Residential Choice, Mobility, and the Labor Market

There is substantial evidence suggesting that the process of suburbanization creates new job opportunities that are not equally exploited by all workers. In order to explain this phenomenon, a simple model is developed which incorporates borrowing constraints as an important restriction on moving decisions, obstructing the necessary labor flows between jurisdictions required to equalize (net) wages. In essence, people who cannot borrow will be restricted in terms of their capability of changing residence location and therefore will have limited possibilities of working in distant labor markets, or they will be subject to excessive commuting. Furthermore, the labor allocation induced by households' behavior facing these constraints affects consumer welfare, production, and producers' profits. The outcomes with perfect credit markets and with borrowing restrictions are calculated and the economic welfare levels are compared. As wages are flexible, they adjust to reflect the relative scarcity of workers present in each jurisdiction. Consequently, some of the negative effects of the borrowing constraints are compensated, so the outcomes cannot be easily compared. Some numerical examples are constructed to have an idea of the possible outcomes under different conditions. Finally, it is found that allowing for moving cost deductions from taxable income may help to alleviate the problem.     

Mobility and Gender in a Segmented Labor Market: A Closer Look

A bstract . Male and female workers' labor segment location and intersegment mobility processes are compared to assess the existence and nature of inequalities in the structure of labor market opportunity. Findings indicate significant differences in segment location, upward occupational mobility and opportunity structures across gender groups.     

会计盈余、市场估值与经济增长

利用我国沪深A股公司数据,研究上市公司总体会计盈余和总体账面市值比对GDP增长是否具有预测功能。研究发现,我国上市公司总体季度会计盈余增长率与未来1-4季度GDP增长有显著相关性;而上市公司总体账面市值比与未来GDP增长率的相关性较弱,预测功能只在未来1期和2期显著。进一步研究发现,将两者纳入同一模型对未来GDP增长的解释能力显著提高,但与会计盈余相比,账面市值比具有的信息含量较弱。     

产品市场竞争、高管持股与管理层盈余预告

管理层是上市公司盈余预告的执行者,管理层动机会对盈余预告产生直接影响;而产品市场作为重要的外部环境,也会一定程度上影响公司信息披露决策.从信息披露的成本—收益视角出发,可将管理层盈余预告从特征区分为收益型和成本型,在此基础上考察管理层高管持股与盈余预告质量之间的关系;并进一步按照产品市场竞争程度的高低进行分组,检验产品市场竞争对两者关系的影响.研究发现,高管持股会提高盈余预告收益型特征(及时性和准确性)的质量,但是会降低成本型特征(具体性)的质量;激烈的产品市场竞争下,高管持股公司的盈余预告收益型特征的质量没有变化,但成本型特征的质量会显著下降.研究结果丰富了管理层盈余预告的影响因素研究,为高管激励和产品市场竞争对公司信息披露的影响提供了新的证据.     

Covenants not to Compete, Labor Mobility, and Industry Dynamics

Conventional wisdom among legal scholars is that contractual restrictions on employee mobility affect turnover and led to the overtaking of Massachusetts' Route 128 by Silicon Valley. We study a model of employee mobility in the spirit of Pakes and Nitzan to see when this can be the case. We show that, in fact, with certain frictions taken into account, a model of employee mobility can not only replicate the overtaking by Silicon Valley, but it can also help to explain Route 128s early dominance. Further, the model explains the relative success of firms that start as, or generate, spin-outs.     

劳动力流动、征税方式转变与地区福利增进

研究目标：在劳动力流动程度的不同阶段研究税率结构变化与效率和公平之间的关系。研究方法：构建了征税方式转变与劳动力跨区域流动的两地区一般均衡模型进行理论模拟,采用面板门限模型进行实证检验。研究发现：随着劳动力流动程度的提高,在保持宏观税负不变下由增值税转为消费税的税率结构变化可以提升效率水平和改善公平状况。其中征税方式转变对于效率的正影响越来越大,对于公平的影响也由负转正,劳动力流动存在显著的门限效应。研究创新：结合劳动力流动影响因素进行消费税和增值税的税收扭曲效应差异机制的比较研究。研究价值：统筹协调税制结构改革与户籍制度改革,促进劳动力流动与税率结构优化,实现福利增进的双重红利。     

市场竞争程度、会计盈余与资本结构动态调整

本文以我国沪深A股上市企业为研究目标,对市场竞争程度、会计盈余与资本结构动态调整的关系进行分析,通过研究发现:会计盈余与资本结构动态调整之间存在显著正相关;市场竞争程度与资本结构动态调整之间存在显著正相关;市场竞争程度能够增强会计盈余与资本结构动态调整之间的相关性。     

扩大农民工就业的路径选择——基于治理劳动力市场分割的视角

文章分析了劳动力市场分割影响农民工就业的原因,从治理劳动力市场分割的角度,提出了扩大农民工就业的主要路径:盘活农村土地资源、把建制镇建成小城镇、实行农民退休和养老保险制度、剥离城镇户籍制度上的福利成分、加强电力、交通、通讯三项基础设施建设、缩小垄断行业和竞争行业的收入差距、增加第三产业的就业比重、加大对农民工人力资本的投资、实行企事业单位全员聘任制等。     

劳动力市场分割、金融市场约束与迁移人口的结构变迁

我们通过世代交叠模型来研究中国劳动力市场分割背景下的城乡迁移的长期动态规律。研究表明,中国城乡之间的劳动力市场分割、城乡迁移成本和农村的金融约束共同塑造了中国城乡迁移的长期基本特征。农村人员迁移方式的选择不仅仅是其对城乡收入差距的静态反应,更多的反映了迁移人员对不同教育投资水平的长期理性选择。我们的定量化研究表明,打破城乡劳动力市场分割,深化户籍制度改革,改善中国农村的金融环境,可以不断的优化城乡劳动力迁移的数量结构和工资结构,完善迁移人员的人力资本投资和教育水平,降低城乡收入差距和全国收入不平等的程度,加速中国二元经济转型。     

Real Earnings Management and Information Asymmetry in the Equity Market

The literature suggests that real earnings management (REM) activities can increase adverse selection risk in capital markets. Due to their opacity and the difficulties in understanding their implications, REM strategies may increase the level of information asymmetry among investors. This paper examines the association between earnings management through real activities manipulation and information asymmetry in the equity market. To estimate the level of adverse selection risk we use a comprehensive index of information asymmetry measures proposed by the market microstructure literature. For a sample of Spanish listed firms, we find that firms’ strategies of increasing earnings through REM are associated with higher information asymmetry in those firms that meet last year’s earnings. Our findings are consistent with the hypothesis that earnings management through real activities manipulation garbles the market, enhances private information production, and exacerbates information asymmetry in the stock market.     

劳动力市场的逆向选择

一、信息不对称与逆向选择模型信息不对称理论产生于20世纪70年代,乔治·阿克劳夫(George'Akerlof)在1970年发表了名为《柠檬市场:质量不     

社会信用体系建设的对策与建议

随着和谐社会施政理念的深入和市场经济发展的需要以及中国不断融入全球经济秩序的影响,必然要求全社会各个领域必须建立适应高端市场的缜密而有效的市场组织和制度体系,其中包括以政府信用为关键内容的社会信用体系建设。政府信用确立、管理与监督在政治     

Black Applicants, Black Employees, and Urban Labor Market Policy

In this paper, we use data from a new survey of employers in four large metropolitan areas to analyze the flow of black applicants to different kinds of employers and the extent to which these applicants are hired. The results show that less-educated black workers apply less frequently for jobs in the suburbs than in the central cities, especially at smaller establishments. Their lower tendency to apply for suburban jobs seems to be mostly accounted for by factors associated with higher costs of applying and/or lower information flows. Black applicants, especially less-educated black males, are also less likely to be hired at suburban establishments. These results suggest the need for policies to improve the access of less-educated blacks to suburban employers, and also more effective enforcement of antidiscrimination laws in suburban establishments.     

股市周期、投资者情绪与盈余管理——来自中国A股市场的证据

将中国大陆1394家上市公司2004年至2007年期间5576份年报,分为熊市悲观样本组与牛市乐观样本组,用Givoly&Hayn(2000)的应计项目模型和Ball&Shiva-kumar(2005)的应计项/现金流模型进行实证检验。研究发现:熊市悲观样本组的应计利润以及非经营性应计利润较低,会计盈余下降周期与熊市悲观周期吻合;牛市乐观样本组的应计利润以及非经营性应计利润较高,会计盈余上升周期与牛市乐观周期一致。上市公司经营者(代理人)操纵应计项目以及刻意安排应计项目在牛市与熊市之间回转,使得熊市悲观周期会计盈余被低估而牛市乐观周期会计盈余被高估,以迎合投资者(委托人)牛市过度乐观而熊市过度悲观的情绪和盈余预期。     

劳动力市场的二元结构

本文在效率工资理论基本逻辑基础上建立模型,分析劳动力市场的二元结构,即高技能劳动力的相对短缺和低技能劳动力的过剩。基本结论是,雇主与雇员信息不对称,雇主有激励去实施效率工资,由于同样工作给高技能劳动力带来边际劳动负效用低于低技能劳动力,继而对高技能劳动力的效率工资效果好于对低技能劳动力,所以雇主倾向于雇用高技能劳动力。这样,在一定劳动力供给结构下,高技能劳动者就相对短缺,而低技能劳动者则过剩。     

会计盈余与非预期盈余宣告对股价冲击作用的一项实证研究

本文以中国上市公司为样本对象,研究了会计盈余信息的市场冲击作用.文章分别从上市公司个股和市场整体两个角度考察了上市公司股价对会计信息的反应模式,得出了不一致的结论.首先,会计盈余对股价不一定具有正向冲击;其次,历史盈余信息不一定能代表未来收益;再次,市场对财务信息的反应模式和宏观经济环境有关,而这种关系则通过会计盈余和折现率之间的正相关关系传递.     

Labor Market Segmentation and Job-Related Risk

A bstract . Labor market segmentation theory calls into question the neoclassical theory of compensating wage differentials , which posits that workers are compensated for job-related risk. From the perspective of segmentation theory , one would expect secondary workers to experience greater risk on the job with less likelihood of compensation. An empirical examination of worker samples, using discriminant analysis to construct primary and secondary subsamples, reveals that the wages of primary workers vary directly with the probability of job related death, injury and disease. No such relationship holds for secondary workers , who are also shown to experience significantly higher levels of job related risk and disamenity than their primary counterparts.     

改革开放以来农村劳动力流动就业制度、政策演进和创新

改革开放以来,中国经历了从农业国向工业国的历史性转变,快速成长为居于世界前列的制造业大国、国际贸易大国和经济总量大国。在经济转型和社会变革时期,中国人民勇于创新制度,在深化改革开放的实践中探索中国特色的农村劳动力流动就业道路。回首这举世瞩目、影响深远的农村劳动力转移就业的伟大进程,最宝贵的经验就是制度创新和对人的尊重。本文基于改革开放以来党中央和国务院以及国家各部委颁发的主要文件、国务院发展研究中心等研究机构的权威报告、理论界和学术界在劳动力流动方面的标志性研究成果,梳理总结改革开放以来农村劳动力流动就业制度和政策的演进历程及发展趋势,秉承实事求是、客观公正的原则,努力还原并展现中国农村劳动力流动就业的波澜壮阔的历史画卷。     

Urban Wages and Labor Market Agglomeration

Using the 5% public use micro sample of the 1990 U.S. census, we find that observationally equivalent workers in the manufacturing sector earn higher wages when they are in urban labor markets that have a larger share of national or metropolitan employment in their same occupation and industry groups. Quantitatively, the effect is large, with an elasticity (measured at the means) of between 1.2 and 3.6 for these effects. We interpret the willingness of firms to pay more for equivalent workers in dense markets as evidence of an agglomeration economy in urban labor.