Cash Marketing Styles and Performance Persistence

Much agricultural economics research has been dedicated to determining the best time for producers to sell their commodities. Unlike this past research, we look at how producers actually sell commodities. The extent to which producers display an active or mechanical marketing style is measured using individual farmer sales. The activeness of a producer's marketing strategy is measured by how much the timing of their strategy varies from year to year. Results show no relationship between activeness and net prices received. Furthermore, the results show no evidence of performance persistence by individual producers.     

公允价值计量对上市公司盈余管理的影响——基于金融行业的研究

新会计准则下,公允价值计量属性更多地应用于会计实务,可能会给企业创造新的盈余管理空间。本文就公允价值计量与上市公司盈余管理的关系建立了一个规范与实证相结合的研究框架。根据公允价值在我国各个具体会计准则中的应用情况,分析企业运用会计准则中的公允价值计量属性进行盈余管理的手段,并选取2007-2010年度可能存在盈余管理的上市公司作为样本,使用相关分析、回归分析等方法对财务报表的各特定指标进行实证研究,最终得出公允价值计量与上市公司盈余管理存在的线性关系,并给出相关建议。     

我国证券投资基金业绩持续性研究

基于2006~2009年的周度数据,本文首先使用修正的R/S方法实证分析开放式投资基金业绩的长期持续性;其次使用Spearman自相关系数方法计算了样本基金的短期持续性;并提出我国证券投资基金可能存在持续性时间阈的概念,利用样本数据对假设进行实证检验,计算出各只基金业绩持续性的时间阈,并分析了持续性时间阈对投资者的重要意义。     

企业实施产品差异化战略分析

在当今市场中,产品趋同化现象日益严重,这使企业的盈利能力越来越低。要想改变企业的这种局面,实施产品差异化战略是一个重要的途径。本文首先阐述了产品差异化的概念及类别,在分析产品差异化的作用之后,结合实际论述了企业如何实现产品差异化。     

Relative wage concern: the missing piece in the contract multiplier?

Recent research has cast serious doubts on the explanatory power of staggered wage/price setting to account for both output and inflation persistence following money shocks. This paper extends a dynamic general equilibrium model with wage staggering by incorporating relative wage concern on the part of workers. In sharp contrast to previous analyses, in this model both output and inflation dynamics exhibit substantial persistence. Moreover, persistence results hold for a wide range of parameterisations. Our results suggest that relative wage concern may be the missing piece in the money shock persistence puzzle.     

失业持续时间与再就业者收入

失业持续时间对再就业者工资的影响不仅是一个重要的理论问题。还具有重要的政策含义。然而，在理论上，失业者失业持续时间对再就业后工资的影响是不确定的，所以确定失业持续时间对再就业后工资的影响是一个实证问题。本文利用国家统计局2003年的调查数据分析了失业持续时间对中国城镇人口再就业后工资的影响，发现失业持续时间每延长10％，再就业后工资就下降0．46-0．55％。     

An Empirical Study of Volatility in Seven Southeast Asian Stock Markets Using ARV Models

This paper investigates the volatility persistence, volatility variability from day to day and transmission of volatility in seven Southeast Asian stock markets from 1980 to 1991 using the ARV approach. We found strong evidence that shocks to volatility are persistent in Taiwan. Moreover, the Stock Exchange of Thailand Daily Index has the strongest interday volatility fluctuation. Instantaneous causality of volatility among six of the seven markets (except Seoul) was discovered. Besides, there is significant volatility spillover effect from Hong Kong to Taiwan, Malaysia to Singapore and Singapore to Malaysia in the period 1980 to 1991.     

Shaking the tree: an agency-theoretic model of asset pricing

Summary. In this paper, we develop an agency-theoretic extension of the Lucas asset pricing model and examine the resulting asset price dynamics. In the model, an agent of the firm can expand or contract the firms output and dividend payments in response to exogenous shocks, although expansions become increasingly costly for the agent to maintain. Analysis of numerical simulations shows that the time-series of equilibrium asset prices exhibits both significant time-varying conditional heteroskedasticity, and longer memory persistence.We would like to thank Beth Shorish for her patience and guidance during this project, as well as conference participants at the 1998 North American Econometric Society Summer Meetings, Montreal, and the 53rd Econometric Society European Meetings, Berlin for their many useful comments.     

盈余重述的市场反应及其影响因素研究——基于我国2004-2010年数据的经验分析

本文以2004-2010年盈余重述为样本,检验了我国盈余重述的市场反应及其影响因素。根据重述披露的时点选择特征,首次提出聚合重述和分离重述概念。研究发现,年报的利好消息或非利好消息对盈余重述负面影响的"抵减效应"或"加剧效应"都十分显著;剔除年报影响的分离重述的市场反应显著为-3%。研究还发现,相对于被动重述,主动重述被认为是"主动说真话"的表现,具有"坦白从宽"的效果;重述追溯调整的幅度、公司盈利能力、财务风险和债务水平,都会显著影响重述公告时的市场反应程度。     

Has Inflation Persistence Changed under EMU?

This paper analyzes the persistence of inflation in the euro area and, in particular, whether the persistence properties have changed since the start of European Monetary Union(EMU). For that purpose, we compare pre‐ and post‐EMU inflation persistence, use rolling‐window estimates of persistence, and apply tests specifically designed to detect break dates near the end of the sample period. In contrast to previous research, we find that inflation persistence has fallen significantly since the start of EMU. Persistence of consumer price inflation, which is central to the European Central Bank's policy mandate, has fallen more than the persistence of deflator inflation. The drop in inflation persistence is consistent with the results from a simulated small New Keynesian model with a shift toward a more aggressive monetary policy stance.