The effect of the Canada‐US Free Trade Agreement on Canadian multilateral trade liberalization

In this paper show that the Canada‐US Free Trade Agreement (CUSFTA) tariff preferences have triggered a decline in Canadian external tariffs, explaining a two percentage point reduction in the average tariff between 1989 and 1998. Next, we found that industries that generate the least export rent to the US firms experienced deeper tariff cuts in Canada; this result provides evidence of cooperation in trade policies between the US and Canada. Finally, we estimate the effect of the CUSFTA on the intensity of industrial lobbying for trade policy in Canada and find no relationship between preferential trade liberalization and lobbying activity.     

试评我国原产地规则的不足

一、我国原产地规则的历史及概况１９８６年１２月，我国海关总署颁布了第一个有关原产地的行政法规———《中华人民共和国海关关于进口货物原产地的暂行规定》并于１９９３年１０月２６日对该规定进行了修订。根据该规定，海关在判定进口货物的原产地时有两个标准：一是对于完全在一个国家内生产或制造的产品，该国即视为原产地；二是对于经过几个国家加工制造的产品，以最后一个对产品进行经济上或视为实质性加工的国家为原产地。具体标准是：《海关进出口税则》中４位数税号一级的税则归类已发生改变，或者加工增值部分占新产品总值超过…     

Born-global: The case of four Vietnamese SMEs

Despite the fact that many firms in a wide range of industries in various countries internationalize at or near inception, research on factors leading to the formation of born-globals has been limited to firms from advanced, open economies. In order to give a voice to the phenomenon of Vietnamese founding born-globals, we conducted an exploratory, multiple-case study. Three findings of this study are: (1) the major driver to the formation of Vietnamese born-globals is the entrepreneurs’ leadership desire together with the need for short-term profits; (2) their choice of internationalization mode is influenced by market conditions as well as the internationalization degree of the industries in which they find their business opportunities; and (3) the reason why other motivators found in earlier studies do not apply lies in the peculiarity of the Vietnam context.

THE MARKET'S PRICING OF DEBT IPOs

Based on the authors' recent study published in the Journal of Financial Economics , this article summarizes new evidence on the first-day and aftermarket price performance of a firm's first public offer of bonds after its equity IPO. Unlike equity IPOs, such bond IPOs are not underpriced on average. However, bonds that are more equity-like (junk bonds) are underpriced at the initial offer whereas high-grade debt is actually overpriced. This finding supports the view that riskier debt issues have a larger equity component and, as a consequence, a higher degree of information asymmetry.
The authors' study also showed that less prestigious underwriters are associated with more underpriced offers, and that the issuer's stock market listing plays an important role in determining the first-day price performance of bond IPOs. The degree of underpricing is lower for bonds issued by firms whose equity is listed on NYSE/AMEX than for bonds issued by firms listed on Nasdaq. Finally, the aftermarket performance for the full sample and various subsamples is consistent with bond market efficiency in the sense that, once prices adjust after the first day of trading, there are no clearly exploitable opportunities for excess returns.     

浅析楼顶高大模板支撑专项施工方案——以南宁市竹排冲1日泵房改扩建工程为例

文章以南宁市竹排冲旧泵房改扩建工程为例,通过对运行层梁板高大模板支撑进行受力计算与分析,并在实践中加以验证,保证了高大模板支撑体系的稳定与安全.     

全方位不等高斜柱式铁塔基础的尺寸控制

简述了自蓉线工程不等高斜柱式铁塔基础的分坑、制模以及其浇制等子工序的尺寸控制方法。     

R&D policy with layers of economic integration

This paper examines whether the optimal unilateral R&D policy for an open economy is a subsidy or a tax. It constructs a general equilibrium model with three successive layers of international integration: (a) trade in goods, (b) trade in technologies with international R&D spillovers and (c) internationally-coordinated R&D policy. Trade in technologies introduces the possibility that an R&D subsidy will have such strong, negative terms-of-trade effects that it harms domestic welfare. Numerical simulations of the OECD show this is a possibility for the US and Japan. With international R&D spillovers a domestic R&D subsidy may reduce domestic innovation.     

Is the optimum quantity of money compatible with the unique price level under laissez-faire?

The purpose of this paper is to set forth a general equilibrium model to demonstrate that even if the real social costs of producing money are positive, the optimum quantity of money is incompatible with the unique price level under laissez-faire if zero-degree homogeneity of the production-maintenance cost function in M and P is assumed.     

论企业债券信用评价机构及其功能

根据现代金融中介理论中的信息生产模型和受托监控模型,分别从企业债券信用评价机构在降低交易费用、信息生产等方面的功能角度,对企业债券信用评价机构的发展给予了充分的理论证明。     

5月热门电影

《三岔口》Divergence 导演陈木胜主演:郭富城吴彥祖罗嘉良李心洁宁静郑伊健《三岔口》的名称是源于同名京剧剧目,故事的发展也与京剧剧情有异曲同工之妙,片中三个人分别是律师、警察、职业杀手.但每一个人都有一点不容于本身职业的性格,与此同时,城中不断发生着其他罪案,动机不明的凶杀案、失踪案比比皆是.这些无头公案有可能与三位主角拉上关系。三岔口.充满了太多不可测的人和事……导演似乎在和观众玩一个心理游戏到底谁是真凶?他们之间又有着如何的关联?重重谜团只有最后才能揭开谜底。