The values and incentive effects of options on the maximum or the minimum of the stock prices and market index

In this study, we employ the certainty equivalent principle to investigate cost efficiency and incentives of the options on the maximum or the minimum of the stock prices and market index levels. In addition, the options with averaging features are also considered. Numerical results show that options on the maximum are more cost efficient and incentive-efficient than traditional ones. As for options on the minimum, they are more cost efficient than traditional ones only when the weight in the options is not very large. However, options on the minimum also provide stronger incentives to increase stock prices than traditional ones.     

Women and risk-taking behaviour in local public finance

This study examines how female representation in local elected (mayor and legislature) and administrative (mid-level manager) positions influences municipal financial decision-making in 764 Japanese city-level governments. Findings show that female representation in local councils is positively correlated with risk-averse behaviour in financial decisions, as female representation on the legislature is negatively associated with issuing municipal bonds and with local investment in public corporations. Female representation in executive (mayor and vice-mayor) and mid-level administrative managerial positions has no apparent effects on local financial decisions. This study tests existing explanations of relationships between female managerial representation and fiscal behaviour in an Asian developed setting characterized by considerable underrepresentation of women in politics.     

Service performance measurement in a New Zealand local government organization

This article provides background to measuring local government service performance in New Zealand and charts the practice of measuring service levels developed for a large city council. Projects were completed in 2007, 2008, and 2009 for the purpose of informing the city council's strategy development and management decision making. In each case, data were gathered utilizing a range of quantitative and qualitative methods. The evaluation was designed around five interlinked processes. Both service performance and service importance were evaluated using the Orange Consulting Service Performance Index, which combines both dimensions and provides comparable data across the council service areas. The methodology was officially approved by the Office of the New Zealand Auditor-General in 2009.     

谁动了上市公司的壳？——地方保护主义与上市公司壳交易

地方保护对税源流动性的干预会影响资源的有效配置。本文以1998-2012年沪深两市A股市场247起上市“壳公司”交易为样本,以企业所得税、增值税、营业税之和占地区财政收入之比衡量地方保护程度,研究发现:壳公司所在地的地方保护程度越高,壳公司越可能被本地公司收购,壳公司被收购后越有可能保持国有性质,而且,壳公司所在地的地方保护程度越高,壳收购活动现金支付比例越高。地方保护主义与壳交易的这些关系在以企业所得税占地区财政收入的比重、营业税占地区财政收入的比重衡量地方保护主义的情况下仍显著存在。但是,在以增值税占地区财政收入比衡量的地方保护主义下不显著。这说明不同税种激励下,地方保护主义对“壳资源”交易干预存在差异。进一步的研究发现,“壳公司”被异地收购后雇员规模和劳动力成本显著降低,经营业绩显著提高。     

财政分权、地方保护与中国的地区专业化

改革开放以来,国内各地区的专业化水平受市场和政府两种力量的交织影响。地方政府的保护行为影响了中国地区间分工的深化和专业化水平的提高。本文着重考察了分权式改革后,财政分权驱动下的地方保护对地区专业化的影响。我们利用Krugman地区专业化指数计算了1984—2004年中国各省的专业化水平,在控制了各种市场因素之后,使用动态面板数据的GMM方法考察了财政分权对地区专业化的影响。研究发现,财政分权会激励地方政府采取保护政策,从而导致地区非专业化。但是对外开放会逐步弱化财政分权的这种激励效应。本文还发现,分税制改革前后,财政分权对地区专业化的影响存在跨时差异。     

广义空间调制系统的低复杂度检测算法

针对广义空间调制（GSM）系统接收端最大似然（ML）检测算法计算复杂度极高的缺点,提出了一种基于压缩感知（CS）信号重构理论的低复杂度信号检测算法。首先,在多输入多输出（MIMO）信道模型下,通过改进正交匹配追踪（OMP）算法,得到一个激活天线索引备选集;然后,利用ML算法在该备选集中进行遍历搜索,检测出激活天线索引和星座调制符号。仿真结果表明所提算法的检测性能接近于ML算法,且复杂度约为ML算法的2%。因此,所提算法在保证检测性能的同时也大大降低了计算复杂度,实现了检测性能与复杂度之间的平衡。     

一种基于二阶锥规划的新时差定位算法

针对传统时差定位算法在量测噪声较大情况下定位性能不佳的缺点,提出了一种基 于二阶锥规划的新时差定位算法。该算法通过凸松弛和引入惩罚项,将难以求解的用户位置 最大似然估计问题转换为一个易于求解的二阶锥规划问题,并将松弛问题的最优解作为用户 位置的初始估计,利用传统的泰勒级数展开法得到最终定位结果。仿真给出了不同基站数目 及量测噪声下算法的定位性能。仿真结果表明,在量测噪声较大的情况下,新算法的定位精 度 仍可以逼近理论克拉美罗下限, 而且算法中惩罚因子的选取范围易于确定。     

我国地方政府性债务风险生成与测度研究——基于西部某省的经验数据

我国《预算法》明确规定地方政府不得发行地方政府性债券,但为实现社会经济发展,地方各级政府在财力有限的情况下大量举借债务,忽视了地方经济发展的承债能力,从而形成地方政府债务风险的隐患。本文首先基于社会福利最大化悖论分析我国地方政府性债务的风险生成机制,在此基础上,从债务内部结构和外部负担两方面构建我国地方政府性债务风险指标体系,并通过对西部某省经验数据的因子综合评价和时间趋势分解,判断地方政府性债务总体风险及结构来源。最后,针对研究结论提出相应的政策建议。     

完善我国财产税结构的思考

本文通过对我国现行财产税收入总量及其结构的分析,揭示了近年来财产税占我国税收总额比重不断提高、动态财产税超常增长现象背后存在的风险和隐忧,并针对导致财产税结构失衡的原因,提出了完善我国财产税结构、优化财产税制度及其功能的基本思路与具体对策。     

Research on How to Improve the Structure of China＇s Property Tax

本文通过对我国现行财产税收入总量及其结构的分析,揭示了近年来财产税占我国税收总额比重不断提高、动态财产税超常增长现象背后存在的风险和隐忧,并针对导致财产税结构失衡的原因,提出了完善我国财产税结构、优化财产税制度及其功能的基本思路与具体对策。