建立我国环境巨灾风险损失补偿机制的路径选择

我国面临严重的环境巨灾风险损失,现行环境巨灾风险损失补偿体系存在一定的局限,必须建立行之有效的环境巨灾风险损失补偿机制.建立我国环境巨灾风险损失补偿机制的路径:建立稳定增长的财政投入机制;建立多层次环境巨灾风险应对机制;建立环境巨灾风险再保险机制;建立环境巨灾风险基金;建立环境巨灾风险证券化机制.     

中国上市公司非经常性损益列报的监管惩戒考察

根据1999～2009年证监会与交易所查处的非经常性损益列报违规事件的统计资料,发现此类违规行为的违规成本低,体现在其被查处的概率低和惩罚力度弱。为了保护投资者利益,保证金融市场健康有序发展,可考虑完善资本市场民事赔偿制度,建立集团诉讼机制,借助惩戒机制来加大违规成本。     

Lost Generations: Long-Term Effects of the COVID-19 Crisis on Job Losers and Labour Market Entrants,and Options for Policy*

This paper discusses the potential long-run effects of large-scale unemployment during the COVID-19 crisis in the labour market on vulnerable job losers and labour market entrants in the United States. The paper begins by contrasting measures of the scale of job loss during the crisis. These measures are paired with estimates from past recessions indicating that the costs of job loss and unemployment can reduce workers’ earnings and raise their mortality for several decades. Focusing only on a subset of vulnerable job losers, the potential lifetime earnings losses from job loss related to the COVID-19 pandemic are predicted to be up to $2 trillion. Related losses in employment could imply a lasting reduction in the overall employment–population ratio. For these workers, losses in potential life years could be up to 24 million. Even at the low range, the resulting estimates are substantially larger than losses in potential life years from deaths directly due to COVID-19. New labour market entrants are at risk to suffer long-term losses in earnings and mortality as well. Based partly on experiences in other countries, the paper discusses potential reforms to short-time compensation programmes and unemployment insurance, which could help limit the short- and long-term harm from layoffs going forward.     

How cropland losses shaped by unbalanced urbanization process?

Urbanization has widely known to directly consume swaths of cropland worldwide. Knowledge on what kinds of urbanization processes spared cropland is important for land use planning. This study offered insights on the impact of city level (city hierarchy: from the 1st to the 6th Tier cities) and urbanization modes (mega-city, city, town and village modes) on cropland losses through a first-ever continuous national survey on 345 prefectural level cities or above in mainland China from 2003 to 2016. We found that higher tier cities were associated with more direct and severe losses. Specifically, over 80 % of the recent urbanization formed on cropland in the 1st Tier cities, and the newly 1st Tier cities suffered the most rigorous losses. At national level, mega-city mode urbanization resulted in direct cropland losses (80 %) and the village mode was associated with prominent high-quality ratio (45 %). Town mode spared cropland more than village mode. However, ranking with urbanization mode was less obvious and even changed in the lower-Tier cities. At national scale, around 1.45 % of the total cropland area (approximately 2297 km² per year), including 1.06 % of high quality cropland area (approximately 852 km² per year), has been permanently lost. The most rapid cropland loss was in 2009 (3464 km²), and that of high quality cropland occurring in 2007 (1775 km²). Over 95 % cropland losses located in the east of the Hu line. Findings in this study called for target adaptive planning with full considerations of city hierarchy and urbanization mode. Particularly, land use policies to effective support land development in small towns can potentially relief pressure on cropland.     

Treatment Value of Residual Functional Capacity Improvement among Disabled Workers: Accounting for Hedonic Psychological Biases

We propose to use the theoretical Mincer-Ofek (1982) model of career interruptions for the evaluation of a health producing treatment that improves residual functional capacity of workers with peripheral nerve injuries who developed chronic pain (Reflex Sympathetic Dystrophy). The revalued potential to – partially – continue to accumulate productive human capital is linked to increased lifetime earnings capacity restoring – missed out – accumulated productivity. We assume that a worker's psychological well-being directly influences earnings, but also affects the cognitive mechanism to experience pain. Randomized clinical trial data and individual medical records from impaired workers are compared with a control group of randomly selected healthy workers. The estimate of the treatment's average net present value is 49.500 euros per person (in 1995 Dutch guilders constant terms).     

泥石流堆积区灾害破坏损失评价方法

本文将可能遭受泥石流灾害的受灾体划分为17类,总结了各类受灾体的受害方式,提出了破坏损失率的概念和计算方法,用以确定受灾体遭受泥石流灾害损害的强度,并以云南东川市尼拉姑沟为实例进行了泥石流堆积区灾害破坏损失评价.     

Characteristics of UK firms related to timing of adoption of Statement of Standard Accounting Practice No. 20

This study examines whether the timing of adoption of the UK Statement of Standard Accounting Practice No. 20 ‘Foreign Currency Translation’ depended on firms’ financial characteristics. Consistent with US studies, we find that early adopters tended to be larger firms, and that variables, such as growth options, profitability, leverage and management payout, have strong predictive power. In general, the decision to adopt the Statement of Standard Accounting Practice No. 20 did not appear to adversely affect the profitability measures or dividend payout. Firms tended to adopt when the adverse economic consequences of the adoption were likely to be minimal. They also appeared to defer the adoption of the standard to influence their financial performance and, hence, to achieve certain corporate financial objectives.     

Incentives to underprice

In an initial public offering, the choices made by issuers, such as the offer price, might not appear to be wealth maximizing. In this article, we argue that the choices are strategic. Based on the model developed by Barry (1989), we show that the average change in the issuer's wealth (4.52 per cent) is lower than the average loss implied by underpricing (12.09 per cent). Our results support the notion that the choices issuers make at the offering generate a compensatory benefit in the aftermarket. That the issuer may well not suffer a net wealth loss from the offering is in accordance with continued initial public offering activity.     

侵犯商业秘密罪若干问题探析

随着我国市场经济的不断发展,商业秘密作为企业的一种无形资产,越来越受到企业的重视。认定商业秘密应同时具备秘密性、价值性、实用性、保密性4个特征;侵犯商业秘密罪表现为4种行为方式;其罪过形式既包括故意,也包括过失;被害人遭受的“重大损失”,应指商业秘密被侵犯后给权利人造成的实际损失,既包括直接损失也包括间接损失。