Leverage,executive incentives and corporate governance

This paper analyses the effect of executive incentives and internal governance on capital structure. Using a large sample of non‐financial US‐listed firms over the period 1999–2005, it is found that managers have different attitudes towards leverage when offered different incentive schemes; leverage initially decreases in bonuses and stock incentives and then increases in these incentives after a certain incentive level, suggesting the existence of the entrenchment–alignment effects under these incentive schemes. In contrast, leverage initially increases in option incentives and then decreases after a certain option incentive level. When all of these incentive schemes are combined together into a single incentive package, the entrenchment–alignment effects prevail. It is also found that leverage increases in internal governance and managers behave differently under different governance regimes such that the entrenchment–alignment effects prevail under weak governance firms, whereas the alignment–entrenchment effects prevail under strong governance firms. The results also suggest that managers’ target leverage ratio is less than the one predicted by theory or preferred by firm shareholders.     

城市化进程中失地农民住房安置研究——以南宁市为例

随着我国城市化进程的快速发展,失地农民住房安置问题不容忽视。通过对南宁市失地农民住房安置现状调查,发现存在经济基础薄弱,补偿金分配不均;安置区规划不合理,管理滞后;土地征用制度滞后,抢建、违建情况突出;住房成本高,失地农民就业困难;新建住房安置项目进展缓慢,过渡期较长等诸多问题。进而提出即时调整拆迁补偿标准;成立专门小组全程协调住房安置工作;设立专项资金,用于安置住房项目建设与售价之间的差价补贴;加大"两违"整治工作力度;完善社区管理机制等对策建议。     

Endogenous debt constraints in collateralized economies with default penalties

The objective of the paper is to propose endogenous debt constraints that rule out Ponzi schemes and ensure the existence of equilibria in a model with limited commitment and (possible) default. We appropriately modify the definition of finitely effective debt constraints, introduced by Levine and Zame (1996) (see also Levine and Zame (2002)), to encompass models with limited commitment, default penalties and collateral. Along this line, we introduce in the setting of Araujo et al. (2002), Kubler and Schmedders (2003) and Páscoa and Seghir (2009) the concept of actions with finite equivalent payoffs. We show that, independent of the level of default penalties, restricting plans to have finite equivalent payoffs rules out Ponzi schemes and guarantees the existence of an equilibrium that is compatible with the minimal ability to borrow and lend that we expect in our model.     

高职“数学技术”课程模块建设的思考

高等职业教育类型的确立,使高职数学课程改革成为历史的必然。通过分析我国高职高专教育的现状和国际高等教育的分类标准,认识了高等职业教育的概念和缩短学制的必要性,并紧扣人才培养目标,提出＂数学技术＂课程模块建设方案,说明方案的可行性。     

大学英语成就测验若干问题讨论

讨论了大学英语成就测验在编制、评分和标准设置等方面存在的问题：测验项目未能充分代表教学目标，降低了测验效度；成绩报告使用原始分数，有很大的局限性；不同难度的测验使用固定的及格标准，分数未作等值处理，影响了掌握与非掌握分类决策的准确性。建议测验编制前应制定测验项目规格明细表，分数报告应将原始分数转换为标准分，比较不同难度的测验时应有不同的标准设置和进行等值处理。     

The effect of primed goals on employee performance: Implications for human resource management

Overwhelming evidence in the behavioral sciences shows that consciously set goals can increase an employee's performance. Thus, HR professionals have had little, if any, reason to be interested in subconscious processes. In the past decade, however, laboratory experiments by social psychologists have shown that goals can be primed. That is, people's behavior is affected by goals of which they are unaware. Because a conscious goal consumes cognitive resources, this finding has important implications for employee efficiency in the workplace. This paper discusses the results of priming a performance goal in two organizational settings. Call center employees who were primed using a photograph of a woman winning a race raised significantly more money from donors than those who were randomly assigned to a control group. A meta‐analysis revealed that a photograph can prime the subconscious to increase job performance. The results of the present study demonstrate that subconscious motivation is a concept worthy of exploration for both human resource scholars and practitioners. © 2011 Wiley Periodicals, Inc.     

Accounting Regulation in Malta

This paper considers the development of accounting rules in Malta, and traces the changing de jure requirement of a ‘true and fair view’ (TFV) in national legislation. This is done in three phases. The initial phase discusses financial reporting issues arising from the then ambiguous TFV wording in the Companies Act 1995. The changing TFV wording is compared to the UK Companies Act 1948 and to the European Community Directives being the basis of national company legislation. Due to the ever-increasing conflicts between IFRS and national legislation, ways how the local accounting profession has applied the TFV principle are then illustrated. The impact on the audit reports, arising from implementation of the IAS Regulation (1606/2002/EC) is discussed in the second phase. It is found that the IAS Regulation brought about a lack of clarity as to the applicable regulatory financial reporting framework for listed entities. In the third phase, the practical difficulties and issues that led to the recent development of a national financial reporting standard for smaller entities are examined in an international context. The possible implications of a second de jure imposition of a TFV, in this national standard, are put forward.     

胜利煤田物流园区功能设置研究

结合胜利煤田的具体特点,在分析胜利煤田物流园区的服务对象、主要物资品类和流向、物流需求特点基础上,确定了胜和煤田物流园区的功能,并提出了物流园区功能设置的一般思路.     

对实施退耕还林(草)的对策探讨

针对退耕还林 (草 )试点中的问题提出对策 ,政策引导 +市场机制 +科技支撑 +农民意愿 ,生态补偿制度 +林权和农林地制度 +经营模式 +营林模式创新 ,调整产业结构 ,培育区域特色经济。     

试论高等职业教育专业设置的基本原则

高职专业是明确职业教育培养规格的重要规范,是高等职业教育服务地方经济的重要接口.高职专业的设置、调整既要以科学规范的学科门类为基础,更要以职业世界的岗位需求为前提.本文对高职专业的设置原则进行了深入研究,旨在为高职专业的科学设置提供指导和参考.