HAS INTERNATIONAL CAPITAL MOBILITY INCREASED IN ASIA? EVIDENCE FROM THE POST‐1997 FINANCIAL CRISIS PERIOD

This paper examines whether international capital mobility in Asia has increased after the 1997 Asian financial crisis by estimating the Feldstein‐Horioka (FH) coefficients using panel cointegration and dynamic OLS regressions. In the benchmark estimation, we find that the FH coefficients of ten Asian economies decrease significantly from 0.65 during the pre‐crisis period to 0.32 during the post‐crisis period. Furthermore, the coefficient for the post‐crisis period is less statistically significant than that for the pre‐crisis period. The extended model estimations with additional control variables controlling for the business cycle, different foreign exchange rate systems, and capital control also show the results which are consistent with the benchmark estimation results. Rolling regressions show a consistently declining trend of the FH coefficients in Asia during our sample period. These results provide consistent evidence, according to the FH proposition, of increasing international capital mobility in Asia during the post‐1997 Asian financial crisis period. (JEL F36, F37, F21)     

The Implementation of Innovative Management Accounting Systems

This paper reports on innovations in management accounting systems (MAS) in three Australian manufacturing enterprises. The study is based on the premise that systems characteristics of the MAS innovations develop in response to triggers for adoption, and the outcomes achieved from the innovative systems will depend on the effective implementation of the costing systems. The MAS innovations implemented include activity-based costing, activity-based management, benchmarking, integrated budgetary system, key performance indicators and balanced scorecards. Five factors influencing the successful implementation of innovative MAS are proposed: commitment to the initiatives; a successful pilot application; incremental development; appropriate training; and integration with other processes and systems.     

Time-Series Variation in Dividend Pricing

Ex-dividend day returns vary over time. The ex-day returns of high-yield stocks are persistently positive for some time periods and negative for others; in contrast, ex-day returns of low-yield stocks are always positive and less variable. We are unable to explain the variation with changes in the tax code, but we do find a strong effect for the introduction of negotiated commissions. We find evidence that corporate dividend capturing is affecting ex-day returns and confirm the findings of Gordon and Bradford (1980) that the price of dividends is countercyclical.     

A STABLE NASH MECHANISM FOR QUASI-ADDITIVE PUBLIC-GOOD ENVIRONMENTS*

In this paper we present a simple game form implementing Lindahl allocations as Nash equilibrium outcomes, which has nice stability properties. we show that if the preferences of eaach consumer are representable by a utility function of the form a(y)x_i+b_i(y), where x_i(y), where x_i is the amount of private good and y, the amount of public good, then the Nash equilibrium of our geme is locally stable under the gradient adjustment process. This restriction on the preferences has been known in hte literature as the necessary and sufficient condition for the Pareto optimal amount of pukic goods to be independent of the private goods distribution. This type of preference includes quasi-linear preferences as a special case. but unlike quasi-linearity, this allows a non zero income effect of demand for public goods as well as private goods, which is often supported by empirical evidence. Our result shows how an equilbirium can be achieved over time by a decentralized strategy adjustement process for a fairly general class of environments, even in the absence of a dominant-strategy equilibrium.     

Earnings and Dividend Announcements: Is There a Corroboration Effect?

We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine whether investors evaluate the two announcements in relation to each other. We find that there is a statistically significant interaction effect. The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other announcement. This evidence suggests the existence of a corroborative relationship between the two announcements. Investors give more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice versa.     

中韩两国自贸区战略对比及双边自贸区谈判展望

作为东亚重要的经济体,中韩两国近年来都走在积极推进对外自贸区建设,并取得了较大进展。尽管两国对外贸易依存度都处于较高的水平,但由于经济规模、贸易规模的差异,两国的自贸区战略也存在很大的差异。通过分析中韩两国的自贸区战略,可以发现中韩之间构建自贸区将是下一步双方战略的交汇点。尽管自贸区的达成会造成双方国内行业利益的分配不均,但双方政府可以通过在自贸区谈判中采取必要的例外或过渡期安排来完成双边的自贸区构建。     

物流业上市公司的盈余管理模式研究

针对中国物流业的发展现状,以分析上市公司盈余管理的动机为起点,对物流业的盈余管理模式进行剖析。     

COST PASS‐THROUGH IN DIFFERENTIATED PRODUCT MARKETS: THE CASE OF U.S. PROCESSED CHEESE*

In this paper, we estimate a mixed logit model for demand in the U.S. processed cheese market. The estimates are used to determine pass‐through rates of cost changes under different behavioral regimes. We find that, under collusion, the pass‐through rates for all brands fall between 21% and 31% while, under Nash‐Bertrand price competition, the range of pass‐through rates is between 73% and 103%. The mixed logit model provides a more flexible framework for studying pass‐through rates than the logit model since the curvature of the demand functions depends upon the empirical distribution of consumer types.