MONEY AND GROWTH IN A RICARDO-VON NEUMANN-LEWIS WORLD

It is well known (Tobin (1965)) that in a monetary economy with full employment the monetary growth rate uniquely determines the steady-state capital intensity of the economy. This paper demonstrates that portfolio balance in a Ricardo-Von Neumann-Lewis world implies that the steady-state growth rate of the economy (the rate of capital accumulation) is uniquely determined by the rate of monetary growth. An increase in the monetary growth rate increases the steady-state inflation rate which, through its effect on savings, increases the equilibrium growth of the economy.     

治理上市公司盈余管理的对策研究

文章通过对盈余管理的目标及动因分析,提出个人自利型盈余管理、制度型盈余管理及组织型盈余管理三种模式,并提出了一些规范上市公司盈余管理的建议。     

我国证券市场信息披露制度存在的问题以及对策分析

信息披露的公正、及时、准确和完整,是保护投资者利益和促进证券市场顺利发展的必要条件。当前,我国证券市场的信息披露存在不真实、不完整、不准确、不规范的情况。随着我国证券市场的不断发展,完善和规范信息披露制度对我国证券市场的发展有着重要作用。     

A blueprint to build women chief executive officers globally

The purpose of this article is to offer a blueprint to build women chief executive officers (CEOs) globally. It outlines essential qualities for women CEOs. It explains CEO acumen and offers tools and techniques for women to excel as CEOs. It draws a blueprint for global organizations to build women CEOs. It differentiates between women and men leaders. It emphasizes women can make better leaders than men. It illustrates with inspiring examples of women leaders including Melinda Gates, Michelle Obama, Hillary Clinton, Angela Merkel, Indra Nooyi, Ursula Burns, Meg Whitman, and Sheryl Sandberg. It implores women to seize the opportunities to break the glass ceiling to excel as CEOs. It enlightens the society cannot grow when one sex is denied with opportunities. It calls upon men to empathize with women and extend their hands with a big heart to groom them as CEOs. It advocates gender equality globally. It concludes women leaders must express their ambition in the early stage of their careers and work hard consistently and relentlessly with a focus and vision to excel as CEOs globally.     

Covid-19 and heuristic biases: evidence from India

Stock markets worldwide have witnessed high volatility during the year 2020 owing to the eruption of Covid-19. Due to the world’s unprecedented economic challenges, this study could potentially guide financial advisors and individual investors in dealing with pandemics. An association between investors’ perception toward the intensity of Covid-19 and heuristic biases is analyzed using the responses of 290 stock investors of National Capital Region (NCR), India. The data are validated through Cronbach’s alpha, and the model fit is analyzed using EFA. Confirmatory factor analysis (CFA) is employed to investigate the relationship between Covid-19 and heuristic biases. Covid-19 does not have any influence on the overconfidence of investors. A significant positive relationship is found between Covid-19 and the remaining three heuristics, i.e., availability, anchoring, and representativeness. The present study analyzes the association between Covid-19 and specific investors’ bias only and should not be interpreted for causality. The study has the potential to guide investors in understanding the errors they are making while investing during the pandemic and the ways to deal with them. The study could provide insights to the financial advisors in understanding their customers. The implications of the study may include inputs of the errors committed by them during the pandemic. Despite the fact that an enormous amount of literature exists in the field of investors’ sentiment, a scarcity of literature is available that measures the relationship between heuristic biases and the perceived impact of the pandemic. The current study attempts to fill this gap in the literature.

     

Information Asymmetry about Investment Risk and Financing Choice

Though it is generally accepted that information asymmetry has an impact on capital structure policy, the nature of the information asymmetry is not well understood. Recent theoretical work and empirical evidence suggests that financing choice depends upon the information asymmetry associated with the investment risk of the particular use of proceeds. Consistent with this view, using the sources and uses of funds framework, we find that equity is used to fund projects with greater information asymmetry about their risk such as research and development expenditure, while debt is used to fund investments with lower information asymmetry about their risk such as liquidity enhancement.     

On Ethical Violations in Microfinance Backed Small Businesses: Family and Household Welfare

Journal of Business Ethics - The microfinance business model focuses largely on lending to the woman in the household, rather than the man. The belief is that women are more trustworthy borrowers...     

配股融资影响市场的程度与途径研究

配股融资对市场的实际影响程度有多大,以及内在的影响机制与途径是什么?在更加严格的标准筛选样本、信息泄露时间点的准确估计和多窗口CAR的计算基准统一的基础上,再结合配股融资的关键进程,本文研究发现:配股融资公告后,股票价格表现出阶段性特征,并不完全为负价格效应,而且各条途径影响股价的机制也随时间长度变化,但配股价格的折让率一直是配股影响股价的最重要途径。