The Influence of Ownership Structure on Risk Management: Evidence from New Zealand State Owned Enterprises

This paper examines how recent theories on risk management apply to government owned organizations. We argue that, compared to publicly listed firms, government owned organizations have a lower need for risk management since stakeholders are likely to rely on implicit guarantees arising from government ownership. We test this proposition empirically and find that government owned organizations make less use of financial derivatives to reduce the costs of financial distress and agency conflicts. In general our findings provide strong support for the modern theories of risk management.     

Entrepreneur subsidiary of business groups from emerging markets: a multi-level perspective

International Entrepreneurship and Management Journal - This study examines the effects of firm resources on entrepreneur subsidiaries of business groups. Resource-based theory is the foundation...     

Subjective and objective evaluations of teacher effectiveness: Evidence from New York City

A substantial literature documents large variation in teacher effectiveness at raising student achievement, providing motivation to identify highly effective and ineffective teachers early in their careers. Using data from New York City public schools, we estimate whether subjective evaluations of teacher effectiveness have predictive power for the achievement gains made by teachers' future students. We find that these subjective evaluations have substantial power, comparable with and complementary to objective measures of teacher effectiveness taken from a teacher's first year in the classroom.     

社区管理:由政府一统到多元自治

组织管理模式是社区建设与发展的重要制约因素。我国当前社区组织管理是典型的政府管理模式,这种模式排斥了社区建设中主要的参与者社区居民与非政府组织等民间机构的参与权,对社区建设与发展造成了不良影响。我国社区组织管理模式应当由政府管理向多元合作的自治管理模式转化,成立由政府、公民与非政府组织等民间机构的代表组成社区自治管理委员会,来保障社区健康、可持续发展,同时,积极创造社区组织管理发展的良好外部条件。     

Urban migration in New Zealand: Dummy variable interpretations

This note provides appropriate interpretations of a dummy variable measuring the impact of South Island residential location on urban migration in New Zealand. Interpretations drawn previously by the authors over-stated this impact.     

Workforce Reduction In Australia and New Zealand: A Research Note

Relatively few studies have examined the incidence of permanent workforce reduction and factors related to workforce reduction behaviour. In this study, such issues are addressed using data from more than 1,450 organisations in Australia and New Zealand. On average, about 36 per cent of respondents reported a permanent reduction of the workforce over the past three years (with an average reduction of almost 19 per cent of the workforce). Several factors, including product or service demand, pressure to focus on short-term profits or budget goals, a major change in organisational strategy, the quality of the relationship between the employer and employees, the organisation's expressed commitment to job security and the age of the organisation, distinguished organisations that had or had not engaged in a permanent employee retrenchment.     

反倾销应用的新趋势及影响因素研究:以土耳其为例

土耳其是国际反倾销的新兴使用者,在1995年-2008年间,反倾销诉讼数量达到百起的十个反倾销大国中,土耳其反倾销诉讼总量排位第九,但是其对华反倾销诉讼强度却居十国之首。文章通过对土耳其反倾销应用的新趋势及其影响因素的实证分析发现,土耳其反倾销诉讼同时受到宏观经济因素和报复性动机的影响。     

UNIVERSAL BANKING: The view from Brazil

This note begins with a brief summary of the economic and regulatory history surrounding the Universal Banking debate. Following this introduction, it focuses on the Brazilian regulatory and supervision experience. The Central Bank of Brazil has persistently enhanced prudential regulation and supervision practices in order to cope with the complexity of large financial institutions and financial holding companies. Some features of the Brazilian regulatory framework have contributed to the Brazilian economic and financial performance in recent years, such as: consolidated financial statements, including all financial and non financial subsidiaries; internal structures for risk management; responsibilities for controlling shareholders; unrestricted access to all information by supervisors; and, one of the most important issues, the requirement to foreign firms to constitute stand-alone subsidiaries. Finally, there is a short overview of the G20 financial sector reform agenda (including Basel III accord), specially, regarding the issue of Systemically Important Financial Institutions – SIFIs.     

Public Management Developments In Australia and New Zealand

The article argues that public manage-ment has undergone fundamental change, generated by developments in public choice and principal agency theories. These theoretical frames are being applied to management strategies and practices, where both competition and contracts feature significantly. The role of the state is subject to change as a result of these developments.     

The Economics of Charities: Revised Theory and New Evidence

Can economic principles be applied to the behaviour of charities? Professor Edwin West of the Universities of Carleton and Emory, claims that charities are susceptible to the same type of analysis as companies - but with important differences.     

外包与劳动生产率提升——基于中国工业行业数据的再检验

本文利用投入产出表中的完全消耗系数和基本流量表,突破FH指数的相同比例假定,利用1997年、2002年和2007年投入产出表计算DJ指数衡量的中国33个工业行业材料外包、服务外包和狭义材料外包水平,并运用面板数据模型检验了外包对劳动生产率整体及行业的影响。主要结论表明,材料外包和服务外包总体上提升了中国工业行业的劳动生产率,其中服务外包的促进作用更强。     

Interregional Migration and Thresholds: Evidence from Spain

We analyse the effects of labour market factors on interregional migration in Spain for the period 1988–2010. A basic theoretical framework is developed, suggesting that the effect of labour market variables on migration varies, depending on a certain threshold. The model implications are tested using a new approach based on the presence of endogenous thresholds. We show that Spanish interregional migration can be explained by labour market variables when the labour market conditions at the source region are unfavourable relative to those of the host region. We test the results for several migrant characteristics, such as citizenship, the age range, and return migration.

Migration inter-régionale et seuils - résultats de la recherche en Espagne     

Failure Prediction: Evidence from Korea

This study is an attempt to construct and test a distress classification model for Korean companies. Utilizing a sample of 34 distressed firms from the recent 1990-1993 period and a matched (by industry and year) sample of non-failed firms, we observe the classification accuracy of two models. Both models utilize measures of firm size, asset turnover, solvency and leverage with one model available for testing only on publicly traded companies and one model applicable to all public and private entities. We observe excellent classification accuracy based on data from the first two years prior to distress. And, although the accuracy drops off after t -2, the models still provide effective early warnings of distress in many cases. The results of this study are of particular relevance in the current financial market scenario of increased deregulation and greater individual financial institution decision making. It is somewhat ironic for us to be proposing the use of a financial distress early-warning model given the current robust economic growth and low bankruptcy rate in Korea. But, the financial problems in Japan are a sobering reminder that high growth can be followed by financial excesses, increased business failures and large loan losses.     

制度空间下国家级新区空间重构过程与机制--以重庆两江新区为例

制度空间是特定的地理空间中某些被建构并产生有效影响力或影响范围的制度,它是我国国家级新区的重要表征之一,也是推动空间重构的重要因素。建构了"制度空间—行为选择—空间重构"的分析框架,通过实地考察、深度访谈、空间分析相互结合相互佐证的方法,对两江新区的制度空间、主体行为与空间重构的关系进行分析。研究表明:两江新区经历了构想空间、产业空间到消费和居住空间的重构过程,"强激励"与"弱约束"的制度空间扩大了主体行为的空间与资源,是空间重构的内生性力量。地方政府借助制度空间条件,通过空间规模扩张、空间开发垄断和空间场所营销等"理性"行为,在发展初期实现了对空间开发的主导和操纵。随着建成环境的不断完善及地方政府的制度实践,企业"趋利性"投资促进了空间转型和土地升值。原农村居民的"服从配合"和空间让渡助推了空间重构,而不断壮大的富裕和中产阶层通过空间消费,逐渐成为空间重构的积极参与者和受益者。     

Marital history and home ownership: Evidence from Australia

The relative cost of owning and renting housing and housing affordability have been clearly established as important determinants of home ownership. But the roles of marital status and history have been largely ignored. In this paper we show that both current marital status and past history affect ownership. Past history matters because wealth accumulation is greater among couple households than singles owing largely to economies of scale in housing consumption. Moreover, wealth is lost upon divorce. In effect, past marital history affects the affordability of owner housing. This result is shown in the estimation of model explaining wealth, leverage and tenure choice using Australian datasets.     

Geographic concentration and vertical disintegration: Evidence from China

Existing theoretical literature predicts that geographic concentration encourages vertical disintegration of firms. Nevertheless, empirical evidence of this prediction is limited, especially in developing countries. Using data on manufacturing firms from China, this paper documents a positive correlation between geographic concentration and vertical disintegration. Additionally, this paper uses the instrumental variable approach to address the issue of endogeneity and finds that geographic concentration has a positive causal effect on vertical disintegration.