Institutional Investors and the QE Portfolio Balance Channel

The operation of the portfolio balance channel has been emphasized by monetary policymakers as a key channel through which quantitative easing (QE) policies work. We assess whether the investment behavior of insurance companies and pension funds in the United Kingdom during the global financial crisis was consistent with such an effect by analyzing both sectoral and institution‐level data. Our results suggest QE led to institutional investors shifting their portfolios away from government bonds toward corporate bonds but did not lead to a shift into equities.     

Employee Response to Compulsory Short-Time Work

We surveyed 1, 500 workers at a large manufacturing firm who had experienced compulsory reductions in hours and earnings to discover their use of time off and their opinion of the company's short-time compensation program. We estimated time use using a three-way split among working for the firm without pay, nonmarket work, and leisure. In an ordered probit equation designed to explain worker opinion, time use emerged as significant, as did gender and marital status.     

Ambiguity, Information Quality, and Asset Pricing

When ambiguity‐averse investors process news of uncertain quality, they act as if they take a worst‐case assessment of quality. As a result, they react more strongly to bad news than to good news. They also dislike assets for which information quality is poor, especially when the underlying fundamentals are volatile. These effects induce ambiguity premia that depend on idiosyncratic risk in fundamentals as well as skewness in returns. Moreover, shocks to information quality can have persistent negative effects on prices even if fundamentals do not change.     

PROMISES MADE, PROMISES BROKEN: A MODEL OF IMF PROGRAM IMPLEMENTATION

This paper presents a model of the implementation of IMF programs, which is empirically tested with data from the period 1975–1999. The IMF and the borrowing country are shown to have asymmetric evaluations of a program's discounted benefits, due to differences in the measurement of the benefits, the relevant time frame and appropriate discount rate. The model also distinguishes between a government that seeks to maximize national welfare and an autocracy that seeks only to benefit the ruling group. The results of the empirical analysis demonstrate that program implementation is affected by a country's trade openness, the ideological cohesion of the government, the duration of the political regime, and the degree of political openness.     

Child day‐labourers in agriculture: evidence from farm accounts, 1740–18501

While child labour has always been an important part of the industrial revolution story, there is little quantitative evidence about the number of child workers in the 1740–1850 period. This article estimates trends in the percentage of the agricultural day‐labouring workforce that were children. By using the wage level to identify child workers, it is possible to estimate child labour for a large sample of English farms. It is found that girls were rarely employed as day‐labourers, while boys were employed about as frequently as women. The percentage of boys in the day‐labour workforce increased until the 1820s and then declined.     

多开版面倾听读者声音

希望导刊能坚持一贯严谨、求是的风格，提供更多有用的信息给广大读者，特别是广大房地产从业人员。另外，导刊是否可以考虑划出少量版面，让专家、读者能发表下他们对市场热点的一些看法，让大家也有机会和导刊接触、互动下。也让读者能从中了解到专业人员以外的一些声音和看法。     

Experimental methods in accounting: A discussion of recurring issues*

Abstract. “What economic problems do existing accounting institutions solve?” Experimental economics helps to answer this question. It can be applied to issues in disclosure and auditing, regulation and taxation, and the internal organization of the firm. One can experimentally examine questions such as “Why do firms disclose?” “Why is there a regular issuance of financial statements by firms?”, “Why do managers make forecasts?” “What is the role of regulation in accounting?” “What effects do various tax policies have on the demand for depreciable risky assets?” “What is the role of information in the organization of the firm?” “What costs and benefits are associated with decentralization?” Experimental economics builds the interplay between theory and data, which is necessary for a discipline to become legitimate science. Theory is the guidepost in attempting to construct imaginative examinations of phenomena, and the results of the tests become a basis for revising theory. Experimental economics is a powerful tool for extending understanding of accounting phenomena. Using this tool is not without its limitations. Most experiments make precise choice predictions even though the tastes and beliefs of experimental subjects are at most partially known. Because the phenomena of interest are often quite complex, there are usually several maintained hypotheses. As the complexity of these settings increases, there is also increasing need for statistical contributions. This paper is intended to aid in the development of experimental economics as a research tool in accounting by assisting both those interested in conducting experiments and those interested in assimilating experiments to evaluate experimental work critically. Résumé. «Quels problèmes économiques les institutions comptables existantes résolvent-elles?: l'economique expérimentale apporte une réponse à cette question. Elle peut se pencher sur des sujets touchant la présentation d'information et la vérification, la réglementation et l'imposition, de même que l'organisation interne de l'entreprise. L'économique expérimentale s'intéresse à des questions comme les suivantes: «Pourquoi les entreprises présentent-elles de l'information?», «Pourquoi les entreprises publientelles régulièrement des états financiers?», «Pourquoi les gestionnaires font-ils des prévisions?», «Quel est le rôle de la réglementation en comptabilité?», «Quelles conséquences les diverses politiques fiscales ont-elles sur la demande d'éléments d'actif amortissables présentant des risques?», «Quel est le rôle de l'information dans l'organisation de l'entreprise?» et «Quels coûts et quels avantages sont associés à la décentralisation?» L'économique expérimentale établit entre la théorie et les faits l'interaction nécessaire à la conversion d'une discipline en une science à part entière. La théorie sert de balise dans les efforts des chercheurs pour créer des façons imaginatives d'analyser les phénomènes, et les résultats de ces examens servent ensuite de fondement à la révision de la théorie. L'économique expérimentale est un instrument puissant permettant d'étendre nos connaissances en ce qui a trait aux phénomènes comptables. L'utilisation de cet instrument comporte, certes, des limites. Les prévisions résultant de la plurpart des expériences reposent sur des choix précis, même si les goûts et les convictions des sujets d'expérience sont, au mieux, partiellement connus. Les phénomènes qui présentent un intérêt étant souvent assez complexes, plusieurs hypothèses sont habituellement posées. Et plus les cas se complexifient, plus le rôle de la statistique revêt de l'importance. Les auteurs ont pour but de favoriser le développement de l'économique expérimentale à titre d'instrument de recherche en comptabilité en aidant à la fois ceux qui s'intéressent à la poursuite d'expériences et ceux qui s'intéressent à l'assimilation de ces expériences dans le but de procéder à l'évaluation critique des travaux expérimentaux.     

Earnings Mobility and Long-Run Inequality: An Analysis Using Matched CPS Data

In this article we use matched cross sections from the Current Population Survey (CPS) to examine patterns of short-term earnings mobility for the period 1967-91, which we then employ to assess the impact of rising annual individual earnings inequality on inequality over a longer span, First, we find that less-educated individuals and blacks have more instability in their earnings than those who are more highly educated and non-black. Second, short-term mobility levels have not undergone major changes over the time span we examine. Third, our results suggest that long-run inequality (calculated over five years) rose in the latter half of the 1980s. Fourth, important differences exist across demographic groups in long-run inequality trends, with long-term inequality increasing most in the 1980s for less-educated males.