代理成本与经营管理者财务监督

委托代理关系存在三类形式,各类委托代理关系都存在相应的代理成本。本文从第三类代理成本的理论阐述入手,分析了经营管理者财务监督存在的客观必然性,探讨了第三类代理成本对经营管理者财务监督体制的影响,并按照降低第三类代理成本的要求,对构建经营管理者财务监督体制思路提出了设想。     

Dynamics of fertility and labour force participation of Canadian women in 1971 and 1981: a cohort approach

The authors analyze the relationship between labor force participation and fertility in Canada using data from the Public Use Sample Tapes from the 1971 and 1981 censuses. Factors considered include age, religion, educational status, and marital status. The authors conclude that "labour force participation of women seems to have less influence on fertility compared to [the] fertility effect on labour force participation."     

“Do Fiscal Deficits Influence Current Accounts? A Case Study of India”

This paper examines the effects of fiscal deficits on the current account deficits in the Indian economy. In many developing countries, fiscal deficits are mostly financed through monetization, causing crowding out of private investment expenditures. However, fiscal deficits in India are mostly financed through official borrowings from various external sources, leading to higher interest payments and outgoings on the external account. Such a policy could eventually precipitate balance of payments crises despite favorable trade account and real exchange rate. Data over three decades for the Indian economy show that, in addition to the real exchange rate and the ratio of private investment to GDP, fiscal deficits significantly contribute to the current account deficits.     

A brief study of age specific birth proportions,Japan and Singapore

The suitability of age-specific birth proportions (ASBP), or percentage distribution of births, as a rough and ready index of fertility change was analyzed by establishing a theoretical framework for its limitations and uses. The discussion suggested that the utility of ASBP as an indicator of fertility change depends on the characteristics and behavior of the population being considered. The concept was then empirically applied to birth trends in Japan and Singapore for 2 different time periods. Analysis suggested that ASBP trends in Japan reflected changes in age-specific fertility rates relative to general fertility rate as well as trends in parity distribution. The Singapore analysis was more complicated, raising different issues. As very limited empirical work has been done on ASBPs, the utility of ASBPs as an indicator of fertility change cannot be definitely ascertained. It was suggested however that ASBP trends may be applicable in countries where the age distribution of fertile-aged women is fairly stable. More empirical research should be done on ASBP trends in other countries, the behavior of A matrix as discussed in this paper, and useful empirical relationship of ASBP with other fertility measures.     

Dynamic effects of externalities,optimal saving and economic growth

Conclusion Recognizing the fact that provision of mixed public goods can result in both consumption externalities of the Samuelsonian variety as well as production externalities we set out to extend the earlier results of Rao and Kalpagam (1977) on the effect of public goods on economic growth. In so doing, we considered three standard specifications of production externalities and enlarged the concept of consumption displacement. Our basic conclusion is that the results of our earlier paper remain valid under the more general conditions set out in this paper.     

美国联邦政府政务公开制度的实践及启示

美国联邦政府的政务公开制度包括两大方面：政府信息的公开和政府会议的公开。规范前者的法律是《信息自由法》和《隐私法》，规范后者的法律是《阳光下的政府法》和《联邦咨询委员会法》。两者都与政务公开和公民的知情权有关。本文通过对四部法案背景、主要规定的介绍，揭示了美国政务公开制度的核心内容，同时考察了政务公开法案实施的现状。最后，本文还结合中国实际，论述了我们可以借鉴的方面。     

从对冲套利看可转债资产替换

在缺乏卖空机制的环境下，可转债相对价值的实现将主要来源于转债与股票之间的资产替换。尤其是在杠杆放大的资产替代策略下，可转债投资的盈利模式将出现根本性变化，股票价格的波动成为影响策略应用效果的最重要因素。本从对冲套利的角度，通过对等额和杠杆放大资产替换策略的模拟与分析，就资产替换策略的应用环境、杠杆选择与实证效果等问题进行了较为详尽的研究。     

非洲大陆石油储产量稳步增长

近10年来,非洲大陆探明石油储量增长了25％,截至2003年1月1日已达到774.2亿桶,相当于东欧及前苏联地区储量的总和(793.6亿桶),为亚太地区储量(387.1亿桶)的两倍。自2002年起,随着几个大型油田的陆续投产,非洲石油产量已显著增加,目前为680万桶/日。     

Short term real earnings management prior to stock repurchases

This study examines whether firms engage in income-decreasing real earnings management before open market stock repurchases to reduce the cost of stock buybacks. In the short run, managers have the ability to underproduce inventory and increase discretionary expenditures, thus decreasing current period earnings. We find that managers engage in both of these activities before repurchasing their firms’ shares, especially the latter. Also, companies increase their discretionary spending before making repurchases to a greater extent following the passage of the Sarbanes–Oxley Act of 2002 as well as when they are financially healthy and have high marginal tax rates. Finally, we document that firms with the most income-decreasing real earnings management experience the largest positive abnormal returns during the subsequent period. Our findings highlight the importance of considering firms’ use of real operating decisions, as opposed to just opportunistic disclosure practices, around significant corporate events, such as the repurchase of their own stock.