Portfolio choice in retirement: Health risk and the demand for annuities,housing, and risky assets

In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The portfolio share in stocks is low overall and is positively related to health, especially for younger retirees. The portfolio share in housing is negatively related to health for younger retirees and falls significantly in age. Finally, out-of-pocket health expenditure as a share of income is negatively related to health and rises in age.     

The potential effect of US baby-boom retirees on stock returns

Empirical studies demonstrated that US baby boomers consumption and savings patterns have affected economic aggregates over the past decades, among them equity returns. Boomers’ retirement is expected to mitigate the demand for equities until 2050, but its impact varies with the specific population age structure along decades. This paper employs a dynamic asset pricing model with optimum consumption and portfolio rules to estimate aging effects on S&P500 returns between 1950 and 2050. Calibration for demographic and economic data between 1950 and 2005 yields model estimates that significantly explain the moving average of S&P500 returns. Further, taking into account the present value of expected demographic effects until 2050 suggests that the S&P500 was fairly priced at the heart of the financial crisis, on April 2009, but overpriced thereafter.     

企业信用管理制度的创新探析——湖南永利化工股份有限公司企业管理新探索

信用风险和应收帐款管理问题是当前影响企业经营成败的关键因素之一,湖南永利化工股份有限公司通过设立信管理部门、建立客户信息档案、客户资信管理制度、内部授信制度、应收帐款管理制度、帐龄控制制度等,有效地改善了公司应帐款的市场结构和客户结构,提高了资金周转效率,应收帐款的风险大幅度降低,发展、改善了大客户的战略合作关系,在企业管理方面走出了一条新路。     

现代保险功能:一般理论与中国特色

随着社会经济的发展、科技的进步和人们风险意识的提高,保险作为一种经济保障制度,在保障经济、促进改革、稳定社会、造福人民方面发挥了重要功能,被誉为社会、经济的"安全网"、"润滑剂"和"稳定器".在现代市场经济条件下,如何认识保险功能,既是一个基本理论问题,也是一个重大实践问题.经济补偿、资金融通和社会管理功能等共同构成现代保险的功能体系.具有中国特色的保险功能拓展除了一般性动因外,还存在人口老龄化、经济转轨等特殊原因.     

Age-related differences in responses to affective vs. rational ads for hedonic vs. utilitarian products

This research investigated the moderating role of product category type (hedonic vs. utilitarian) on age-related differences in responses to affective vs. rational ads. An experiment showed that elderly consumers (age 65 plus) had more favorable attitudes toward affective (vs. rational) ads, regardless of product category type. In contrast, young adult consumers (age 18–25) favored affective ads only for hedonic products. They favored rational ads for utilitarian products. Results of the experiment imply that, to explain age-related differences in decision making, researchers must take into account age-related differences in motivational states apart from apparent shortfalls in cognition.     

Livelihood and care of the elderly: Determinants of public attitudes in Japan

This study analyses public attitudes towards the degree of government involvement in ensuring the livelihood and care of the elderly in Japan. Using four waves of individual-level annual data from the Japanese General Social Survey collected over the period 2000-2005, we estimate ordered logit models with various explanatory variables based on the socio-demographic, economic, political, and social background of the respondents. Many significant factors are common for both livelihood and care specifications, their effects being qualitatively the same and in line with our prior expectations. The estimation results also show positive coefficients of year intercept dummies, implying an increase in support of a government-based system over time. Further investigation shows that this trend is caused by those who favour government redistribution policies becoming increasingly more consistent in their support for a government-based social security system in Japan.     

我国养老金“多支柱”模式存在的问题及改革方向

20世纪70年代以来,如何应对人口老龄化导致的养老保障财务危机,成为世界各国关注的重要议题。"多支柱"模式是世界银行倡导的养老保障改革最佳方案。为了应对"未富先老"的人口老龄化压力,我国逐步建立了养老金"三支柱"模式,但"三支柱"模式无法解决现存的许多问题。为了促进我国养老保险制度可持续发展,我国有必要吸取世界银行的思想和建议,积极构建符合我国国情的养老金"五支柱"模式。     

城市老年住宅房地产开发的现状及存在问题

从人口普查和抽样调查的数据可以判断,目前我国已经真正成为人口老龄化国家,这是勿庸质疑的论断。前几年兴起的开发老年房地产项目的热潮,引起房产界一度的喧嚣。然而由于房地产市场需求旺盛,土地资源稀缺,土地价格高,以及老年人的经济实力、居住习惯等方面的原因,使得纯粹的老年住宅项目开发,在当前房地产市场,不会成为一个热点而存在,因此难以满足老年群体的住宅需求。     

积极应对人口老龄化——基于江苏省昆山市的调研

人口老龄化问题研究具有重要的现实意义和应用价值。本文以经济发达地区昆山为例,在厘清人口老龄化概念的基础上,分析昆山人口老龄化的基本现状及其应对选择,并尝试提出积极老龄化思想引领下的人口老龄化应对出路。     

劳动人口减少后对中国未来的影响

在经济全球化时代,人口这一资源早已纳入全球配置之中。虽然目前劳动力还不能自由流动,但在本国生产出口货物,就视同于人口资源出口。而我国目前严格的生育政策,不仅会产生不利于本国人民生活的结局,也将给世界经济带来重大影响。在发达国家相继进入老龄化的时候,如果中国也紧随其后步入老龄化阶段,将对自己的发展极其不利。如果中国能继续保持相对充裕的人力资源,对全球则是个有益的补充。