Dynamic Insurance Contracts and Adverse Selection

We take a dynamic perspective on insurance markets under adverse selection and study a dynamic version of the Rothschild and Stiglitz model. We investigate the nature of dynamic insurance contracts by considering both conditional and unconditional dynamic contracts. An unconditional dynamic contract has insurance companies offering contracts where the terms of the contract depend on time, but not on the occurrence of past accidents. Conditional dynamic contracts make the actual contract also depend on individual past performance (such as in car insurances). We show that dynamic insurance contracts yield a welfare improvement only if they are conditional on past performance. With conditional contracts, the first‐best can be approximated if the contract lasts long. Moreover, this is true for any fraction of low‐risk agents in the population.     

磁流变传动装置理论分析与实验测试

在一定假设的基础上,建立了磁流变传动装置传递力矩的计算模型,对圆桶式和圆盘式结构磁流变传动装置的传递力矩及功率损失进行了比较分析,在此基础上确定了磁流变传动装置实验模型的结构参数,对该模型进行了实验测试。结果表明,通过调节电流的大小,可以实现转矩的智能控制。     

膜分离技术及其在废水处理中的应用

基于膜分离技术是一种新型高效的分离技术,且其过程无相变、能耗低、适应范围广,愈来愈为人们所重视,并在多个领域发挥着巨大的效能。介绍了膜分离技术的发展过程与现状,着重综述了近年来膜分离技术在废水处理中的应用,分析了存在的一些问题并对其发展趋势作了展望。     

用能量方法求解一次超静定杆系问题

根据功能原理建立能量补充方程,并利用静力平衡方程,求解一次拉压超静定问题。该方法同时可用于扭转、弯曲等一次超静定问题的求解。     

Seasoned Equity Issues in a Closely Held Market: Evidence from France

This paper examines seasoned equity offerings in France.Even though a rights offering is the primary flotation method, French companies are increasingly usingthe relatively expensive public offering method. We show that the market reaction to the announcementof seasoned equity issues is significantly negative for rights issues and insignificantly negative forpublic offerings. Our results suggest that the adverse selection effect is greater for rights issues thanfor public offerings, due to stronger underwriter certification for the public offerings. We find that theshare price effect is positively related to blockholders take-up renouncements for firms with priorconcentrated ownership. For these firms, the favourable ownership dispersion effect offsets the adverse selection effect.     

Spreads, Depths, and Quote Clustering on the NYSE and Nasdaq: Evidence after the 1997 Securities and Exchange Commission Rule Changes

This paper examines liquidity and quote clustering on the NYSE and Nasdaq using data after the two market reforms—the 1997 order–handling rule and minimum tick size changes. We find that Nasdaq–listed stocks exhibit wider spreads and smaller depths than NYSE–listed stocks and stocks with higher proportions of even–eighth and even–sixteenth quotes have wider quoted, effective, and realized spreads on both the NYSE and Nasdaq. This result differs from the findings by Bessembinder (1999, p. 404) that "trade execution costs on Nasdaq in late 1997 are no longer significantly explained by a tendency for liquidity providers to avoid odd–eighth quotations," and "odd–sixteenth avoidance has little relevance for explaining post–reform Nasdaq trading costs."     

Locally Greater Vulnerability to Background Risk

Willingness to take on risk is influenced by the presence of fair and unfair background risks for decision makers who are risk vulnerable as defined by Gollier and Pratt [1996], for these decision makers are more risk averse when they possess such an uninsurable background risk. We present an alternative derivation of the index of local vulnerability based on Diamond and Stiglitz [1974] compensated increases in risk, such that risk aversion increases with the introduction of any small fair background risk if and only if the index of local vulnerability is positive. We establish that the increase in risk aversion is greater for those who are more vulnerable as measured by the index of local vulnerability.     

Valuation of SGARAs IN THE Wine Industry: Time for Sober Reflection

The application of AASB 1037 Self Generating and Regenerating Assets provides little guidance to the commercial performance of winemakers. The valuation of grapevines essentially requires the valuation of a segment of a business (vineyards), from which is deducted the value of associated infrastructure. Grapevines are reported at a fictional "net market value" even though they cannot be bought or sold. The combination of recognising revaluation increments as distributable profits through the valuation of grapevines at "net market value", and the subsequent "amortisation" of those revaluation increments over the useful lives of the grapevines, creates a reporting maze which is more likely to confuse than inform.