我国县域经济可持续发展问题与对策探析

县域经济已经成为我国国民经济的重要组成部分。目前我国县域经济存在发展不平衡、产业层次和劳动力素质低下、自然资源浪费、生态环境恶化、产业要素缺乏、国家投入不合理等问题。我们应该制定县域经济的发展规划,加强对县域经济的分类指导;积极推进农业产业化,切实提高农民收入;提高劳动力素质;节约使用自然资源,保护生态环境;积极推进城镇化,促进城乡协调发展。     

西部地区新农村建设中一个亟待解决的问题

建设社会主义新农村是我国改善和发展农村面貌,发展和谐社会的重大举措。由于我国东西部发展的不平衡,西部农村经济发展相对东中部落后,如何建设西部地区新农村是一个值得探讨的问题．而要实现西部新农村建设这个目标的重要因素就是解决资金问题。     

伊朗回购合同的执行与油气服务市场

伊朗回购合同在规范油气勘探、开发、生产、投资、产能建设和成本回收方面,与其他油气合作合同有所不同,由此产生合同执行过程及管理理念的较大差异.对于回购合同的执行,成本控制和时间是至关重要的.回购合同的作业者以伊朗国家石油公司(NIOC)的名义并代表伊朗国家石油公司进行作业,但并非石油作业的最终决策者.回购合同项目的联合管理委员会、伊方技术代表和协调程序,要求作业者具备扎实的专业知识和现场作业经验,拥有较高的商务操作和处理能力.伊朗石油服务市场呈现作业量有限、市场资源匮乏、市场准入门槛高的特点,作业者必须考虑在伊作业的工程风险.在伊执行回购合同时,应注意合同执行总体计划、选择承包商、工程技术设计方案、作业管理以及项目回收等环节的重点工作.     

Carbon Management Systems and Carbon Mitigation

This article proposes a carbon management system (CMS). The system comprises 10 essential elements from four broad perspectives: carbon governance, carbon operation, emission tracking and reporting, and engagement and disclosure. The proposed new approach focuses on cross‐functional integration, enforcement of proactive strategies and group rather than individual accountability. We then use Carbon Disclosure Project reports to examine empirically the implementation of systems by large Australian firms. Overall, we find that firms with higher quality CMS have achieved better carbon mitigation. Further, adequate assessment of carbon risk and opportunity, the presence of reduction targets, the strength of carbon programs and enhanced external disclosures appear to be the most effective elements in our sample firms. We present evidence that, by combining governance, internal process, carbon dioxide‐footprint tracking and communication activities, a CMS helps managers improve decision making. We discuss the implications of the findings for accounting practice and education.     

Shareholder Conflict as a Determinant of Corporate Social Responsibility Commitment for Shared Growth

In this study, we seek to explore shareholder conflicts as a determinant of large firms' corporate social responsibility (CSR) commitment for shared growth with subcontractors. Using a sample of 232 firms in the Korean chaebols during 2006'12, we find that CSR commitment is negatively related to controlling shareholders' cash flow rights but positively related to control-ownership disparity. We also find that foreign blockholders mitigate the positive relationship between CSR commitment and control-ownership disparity. This study offers a view of how controlling shareholders and blockholders protect their interests while enhancing their reputations as good citizens through CSR commitment.     

权力如何保证繁荣

一个利益集团的利益越广泛,它就越能够关心与其利益相关者的利益。这与利益集团的长期利益和短期利益也紧密相关,如果一个利益集团能够从某个地区长期获益．那么他的掠夺就有量的限度;如果仅仅是一次掠夺,那么就可能竭泽而渔。[编者按]     

How much is the gap?—Efficient jump risk-adjusted valuation of leveraged certificates

This paper develops a novel and highly efficient numerical algorithm for the gap risk-adjusted valuation of leveraged certificates. The existing literature relies on Monte Carlo simulations, which are not fast enough to be used in a market-making environment. This is because issuers need to compute thousands of price updates per second. By valuing leveraged certificates as multi-window barrier options, we explicitly model random jumps that occur at known times, such as between the exchange closing and re-opening. Our algorithm combines the one-day transition probability with Simpson’s numerical integration rule. This yields a backward induction scheme which requires a significantly coarser spatial and time grid than finite-difference methods. We confirm its robustness and accuracy through Monte Carlo simulations.     

Competition and Appraisal Inflation

The Journal of Real Estate Finance and Economics - In mortgage debt contracts, real property serves as collateral and the terms of mortgage financing are largely conditional on the certification of...     

Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex-dividend day: the case of Australia

Using a sample of Australian stocks during the 1996–2014 period, this study examines how tax heterogeneity between domestic and foreign investors affects trading behaviour and stock prices around the ex-dividend day. Domestic investors prefer dividends and tend to buy stocks cum-dividend and sell them ex-dividend whereas foreign investors tend to trade in the opposite direction. Abnormal trading turnover increases with tax heterogeneity. Moreover, stocks with a larger domestic investor base are associated with a higher price drop-off ratio on the ex-dividend day and higher market value of franking credits. Overall, our findings support the dynamic dividend clientele hypothesis.     

Dimensions of entrepreneurial orientation and small and medium enterprise performance in emerging economies

The removal of trade barriers has encouraged the entry of new competitors into formerly protected markets. This situation creates pressure on many small and medium enterprises (SMEs) in emerging economies such as Tanzania. Using a survey method and cross-sectional research design, the research examines three dimensions of entrepreneurial orientation (EO), namely: pro-activeness, risk-taking and competitive aggressiveness. Understanding their relationships and variance may help to improve our ability to explain SME performance. The findings contribute to how SME performance in emerging economies can be enhanced to enable SMEs to face challenges posed by competitor influx in the context of an open market economy. The findings indicate a strong relationship between EO dimensions and performance, with risk-taking and competitive aggressiveness moderating the effect of pro-activeness. The proposed model could predict 72% of the variance explained in SME performance.