The Effectiveness of OSHA Penalties: A Stock-Market-Based Test

This study examines shareholder reactions to the announcements of OSHA penalties in the press over the years 1979-89. The analysis demonstrates that investors react negatively to the announced sanctions over the time interval immediately surrounding the announcement day. The decreases in the values of the subject firms are, however, found to be unrelated to the relative size of the penalty, to the number of non-record-keeping violations, and to whether the penalties were attributable to employee injury or death. The findings suggest that for the stockholders the nature of the announced OSHA sanctions is largely irrelevant, and they further point toward a reassessment of the assumed deterrent impact of the penalities.     

Do Earnings Targets and Managerial Incentives Affect Sticky Costs?

This study explores motivations underlying managers’ resource adjustments. We focus on the impact of incentives to meet earnings targets on resource adjustments and the ensuing cost structures. We find that, when managers face incentives to avoid losses or earnings decreases, or to meet financial analysts’ earnings forecasts, they expedite downward adjustment of slack resources for sales decreases. These deliberate decisions lessen the degree of cost stickiness rather than induce cost stickiness. The results suggest that efforts to understand determinants of firms’ cost structures should be made in light of the managers’ motivations, particularly agency‐driven incentives underlying resource adjustment decisions.     

拉萨市乞讨的未成年人生存现状分析与对策研究

近年来,"乞讨人员"的话题一直备受社会各界的关注。而"乞讨"大军中的"未成年人"却鲜有关注,从拉萨市"未成年乞讨者"的角度出发,通过对未成年乞讨人员的问卷及社会调查问卷的整理分析,力图为完善拉萨社会救助体系提供一些参考。     

Information Effects on the Bid-Ask Spread

An individual who chooses to serve as a market-maker is assumed to optimize his position by setting a bid-ask spread which maximizes the difference between expected revenues received from liquidity-motivated traders and expected losses to information-motivated traders. By characterizing the cost of supplying quotes, as writing a put and a call option to an information-motivated trader, it is shown that the bid-ask spread is a positive function of the price level and return variance, a negative function of measures of market activity, depth, and continuity, and negatively correlated with the degree of competition. Thus, the theory of information effects on the bid-ask spread proposed in this paper is consistent with the empirical literature.     

三青团井陉分团与井陉县国民党党部的关系

三民主义青年团简称三青团,是中国国民党史上,也是中国现代史上一个重要的政治组织。河北省井陉县三青团组织是国民党三青团组织的基层组织之一。蒋介石成立三青团有让其辅助国民党的意图。但三青团成立后,随着其组织势力的发展壮大,与国民党的矛盾越来越大,互相争权夺利、勾心斗角,党团之争成为国民党与三青团关系的焦点。三青团井陉分团成立后,与井陉县国民党党部的关系也并不融洽。     

Large Stakes and Big Mistakes

Workers in a wide variety of jobs are paid based on performance, which is commonly seen as enhancing effort and productivity relative to non-contingent pay schemes. However, psychological research suggests that excessive rewards can, in some cases, result in a decline in performance. To test whether very high monetary rewards can decrease performance, we conducted a set of experiments in the U.S. and in India in which subjects worked on different tasks and received performance-contingent payments that varied in amount from small to very large relative to their typical levels of pay. With some important exceptions, very high reward levels had a detrimental effect on performance.     

新农村建设背景下白裤瑶开展传统体育文化活动的调查与分析

以广西河池市南丹县里湖乡的300多名白裤瑶群众为研究对象,对白裤瑶群众参与体育健身活动现状进行调查与分析,并提出在新农村建设背景下白裤瑶地区进一步发展体育文化活动的建议和对策.