustable rate loan contracts and examines the impact of covariance between the real interest rate and, in turn, real income and real asset values. Positive (negative) covariance between those terms shifts preference toward the adjustable (fixed) loan contract.     

价格规制合同设计中信息租金与配置效率的协调方式

网络产业所具有的自然垄断特性使政府规制成为必要，但在信息不对称的情况下，被规制企业所具备的信息优势使政府在设计规制合同时必须面对和解决逆向选择问题。本文在考虑了参与约束和激励约束的基础上，通过建立含有信息租金的社会福利最大化目标函数，分析了企业信息租金的存在形式及其与配置效率的冲突关系，并提出了政府如何在提高资源配置效率和减少企业信息租金之间进行选择的协调方式。     

Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances

This study revisits the empirical question of the determinants of the choice between fixed‐ and adjustable‐rate mortgages using data from the Survey of Consumer Finances that overcome some of the data limitations in previous studies. The results from a logit model of mortgage choice indicate that pricing variables and affordability are important considerations. We also find that factors, such as mobility expectations, income volatility and attitudes toward financial risk largely influence mortgage choice, with more risk‐averse borrowers preferring fixed‐rate mortgages. For households that are less risk averse, the mortgage type choice decision is less sensitive to pricing variables and income volatility, and affordability factors are not significant. These findings provide empirical support that underscores the importance of attitudes toward risks in mortgage choice.     

权力视角下的企业契约分解与变迁

本文以权力为逻辑起点,分析了企业契约中控制权的来源及其在不同企业成员之间的配置,本文认为企业控制权倾向于配置给企业成员中有权力的一方,企业契约的签订是双方权力结构的形式化过程。根据契约剩余和控制权配置的不同,可以将企业契约分解为市场契约、科层制契约和关系契约三种不同性质的契约,这一结论在理论上解释了企业契约与市场契约的不同。企业契约的剩余给契约调整提供了空间,在持续交易的过程中权力结构的变化则为契约调整和变迁提供了原动力。但是企业契约变迁具有路径依赖的性质,并且企业制度并不是效率演进的。     

企业股利政策的现实选择及影响因素探析

股利政策在股份制企业经营决策中占有重要地位,是企业的核心财务问题。股利政策的制定既关系到股东和债权人的利益,又关系到公司的未来发展,因而一直被公司的利益相关者所关注。与西方成熟市场相比,我国证券市场还处在起步阶段,立法、监管、规范等方面需要进一步加强,还有许多问题有待研究解决。从上市公司股利分配的现状入手,重点分析产生这些现实选择的影响因素,就此浅析健全我国上市公司股利政策的一些看法。     

水利工程设备制造监理规定

第一章　总　　则第一条　为加强对水利工程设备制造的监督管理 ,提高设备质量和投资效益 ,根据国家有关法律、法规 ,结合水利工程设备特点 ,制定本规定。第二条　本规定适用于水利工程设备制造监理活动。设备制造监理是指设备的设计和制造全过程的监理。第三条　本规定所称水利工程设备是指水利工程基本建设项目和生产、科研等项目所需的设备。第四条　水利工程设备制造监理是指依法成立的工程设备制造监理单位 ,受项目法人委托 ,按照监理合同的约定 ,对水利工程设备制造的质量、进度和投资等实施监督和管理。第五条　水利工程的大中型设备…     

Communication of technical information between overseas markets and Head Office laboratories

Communication of commercially exploitable technical information from laboratories based at the Headquarters of a large industrial organization to customers located throughout the world is shown to fall off rapidly with distance. Methods to overcome the barriers associated with distance are described. It is shown that establishing local laboratories in distant overseas markets dramatically increases the flow of technical information.     

论产业集群创新与模仿的战略选择

本文把创新与模仿作为一组替代性战略,置于产业集群技术发展战略选择的视野之下,考察不同产业集群结构、外部技术状况及技术模仿前景对产业集群技术升迁路径产生的制约与影响,揭示产业集群技术战略形成的深层机理。本文在阐明技术模仿对产业集群技术进步重要功能和适用条件的同时,也为构建产业集群技术创新机制提供了实用性对策思路。显而易见,本文的研究对一个国家或区域应该采取何种主导技术发展战略,也具有参考借鉴的价值。     

网络参与者的租金来源与实现途径

网络合作虽然可以产生协同协应,但并非所有参与者都能够从中获取均等收益。本文从网络参与者的角度分析了其从网络合作中的获益,认为参与者的租金主要来源于共有租金和私有租金两个方面,具体细分为可占用的共有租金、内部准租金和溢入租金净值三种类型。这三类租金的实现与参与者所拥有的资源基础和资源属性密切相关,可占用的共有租金是网络参与者通过资源交换、联合、共享而创造的共有租金在不同参与者之间分配的结果;内部准租金和溢入租金净值是参与者的私有资源(或非共享资源)产生的独有的、不与其他参与者分享的私有租金,私有租金的实现也与网络合作密不可分。     

Effects of FTA Provisions on the Market Structure of the Korean Automobile Industry

The Korean passenger car market is dominated by a few domestic producers. In this paper, we investigate whether this market structure is the result of import tariffs and taxes that penalize foreign manufacturers. Our counterfactual simulation under two FTA scenarios shows that the market shares of imported and domestic cars show minimal adjustments, suggesting that import tariffs and taxes may not explain the lack of penetration of import cars in Korea. We predict changes in consumer surplus and discuss the policy implications of our findings.     

提升航天型号合同履约能力的思考

航天型号合同是用户与承研、承制单位依据航天型号科研生产工作项目内容,按照双方约定达成一致意见,形成一种契约,并签署具有法律效力的协议。合同规定了型号科研生产工作内容,约定了型号任务完成的节点计划,涵盖研制课题、产品配套、试验项目、交付时间等,明确了总经费额度,并作为合同执行、年度经费到款及经费拨付的依据。     

Housing Rental Contracts and Adverse Selection with an Application to the Rent-Own Decision

A model of rental housing is developed in which landlords cannot observe the utilization rate of their tenants. As a result of this imperfect information, an adverse selection problem exists where high utilization households have an incentive to conceal their type in order to obtain more favorable contract terms. Consequently, the market equilibrium must satisfy a self-selection constraint, which imposes certain restrictions on the set of contracts that will be offered by landlords. These restrictions are examined in detail, and their implications for a household's decision to rent or own its housing are derived.     

中国上市公司总部迁移现状及特征分析

本文系统考察了中国上市公司总部迁移的变化趋势、基本特征和目标区位。研究发现:中国上市公司总部迁移的一个显著特征,就是目标区位以东部发达地区为主,目标城市主要是北京,表现为上行流迁移和西—东迁移居多。伴随着这种西—东迁移的是财富向北京等东部发达城市的集中。导致上市公司总部西—东迁移的动力机制是上市公司对资本流动性及融资便利程度的要求较高,上市公司总部对技术、人才和信息的可获得性要求较高,而北京等东部发达城市恰好满足了上市公司对总部区位的要求。     

A Reexamination of Public-Sector Wage Differentials in the United States: Evidence from the NLSY with Geocode

While many researchers have sought to estimate federal-private wage differentials in the United States, most of them ignore the issues of unobserved heterogeneity and selectivity among sectors. This article seeks to fill the gap in previous literature by using a more appropriate data set and several compelling techniques. The main results suggest substantial bias in ordinary least squares (OLS) estimates of federal-private wage differentials due to individual heterogeneity and self-selection. The direction of bias under selectivity correction (upward for men and downward for women) is consistent with results from both test-score approach estimates and the fixed-effects estimates.     

Contigent Price Contracts and the Efficiency of Housing Markets

Frequently, the response of housing markets to a large negative demand shock is a period during which the liquidity of housing declines, but the price at which transactions take place changes little. In this paper we show that a decline in liquidity can result from the inabilities of sellers and buyers to insure against post-shock price uncertainty. We conclude, that the introduction of a risk-sharing contingent price contract may increase the post-shock liquidity of housing by providing insurance against post-shock price uncertainty. Finally, we show that a mutually agreeable contingent price contract will always exist, even when sellers are excessively optimistic.     

Measurement of the Spreads Between Yields on Various Mortgage Contracts and Treasury Securities

Spreads between yields on different mortgage instruments and comparable maturity portfolios of Treasury securities have been computed and compared with quoted yields over the 1974–82 period for three different mortgage instruments: GNMA pass-throughs, FHLMC participation certificates, and conventional mortgage commitments. The methodology explicitly accounts for the expected timing of the payments on the mortgages and thus avoids the cash-flow timing problems noted in the literature.
Between late 1978 and 1981, the computed spreads rose by 30 to 40 basis points relative to those customarily quoted (the internal rate of return on a mortgage, assuming a twelve-year life, less the yield on near-par ten-year Treasuries). This increase can be attributed to the rise in the level of interest rates (the compounding error in quoted mortgage yields is larger at higher levels of rates) and the change in the slope of the yield curve from flat to downward sloping (the twelve-year prepayment date assumed in the computation of quoted GNMA and FHLMC PC yields seems to be too long).     

Rent seeking and the allowed rate of return: A recursive model

In this paper, we estimate a three-equation recursive model of the rate-of-return phase of the regulatory hearing process. Separate equations are estimated for the firm's requested rate of return, the staff's recommended rate of return, and the commission's approved rate of return. The sample used in this estimation contains 122 observations of actual rate cases that were decided between 1980 and 1984. There are 73 electric companies and 37 states represented in this sample. The model differs from prior work in this area by (1) incorporating a separate equation to explain the commission staff's recommended rate of return, and (2) including the regulated companies' actual expenditures on the hearing process as a variable in all three equations.     

电气直供方法对无绝缘轨道电路影响的测试

因牵引供电对无绝缘轨道电路的影响不能确定,在设计工作中对此进行了研究,以确保无绝缘轨道电路可靠工作。从结果看出,直供方式下钢轨中牵引电流对无绝缘轨道电路干扰的程度,结合敏感度数据,认为无绝缘轨道电路可以可靠工作。     

建材价格异动对固定价格合同履行影响的研究

固定价格合同是常见的施工承包合同形式,但是采用固定价格合同时承包方将承受较高的风险,特别是近年来建材价格异常变动加剧,使固定价格合同难以正常履行.<合同法>等相关法律为固定价格合同在难以履行的情况下进行调整提供了法律依据,2009年最高人民法院以司法解释的形式明确了情势变更原则,使得应用情势变更原则调整固定价格合同有法可依.文章对南京市施工企业的实地调研为固定价格合同的调整和情势变更原则的应用提供了现实依据.