Taxes and executive stock options

In the Sixties, the qualified stock option was the predominant form of long-term incentive compensation contract for major industrial firms in the U.S. In the early Seventies these same firms replaced their tax-qualified stock option plans with non-qualified sttock options and later modified these plans to include a variety of new contingent compensation arrangements, some of which were based on accounting numbers instead of stock prices. This paper develops the hypothesis that tax considerations play an important role in explaining the form of compensation contracts. The pattern and timing of changes in the compensation plans of the top 100 industrial firms provides evidence consistent with the tax hypothesis.     

Physician acquisition: what to avoid after the deal is complete

After a hospital acquires a physician practice, relations can become strained between the parties in any of four areas: Governance and decision making. Technology. Payment structures. Emotional factors related to the acquisition.     

银保合作的效率损失研究

由于参与者的有限理性和机会主义倾向,银保合作的意义在于通过激励和监督机制约束参与者,降低不确定性和交易成本。而只有当合作"有效"时,才能在确保各利益群体"无摩擦"的前提下节约交易费用,实现资源利用净收益大于零。虽然在契约关系型银保合作模式的推动下,我国银行保险实现了长达十年的高速扩张,但与此同时诸如手续费虚高、销售误导以及账外激励等无效率的市场乱象屡禁不止,以致市场竞争无序、行业信誉受损。导致银保合作的效率损失原因主要是参与者之间的激励机制设计普遍表现激励有余,约束却不足。在国际经济走势继续低迷和国内监管政策日趋严格的形势面前,推动银行和保险之间的深度层次合作,促进银保合作转型升级,势在必行,时不我待。     

企业出口之动态效应研究-来自中国制造业企业的经验:2001-2007

本文对中国企业的出口选择及其学习效应进行研究。结果表明:中国同样存在优质企业做出口的现象;出口会迅速实现企业的规模扩张;出口企业通过出口学习会给企业带来生产率的短期提高,而后出现动态衰减。我们的研究启示是:依附低端制造和外生出口贸易中介的中国企业,通过进入国际市场虽然取得了规模上的快速扩张,但在效率提升上却收获甚微,动态地来看,中国做出口的优质企业可能会演变为更劣质的企业。     

现代农业科技创新及推广机制

利用针对四川省548户农户所做调研的统计数据,分析了我国农户获得农业科技的途径、曾获得的农业科技支持、最希望获得的信息和技术、对各种推广模式的评价等信息。利用加权评分模型总结出优化的现代农业科技创新及推广机制。在总结我国农业科技创新存在问题的基础上,提出对策建议。     

湖南省对国家粮食安全贡献的测度

湖南省作为粮食生产大省,已经为保障国家粮食安全做出了重要的贡献。从粮食大省的粮食总产量及其占全国粮食总产量的比重以及粮食大省提供的商品粮数量及其占全国商品粮总量的比重2个指标来看,湖南省的粮食生产在全国仍然占有十分重要的地位。     

Pro forma disclosures,audit fees,and auditor resignations

The disclosure of non-GAAP (pro forma) earnings numbers by managers in the post-SOX era continues to attract attention from regulators, media, and researchers. However, there is limited empirical evidence on how auditors view clients that emphasize pro forma earnings over GAAP earnings. We study the extent to which audit fees and auditor resignations are associated with opportunistic non-GAAP disclosures. We find that during the pre-SOX period, optimistic pro forma differences, measured using either IBES actual earnings or hand-collected pro forma earnings, are associated with higher audit fees and a higher likelihood of auditor resignations. Additional results indicate that auditors seem to be more concerned with non-GAAP earnings disclosures in the post-SOX period.     

外资引进与经济增长的相关性分析:来自四川的经验证据

改革开放以来,四川省经济增长速度惊人,促使它如此快速增长的因素有很多,本文将从引进外资额这一因素来分析其与经济增长的关系。采用定性与定量的研究方法,来探讨外资引进与经济增长的关系。     

黑龙江省民间借贷法律规制研究

民间借贷具有解决融资难、规范民间借贷法律、打击违法犯罪行为等作用,对国民经济发展有一定的积极作用。近几年,黑龙江省民间借贷发展较为活跃,但相应的法律规制还不完善,仍存在违规经营混杂、信息监测体系不完善、法律体系缺乏等问题。黑龙江省应加快制定规范民间借贷的经营行为,健全民间借贷法律监管体系,加快推进民间借贷的立法进程,从而有效完善民间借贷法律规制,促进其健康有序发展。