Market Power in Chinese Taipei: Laws, Policies and Treatments

The experience of Chinese Taipei shows that opening up a previously protected market to new entrants can be a more effective and reliable way to enhance competition than regulating the behavior of dominant or monopolistic firms. Moreover, when opening up the market, the liberalizing measures adopted by government should be market-structure-neutral. That is, it should not try to dictate the direction and results of market competition. A more pressure-resistant mechanism should be designed to deal with market power, taking the form of a regime that is cross-sector, independent and collective in its decision-making, such as has been the case with Chinese Taipei's Fair Trade Commission.     

Estimates of the demand for medical care under different functional forms

We estimate price and income elasticities from a linear, log-linear, and the almost ideal demand model (with and without an adjustment for selectivity bias) in an effort to show that special attention should be paid to the underlying assumptions of consumer behaviour when estimating a medical care demand model. The literature on medical care utilization is extended by incorporating two major components of spending as separate demands in a system of medical care spending. We find that estimates of elasticities vary depending on the functional form of the estimating equation, thus questioning the usefulness for policy purposes of single estimates of elasticities.     

关于支持小微企业转型发展的思考

目前,小微企业在经济社会发展中扮演了越来越重要的角色,但由于小微企业存在着先天性不足,抗冲击抗风险的能力较低,国际国内经济环境一旦出现变化,很容易陷入困境。近些年来,小微企业的困难越来越凸显出来。为了帮助小微企业缓解困难,国家出台了一系列政策措施支持小微企业转型发展,金融部门也制定了多项措施办法加大对小微企业的支持力度。     

“后金融危机时代”深圳宝安区“三来一补”企业现状、存在问题及对策

本文在对深圳宝安区"三来一补"企业现状调研的基础上,分析了其存在的问题,并根据其目前的现状特点,提出了宝安区未来"三来一补"企业发展的对策建议。     

Predicting the Loss Given Default Distribution with the Zero-Inflated Censored Beta-Mixture Regression that Allows Probability Masses and Bimodality

Journal of Financial Services Research - We propose a new procedure to predict the loss given default (LGD) distribution. Studies find empirical evidence that LGD values have a high concentration...     

内部资本市场理论前沿与研究展望

自上世纪六七十年代以来，内部资本市场理论随着企业集团这一经济组织形式的出现而不断发展，在经历了“效率之争”后，国外有关企业集团内部资本市场理论的研究呈现出了新的发展趋势，在研究视角、研究内容、研究样本、研究方法等方面均有所突破。本文总结并梳理了外文期刊中有关内部资本市场理论的重点文献，并按照研究内容分为内部资本市场与多元化、内部资本市场中的代理问题、内部资本市场运行的经济后果、内部资本市场与外部经济环境的互动关系以及特定企业集团的内部资本市场研究五个专题分别展开论述。在此基础之上，结合我国的制度背景、时代背景和企业集团发展现状提出有价值的未来研究方向。     

Codes of Ethics in Hong Kong: Their Adoption and Impact in the Run up to the 1997 Transition of Sovereignty to China

Following a government campaign run by the Independent Commission Against Corruption (ICAC) in 1994, many Hong Kong companies and trade associations adopted written codes of conduct. The research study reported here examines how and why companies responded, and assesses the impact of code adoption on the moral climate of code adopters. The research involved (a) initial questionnaire surveys to which 184 organisations replied, (b) longitudinal questionnaire-based assessments of moral ethos and conduct in a focal sample of 17 code adopting companies, (c) interviews with 33 managers in the focal companies examining the adoption and impact of the codes, and (d) content analysis of 41 company codes of conduct, including those of most focal companies, plus the ICAC model code.While a mixture of prudential and altruistic reasons were given for code adoption, content analysis suggested that the prime motive was corporate self-defence. The prevailing themes were bribery, conflict of interest, insider information, gambling, moonlighting, accuracy of records and misuse of corporate assets. Wider social responsibility tended to be neglected. Companies appeared to have imposed their codes top-down, emphasising disciplinary procedures rather than ethics training, and appointing neither ethics counsellors nor ombuds-people. The longitudinal study over a seven month period suggested that while moral ethos may have declined, overall standards of perceived conduct had not changed.