Information Complementarities and the Dynamics of Transparency Shock Spillovers

We show that information complementarities play an important role in the spillover of transparency shocks. We exploit the revelation of financial misconduct by S&P 500 firms, and in a “Stacked Difference-in-Differences” design, find that the implied cost of capital increases for “close” industry peers of the fraudulent firms relative to “distant” industry peers. The spillover effect is particularly strong when the close peers and the fraudulent firm share common analyst coverage and common institutional ownership, which have been shown to be powerful proxies for fundamental linkages and information complementarities. We provide evidence that increase in the cost of capital of peer firms is due, at least in part, to “beta shocks.” Disclosure by close peers—especially those with co-coverage and co-ownership links—also increases following fraud revelation. Although disclosure remains high in the following years, the cost of equity starts to decrease.     

Secured Loans and Risky Assets in a Monetary Economy

We study the implication of secured credit with a default option for monetary equilibrium. The intermediary structure has the feature of costly state verification, with the monitoring cost interpreted as the cost of foreclosing assets once a default occurs. Without monitoring costs, uncertainty in asset payoffs does not matter for allocation. The asset price can exhibit a liquidity premium because more assets as collateral raises the borrower's credit limit. When there are monitoring costs, the asset's liquidity premium is strictly positive because pledging more assets reduces the default probability and thus the chance to incur monitoring costs. Under some circumstances, increased risk to dividends of the pledged asset may decrease the marginal borrowing cost to such an extent that bank lending rises, and higher default rates are accompanied by larger aggregate liquidity.     

建设单位工程成本控制中存在的问题及对策

随着市场经济的发展,建设单位要想在激烈的市场竞争下生存或谋求发展,除了拥有先进技术水平、雄厚资本之外,还要高度重视对工程项目成本的控制。努力将各项费用控制在计划之内,有效控制成本,最终提高企业经济效益。本文主要介绍了建设单位从工程项目立项到竣工决算成本控制中存在的问题,并且针对存在的问题提出了相应的措施。     

管理模式转型之成本控制

企业管理的核心是财务管理,而成本控制是继资金管理后的另一财务管理重心。成本控制的直接结果是降低成本,增加利润,从而提升企业管理水平,增强企业核心竞争力,使企业在激烈的市场竞争环境下比对手具备优势,扩大市场占有率,进而增加生产量,获得规模效应,占领市场。     

浅谈我国造价控制面临的问题与对策

工程造价的控制是一项集管理、技术、质量、施工于一体的综合性的系统工程。随着社会主义市场经济逐步建立和发展,工程造价管理也出现一些新情况、新问题,如何采取有效措施,使工程造价管理尽快纳入规范化、系统化、法制化轨道,已是当务之急。本文通过分析建筑工程造价控制的阶段性特点,针对当前面临的问题提出几点对策,以期通过本文的阐述使我国的工程造价管理工作上一个新台阶。     

Prices and factor demand in an endogenized input–output model

This paper combines factor demand functions (for intermediate input and labour) and price equations (derived from a Generalized Leontief cost function) with the traditional input–output price model. The cost functions determine factor demands for materials and labour as well as output prices at given input prices. At the second level of aggregation, the intermediate demand as a single input is split proportional to the elements in the column of the technical coefficients matrix. The emphasis in this endogenization of technical coefficients is on two features. First, the repercussion of output on input prices, and, second, the link between the econometric model for the supply side and the input–output demand model.     

集团企业人工成本预算管理思路浅探

就如何加强对集团公司各企业人工成本的有效管理和控制、提高企业人工成本竞争力,进一步深化收入分配机制改革,健全人工成本调控机制,提高工资管理水平和促进企业持续健康发展等,结合国有企业人工成本控制的实际,提出规范集团企业人工成本预算管理的基本思路。     

掘进机回转支承座结构及工艺方法改进

由于市场严峻,煤机企业面临挑战。要想提高效益,使企业正常发展,就必须从产品上下功夫,降低成本。本文举例说明了掘进机回转支承座结构及工艺方法改进,讲解了如何降低成本。     

从企业人力资源成本角度谈员工忠诚度

基于忠诚度和人力资源成本的理解上,得出两者是双向互动关系的结论,并从人力成本的取得、开发和使用成本三个方面提出提升员工忠诚度的措施。     

浅谈城市地下工程的测量工作

随着城市地下工程的日益增多,地下工程的测量工作也越来越重要。本文介绍地下工程测量的特点,分析地下工程测量的方法并预计地下工程测量发展的方向。