Credit spreads: An empirical analysis on the informational content of stocks,bonds, and CDS

This paper explores the dynamic relationship between stock market implied credit spreads, CDS spreads, and bond spreads. A general VECM representation is proposed for changes in the three credit spread measures which accounts for zero, one, or two independent cointegration equations, depending on the evidence provided by any particular company. Empirical analysis on price discovery, based on a proprietary sample of North American and European firms, and tailored to the specific VECM at hand, indicates that stocks lead CDS and bonds more frequently than the other way round. It likewise confirms the leading role of CDS with respect to bonds.     

Too few dividends? Groups' tunneling through chair and board compensation

Group affiliation increases boards' compensation in countries as different as Korea, India, Hong Kong and Italy. In this paper, I examine a 6-year sample of controller-dominated, concentrated-ownership firms in Chile in search of a rationale for these results.I show that, for group-affiliated companies, controllers' presence on the board of directors is associated with a strong negative relation between chair and board compensation and controllers' cash-flow rights. Furthermore, I show that controllers of group-affiliated companies prefer to increase chair and board compensation rather than dividends as their cash-flow rights decrease.     

乡镇企业与农业的可持续发展

基于农业发展之上的乡镇企业,受限于农业发展,同时又影响着农业发展。农业的可持续发展是以农业资源的可持续利用和良好的生态环境为基础,以经济的可持续发展为前提,以谋求社会的进步为目标。农业可持续发展这一战略目标的实现,客观上要求乡镇企业与农业统一协调发展,即劳动力合理组合、经营体制优化、收益共享、维护良好生态环境。     

21世纪全球保险业风险与管理

人类社会进入21世纪后,世界经济、政治状况和自然环境都发生了未曾预料的重大变化,给保险业造成了重大损失,彻底打破了保险业原有的发展规律、运行轨迹和运作模式,给保险业带来了全新的经营风险,使保险业面临前所未有的风险管理挑战。     

中国宏观经济形势与政策:2009—2010年

本文依据中国经济增长与价格形成理论模型以及CMAFM计量模型,分析与预测2009—2010年间中国经济在积极财政政策和适度宽松货币政策支持下的复苏过程。本文认为,中国需求管理应该继续采取扩张性政策取向,完成中国经济景气从萧条到繁荣的周期形态转换,并且与中国经济发展的高储蓄—高投资—高增长模式相适应,形成以促进国内投资需求为轴心的政策架构。     

When should a firm expand its business? : The signaling implications of business expansion

We examine an incumbent's trade-off between the improved efficiency that business expansion facilitates and the signaling role that business expansion plays in conveying information to potential entrants about the state of demand. We demonstrate that both separating and pooling equilibria survive the Intuitive Criterion. Essentially, in contrast to models with asymmetric information about unit cost, incumbents' benefits from investing in a signal are not necessarily monotonic in the state of demand. We investigate how the extent of informativeness of the outcome depends on the enhanced efficiency that the incumbent's expansion facilitates and the priors of the entrant.     

江南第一家风景名胜区开发规划研究

本文首先介绍了江南第一家风景名胜区的风景资源概况,其次在比较国内同类资源基础上评析了该风景区的资源特色和开发的可行性,并进而提出了开发规划思路。     

Strategic Environmental Standards, Wage Incomes and the Location of Polluting Firms

The purpose of this paper is tostudy how the choice of environmental standardsby governments is affected by the existence ofwage incomes when firms locations areendogenous. In developed countries labor isunionized, which allows positive wage incomesto arise. Thus, each government has incentivesto persuade firms to locate in its countrysince social welfare depends on suchincomes. But, as pollution damages theenvironment, each government will only try toattract polluting firms to thecountry, to obtain the wage incomes, whenthe valuation of environmental damage showsthat it is low.     

DOES SIZE MATTER? THE INFLUENCE OF FIRM SIZE ON WORKING CONDITIONS,JOB SATISFACTION AND QUIT INTENTIONS

Using a detailed survey on Spanish workers, this paper investigates the relationship between firm size and working conditions, the extent to which firm size differences in workers' job satisfaction can be accounted for by differences in their work environment and the impact of firm size on workers' quit intentions. The results indicate that: (1) employees in larger firms face a worse work environment; (2) working in large firms significantly reduces job satisfaction when no controls for working conditions are included, but taking them into account makes differentials across size categories statistically insignificant; and (3) no systematic differences exist in intentions to quit across firm size categories, irrespective of conditioning on wages.     

Changes in Global Trade Patterns and Women's Employment in Manufacturing, 1995–2011

This study investigates the feminization and defeminization trends in manufacturing employment in thirty countries from 1995 to 2011. Utilizing two separate methods, structural decomposition analysis (SDA) and factor content analysis (FCA), the study identifies the major industries and trade partners behind the structural shifts in trade that have induced changes in employment and thus in the rates of women’s employment. The findings highlight that, as a general trend, defeminization in manufacturing has persisted in the Global North, led by a negative trade impact in low-technology industries. In the Global South, feminization and defeminization trends are not as straightforward. Despite positive changes in women’s share of employment in medium-high- and high-technology industries, negative gender bias effects of trade changes are found particularly in high-technology industries, where occupations are notably gendered.