Entry, exit and business cycles in a general equilibrium model

This paper studies the role of entry and exit in the short run behavior of a general equilibrium model with industry dynamics. For tractability, and to preserve potential asymmetries in the impulse responses, I focus on the transition dynamics of the economy after shocks. Entry and exit are found to be insensitive to productivity shocks of reasonable magnitude. Moreover, the dynamics of GDP are insensitive to fluctuations in entry and exit rates, and any asymmetries are negligible. As an application of the model, the paper also asks whether firing costs may interact with entry and exit to affect transition dynamics after shocks, finding that they do not.     

Analyze the service outsourcing on the base of the modern economy theory

The paper provides information about the concept and the characteristics of the service outsourcing. It also analyzes the service outsourcing classification and the modem economy theory of the service outsourcing. Through the analysis, we hope to provide the foundation for further study.     

Credit default swaps and the market for sovereign debt

In this paper, we analyze the determinants and effects of credit default swap (CDS) trading initiation in the sovereign bond market. CDS trading initiation is associated with a 30–150 basis point reduction in sovereign bond yields, with greater yield reductions accruing to higher default risk economies. For countries with high default risk, rated B or lower by Standard and Poor’s, CDS initiation is also associated with significant price efficiency benefits in the underlying market. CDS trading initiation is more likely following increases in local equity index volatility, index spreads for regional and global CDS markets, or depreciation of the local currency relative to the US dollar, and decreases in a country’s ability to service foreign debt. Our results are robust to selection bias controls based on these factors.     

基于企业端融资费用支出视角的小微企业融资成本测算——以许昌市为例

以企业为观察端,在自行界定融资成本相关指标概念的基础上,运用科学的抽样方法选取样本,同时基于指标属性调整的基础上,对小微企业的融资成本进行测算,并进行趋势性分析。经测算认为:当前反映较为强烈的企业融资负担加重实质上不是企业的融资成本率的上升,而是融资成本负担能力的下降,并对此提出针对性建议,以切实减轻小微企业融资负担。     

Noisy information,distance and law of one price dynamics across US cities

US micro price data at the city level suggests that both the volatility and the persistence of law of one price deviations are rising in the distance between US cities. A standard two-city equilibrium model with trade costs can predict the relationship between volatility and distance but not between persistence and distance. We show that if there is imperfect information about the state of nominal aggregate demand, with noisy signals that are asymmetric across cities, then distance and persistence will be positively correlated. Our main results are shown to be robust to the introduction of sticky prices and multiple cities.     

Cost effective contract food service

There is a dramatic increase in the number of health-care facilities using a management company to operate dietary services. With time this practice will be made for quantitative rather than attitudinal reasons and the quality of service offered by management companies will improve as they gain experience.     

Tourism's external account and the balance of payments

This paper argues that the balance of payments on tourism account is not the best measure of economic tourism activity needed for good policy formulation at the government level. The balance on tourism should be replaced with a broader concept, tourism's external account, which includes expenditures and receipts from tourists together with those other international transactions which follow indirectly from tourism. This concept will provide a broader understanding of the tourism industry so that better policy decisions can be made.     

Effective interim collaboration: how firms minimize transaction costs and maximise transaction value

This study of automotive transaction relationships in the U.S.A. and Japan offers data which indicate that transaction costs do not necessarily increase with an increase in relation-specific investments. We empirically examine the conditions under which transactors can simultaneously achieve the twin benefits of high asset specificity and low transaction costs. This is possible because the different safeguards which can be employed to control opportunism have different set-up costs and result in different transaction costs over different time horizons. We examine in detail the practices of Japanese firms which result in effective interfirm collaboration. © 1997 by John Wiley & Sons, Ltd.     

非正常经营企业的内涵、成因、影响及治理

经济高质量发展离不开微观企业的高质量发展。然而,市场竞争环境变化会使得部分企业失去比较优势、陷入“沉没成本谬误”,进而丢失自生能力、无法自负盈亏,最终沦为“非正常经营企业”。这些企业尽管存在低效率“锁定”特征,但却能依托其“壳价值”进行成本外部化以获得生存空间,这种现象的存在会拉低整体生产效率、阻碍经济高质量发展。有效治理非正常经营企业,要通过剥离、分解微观企业财务数据,精准识别非正常经营企业,研究其在不同产业、城市和所有制层面的发生特征;进而健全市场化法治化化解过剩产能长效机制,重塑不同部门非正常经营企业比较优势、分类治理不同地区非正常经营企业、健全各类所有制非正常经营企业清理的配套机制。     

Nonlinear Effects of Debt on Investment: Evidence from Dutch Listed Firms

Abstract

Nonlinear effects of debt on investment are investigated using an unbalanced panel of 94 Dutch listed nonfinancial firms during the period 1985–2000. Evidence shows that the nonlinear relation between debt and investment can be represented by a U curve, which contradicts the financial constraints theory. One possible explanation of the U curve relation between debt and investment may be the debt capital gain in the presence of inflation.