THE IMPACT OF SARBANES‐OXLEY ON OFF‐BALANCE SHEET SUPPLY CHAIN ACTIVITIES

This study seeks to provide readers with an overview of sections 401, 404 and 802 of the Sarbanes‐Oxley Act as they pertain to supply chain managers, while empirically assessing the impact of SOX on some of the most common off‐balance sheet supply activities from familiarity, compliance, and time spent perspectives. Agency theory is used to provide the theoretical foundations for this study. The results of this study provide important implications for supply managers such as that stronger SOX compliance has a positive impact on off‐balance sheet activities.     

我国经济增长、对外贸易与城镇失业关系实证研究——基于协整模型和方差分解

本文运用协整理论和方差分解,研究了自1978年-2007年的城镇失业率与GDP增长率、进口、出口之间的关系,结果表明进口导致城镇失业率增大,出口能减少城镇失业率,GDP的增长率和城镇失业率有着正相关关系。     

EQUILIBRIUM ASSET AND OPTION PRICING UNDER JUMP DIFFUSION

This paper develops an equilibrium asset and option pricing model in a production economy under jump diffusion. The model provides analytical formulas for an equity premium and a more general pricing kernel that links the physical and risk‐neutral densities. The model explains the two empirical phenomena of the negative variance risk premium and implied volatility smirk if market crashes are expected. Model estimation with the S&P 500 index from 1985 to 2005 shows that jump size is indeed negative and the risk aversion coefficient has a reasonable value when taking the jump into account.     

Estimating Non‐Keynesian Effects for Japan

Is a fiscal stimulus effective? This classical question has received significant research attention since the collapse of the global financial services firm Lehman Brothers. Although most studies agree on the existence of Keynesian multiplier effects, several studies also demonstrate the existence of non‐Keynesian effects. What explains this lack of consensus in the literature? In this paper, we aim to bridge the two views by estimating a near‐vector autoregressive system that includes interaction terms of fiscal instruments, and the debt‐to‐gross domestic product (GDP) or the primary‐deficit‐to‐GDP ratios. Moreover, to embed the dynamics of the debt‐to‐GDP ratio in the analysis, we explicitly incorporate the government budget constraint. By computing and comparing the impulse response functions, we find Keynesian effects when fiscal conditions are sound, and non‐Keynesian effects when the primary deficit is large.     

Testing linear relationships between non-constant variances of economic variables

We aim to assess linear relationships between the non-constant variances of economic variables. A two-step methodology is proposed to solve this problem. First, the conditional mean is filtered by mean of a vector autoregressive (VAR) model. Then, a bootstrap cumulative sum (CUSUM) test is applied to the residuals. Simulations suggest a good behavior of the test, for sample sizes commonly encountered in practice. The tool we provide is intended to highlight relations, or draw common patterns between economic variables, through their non-constant variances. The outputs of this paper are illustrated considering U.S. regional data.     

丹麦按揭系统稳健运作的经验

丹麦房贷市场是世界第三大抵押债券市场，其独特的按揭系统有着200多年的历史，是世界上最古老的、运行最稳定的房屋抵押贷款系统之一。丹麦模式以高透明度、低信贷风险和低借贷成本而闻名于世，在历次金融危机中稳如磐石，对社会经济的稳定发展发挥了重要作用。文章介绍了丹麦按揭系统稳健运作的成功经验，以期为我国房地产市场的长期稳定发展提供借鉴。     

国际视野下的环境立法进程

对国际环境法的机构变迁和法制进程进行了比较分析。同时,对我国在国际海洋环境保护和污染防治、臭氧层保护、气候不利变化防止、生物多样性保护,防止危险废物越境转移、防止国际河流污染和污染方面的国际地位进行了系统研究。截至2009年底,我国已经加入了51个国际环境公约,因此,加强对国际环境法的比较研究,努力建立和完善新的国际环境法学,对于今后促进环境保护领域的国际合作与交流意义深远。     

浅析当代中国解决利益失衡问题的几个着力点

中国社会正处于发展的机遇期与矛盾的凸显期并存的特殊历史时期。经济的快速发展与社会矛盾的激化正将中国社会的发展引向畸形的不健康的发展轨道。利益失衡问题的凸显与利益矛盾冲突的普遍化正严重威胁着和谐社会的建设。本文从对利益失衡问题的正确认识,民主政治建设的深入发展及公共政策的逐步调整三个方面论述了当代中国利益失衡问题的解决,及动态利益均衡的实现。     

文化社会学视野下中国春节习俗与文化变迁

春节是我国民间最隆重、最热闹的一个古老传统节日，但现在有许多人认为现在的春节缺少传统文化，年味太淡，春节正在成为除“十一”以外的第二个可以用来休息、娱乐或者旅游的长假。能够与春节作为一种传统文化搭上边的，只剩下一顿没有差异的年夜饭和形式上的走亲访友，有不少青年人热衷过各种“洋年”、“洋节”。试图从文化社会学视野下分析我国春节习俗与文化变迁。春节在长期的历史传承中已经内化民族的心结，我们享受春节，就是集中体验、传承我们的历史文化传统。这种以节日为载体的非物质文化遗产，同时是一笔丰厚的文化财富。对这一特殊文化资源的开发与利用，将有助于民族文化的保持与和谐社会的建设。     

公司治理机制对物流企业成长性影响的实证研究——来自我国物流上市企业的经验证据

企业成长能力是物流企业转型升级的重要基石。依据委托代理理论,利用我国物流上市企业2008-2011年数据,实证检验了企业公司治理水平对物流企业成长性的影响。实证研究结果表明,股权集中度与企业成长性成倒"U"型关系;管理层薪酬水平对物流企业成长有显著的正向影响,无薪酬董事人数则对物流企业成长有显著的负面影响。