Dealer Networks

Dealers in the over‐the‐counter municipal bond market form trading networks with other dealers to mitigate search frictions. Regulatory data show that this network has a core‐periphery structure with 10 to 30 hubs and over 2,000 peripheral broker‐dealers in which bonds flow from periphery to core and partially back. Central dealers charge investors up to double the round‐trip markups compared to peripheral dealers. In turn, central dealers provide immediacy by matching buyers with sellers more directly and prearranging fewer trades, especially during stress times. Investors thus face a trade‐off between execution cost and speed, consistent with network models of decentralized trade.     

Inventory Accounting Method and Earnings-Price Ratios*

Lee (1988) finds that LIFO firms have higher earnings-price (EP) ratios than non-LIFO firms despite the income-reducing effects of LIFO, a result contrary to economic intuition that Lee describes as a “puzzle.” This paper attempts to resolve this puzzle by introducing refined measures of variables that are related to both EP ratios and inventory costing method choices. The improved proxies are analysts' expectations of future growth rather than realized growth, beta computed using a procedure designed to reduce measurement error rather than the usual OLS beta, and leverage as a supplemental risk measure. Further, we control for expected earnings changes, since transitory earnings shocks that are not expected to persist in future earnings affect the numerator of the EP ratio. After controlling for these factors, we find that EP ratios for LIFO firms are actually lower than those of non-LIFO firms, a result consistent with economic intuition and the result expected by Lee.     

SOARING MINDS: THE FLIGHT OF ISRAEL'S ECONOMISTS

The brain drain issue used to revolve primarily around migration from developing to developed countries. In recent years, there is an accumulation of evidence that this is an issue that should interest developed countries as well. Recently published numbers by the European Commission and the Organization for Economic Co-operation and Development indicate a nonnegligible flow of European academics to American universities. This article provides the first case study conducted on the most massive out-migration of academics on record. At a time when Europe and other developed countries have begun to express concern about the phenomenon, the rate of academic emigration from Israel to the United States is already four to six times the European emigration rate. The particular focus here is on the area of economics, in which the exodus of younger academics from Israel coupled with a heightened retirement rate among the older academics has brought Israel's top economics departments—among the best in the world, until now—to the brink. Countries wanting to create conditions for fostering and nurturing the necessary productivity advances underlying economic growth must become aware of how far and how quickly an academic implosion can occur, if left unchecked. The findings brought forth here should help increase the level of this awareness. ( JEL A11, F22, H52, H83, I23, J31, J61, O15)     

STATE PATTERNS IN FAMILY INCOME INEQUALITY

It is well known that U.S. income inequality began to increase in the 1970s and increased sharply in the 1980s. Yet, what is less well known is that this upward trend was not uniform across states. Some states experienced almost no increase in family income inequality, while other states experienced dramatic increases. We use the variation in state trends to examine factors that may underlie shifts in U.S. income inequality. Among numerous factors, we include variables that allow us to examine the role that state and local economic development policy may play. Also, in examining state income inequality differences that could not be explained by economic factors, we explore the possibility that cultural and social norm factors affect state income inequality.     

基于闭环供应链的电能计量资产全寿命周期管理体系与策略

随着国家电网公司“三集五大”、“大营销”体系的建设和省级计量中心建设的推进,电能计量资产管理面临集约化、标准化、精细化、自动化需求。重庆市电力公司通过积极探索和应用基于闭环供应链的电能计量资产全寿命周期管理体系及策略,不断提升电能计量资产集约化管理水平,取得了较好的实施效果。     

Consumption Commitments and Employment Contracts

We examine an economy in which the cost of consuming some goods can be reduced by making commitments that reduce flexibility. We show that such consumption commitments can induce consumers with risk-neutral underlying utility functions to be risk averse over small variations in income, but sometimes to seek risk over large variations. As a result, optimal employment contracts will smooth wages conditional on being employed, but may incorporate a possibility of unemployment.     

网络地位、共享商业关系与大客户占比

与传统商业关系相比,日益复杂的现代商业网络使企业能够更好地拓展新客户关系,从而缓解过度依赖单一客户关系的商业风险.本文基于2009-2017年上市公司数据,考察了企业网络地位与结构对商业关系的影响,研究发现:与位于网络边缘地位的企业相比,核心企业更有可能利用网络优势来分散客户市场份额,但同时位于核心位置的商业伙伴也越难以被替代;基于客户-供应商网络的共享商业关系、商业搜寻效率均有助于企业进行商业关系分散化,这一作用当共享联系越为紧密、共享相似度越高时更为显著,但现有客户可替代性越低、商业关系持续时间越长会增大分散化难度;网络地位和结构从商业关系的集约边际和扩展边际影响着企业分散商业风险的能力.本文研究证实了现代商业网络有助于促进企业商业关系的分散化,以更为灵活地防范市场环境不确定性的经营风险.     

基于AHP-整数规划法的油料配送中心选址模型

油料配送中心选址对油料的保障效率有着重要的影响。影响油料配送中心选址的因素众多,文中首先选用层次分析法(AHP)法对这些影响因素进行处理,得到各个候选地址的权值。然后针对AHP方法无法解决条件约束问题,将AHP与整数规划方法相结合,提出了一种基于AHP-整数规划的油料配送中心选址模型。最后通过实例说明该模型能够有效解决油料配送中心选址问题。     

Dividend Taxes and Implied Cost of Equity Capital

We estimate firm‐level implied cost of equity capital based on recent advances in accounting and finance research and examine the effect of dividend taxes on the cost of equity capital. We investigate whether dividend taxes affect firms' cost of capital by testing the relation between the implied cost of equity capital and a measure of the tax‐penalized portion of dividend yield, which we define as the product of dividend yield and the dividend tax penalty. The results generally support the dividend tax capitalization hypothesis. We find a positive relation between the implied cost of equity capital and the tax‐penalized portion of dividend yield that is decreasing in aggregate institutional ownership, our proxy for tax‐advantaged investors. The evidence in this study adds to the understanding of the effect of investor‐level taxes on equity value.