The Effects of Public Ownership and Regulatory Independence on Regulatory Outcomes

We examine the effects of public ownership and regulatory agency independence on regulatory outcomes in EU telecommunications. Specifically, we study regulated interconnect rates paid by entrants to incumbents. We find that public ownership of the incumbent positively affects these interconnect rates, and suggest that governments influence regulatory outcomes in favor of incumbents in which they are substantially invested. However, we also find that the presence of institutional features enhancing regulatory independence from the government mitigates this effect. In order to study regulatory independence, we introduce a new cross-country time-series database—the European Union Regulatory Institutions (EURI) Database. This database describes the development of institutions bearing on regulatory independence and quality in telecommunications in the 15 founding EU member states from 1997 to 2003 *We thank Laurent Pipitone for superb research assistance. Geoff Edwards thanks the Sasakawa Foundation and the Institute of Management, Innovation and Organization at the Haas School of Business for generous financial assistance, and London Business School for non-financial support. Leonard Waverman thanks the Global Communications Consortium for support     

Regulatory and environmental effects on public transit efficiency: a mixed DEA-SFA approach

This paper assesses the impact of regulatory and environmental factors and statistical noise on the efficiency of public transit systems within a DEA-based framework. Using a panel of Italian companies, we implement a DEA-SFA mixed approach based on [H.O. Fried et al. (2002) Journal of Productivity Analysis, 17(1–2), 157–174] to decompose DEA inefficiency measures into three components: exogenous effects, managerial inefficiency and stochastic events. Besides providing evidence on the determinants of input-specific efficiency differentials across companies, the results point out that managerial skills play a minor role, and emphasize the relevance of regulatory policies aimed at replacing cost-plus subsidization with high-powered incentive contracts as well as improving environmental conditions of public transit networks.      

论会计事项的认定与会计确认

符合确认标准的会计事项是会计确认的对象,会计确认是会计事项进入财务会计系统的第一道关口,两者关系十分密切,本文对会计事项作了科学界定,并针对不同事项的认定说明其对会计确认对象、观点和时间的影响,为科学合理地确认会计事项提供了理论指导。     

THE JOINT ARRIVAL AND DEPARTURE PROCESS FOR THE M/M/l QUEUE

We consider the M/M/1-queue and derive an explicit expression for the joint distribution of the number of arrivals and the number of departures in [0, t), given the number of customers initially present. The derivation is almost purely combinatorial, it avoids the use of generating functions, and immediately yields a simple probabilistic interpretation of the result.     

Mean-variance hedging for interest rate models¶with stochastic volatility

The mean-variance hedging approach for pricing and hedging claims in incomplete markets was originally introduced for risky assets. The aim of this paper is to apply this approach to interest rate models in the presence of stochastic volatility, seen as a consequence of incomplete information. We fix a finite number of bonds such that the volatility matrix is invertible and provide an explicit formula for the density of the variance-optimal measure which is independent of the chosen times of maturity. Finally, we compute the mean-variance hedging strategy for a caplet and compare it with the optimal stategy according to the local risk minimizing approach. Received: 14 July 2000 / Accepted: 10 April 2001     

An equilibrium analysis of information aggregation and fluctuations in markets with discrete decisions

This paper shows how the interaction between decentralized information gathering and discreteness of investment decisions at the individual level can generate random fluctuations in aggregate investment that involve occasionally large allocation errors. This interaction is illustrated in a model in which private information is costly to acquire and prices reveal information. The unique rational expectations equilibrium outcome of the model is shown to always be noisy and characterized by investment levels which may be high simply because uninformed investors are buying under the impression that the high price is a signal of good investment opportunities.     

经济类(非会计学)专业会计与财务知识模块教学改革研究——基于襄樊经济学院的实践

本文认为,经济类(非会计学)专业学生实施会计教育,要从会计与财务管理知识体系的再组织创新研究开始,进行网络环境下会计学课程教材及教学内容体系、教学方法与手段和实验环节等方面改革与实践。构建现代信息技术与课程整合的“主导—主体—主线”探究式教学模式,使经济类(非会计学)学科的学生在学时数有限情况下掌握会计学的基本理论和方法,提高学生创造性地应用会计信息进行经济决策的能力。     

Delays and equilibria with large and small information in social learning

The general model of social learning with irreversible investment and endogenous timing is analyzed for any distribution of private informations. Strategic complementarities and multiple equilibria appear which are generated solely by information externalities. Different equilibria generate strikingly different amounts of information. The impacts of various assumptions (bounded beliefs, large number of agents, discrete time and short periods) are examined carefully. The properties are robust to the introduction of observation noise with a continuum of agents.     

Public choice interpretations of distributional preference

This essay examines, from the perspective of both economics and ethics, the logical foundations of income transfers in a democratic society that allocates resources, in the large, through free markets. Such transfers, enacted through the public choice process, modify the market-determined distribution of income, as a reflection of the distributional preferences of the members of a society. Both constitutional and post-constitutional explanations of redistributions are considered. A discussion of recent experimental evidence of distributional preferences leads into a critique of simple equality, built on Michael Walzer's distinction between monopoly and dominance, as a criterion of distributive justice.     

新国有资产管理体系中国有控股公司的定位与运作探讨

在新的国有资产管理体系中,国有控股公司将被授权成为国有资产具体的出资人代表,成为国资委与国有参股企业之间的一个中介,尽管这并不是新的国有资产管理模式的唯一选择。显然,国有控股公司的有效运作是保证国有资产出资人到位,确保国有资产保值增值的关键环节。本文认为,国有控股公司的有效运作既需要相应的外部条件,也需要合理可行的内部组织管理体系,这包括相对单一的经营目标、相互制衡的治理结构及对参股、控股公司的有效管理方式等。