Adjustment costs,durables, and aggregate consumption

Previous tests of the permanent-income hypothesis (PIH) have focused on either non-durables or durables expenditures in isolation. This paper studies consumer purchases of non-durables and durables as the outcome of a single optimization problem. It is shown that, with non-separability in utility, the presence of adjustment costs of changing durables stocks may affect the time series properties of both components of expenditure. An econometric test of the PIH based on the model developed in the paper is both more efficient and less prone to bias than those in some previous studies; however, this test confirms earlier rejections of the PIH in aggregate quarterly data.     

Discretionary accruals: signalling or earnings management in Australia?

We investigate the signalling effect of discretionary accruals (DAC). Although we find that discretionary accruals are insignificantly related to contemporaneous stock returns, we uncover that income‐increasing discretionary accruals of GAAP‐complying growth firms are significantly and positively related to contemporaneous stock returns. Furthermore, we find that this positive effect is stronger among firms with better corporate governance mechanisms, such as Board of Directors Independence, Audit Committee Independence and Large Shareholders’ Ownership. In addition to contemporaneous stock returns, we also find similar results with the future increase in dividends. Our findings are consistent with the argument that corporate governance can enhance the signalling effect of reported earnings of GAAP‐complying growth firms.     

Domestic regulation,import penetration and firm-level productivity growth

This paper shows that the impact of import penetration on firms’ productivity growth depends on firms’ distance to the efficiency frontier and on product market regulation. Using firm-level data for a substantial number of OECD countries from the late 1990s to late 2000s, the analysis reveals nonlinear effects of both sectoral import penetration and de jure product market regulation measures, depending on firms’ positions along the global distribution of productivity. Close to the technology frontier, import penetration has a strongly positive effect on firm-level productivity growth, with less stringent domestic regulation enhancing this effect substantially. However, far from the frontier, the effect of import penetration on firm-level productivity growth is much smaller and often not significant. Its interaction with domestic regulation generally has no statistically significant effect either. The heterogeneous effects of import penetration and domestic product market regulation on firm-level productivity growth are consistent with a neo-Schumpeterian view of trade and regulation.     

东盟物流发展状况分析

本文从东盟各国的物流政策,交通发展,行业状况等方面对东盟各国物流现状和发展进行了广泛深入的调查研究,这将有效地帮助我们根据现有条件制定与之相适应的物流发展战略,进一步拓宽这种多边合作机制,提供强有力的理论依据。     

从美欧FSC争端案看WTO协定对内国补贴制度的约束

本文以美国对外国销售公司(FSC)税制立法所引起的WTO反补贴争端案为例,分析WTO框架下的SCM协定对内国补贴立法的约束表现及其实质动因,藉此警示相关国内经济立法应防患于未然,避免出现类似美国在外销公司税制立法反补贴争端案中的被动局面。     

信任与空间:非政府组织作用的发挥还有待提升

<正>9月18日,零点研究咨询集团和友成企业家扶贫基金会联合发布了"5.12地震灾区居民生活监测"二期结果。此次调查重点之一是灾区居民对于政府与非政府组织在重建阶段作用的认知。重建工作中,政府是主力,非政府组织是重要补充力量     

Zivilrechtliche und rechtsökonomische Aspekte zum Dieselskandal der Volkswagen AG

The Volkswagen diesel emissions scandal is a case of market failure, because the harm from vehicle emissions to public health and to the environment was not internalised. This market failure has not been corrected by public regulation, nor by civil liability. There is also a regulatory failure, because the oversight of NOx emissions by the German automobile regulatory agency (Kraftfahrt-Bundesamt) was overly lenient. There is also a corporate governance failure within Volkswagen which made the fraud of installing manipulative software possible. And finally, there is dysfunctional law in Germany, which does not allow for class actions or similar types of lawsuits. The new government has announced the introduction of a new procedure (Musterfeststellungsklage) which would avoid this outcome.     

饭店客户关系管理的价值链研究

本文从我国本土饭店客户关系管理现状出发,借用波特的价值链思想,深入分析饭店客户关系管理中的基本活动和辅助活动,以寻求能切实有效地提高饭店客户关系管理水平的途径。其中,文章提出了饭店客户关系管理的价值链模型,并对客户关系管理的基本活动中的客户价值分析、客户获取、客户保留、客户升级和客户联盟构建等主要环节进行了详细阐述,同时也分析了辅助活动中包括领导、组织结构、人力资源管理、组织文化和信息技术等在内的相关影响因素。     

WTO环境补中政策发展与PPP原则关系索隐

环境补贴问题在WTO框架下困难重重.西方国家在此领域一直推崇的PPP原则的影响是造成WTO环境补贴政策暧昧不明的重要因素,但将PPP原则引入WTO还为时过早,取消"绿灯补贴"中的环保补贴或另以PPP原则或更高标准取而代之,都是不现实的.从实质公平的角度看.发展中国家也不应支付任何多于他们所分享的.