Debt Specialization

This paper examines debt structure using a new and comprehensive database on types of debt employed by public U.S. firms. We find that 85% of the sample firms borrow predominantly with one type of debt, and the degree of debt specialization varies widely across different subsamples—large rated firms tend to diversify across multiple debt types, while small unrated firms specialize in fewer types. We suggest several explanations for why debt specialization takes place, and show that firms employing few types of debt have higher bankruptcy costs, are more opaque, and lack access to some segments of the debt markets.     

PROFIBUS现场总线在空压站中的应用

PROFIBUS现场总线凭借其自身的优势,在自动化控制领域得到广泛应用。文章介绍了基于PROFIBUS的空压站系统结构,并详细讨论了自动控制的实现方法。     

马恩列斯对马克思主义大众化的探索

马克思主义大众化是马克思主义的本质要求。马恩在创立自己理论的同时,始终注意向工人阶级和广大群众宣传和灌输自己的理论,包括明确提出了“灌输论”的观点,亲自为无产阶级政党起草文件并注重宣传灌输方式的多样性等。列宁在发展马克思主义、创立列宁主义的实践中,也注重推动马克思主义的大众化,包括进一步丰富发展了“灌输论”思想,形成了马克思主义理论教育思想并始终坚持理论联系实际的原则。斯大林在继承列宁事业、领导苏联社会主义建设的实践中,也十分重视对马克思列宁主义的研究和宣传,对推进马克思主义大众化作出了积极的努力。     

Asymmetric Taxation under Incremental and Sequential Investment

This paper discusses the effects of an asymmetric tax scheme on incremental and sequential investment strategies. The tax base is equal to the firm's return, net of an imputation rate. When the firm's return is less than this rate, however, no tax refunds are allowed. This scheme is neutral under both income and capital uncertainty.     

Monetary Policy and Stock Prices in an Open Economy

This paper studies monetary policy in a two-country model where agents can invest their wealth in both stock and bond markets. In our economy the foreign country hosts the only active equity market where also residents of the home country can trade stocks of listed foreign firms. We show that, in order to achieve price stability, the Central Banks in both countries should grant a dedicated response to movements in stock prices driven by relative productivity shocks. Determinacy of rational expectations equilibria and approximation of the Wicksellian interest rate policy by simple monetary policy rules are also investigated.     

The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences

The paper provides a systematic comparison of the Eurosystem, the U.S. Federal Reserve, and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect different historical conditions and national characteristics. However, widespread changes in central banking practices in the direction of greater independence and increased transparency, as well as changes in the economic and financial environment over the past 15–20 years, have contributed to reduce the differences among these three world's principal monetary authorities. A comparison based on simple "over-the-counter" policy reaction functions shows no striking differences in terms of monetary policy implementation.     

旅游表演专业教学中"首调唱名法"初探

视唱练耳课不能一概而论，要根据其差异区别对待。“首调唱名法”的科学性决定了它在旅游表演专业中应用的必然性。从唱名法的科学性，应用的必然性及学习“首调唱名法”在教学及旅游表演中的应用策略3个方面进行了阐述。     

基于更替型EPC合同模式总承包商视角下的特殊设计风险

基于总承包商视角,采用文献分析法和对比分析法对更替型EPC合同模式的特殊设计风险进行识别,整理归纳得出13个更替型EPC合同模式总承包商视角下的特殊设计风险因素,以期为总承包商构建更为科学的风险管控机制提供理论基础.     

城镇化影响环境质量的典型机制与差异化研究

本文基于污染和吸收两个视角构建包含大气、土壤、水体3个要素的环境质量研究体系,选取国务院按照新标准监测划定的74个城市2005-2018年数据为样本,采用中介效应模型实证检验现阶段中国城镇化对环境质量的影响机制及效果,进一步识别其在市场主导型城镇化推进模式与政府主导型城镇化推进模式之间以及不同经济发展水平的城市之间是否存在差异.研究发现:现阶段中国城镇化进程对环境质量总体上造成了负面影响,既加剧了环境污染排放又抑制了环境吸收能力;居民消费水平、土地利用方式和产业结构是城镇化影响环境质量的主要途径;城镇化推动模式及经济发展水平异质性的研究结果表明,市场主导型城市、一线及新一线城市的城镇化进程促进了环境质量提升.本研究为政府在环境约束下如何提高城市发展质量提供了理论依据和经验支持.