越俎代庖的美联储

在过去几周里，美国联邦储备委员会（Fed）基本上是重新定义了央行应在市场经济中扮演的角色。     

Retail Leasehold Interests: A Contingent Claim Analysis

This paper develops a contingent claim model to analyze certain aspects of retail leasehold contracts. The approach allows for the explicit consideration of risk without any ad hoc risk adjustment. Both "straight" leases and "percentage" leases are examined with the value of sales as the underlying asset. Each lease value is expressed as a combination of options on sales. The effects of the lease value's determinants and equilibrium risk measurements are also analyzed.     

Practicing effective knowledge sharing in international hotel joint ventures

Knowledge sharing can be described as the process by which individuals mutually exchange their knowledge and collaboratively generate new knowledge. Since international hotel joint venture partners typically possess skills in competing areas, this process of knowledge sharing is critical to the success of these alliances. Therefore, this article presents a framework that can be used to foster effective knowledge sharing at the individual joint venture manager level, at the relationship level between individuals, and across the entire organization.     

Schumpeterian economics: some observations on the relevance of his theoretical contributions to the management of industrial research and development

This paper investigates the relevance of the theoretical writings of Schumpeter to the management of research and development (R&D) in small and large industrial firms. Schumpeter's emphasis in his early work on three main aspects of industrial R&D; namely the importance of entrepreneurship, industrial innovation and resultant creative destruction, were major new insights that rejected the long‐standing view that equilibrium was the best state for any industrial economy. This paper, with the aid of relevant literature from both Schumpeter and others, seeks to relate his theoretical approach (that changed over time to favour large firm R&D) to the implication for industrial R&D, and in particular, the relationship between R&D in small and large firms. The paper concludes that if Schumpeter had lived to see the current industrial landscape, he might have returned to his early belief that entrepreneurial new small firms remain key harbingers of technological progress.     

Parental expectations and school enrolment decisions: Evidence from rural Ghana

We use field data to investigate factors that influence parents' decisions to enrol children in schools in rural Ghana. The empirical results identified a host of socio‐economic and household‐level factors including remittances parents expect from investing in education, parents perception of a child's desirable professions, cost of schooling and discount rate as significant determinants of parental school enrolment decision. When gender of the child and remittances are taken into account, we show male parents are more likely to invest in education of boys than girls because they expect significantly higher returns from their investment in boys. Female parents do not show such gender preference. The proportion of children enrolled in school is positively related to average cost of schooling for male parents Gender of parent plays a significant role in school enrolment decision making.     

STRUCTURAL HOMOPHILY

Homophily, or the fact that similar individuals tend to interact with each other, is a prominent feature of economic and social networks. I show that the equilibrium structure of homophily has empirical power. I build a strategic model of network formation, which produces a unique equilibrium network. Individuals have homophilic preferences and face capacity constraints on the number of links. I develop a novel empirical method, based on the shape of the equilibrium network, which allows for the identification and estimation of the underlying homophilic preferences. I apply this new methodology to the formation of friendship networks.     

Change Theory as an Evaluation Tool for a Community Action Board of Directors

The dynamics of a board of directors resemble those of other groups. They are either positive or negative in their flow of communication, their dispute resolution style, their problem solving ability and their ability to make decisions. This article discusses a model of change theory that is used in evaluating the effectiveness of a board of directors and assisting it to make changes for the betterment of the organization it serves.     

Trade and the distribution of human capital

We develop a two-country, two-sector model of trade where the only difference between the two countries is their distribution of human capital endowments. We show that even if the two countries have identical aggregate human capital endowments the pattern of trade depends on the properties of the two human capital distributions. We also show that the two distributions of endowments also completely determine the effects of trade on income inequality. We also look at a simple majority voting model. It turns out autarky and free trade with and without compensation may be the voting outcome.