存在道德风险的医院等级选择与最优公共医疗保险合同

通过构造一个医疗服务系统的均衡模型,分析了医院等级、居民道德风险与最优公共医疗保险合同之间的关系。研究表明只存在公共医疗保险体系时,如果政府部门之间缺乏协调机制,各自为政,中国的公共医疗保险支付方式将不能实现社会最优并消除道德风险;公共医疗保险合同可能引起社会福利的损失或引致道德风险。政府应该完善医院评价系统,对不同医院的水平给予准确的评级,特别是要建立起政府各部门之间的协调机制;理顺医疗服务价格体系;鼓励更多市场参与主体进入医疗保险领域,建立合理的疾病风险分担机制。     

Factors influencing hedging decision: evidence from Brazilian citrus growers

The purpose of this study was to analyse the hedging behaviour of 98 citrus growers from the State of Sao Paulo, Brazil. Marketing behaviour was modelled as a choice between spot market, short and long‐term forward contracts. A multinomial logistic regression model was used to evaluate the role of behavioural, personal and managerial variables in the choice. Results indicated that the factors which explain the use of forward contracts by citrus growers are the following: risk propensity; trade with juice processing companies; farming diversification; overconfidence in management; participation in pools; use of management tools; and technical assistance. The results can be useful for farmers, policymakers, government agencies, traders and extension agents.     

对中国基金业困境的契约理论思考

现实的契约都是不完全的,中国基金的契约也不例外,基金契约的不完全直接导致了封闭式基金折价率居高不下和开放式基金遭遇大范围的巨额净赎回。对此,要规范、约束契约主体行为,缩小契约“缺口”,构建第三方强制履约体系,建“立声誉”机制,促进基金契约自我履行。     

Hotel operator motives in UK sale and leaseback/management-back transactions

Sale and leaseback has become a major financing method in the hotel industry in the UK over the last 10 years, followed more recently by sale and management-back. This article, using interviews with current practitioners, examines the motivations of owner/operators in adopting these methods, identifying differences from generic motives in previous literature relating to the subject. It finds that, because of the integral part that hotel properties play in the delivery of customer service there are differences of opinion on the benefits of such an approach and there is a need to adopt some different considerations in the decision to use this method of funding.     

Persistence of dollarization after price stabilization

Credit contracts in developing countries are often denominated in foreign currencies, even after many of these economies succeeded in controlling inflation. This paper proposes a new interpretation of this apparent puzzle based on the demand for insurance against real shocks: the fact that devaluations occur more frequently in adverse states of the world provides a motive for holding dollar assets. This approach implies a complementarity between the optimal monetary policy and the currency denomination of contracts. When a large proportion of liabilities is denominated in a foreign currency, the optimal exchange rate volatility is low, which reinforces the demand for dollar assets.     

Great School Milk Conspiracies Revisited: Rejoinder

A re-examination and analysis ofdata in court records covering sealed-biddingpractices, market shares, incumbency rates, andprofit margins of two dairies charged with bid-riggingdisclose that Scott's analysis is flawed in severalimportant respects: reliance on selective bid data,omission of relevant bid data, and errors in reportedbids. Accordingly, Scott's hypothesis (that twodairies may have been engaged in tacit collusioninstead of overt collusion) was found to be basedlargely on conjectures, not hard data, and thus shouldbe rejected.     

货币政策波动、银行信贷与会计稳健性

宏观经济政策(如货币政策)如何通过改变微观企业行为来影响经济发展是学术界探讨得比较少的领域。本文在此方向上进行研究尝试,并以货币政策波动对企业会计政策稳健性与银行贷款之间的关系为切人点。具体来说,当货币政策进入紧缩期时,我们预期企业会计政策变得更加稳健,以更容易取得银行贷款。运用1998～2008年的年度数据,并根据央行要求的金融机构存款准备金率、对金融机构的再贷款利率和再贴现利率的变化,我们定义2004、2006、2007年为我国的货币政策紧缩阶段。实证结果基本上支持我们的预期。我们进一步发现依赖于外部融资和拥有更高债务水平的企业会计稳健性更高,持有大量现金的企业会计稳健性更低,国有企业的会计稳健性更低。在会计稳健性的经济后果上,本文发现在货币政策紧缩阶段,会计稳健性的提高有助于企业获得更多的信贷资源。     

企业会计准则实施的交易成本分析

企业实施政府发布的《企业会计准则》就其本质来说反映了政府与企业之间的契约关系。这种契约安排的交易成本包括:准则制定成本、准则培训成本、准则执行成本以及准则疑难解释成本。新会计准则中,有完善的会计准则、相对完善的会计准则以及不完善的会计准则,实施完善程度不同的会计准则,政府和企业所产生的交易成本不同。非上市企业是否选择执行新准则,将会视交易成本的大小而定。     

Temporarily asymmetric information and labour contracts

Under the assumption that workers are more heavily credit rationed than firms, the standard model of testing and self-selection in the labour market is extended. The two main findings are that ex post inefficient termination may be used as a self-selection device and that when workers can be of more than two different productivities, only the best worker should be overpaid.     

Pareto-improving firing costs?

We examine self-enforcing contracts between risk-averse workers and risk-neutral firms (the ‘invisible handshake’) in a labor market with search frictions. Employers promise as much wage-smoothing as they can, consistent with incentive conditions that ensure they will not renege during low-profitability times. Equilibrium is inefficient if these incentive constraints bind, with risky wages for workers and a risk premium that employers must pay. Mandatory firing costs can help, by making it easier for employers to promise credibly not to cut wages in low-profitability periods. We show that firing costs are more likely to be Pareto-improving if they are not severance payments.