The Sarbanes-Oxley Act and CEO tenure,turnover, and risk aversion

Using a sample of CEO turnover from 1999 to 2005, we find that CEOs become significantly more risk averse following the passage of the Sarbanes-Oxley Act, SOX. Their increased risk aversion may serve as an explanation for why CEO tenure is not significantly shortened and forced CEO turnover is not more likely post-SOX, as we document in this paper. In addition, we provide evidence that financial restatements have some effects on CEO tenure and the probability of forced CEO turnover. This may be due to intensified monitoring activities by the board and the financial press in the post-SOX era, but we cannot contribute all of it to SOX. In some occasions, SOX seems to weaken the effect of board monitoring on CEO tenure and the effect of firm performance on CEO risk aversion. Though the increased monitoring level post-SOX contribute to the increased CEO risk aversion, little impact is found from the SOX-mandated accuracy and transparency of financial reporting.     

Random coefficient regression and the long-run phillips curve for the U.S.

This research suggests that a random coefficient regression model is well-suited for analyzing long-run versus short-run movements in wages and unemployment and is an improvement over some empirical techniques typically used.     

Pollution macro-economic trade-off at regional level (An input-output analysis of Moreton Region)

The conflict between economic development and growth and environmental quality at a regional level has been analysed using input-output techniques. The trade-offs between macro-economic goals such as output expansion, income growth, employment creation on the one hand, and pollution abatement on the other, have been quantified using multiplier analysis. These trade-offs provide valuable information for policy and planning purposes. The normative implications of the empirical results of the study, the conceptual limitations and the scope for refinement are also discussed.     

我的九条命

第三章留学生涯 在伦敦物色住所易于初料。每天的报纸上有不少出租广告,到市内任何地点,只要凭一纸地图和地铁指南便可按图索骥。冯先生和我将目标集中在房租比较低廉的区域里。在郊区Ｃｌａｐｈａｍ很快便找到了一家工人阶级的住所,两层楼内,除了夫妇两人和一个十多岁的女儿自用的房间外,有两间空房出租。我和房东谈判时立即发现我对“Ｃｌａｐｈａｍ”的发音错了,但抱怨英语的发音和拼写为什么不相配合,有个ｈ却不发音。我们决定冯先生住在面对街道较大的一间,我住在较小的面向内院的房间里。他每周租金３０先令;包括早晚两餐,…     

Around-the-clock medical coverage

Marrying workers' compensation and health insurance plans to reduce administrative workloads and get a firm grip on expenses. Can it work?