The Role of Real Wage Rigidity and Labor Market Frictions for Inflation Persistence

We analyze the transmission mechanism of wages to inflation within a New Keynesian business cycle model with wage rigidities and labor market frictions. Our main focus is on the channel of real wage rigidities on inflation persistence for which we find the specification of the wage bargaining process to be of crucial importance. Under the standard efficient Nash bargaining, the feedback of wage rigidities on inflation is ambiguous and depends on other labor market variables. However, under the alternative right‐to‐manage bargaining we find that more rigid wages translate directly into more persistent movements of aggregate inflation.     

Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs

We explore how compensation policies following mergers affect a CEO's incentives to pursue a merger. We find that even in mergers where bidding shareholders are worse off, bidding CEOs are better off three quarters of the time. Following a merger, a CEO's pay and overall wealth become insensitive to negative stock performance, but a CEO's wealth rises in step with positive stock performance. Corporate governance matters; bidding firms with stronger boards retain the sensitivity of their CEOs' compensation to poor performance following the merger. In comparison, we find that CEOs are not rewarded for undertaking major capital expenditures.     

Underreaction to Industry‐Wide Earnings and the Post‐Forecast Revision Drift

We test whether the post‐forecast revision drift is mainly attributable to investors’ underreaction to industry‐wide earnings news conveyed by analysts’ forecast revisions. We find a large drift associated with industry‐wide earnings news but no drift associated with firm‐specific earnings news. Consistent with the functional fixation hypothesis, we provide evidence that the post‐forecast revision drift is driven by investors’ underreaction to the higher persistence of industry‐wide earnings. Although prior research has focused on differential persistence of earnings components stemming from managerial reporting discretion, we provide evidence suggesting that investors do not fully understand the differential earnings persistence attributable to industry fundamentals.     

企业中知识共享的影响因素及对策研究

主要探讨企业的知识共享,通过对组织文化,制度安排,组织,技术体系及资源等诸多影响因素进行分析,进而根据这些影响因素,结合企业的实际情况,借助内外部知识共享提升知识创新能力,提出决策来实现知识共享。     

中国省际资本回报率的地区差距

资本回报率高低决定资本流向。本文在严格采用永续盘存法估算出中国省际资本存量后,运用边际资本产出来测算省际资本回报率并分析其地区差距。测算结果表明:1993~2007年中国中部与东部地区的资本回报率差距在缩小,而西部与东部地区的资本回报率差距在进一步扩大,中国目前还不存在明显的资本边际报酬递减趋势。投资环境差异是形成地区间资本回报率差距的制度原因,中西部地区引资竞争的关键是改善地区制度环境。     

Debt Specialization

This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsamples—large rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets.     

上市公司财务状况恶化的预警模型分析

我们知道 ,所有企业的会计报表的编制都是在持续经营假设的基础上编制的。会计基本前提之一就是一个企业将持续存在 ,在缺乏相反的证据时 ,企业将被视为无限期的继续下去。然而现实企业经营活动中有大量的不确定性因素的存在 ,使得持续经营难以为继 ,许多企业的持续经营处于危     

Hedge Funds and Chapter 11

This paper studies the presence of hedge funds in the Chapter 11 process and their effects on bankruptcy outcomes. Hedge funds strategically choose positions in the capital structure where their actions could have a bigger impact on value. Their presence, especially as unsecured creditors, helps balance power between the debtor and secured creditors. Their effect on the debtor manifests in higher probabilities of the latter's loss of exclusive rights to file reorganization plans, CEO turnover, and adoptions of key employee retention plan, while their effect on secured creditors manifests in higher probabilities of emergence and payoffs to junior claims.     

阿仑膦酸钠联合唑来膦酸治疗绝经后骨质疏松症患者的临床效果

目的 探讨阿仑膦酸钠联合唑来膦酸治疗绝经后骨质疏松症(PMO)患者的临床效果.方法 选取新疆克拉玛依市中心医院2017年9月至2020年1月收治的PMO患者122例作为研究对象,随机分为单一用药组和联合用药组,各61例.单一用药组仅采用阿仑膦酸钠治疗,联合用药组采用阿仑膦酸钠联合唑来膦酸方案,比较两组治疗前后骨密度(B...     

基于最大熵原理的地铁换乘站乘客流线优化模型

合理的乘客流线设计是地铁换乘站客流组织的关键技术之一。通过引入乘客流线优化测度熵的概念,基于最大熵原理,将乘客流线优化抽象为最大化测度熵的非线性约束优化问题,并构建了乘客流线优化模型。算例结果表明,不同O-D需求下,由于流线方案与换乘站建筑空间布局匹配程度的不同,导致流线方案集合Г的概率分布p(xj)差异显著。