Population Dynamics in East and West Germany—Projections to 2050

Original Papers

Population Dynamics in East and West Germany—Projections to 2050     

Executive Compensation and Corporate Acquisition Decisions

By examining how executive compensation structure determines corporate acquisition decisions, we document a strong positive relation between acquiring managers' equity-based compensation (EBC) and stock price performance around and following acquisition announcements. This relation is highly robust when we control for acquisition mode (mergers), means of payment, managerial ownership, and previous option grants. Compared to low EBC managers, high EBC managers pay lower acquisition premiums, acquire targets with higher growth opportunities, and make acquisitions engendering larger increases in firm risk. EBC significantly explains postacquisition stock price performance even after controlling for acquisition mode, means of payment, and "glamour" versus "value" acquirers.     

Economic geography with tariff competition

A simple two-country model of economic geography is constructed in order to examine the effect of tariff competition on the spatial distribution of manufacturing activities as well as on welfare. We show that when the transport cost is small, tariff competition with firm migration leads to a core-periphery economy, where one of the two countries imposes no tariff in Nash equilibrium. We also show that when the transport cost is sufficiently large, both countries impose a positive tariff, which decreases the welfare of both countries.     

Spatial discrimination: Bertrand vs. Cournot with asymmetric demands

This paper develops a barbell model a la Hwang and Mai [Hwang, H., and C.C. Mai, 1990, Effects of spatial price discrimination on output, welfare, and location, American Economic Review 80, 567–575.] with homogeneous product and asymmetric demands to compare prices, aggregate profits and social welfare between Cournot and Bertrand competition, and to analyze the firms' equilibrium locations. It focuses on the impacts of the spatial barrier generated from transport costs, and the market size effect resulting from asymmetric demands. It shows that the market-size effect is crucial in determining firms' locations under Cournot competition, but insignificant under Bertrand competition. Moreover, the equilibrium price of the large market and the aggregate profits are lower but the social welfare is higher under Cournot competition than under Bertrand competition if one of the markets is sufficiently large and the transport cost is high.     

External Economies of Scale and Optimal Plant Location

This paper departs from earlier work on location theory by introducing external economies of scale into the Weber–Moses location model. It is shown that under Cournot–Nash competition, when external economies prevail, constant returns to scale at the firm level is not a sufficient condition for ensuring the invariance of the firm's optimal location with respect to a change in market demand, regardless of whether or not free entry is allowed. Moreover, when free entry is allowed and the production function exhibits decreasing returns to scale, but with very strong external economies, the optimal location moves towards or away from the market as demand increases according to whether the demand function is convex or concave. These results are different significantly from the conventional wisdom.     

基于粗糙集理论的旅游目的地评价方法研究

本文构建了一个基于Eough集理论的旅游者对旅游目的地评价模型，从中进行数据挖掘、发现隐含知识，并为相关政府部门提出了决策建议。该方法能克服传统评价方法的主观性和模糊性问题。     

农户参与医疗保险行为决策影响因素分析

本文基于中国健康营养调查(CHNS)数据,运用离散选择模型,对农户参与农村医疗保险的影响因素进行实证分析,试图从微观视角剖析影响我国农村医疗保险发展进程的原因。研究表明:年龄、婚姻、工作对农户参与农村医疗保险有正效用,但并不显著;从事家庭手工业和小型商业对农户参与医疗保险有显著的抑制作用;农户的健康自评状况对其参加医疗保险决策的影响不显著。     

Some Evidence on the Uniqueness of Initial Public Debt Offerings

Debt initial public offerings (IPOs) represent a major shift in a firm's financing policy by both extending debt maturity and altering the public-private debt mix. In contrast to findings for seasoned debt offerings, we document a significantly negative stock price response to debt IPO announcements. This result is consistent with debt maturity and debt ownership structure theories. The equity wealth effect is negatively related to the offer's maturity, and positively related to the degree of bank monitoring. We find that firms with less information asymmetry and firms with higher growth opportunities experience a less adverse stock price response.     

基于聚类分析的珠三角经济圈和谐度研究

伴随珠三角经济飞速发展,环境问题日益凸显,经济系统与环境系统和谐发展成为关注的焦点。在分析区域经济系统与环境系统特征后,可以构建出两个系统的评价指标体系。运用聚类分析法对珠三角各地市的评价数据进行分层聚类分析,可以得到若干有益的启示。     

镍冶炼转炉烟灰碱浸脱砷试验研究

采用氢氧化钠碱浸出的方法除去转炉烟灰中的砷。通过单因素试验,确定出最佳的砷浸出工艺条件。试验结果显示,液固比为7：1,氢氧化钠浓度2mol／L,搅拌浸出2h,浸出温度80℃,砷浸出率达到95％以上,同时镍的浸出率可小于0．5％,可实现烟灰除砷的目的。