Alcune formule valide per lo studio di collettività aperte con rimpiazzo

Si dimostrano due formule relative, l'una, al calcolo del v.a.m. delle retribuzioni (o dei trattamenti pensionistici) percepite da una collettività aperta di «attivi», nell'ipotesi che gli uscenti da questa vengano via via rimpiazzati da un pari numero di individui aventi caratteristiche note; l'altra, alla determinazione degli ammontari annualmente pagati nelle stesse ipotesi.     

Equity Rights Issues in Spain: Flotation Costs and Wealth Effects

This paper analyses the flotation costs and the share price reaction of equity offerings in Spain. The results report a positive relationship between relative flotation costs and the underwriting of an issue, and a negative relationship between such costs and ownership concentration. Fixed flotation costs and a negative relationship with the gross offer proceeds are also observed. On average, there is a negative share price reaction on the date of the 'previous communication' to the Comisión Nacional del Mercado de Valores . The different sub-samples analysed according to the underwriting of the issue and the discount offered reveal no statistical differences.     

Towards an analysis of tax effects on labour market and allocation: A micro/macro approach

Summary Tax effects on labour market and allocation are analysed with a sectoral model which is based on the microeconomic theory of the behaviour of economic agents. The model contains a highly disaggregated household sector, an enterprise sector, equilibrium unemployment on the labour market and a detailed modelling of institutional aspects of the tax and social security system. The model is calibrated for 1985. Simulation results show that temporary increases of world trade and higher value-added tax rates do not affect the equilibrium unemployment rate in the long run. A higher replacement rate of unemployment benefits increases unemployment and a tax reform containing lower marginal and average tax rates reduces unemployment.The authors thank F.J.H. Don, C.J.J. Eijgenraam, F.H. Huizinga and R.M. van Opstal for assistance on the household model, the cumulated production structure approach, the wage model and the model of firm behaviour respectively, and other colleagues of the Central Planning Bureau for useful comments.See Shoven and Whalley (1984) and Borges (1986) for reviews, and Keller (1980) for an application to The Netherlands.See, for instance, Abel (1980), Summers (1981), Bruno and Sachs (1985), Van de Klundert and Peters (1986).Ginsburgh and Mercenier (1988) review AGE modelling and the disequilibrium approach.     

STOCK RETURNS AND VOLATILITY ON CHINA'S STOCK MARKETS

We examine time‐series features of stock returns and volatility, as well as the relation between return and volatility in four of China's stock exchanges. Variance ratio tests reject the hypothesis that stock returns follow a random walk. We find evidence of long memory of returns. Application of GARCH and EGARCH models provides strong evidence of time‐varying volatility and shows volatility is highly persistent and predictable. The results of GARCH‐M do not show any relation between expected returns and expected risk. Daily trading volume used as a proxy for information arrival time has no significant explanatory power for the conditional volatility of daily returns. JEL classification: G15     

THE COST OF INCOME REDISTRIBUTION IN AUSTRALIA*

This paper analyses the effect of raising effective marginal tax rates on the income of the representative household in each gross income decile in Australia by one percentage point, and distributing the proceeds of the tax increase either in the form of an equal per capita grant, or as an equal payment to members of households in the lower half of the income distribution. The effectiveness of the program in redistributing income is measured as the ratio of total gains in disposable income to households in target deciles to losses in non-target groups, or as the proportional reduction in the poverty gap. The cost is measured as the ratio of the sum of the income-equivalent of changes in the welfare of non-target groups to those of target groups, or as the ratio of income-equivalent losses to gains.