股权激励存在持续性的激励效应吗？--基于倾向得分匹配法的实证分析

为克服样本选择偏误,本文采用倾向得分匹配法,在六年的时间框架内检验了股权激励效应的持续性问题。研究发现：整体而言,激励组的ROE和Tobin’s Q值均显著高于控制组,说明股权激励能有效地提高企业的财务绩效和市场价值;激励组的ROE在股权激励计划实施后的三年时间里均显著高于控制组,三年之后逐渐与控制组无显著差异,表明股权激励对企业财务绩效的提升作用能持续三年时间;激励组的Tobin’s Q值在实施的第一年与控制组无显著差异,但在随后的四年时间里均显著高于控制组,表明股权激励对企业市场价值存在长达四年的持续提升作用,但存在为期一年的时滞效应。     

分块自适应图像稀疏分解

针对图像稀疏分解的计算时间复杂度非常高这个问题，提出了分块自适应图像稀疏分解算法。该算法根据稀疏分解计算时间复杂度和待分解图像大小之间的关系。把待分解图像分成互不重叠的小块。然后对每个小块图像进行稀疏分解。根据每一块的复杂程度。自适应地决定稀疏分解的结束。实验结果表明。在分解原子个数相近或相同的条件下。新算法对稀疏分解后重建图像比在整幅图像上进行稀疏分解重建的图像质量下降0．5dB。但计算速度提高了约15倍。     

正确把握大思路 配套推进分税制——兼与“纵向分两段，横向分两块”的主张商榷

本文认为,以分税制为基础的分级财政是市场经济新体制所要求的财政体制,需要在统一市场构建中逐步贯通运行这一财政体制,过渡措施不应凝固为实现中长期目标的障碍,要正确把握大思路,配套推进分税制。     

无源超高频抗金属标签天线设计方法综述

射频识别（RFID）技术的不断发展,对标签天线提出了更高的要求。普通标签天线直接应用于金属表面时,由于受到金属边界的影响,其性能会出现一定程度的下降。详细介绍了4种无源超高频抗金属标签天线的设计方法,包括调整天线与金属面的间距、采用吸波材料、引入高阻抗表面基板、采用平面倒F天线（PIFA）或微带天线结构,并分析了每种方法的优缺点及其对标签天线的阻抗匹配、带宽、尺寸、识别距离以及成本等方面的影响。微带贴片天线不仅具有低剖面、高方向性等优点,而且含有金属接地板,常用作抗金属标签天线的设计原型。在抗金属标签天线的设计与实际应用中,研究者可针对具体要求灵活运用这些设计方法。     

外资并购的工资效应——来自中国制造业微观层面的证据

本文利用我国制造业企业数据检验了外资并购的工资效应。本文采用匹配的研究方法,发现外资并购的工资效应显著为正;对不同要素密集度、不同并购资本来源地、不同区域的子样本回归,结果均高度稳健;我们还发现外资并购更利于资本密集型及中西部企业的工资提升,工业化国家的并购资本有更大的工资效应。     

新创企业成长阶段与高管行为整合的匹配性:案例研究

在对新创企业的成长阶段进行划分的基础上,采取典型案例研究方法,分阶段地探讨高管行为整合与新创企业成长阶段的匹配性。研究发现:新创企业的成长在青春期阶段与高管行为整合的关系为不匹配,在调整期阶段与高管行为整合的关系需要根据企业是否具有行为整合的条件来确定,在稳定期阶段与高管行为整合的关系为匹配。     

基于时域数据的两种低阶等效拟配方法研究

基于时域数据,对两种低阶等效拟配方法—频域等效拟配法和时域等效拟配法进行了研究.首先阐述了时域数据的两种来源,并对飞行试验数据中的关键参数给出了修正公式.以某型飞机为例,以两种输入形式进行了飞行动力学仿真,将得到的时域数据进行了低阶等效拟配.两种低阶等效拟配方法的结果和理论值吻合,且低阶等效系统仿真结果和原始时域数据重合度很高,表明方法合理有效.并根据操纵输入形式对辨识结果的影响对操纵输入的选取提出了要求.     

Deep habits and the cyclical behaviour of equilibrium unemployment and vacancies

We extend the standard textbook search and matching model by introducing deep habits in consumption. This assumption generates amplification in the response of labour market variables to technology shocks by producing endogenous countercyclical mark-ups. The cyclical fluctuations of vacancies and unemployment in our model can replicate those observed in the US data, with labour market tightness being 20 times more volatile than consumption. Vacancies display a hump-shaped response to technology shocks and the numerical simulations generate an artificial Beveridge curve that is in line with the data. Our model preserves the assumption of fully flexible wages for new hires and the calibration is consistent with the estimated elasticity of unemployment to unemployment benefits. Finally, we show that in contrast to models with exogenous mark-up shocks, the deep habits model does not require an implausible variation in the elasticity of demand to match the volatility of labour market variables, and the cyclical properties of the mark-up are in line with empirical evidence.     

The Impact of Market Orientation on the Internationalization of Retailing Firms: Tesco in Eastern Europe

This paper investigates a Western retailer's market orientation levels in two emerging markets. We examine whether the market orientation-company performance link holds true for retailers in emerging economies, despite environmental differences. By using concepts from key studies we have assimilated a fully representative model - applied through interviews with top management from Tesco and its subsidiaries and affiliates in Hungary and Slovenia. Using this example, we find that the market orientation-business performance link is valid for Western retailers in emerging economies. Here, the retailer applied market orientation predominately through; the use of matching with suppliers of own brand goods; top management emphasis on market orientation and risk taking. Intelligence generation and dissemination was exercised via global processes such as brand review.     

Fiscal stimulus and labor market dynamics in Japan

The paper studies the effects of fiscal expansion on the Japanese labor market. First, using a structural VAR model, we find that the unemployment rate falls and employment rises following an increase in government spending. We also find that fiscal expansion affects flows in and out of unemployment. While an increase in government spending increases the job-finding rate, it reduces the separation rate. We then incorporate search and matching frictions into a standard dynamic general equilibrium model, and study whether the model can explain what we observed in data. While the model fails to predict the exact size of the impact of government spending shocks on the Japanese labor market variables, it can consistently capture the empirical pattern of responses of labor market variables to shocks.