经济欠发达地区社会经济发展与建设用地需求分析——以海南省为例

本文认为,对建设用地面积影响最大的因素是总人口,其次为城镇户籍人口、地方财政收入值,再次为第三产业增加值;对居民点及独立工矿用地影响最大的因素依次为城镇户籍人口、总人口、地方财政收入、第三产业增加值;对交通用地面积影响最大的因素依次为总人口、第三产业增加值、地方财政收入、城镇户籍人口。海南省建设用地的效益处于不断上升趋势。海南省土地利用未来需求变化及影响因素主要表现为:第一,总人口持续稳定增长,城市化水平提高和非农人口增长加快,对建设用地规模产生显著影响;第二,固定资产投资总量持续增加,增长速度近三年呈现上升趋势,建设用地需求强劲;第三,国内生产总值增长速度保持稳定,第二、第三产业增加值比重逐步提高,建设用地增速加快。     

Shareholder Income Taxes and the Relation between Earnings and Returns*

The purpose of this study is to investigate whether and how shareholder‐level taxes affect earnings response coefficients (ERCs). Our tests indicate that when the tax rate on dividends increases, ERCs decrease for firms with high levels of dividend yield and whose marginal investor is likely to be an individual. For firms with high levels of share repurchase yield and whose marginal investor is likely to be an individual, an increase in dividend tax rate has no discernible effect on ERCs. These results are consistent with the notion that the tax penalty on dividends, relative to capital gains, reduces the earnings‐return relation.     

Investor Tax Heterogeneity and Ex-Dividend Day Trading Volume

We propose that ex‐dividend day excess volume is motivated by tax heterogeneity among investors, and thus is increasing in investor tax heterogeneity. Institutional ownership is our measure of heterogeneity. Since investor heterogeneity is a concave function of institutional ownership, we hypothesize that ex‐day volume is a concave function of institutional ownership. Cross‐sectional tests support the tax‐motivated trading hypothesis. Additional tests, using trade size and pension ownership as proxies for institutional trades, yield similar results. We contribute to the literature by considering the interaction between payout policy and ownership structure in explaining the cross‐sectional variation in ex‐day volume.     

HOW WELL DO WE MEASURE EMPLOYER-PROVIDED HEALTH INSURANCE COVERAGE?

Using data from the Current Population Survey and a new matched survey of employers and employees, this paper investigates error in the measurement of employer-provided health insurance. The often-used March CPS gives lower coverage estimates than the April/May CPS, which focuses on employer-provided coverage. In addition, individuals who are in both the March CPS and April/May CPS often give inconsistent responses on their health insurance status, perhaps due to differences in the wording of the health insurance questions. A new survey shows that workers tend to report higher rates of coverage than do firms and that many individuals also disagree with their employers about their coverage. The differences in the firm and worker reports of coverage are uncorrelated with standard worker and firm characteristics, suggesting classical measurement error that does not bias the parameters of models explaining health coverage. When health insurance is used as an explanatory variable, however, measurement error results in significant bias toward zero.     

Le risque liéà la vérification envisagé dans le contexte du portefeuille de clients*

Résumé. Les auteurs se penchent sur la question du portefeuille d'un vérificateur qui contrôle le volume de travail de vérification qu'il accepte et combine ensuite ses placements sur le marché boursier en général à ses placements dans des missions de vérification présentant un risque. Il est impossible pour le vérificateur, font-ils remarquer, de sélectionner les missions de vérification qu'il désire incorporer à son portefeuille; un portefeuille se constitue plutôt indirectement, par l'intermédiaire d'un processus d'offres de service concurrentielles. L'analyse qui suit permet donc de formuler une fonction d'offre gráce à laquelle il est possible d'estimer les honoraires minimums que le vérificateur est disposé à accepter pour dispenser ses services à un nouveau client potentiel, étant donné ses placements existants. Les auteurs énoncent des propositions relatives aux conséquences de diverses caractéristiques du portefeuille sur les honoraires demandés. Enfin, ils traitent de l'incidence possible du risque lié à la vérification, envisagé dans l'optique du portefeuille, sur la structure du secteur de la vérification.     

Information Effects on the Bid-Ask Spread

An individual who chooses to serve as a market-maker is assumed to optimize his position by setting a bid-ask spread which maximizes the difference between expected revenues received from liquidity-motivated traders and expected losses to information-motivated traders. By characterizing the cost of supplying quotes, as writing a put and a call option to an information-motivated trader, it is shown that the bid-ask spread is a positive function of the price level and return variance, a negative function of measures of market activity, depth, and continuity, and negatively correlated with the degree of competition. Thus, the theory of information effects on the bid-ask spread proposed in this paper is consistent with the empirical literature.     

‘Knowledge Preservation in Accounting’: Does It Deserve to Be Preserved?

This is my third in a series of critical pieces on the accounting education field. The first, ‘What Accounting Can Learn from Legal Education’, was published in Issues in Accounting Education (Fall 1987) and dealt with the problems resulting from teaching accounting as a science. The second, ‘Wisdom or Widgets: Whither the School of Business?’ (Abacus, September 1988) dealt with the price we pay in our research for our obsession with quantitative methods. The current piece evaluates Robert Bricker's 1988 article in this journal.     

The Effectiveness of OSHA Penalties: A Stock-Market-Based Test

This study examines shareholder reactions to the announcements of OSHA penalties in the press over the years 1979-89. The analysis demonstrates that investors react negatively to the announced sanctions over the time interval immediately surrounding the announcement day. The decreases in the values of the subject firms are, however, found to be unrelated to the relative size of the penalty, to the number of non-record-keeping violations, and to whether the penalties were attributable to employee injury or death. The findings suggest that for the stockholders the nature of the announced OSHA sanctions is largely irrelevant, and they further point toward a reassessment of the assumed deterrent impact of the penalities.     

Large Stakes and Big Mistakes

Workers in a wide variety of jobs are paid based on performance, which is commonly seen as enhancing effort and productivity relative to non-contingent pay schemes. However, psychological research suggests that excessive rewards can, in some cases, result in a decline in performance. To test whether very high monetary rewards can decrease performance, we conducted a set of experiments in the U.S. and in India in which subjects worked on different tasks and received performance-contingent payments that varied in amount from small to very large relative to their typical levels of pay. With some important exceptions, very high reward levels had a detrimental effect on performance.