Biases in Accounting and Nonaccounting Information: Substitutes or Complements?

This paper studies how bias in nonaccounting and in accounting information should be related. Bias in accounting information is modeled, as in some recent literature, as an alteration in the relative information content of accounting numbers. The optimal bias in one type of information is shown to be a complement of the bias in the other type. This result can be applied in various settings to explain a number of phenomena.     

Coordination and the provision of incentives to a common regulated firm

This paper considers the problem faced by two regulators in providing incentives to a common (privately informed) regulated firm under various degrees of coordination. In the model, the firm exerts effort toward cost reduction and self-dealing, and incentives can be input-based (monitoring) and output-based (demanded cost targets). Full coordination between the regulators leads to the second best allocation. A setting in which the regulators do not fully coordinate leads to (i) higher overall monitoring (more aggressive input-based incentives) and (ii) higher demanded cost targets (i.e., more lenience in terms of output-based incentives). As a consequence of (i), in all possible equilibria, the effort toward cost reduction will be smaller when the agent reports to two regulators who do not coordinate. (i) and (ii) imply that the impact on the effort toward self-dealing activities is ambiguous. In our leading example, self-dealing will be larger if the regulators coordinate on monitoring levels but smaller if they choose monitoring levels independently.     

加强应收帐款管理之我见

加强应收帐款管理之我见胡雪宜当前，不少企业资金紧张，“三角债”又呈上升趋势。从全国看，国家正在采取宏观调控措施，从企业看，加强应收帐款管理迫在眉睫。企业应收帐款是指销售产品、材料，提供劳务等业务，应向购货单位或接受劳务单位收取的款项。如何加强应收帐款...     

坚定地树立搞好国有企业的信心

坚定地树立搞好国有企业的信心袁宝华编者按：国有企业是社会主义制度的基础，在整个国民经济中起着主导作用。坚持公有制的主体地位和发挥国有企业特别是大中型企业的主导作用，这是当前形势紧迫的要求，也是历史赋予我们的重任，我们必须坚定地树立搞好国有企业的信心。...     

朱鎔基副总理谈办好企业问题

朱鎔基副总理谈办好企业问题第一，抑制通货膨胀是今年经济工作的首要任务。企业管理、改革工作必须明确抑制通货膨胀是处理好改革、发展和稳定三者关系的关键。搞市场经济，市场形势好时，企业赚了钱，要去补充自有资金，用来进行技术改造，而不是去铺摊子、大发奖金，最...     

基于与UL1598对比角度下的GB7000.1标准完善性研究

文章详细分析UL1598与GB7000.1两套标准在内容编排、检测项目、检测设备的差异性,特别对两套标准的设计指导性进行分析对比,在详细分析各自优缺点的基础上,就如何使GB7000.1灯具标准的内容编排更为合理、实际操作更为科学、检测项目及设备的设置更为全面、设计指导性更为明确提出若干探索性的改进建议。     

Moral hazard with bounded payments

We study the moral hazard problem with general upper and lower constraints M on compensation. We characterize the optimal contract and show existence and uniqueness. When minimizing costs for given effort, a principal harmed by M will pay according to M on some range of outcomes; when M reflects limited liability or a minimum wage, the contract is option-like. When the principal also chooses effort, a principal harmed by M might nonetheless never pay according to M. This cannot occur if the cost of inducing effort in the standard principal-agent problem is convex, for which we provide sufficient conditions related to the informativeness of outcome about effort.