The best way of bilateral special economic zone to Sino-Vietnam economic cooperation

The Bilateral Special Economic Zones is a new idea about economic co-operation ways. It is going to be set by both countries with a common boundary for promoting the economic co-operation between two sides. It can be firstly set along the boundary between China and Vietnam. It will promote the economic co-operation between them, but China and ASEAN. It can be set along the Chinese boundary with the neighboring countries and will promote the economic co-operation between the both sides for setting up a better environment around China.     

珠江三角洲土坝和堤围震害初步预测

本项预测采用概率方法,即首先根据广东省水利部门提出的55座土坝和59个重点的座标(见附图),进行概率地震危险性分析,给出它们在一定预测年限T(取50年和100年)的地震烈度Ⅰ的超越概率;其次根据近年我国发生的几次强震时处于不同烈度区内的土坝和堤防的震害资料,形成表示土坝和土堤地震易损性的震害概率矩阵;然后,根据上述两方面结果用概率公式评价各土坝和堤围点在预测年限内各震害等级的超越概率,并取10％超越概率为标准,估计震害等级。结果表明,珠江三角洲土工构筑物的地震危害性南部高于北部。     

The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Colloidal silica removal in coagulation processes for wastewater reuse in a high-tech industrial park.

Four experiments of coagulation and flocculation were conducted to investigate the characteristics of colloidal silica removal in a high-tech industrial wastewater treatment plant for reclamation and reuse of the effluent. Experimental results illustrated that poly-aluminium chloride (PACl) showed higher performances on colloidal silica removal than alum. Interestingly, the two coagulants demonstrated the same capacity on silica removal. The specific silica removal capacity was approximately 0.135 mg SiO2/mg Al2O3 when the dosage of coagulants was in the range 30-150 mg/L Al2O3. In addition, the silica was reduced significantly at the condition of pH above 8. Experimental data implied that precipitation of aluminium flocs was the major mechanism for colloid silica removal in PACl and alum coagulation, besides, charge adsorption was also important for improving removal efficiency. Moreover, the addition of polyacrylic acid (PAA) as a flocculant could slightly advance silica removal in the PACl coagulation. The combined PACl/PAA/flocs coagulation was effective for the removal of colloidal silica, soluble COD, and turbidity and also suitable as a pretreatment unit in wastewater reclamation and reuse processes.     

Price Commitment versus Flexibility: the Role of Exchange Rate Uncertainty and its Implications for Exchange Rate Passthrough

The paper investigates the incentives to commit price or retain price flexibility in a model in which exporting firms face different degrees of exchange rate uncertainty. The result shows that introducing exchange rate uncertainty can lead to the endogenous emergence of a unique leader–follower equilibrium; which firm emerges as price leader depends on the substitutability of products, the magnitude of exchange rate uncertainty, and the cost structure. This study may provide one explanation as to why some exporters set price before the realization of the nominal exchange rates (“sticky price”). The results imply exchange rate variability affects exchange rate passthrough.     

中国负债知多少？

【美国《华尔街日报》7月23日】中国的隐性债务可能成为一大麻烦。     

财政分权与义务教育财政管理体制问题探析

我国是成功实施财政分权化的国家之一。作为公共财政框架部分之一的义务教育也实行了分权化管理,义务教育办学的责任主要地落在了县、乡两级地方政府身上。而我国庞大的义务教育事业由县、乡甚至村脆弱的财力来承担,可谓“杯水车薪”：一些农村地区和贫困山区学龄儿童无学可上,无书可读等现象屡见不鲜。可见过度分权化的义务教育财政管理体制是制约当今中国义务教育发展的症结所在。     

Profit,productivity, and profit-sharing

This study is an investigation of the effect of profit-sharing on labor productivity. When monitoring labor performance is costly for management, a regular wage/salary contract is insufficient to induce profit-maximizing behavior from the worker. The authors demonstrate that when this profit-maximizing behavior can be induced only through profit-sharing, a linear profit-sharing program will increase productivity and the welfare of both management and labor. The benefit from profit-sharing is increasing up to the point where the utility of additional income is offset by the negative utility of extraordinary effort (working harder or providing higher quality work). The income effect, i.e., the change in negative utility of extraordinary effort given a change in income, can potentially either increase or decrease the point at which the income-effort tradeoff-reaches zero.