Consumption and Wealth in Australia

This paper examines the relationship between consumption and wealth in Australia. We find a steady-state relationship between non-durables consumption, labour income and aggregate household wealth for the period 1988–1999. We also find that changes in both non-financial and financial assets have significant but different short-run and long-run effects in dynamic consumption models. Finally, we place our results within the broader empirical literature and examine whether they are consistent with standard theories of consumption.     

Synthesizing R&D planning and business strategy: some preliminary findings

The need for firms to compete in the longer run by offering superior products at competitive prices requires better integration of R&D, and technology in general, into business strategy development. A survey based on personal interviews of 40 respondents from “Fortune 500” U. S. industrial firms reveals that their shift in emphasis toward new product/process R&D is providing the impetus for placing R&D in a strategic context. However, R&D has not been fully integrated into the strategic planning process of many organizations. The results of the survey reveal that certain communication channels can be more fully utilized to meld R&D planning into business strategy. Specific suggestions to facilitate information exchange, dissemination of planning data, and integration of various R&D plans into a cohesive technology strategy are given.     

Some aspects of bivariate regression subject to linear constraints

This paper considers a two-equation linear model when a subset of the parameters in one of the equations is subject to zero constraints. Inference procedures are presented both in the Bayesian and sampling theory framework. Specifically, posterior distributions and confidence distributions of the parameters, as well as various test procedures, are derived and illustrated with examples. The effect of the zero constraints on these procedures are discussed, and a comparison of the Bayesian with the sampling results is given.     

How Might Companies Value ESOs?

There has been a steady growth in the use of employee equity compensation plans, and in the use of executive stock options (ESOs) in particular, along with a rise in shareholder and public perceptions that the values of compensation plans are not always fully disclosed. The IFSA of Australia recently called for separate reporting in financial statements of numbers and values of ESOs. Companies, when negotiating employment contracts, frequently agree to compensate an executive if a share option plan is subsequently not approved by shareholders. These facts suggest that reporting the value of an ESO plan is a useful and important exercise. We outline a model for the valuation of ESOs typically issued by Australian listed companies and illustrate the application of the model with a case study.     

Grant-aided tourism projects and employment creation—experiences of the english tourist board

Employment creation is an important consideration in grant-aiding tourism projects. Drawing on the results of 140 tourism projects that were given English Tourist Board support, this article evaluates their performance by comparing promised employment to jobs actually created and analyses the forecasting errors.     

Equalising Share-Ownership

More effective marketing of shares in denationalised assets might increase their holdings by older and younger age-groups and women. But Dr Maureen Guirdham and Siew Choo Tan, of the City University Business School, argue that other forms of financial provision may be better suited than investment in shares fo people with lower incomes.     

公司治理结构对蓝筹股收益率影响研究

本文以沪深300指数中的197家上市公司为样本,对其公司治理结构和收益率的关系进行多元回归分析,分析得出公司董事会规模和独立董事比例分别与收益率呈现U型关系,股权集中度、国有股比例均与收益率负相关。研究结果还表明:公司规模扩大、业绩好是蓝酬股价在牛市中高涨和熊市中抗跌的基本点;大多数蓝酬股收益率不高,其董事会结构并没有暗示股价长期、稳定、高速升值的空间;当股权分散和国有股比例下降,投资者参与度增加引致收益率提高;外资股权也没有得到大众投资者长期追捧,长期收益率与外资股权比例不相关。     

中美主要金融市场相关结构及风险传导路径研究——基于Copula理论与方法

金融危机背景下的股市表现出更加复杂的动荡性,本文在传统GARCH模型的基础上引入了风险值对收益率的影响因素,运用GARCH-M模型来刻画股票收益率序列边缘分布,通过构建GARCH-M-t边缘分布过滤模型获取收益率残差序列,最后采用Copula函数对边缘分布拟合后的残差序列建模构建出Copula-GARCH-M-t相关结构模型。经过参数估计及多种Copula函数的拟合优度检验,最终成功刻画出中美金融市场五大证券交易中心股票收益率之间的相关结构模型。通过秩相关系数、尾部相关系数等相关性度量工具对中美两国金融市场的相关性进行分析,最后通过对不同股票市场之间的尾部相关性分析确定两国金融市场之间风险传导路径。     

税收缺口测算的国际实践——以欧盟与美国为例

本文对国际上目前采用的税收缺口测算的主要方法,即自上而下法和自下而上法做了介绍,并系统比较了两类方法的适用环境和各自的优劣,同时分别给出了国际上用这两类方法测算的两个具体实例,最后,总结了国外税收缺口测算实践的特点,并给出了我国目前进行税收缺口测算的几点建议。     

网络舆情对基层税务机关的影响及应对

本文首先分析了税收网络舆情与网络舆情危机的特点,进而对基层税务机关对网络舆情的认识误区以及易引发网络舆情危机的风险点进行了阐述,最后,对基层税务机关如何应对网络舆情危机提出了建议。