Cost monotonicity, consistency and minimum cost spanning tree games

We propose a new cost allocation rule for minimum cost spanning tree games. The new rule is a core selection and also satisfies cost monotonicity. We also give characterisation theorems for the new rule as well as the much-studied Bird allocation. We show that the principal difference between these two rules is in terms of their consistency properties.     

国际投资税收政策对跨国企业集团投资战略的影响

由于各国经济发展水平、经济资源优势和经济国际化程度不同,各国都制定符合各自经济政策目标的国际投资税收政策,采取的税收优惠政策的侧重点也各不相同。跨国企业集团在制定投资战略时应注重分析各国引导投资的侧重点并充分加以利用,在投资战略选择中,必须慎重确定投资所在国的重点优惠项目或重点优惠地区,全面考虑投资国和投资所在国之间的国际税收协调性,正确认识资本投入量同税收负担与其他投资环境要素之间的关系。应以全球的观点进行国际化投资战略规划,以谋求集团整体税收负担的最小化和整体投资收益的最大化     

关于上海地区屋顶绿化的思考

在上海市平面绿化工作已初见成效,大型公共绿地越来越多,城市越来越美之时,构建立体绿化 成为当务之急。本文通过对上海地区屋顶绿化的现状及存在的问题的阐述,结合绿化植物的选择和维护的一 些基本理论,展示了屋顶绿化广阔的发展前景。     

Discussion and Analysis about Duration Method Based on Marginal Analysis

The selective principle of mutually exclusive project is the maximum of net present value, It is difficult to make decision when NPVA is equal to NPVLB. Some assistant analyses are put forward in ＂Enterprise Investment Decision Management＂. The scientific marginal analysis shows that the assistant analyses including the duration analysis are wrong. This problem can be solved by the classical marginal analysis.     

Collusion and group lending with adverse selection

In an environment with correlated returns, this paper characterizes optimal lending contracts when the bank faces adverse selection and borrowers have limited liability. Group lending contracts are shown to be dominated by revelation mechanisms which do not use the ex post observability of the partners' performances. However, when collusion between borrowers under complete information is allowed, group lending contracts are optimal in the class of simple revelation mechanisms (which elicit only the borrower's own private information) and remain useful with extended revelation mechanisms.     

A comparative site evaluation study for relocating Japanese government agencies out of Tokyo

As a national project of Japan, plans for the relocation of several government agencies out of Tokyo have been ongoing. This paper is concerned with the problem of site selection for this project. The National Land Agency, the agency responsible for this project, has declared that the process of site selection should be rational, open to the public and easily understandable. In an effort to meet these requirements, we propose a consensus-making method for reaching a group decision, based on a combination of the analytic hierarchy process (AHP) and the Assurance Region model of data envelopment analysis (DEA). Several strategic uses of these methodologies, e.g., Delphi procedures, are also discussed. Based on these analyses, the “Wise Men” Committee for deciding the best site has chosen two from among ten contenders, one from the North-East and the other from the Central part of Japan, as candidates for the best relocation site. We could not discriminate between the two with respect to the multiple criteria chosen for evaluating sites. The Committee recommended the two sites to the Prime Minister at the end of December 1999. The Prime Minister reported this conclusion to the Diet. This topic is currently the focus of political discussions in the Diet. In this report, the authors summarize the decision-making processes that the Wise Men Committee followed, putting emphasis on the methodological aspects.     

The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.     

基于适应性商务智能的虚拟企业合作伙伴选择模型

合作伙伴选择是虚拟企业运行中至关重要的问题。迅速而准确地找到合适的合作伙伴并实现协调运作，直接影响到虚拟企业合作绩效和整体目标的实现。文章将环境感知和适应性商务智能理论引入虚拟企业合作伙伴选择中，提出了基于适应性商务智能的虚拟企业合作伙伴选择模型，设计了模型的基本架构，分析了模型的构成模块，探讨了模型的应用机理。     

Evolutionary Stability in the Investment-Opportunism-Retaliation Game

Can economically efficient outcomes be obtained and sustained in the absence of externally enforced property rights? We study the evolutionary properties of a game that exhibits two well-defined Nash equilibria: one generates an inefficient outcome while the other set generates an efficient outcome supported by the potential for retaliation. Although standard forward-looking refinements eliminate the efficient equilibrium, neither equilibrium type satisfies strict evolutionary stability criteria. However, both types of equilibrium define strategies that are neutrally stable, which makes them vulnerable to drift in dynamic environments. We conduct computer simulation experiments in which players learn adaptively via a tournament selection mechanism called sophisticated experimentation. Our simulations demonstrate that while the system spends a disproportionately high proportion of time in the inefficient equilibrium set, the efficient equilibrium is pervasive as the system drifts back and forth between the equilibrium sets, never settling on one or the other.     

韩国政府为实现环保型企业经营的政策及方案

文章论述了环境问题对人类的重要性及创造环保型的企业环境需要解决的问题,在此基础上,提 出了为实现环保型企业经营韩国政府所应该采用的政策及具体的实施方案。