Location incentives in the low-income housing tax credit: Are qualified census tracts necessary?

The low-income housing tax credit (LIHTC) is the largest project-based housing subsidy in the United States. Within the program, private developers receive a subsidy in exchange for constructing apartment units that rent for a predetermined affordable rate. Because the subsidy requires apartment buildings to charge a lower rental rate, the opportunity cost of developing subsidized housing in a location is the market rent that a developer could have charged if he had not received the subsidy. This study characterizes how profit incentives motivate location decisions within the LIHTC program by showing that opportunity cost causes more LIHTC development in locations with low market rent. This result implies that additional financial incentives, like the qualified census tract, may not be necessary to promote construction of subsidized housing in low-rent areas.     

城市绿地土壤质量研究进展

快速的工业化和城市化导致城市人口高度集中和大 量污染物排放,对城市生态环境造成了巨大的影响,不可避免 地影响到土壤、生态系统乃至人类的健康。城市绿地土壤在促 进城市生态系统平衡及人类健康等方面发挥了重要作用,逐 渐引起了广泛关注。在此背景下,梳理了以下3个方面内容： 1)城市绿地的兴起与分类;2)城市绿地土壤质量的内涵与评 价;3)绿地土壤质量提升技术。在全球推动可持续发展与绿 色发展的背景下,如何权衡城市绿地土壤资源开发保护与城市 经济发展,是城市化过程中面临的重要难题之一。因此,未来 应深入绿地土壤质量理论研究,加强绿地土壤质量监测,综合 研究绿地土壤质量评价体系,阐明绿地土壤在陆地生态过程中 对自然、经济及社会的影响,为推动城市生态系统可持续发展 提供依据。     

上海园林土壤标准及管理现状与 对策研究

上海园林土壤的标准化管理发端于《园林栽植土质 量标准》(DBJ 08-231—98),在一定历史时期对上海的园 林土壤管理具有重要作用。但是,随着生态文明建设的持续推 进,现有园林土壤的标准化管理已无法适应目前的工作需要。 系统梳理上海现行园林土壤标准体系,发现园林土壤标准主要 存在部分标准内容相互重复和冲突、国标与地标间层次关系不 明确,以及技术标准未及时更新等问题。提出完善上海园林土 壤标准体系的优化方案,包括针对技术指标进行细化和优化, 以及统一土壤指标测定方法避免标准间的冲突。此外,需要提 出符合中国园林土壤特点的技术标准,并予以及时修订和完 善。在标准化管理对策方面,要进一步重视园林土壤质量,在 园林绿化工程设计中,首先针对土壤质量进行控制,同时分类 管理园林土壤及土壤改良材料,并进一步提高园林绿化行业财 政支撑力度,加强园林土壤的相关科技研发。     

基于聚类分析法的省级环境绩效动态评估与分析

为了有效追踪环保产出,考察环保成效,提供决策依据,指导环保工作更好开展,改善长期的重投入轻产出、重建设轻成效、重效果轻效益的管理模式,本研究采用聚类分析方法,分析了2006~2011年全国30个省份(除西藏以外)连续六年的环境绩效表现,从而为绩效变化表现相似的地区的环境管理工作提供决策参考。研究结果表明,北京、河北等省份的环境绩效指数较高地区归为一类;天津、内蒙古等环境绩效指数中等地区归为一类;山西、贵州等环境绩效指数较低地区归为一类。为保证区域环境绩效评估制度运行的长效性,要密切结合区域环境管理体系建设、区域环境安全评估、地方政府环境目标责任考核制度和绩效评估制度等先期工作基础,促使环境绩效评估工作协调、有序地进行。     

Some Improved Tests for Multivariate One-Sided Hypotheses

Multivariate one-sided hypothesis-testing problems are very common in clinical trials with multiple endpoints. The likelihood ratio test (LRT) and union-intersection test (UIT) are widely used for testing such problems. It is argued that, for many important multivariate one-sided testing problems, the LRT and UIT fail to adapt to the presence of subregions of varying dimensionalities on the boundary of the null parameter space and thus give undesirable results. Several improved tests are proposed that do adapt to the varying dimensionalities and hence reflect the evidence provided by the data more accurately than the LRT and UIT. Moreover, the proposed tests are often less biased and more powerful than the LRT and UIT.     

The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance

This paper discusses the role of risk management and corporate governance as causal factors in the onset of the financial crisis. The boom and bust in the housing market precipitated serious strains in financial markets. These strains resulted in the onset of the financial crisis in August 2007 with the collapse of the asset-backed commercial paper market. This collapse occurred because the solvency of a number of large financial firms was threatened by huge losses in complex structured financial securities. Why did these firms have such high concentrations in mortgage-related securities? Given the information available to firms at the time, these high concentrations in mortgage-related securities violated basic principles of modern risk management. We argue that this failure to apply well-understood risk management principles was a result of principal-agent problems internal to the firms and to breakdowns of corporate governance systems designed to overcome these principal-agent problems.     

Who controls Allianz?

With cross-ownership among firms a separation between dividend rights on common stocks and voting rights may occur. This paper proposes a method to trace control rights in a company that is based purely upon accounting identities and the underlying data on cross-ownership relations among firms and privately held shares. Examples show that under cross-ownership, control and ownership of dividend rights may be entirely separated, and multiple equilibria may exist in such economies. The proposed methodology is then applied to the conglomerate around the German ‘Allianz’ group.     

滞胀是创新的起点

经济出现滞胀能够带来创新，包括孕育出一个全新价值观的民族，甚至孕育出些全新的产业，滞胀可以带来一个社会全新改变。     

Die aktuelle Weltwirtschaftskrise und der ökologische Umbau der Wirtschaft

Die aktuelle Finanz- und Wirtschaftskrise und der Klimawandel haben gemeinsame Wurzeln, aber ganz unterschiedliche Wirkungen. Sie werden deshalb auch sehr verschieden wahrgenommen. Sie lassen sich nur bek?mpfen, wenn man klug aufeinander abgestimmte politische Ma?nahmen ergreift.     

成本控制概述

企业是微观经济的主体,其财务会计的最终目标是实现利润最大化、企业价值最大化。成本作为企业一定时期内生产特定种类和数量产品的资金耗费,是任何时代的任何企业都十分重视的一个问题,在走向市场经济的今天更是如此,所以本文主要对成本控制的涵义、内容和方法阐述了自己的一些看法。