What Questions Do Board Members in Public Service Organizations Ask about Executive Compensation?

The purpose of this study is to investigate the governance questions that board members in public service organizations ask as they go about fulfilling their responsibilities for the oversight of executive compensation. We investigate the usage and perceived importance by board members of the 24 questions proposed by the Canadian Institute of Chartered Accountants that directors should ask about executive compensation. The study is based on a usable sample of 47 board members from public service organizations who attended a Canadian director training program. Our results suggest that the recommended executive compensation governance questions are not being asked with the same frequency or considered equally important by board members of public service organizations. Furthermore, the correlation between a question’s usage frequency and its perceived importance was not perfect. However, there appears to be a significantly positive relationship among the number of executive compensation governance questions asked and selected elements of a board’s governance structure.     

A New Model of Inflation,Trend Inflation,and Long‐Run Inflation Expectations

This paper develops a bivariate model of inflation and a survey‐based long‐run forecast of inflation that allows for the estimation of the link between trend inflation and the long‐run forecast. Thus, our model allows for the possibilities that long‐run forecasts taken from surveys can be equated with trend inflation, that the two are completely unrelated, or anything in between. Using a variety of inflation measures and survey‐based forecasts for several countries, we find that long‐run forecasts can provide substantial help in refining estimates and fitting and forecasting inflation. It is less helpful to simply equate trend inflation with the long‐run forecasts.     

Jump-Diffusion Processes and the Term Structure of Interest Rates

The authors investigate the term structure of interest rates when the underlying state variables and production technologies follow the jump-diffusion processes. Even in some cases where the traditional expectations theory about the term structure is consistent with general equilibrium under diffusion processes, the traditional theory is not consistent under jump-diffusion processes. It is shown that bond prices are strictly higher under jump risks than otherwise and that consumers with logarithmic utility functions will develop hedge portfolios in the presence of jump diffusion.     

基于供应驱动的Supply Hub协同运作模式研究

供应及供应商在整个供应链协同中越来越重要,不仅要从需求出发,也要从供应出发进行供应链协同。本文分析了从供应出发进行供应链协同的新管理方式——供应驱动管理方式的核心思想,阐述了基于供应驱动的供应链协同运作典型模式——Supply Hub协同运作模式的发展,从整合库存、多方协同、匹配供应和直送工位的角度探讨了该模式的供应驱动力,构建了该协同运作模式的协同流程和方向模型,最后展望了以后的研究方向。     

Can Tax-Loss Selling Explain the January Seasonal in Stock Returns?

This paper analyzes the tax-loss selling hypothesis as an explanation of the January seasonal in stock returns and argues that rational tax-loss selling implies little relation between the January seasonal and the long-term loss. Empirical results show that the January seasonal is as strongly related to the long-term loss as it is to the short-term loss. The evidence is inconsistent with a model that explains the January seasonal by optimal tax trading.     

循环经济发展模式中的企业行为分析

循环经济作为一种全新的经济发展理念,其成功与否直接关系到可持续发展能否顺利实现。企业作为市场经济的主体,是发展循环经济的主体,企业需要调整其行为以适应循环经济的发展。     

《小企业会计制度》与 《企业会计制度》的差异比较

为了规范企业会计核算工作,提高会计信息质量,财政部先后制定了《企业会计制度》和《小企业会计制度》,对在我国境内设立的除金融企业外的所有企业的会计核算进行了统一规范.本文依据上述两个会计制度对有关会计业务处理的主要差别进行了比较,使会计人员了解两种企业会计制度的主要区别,更好地开展会计工作.     

Evolución de la reglamentación laboral y de las condiciones de trabajo en China. Visión retrospectiva y retos

La fuerza económica mundial de China reside en su capacidad manufacturera, gracias a una mano de obra disciplinada y calificada, cuya remuneración es, sin embargo, relativamente baja. Esto explica tanto los crecientes conflictos laborales como las iniciativas normativas estatales en respuesta. En la presente introducción, los coordinadores de este número monográfico contextualizan los demás artículos respecto de los debates generales sobre reglamentación laboral de la producción mundial –concretamente sobre la regulación vinculante y no vinculante–, y de la evolución del mercado de trabajo, la reglamentación laboral, las condiciones de trabajo y las relaciones laborales en China en el último decenio. Concluyen con propuestas para futuras investigaciones.     

IS EAST ASIA FIT FOR AN OPTIMUM CURRENCY AREA? AN ASSESSMENT OF THE ECONOMIC FEASIBILITY OF A HIGHER DEGREE OF MONETARY COOPERATION IN EAST ASIA

This paper attempts to make a contribution to the recent search for a suitable assessment of the economic feasibility of a higher degree of monetary cooperation in East Asia. By using a structural vector autoregression approach as well as a generalized purchasing power parity approach, we find that a larger group of appropriately selected East Asian economies does satisfy the macroeconomic conditions for forming an Optimum Currency Area (OCA). The East Asian group consists of four ASEAN countries (Indonesia, Malaysia, Singapore, and Thailand) and four Northeast Asian economies (Hong Kong SAR, Japan, Republic of Korea, and Taiwan). This finding presents a striking contrast to the existing research results whose policy recommendation has generally been that countries in East Asia should start with a smaller subgroup currency area. It is time that many East Asian economies as a region made a serious effort to pursue a higher degree of monetary cooperation among themselves for forming an OCA.     

An Empirical Comparison of Alternative Models of the Short-Term Interest Rate

We estimate and compare a variety of continuous-time models of the short-term riskless rate using the Generalized Method of Moments. We find that the most successful models in capturing the dynamics of the short-term interest rate are those that allow the volatility of interest rate changes to be highly sensitive to the level of the riskless rate. A number of well-known models perform poorly in the comparisons because of their implicit restrictions on term structure volatility. We show that these results have important implications for the use of different term structure models in valuing interest rate contingent claims and in hedging interest rate risk.