基于高科技行业的管理层股权激励与企业价值关系的实证研究

论文运用面板数据的多元统计分析方法对沪深两市高科技行业上市公司的管理层股权激励和企业价值的关系进行实证研究，结果发现：企业价值与管理层股权激励比例、经营活动现金流量／总资产、息税前利润／总资产正相关，与企业规模、资产负债率、国有股比例负相关。并根据研究结果提出了相关建议。     

Forestry in the Republic of Ireland: Government policy,grant incentives and carbon sequestration value

Recent decades have seen a rapid increase in the area of privately owned forest plantations in Ireland. This has been largely driven by grant aid and annual premium payments from the government and the European Union. These forests are significant carbon sinks and as such are delivering added benefit to the country by contributing to greenhouse gas reductions under the Kyoto Protocol.The direct impact of government subvention on the net present value (NPV) for a defined forestry plantation is investigated. The added value of carbon sequestration to forestry investment is also examined using the Forestry Commission (Great Britain) carbon model. Extending the typical assumption of a constant carbon price for project appraisal purposes, this paper allows carbon prices to evolve randomly according to a flexible stochastic price process. The model chosen is an extended mean-reverting jump-diffusion with the flexibility to capture the higher order statistical features (i.e. skewness and kurtosis) of the carbon markets. This allows for an analysis of the risk and uncertainty around the NPV from exposure to stochastic carbon prices. It is shown that government grants and annual premiums for afforestation significantly improve the NPV on forestry investment. Carbon sequestration is shown to add further value.     

Reducing the risk of choking hazards: Mouthing behaviour of children aged 1 month to 5 years

Young children have a natural tendency to mouth items to explore their environment. Mouthing carries mechanical and chemical hazard potential for injury to the child, for example if they swallow an item they may choke, they may cut themselves on sharp items, and certain chemicals are present in plastic items which may pose a risk to children. Few data are available on the time that young children mouth items, how they mouth, and what they mouth. This study gathered data on 236 children aged between 1 month and 5 years to supplement and extend existing data. Findings are presented of estimated average and maximum daily mouthing times for children, how they mouth, what they mouth, and whether the items mouthed were intended to be. A validation study was carried out to determine the accuracy of the parental observation method used to gather the data. The implications of the findings of this study are discussed with respect to reducing the potential for mechanical accidents in the home.     

《食品安全法》的几点思考

《食品安全法》及其实施条例的颁布实施具有重要意义。该法在制度上颇有创新,但并未明确消费者食品安全权、精神损害赔偿,食品安全的概念、食品召回及惩罚性赔偿制度也尚需进一步考量和完善,以更好的保护消费者生命健康安全。     

Economic doctrines and network policy

Disagreements over how to craft Internet policy have become more and more contentious and political. Beyond the technical and engineering aspects are economic questions, and the points of view of various stakeholders and participants on such network policy issues stem from differing economic philosophies. This paper postulates and describes four competing economic doctrines: conservative neoclassical, liberal neoclassical, neo-Keynesian, and innovation economics. It explains how each doctrine leads to different views of appropriate network policy and explores the influence of doctrine on four controversial network policy issues: broadband competition, net neutrality, copyright, and privacy. Understanding this doctrine based source of differences over network policy should help policy makers better understand core issues and make more informed policy decisions.     

美国药品安全体系改革的善治化趋势及其启示

近年来，“万络”等药品安全事件促使美国采取一系列措施以完善其药品安全体系，而美国这一系列改革实施的过程充分体现了当今公共管理领域的善治化趋势。本文在介绍和分析美国改革的背景、原因以及相关行动的基础上，结合善治的特征对美国改革经验进行总结，以期为我国药品安全工作的深入提供一定的借鉴。     

An epidemiological study of injury in mines: implications for safety promotion

This paper is intended to raise risk management as a topic for discussion among product safety professionals and discuss one particular key element of understanding risk. Risk management is an essential part of good product safety management, whether at the policy level or the implementation stage, and is relevant to all those involved in the development and use of standards, including regulators and suppliers. The risk management process involves measuring the risks at the initial stage, by looking at consequence (possible injury) and likelihood (of that injury occurring) which then gives us the ‘inherent risk.’ We then seek ways to treat the risks. A second assessment of the risks is subsequently done to establish the extent to which the treatment will address the problem (‘assessed risk’). In product safety, this means how dangerous is the product as it is and how effective will a measure be in reducing the risk. Communication is vital in this process. When standards are developed and policy adopted, the factors that are taken into consideration need to be properly documented. The rationales for decisions, i.e., what the hazard is and how it is treated by the product specification, should be recorded within the standard itself. In the absence of recorded reasons, assumptions are made and these may well be incorrect. This paper discusses this topic in some detail and provides illustrative examples.     

COMPETITION AND SAFETY IN UK LOCAL AUTHORITIES. An empirical study

A number of studies throughout the late 1980s and early 1990s were able to highlight economic gains from the policy of Compulsory Competitive Tendering (CCT) in the UK. Claims have been made that this economic gain was achieved by financial savings brought about by deterioration in the terms and conditions of employees. Far less is known about the impact of CCT on the occupational health and safety of direct and subcontracted employees engaged in public service provision. Much of the literature which does exist on the impact on occupational health and safety of privatization generally, asserts that its effect has been negative. This article addresses the question of the impact of CCT on occupational health and safety on the basis of triangulation of three methodological approaches. Although the current UK government has abandoned the CCT process, it has replaced it with a policy of ‘Best Value’, a policy which will apply to all local authority services. Best Value does not contain the same element of compulsion, but it is likely that many of the organizational and commercial pressures introduced by CCT will continue. Against that back-drop, it is concluded that CCT may have exposed pre-existing deficiencies in local authority health and safetysystems. Strategies have been developed to address many of these deficiencies in CCT services. Services previously not subject to CCT will now be required to address these problems and solutions as a consequence of the Best Value regime.     

Supporting the UN Decade of Action for Road Safety 2011–2020

The Scottish Accident Prevention Council is responsible for promoting water safety in Scotland. It has long expressed concern that the number of reported drownings in Scotland underestimates the actual figures. The key aims of this study were to establish a valid database of water-based incidents in Scotland and test the under-reporting proposition.

A survey involving interviews and correspondence was undertaken to establish the sources of information on drownings. Once identified, a database was established and data for a 7-year period acquired.

The study identified the organizations essential to the establishment of a complete database. It also established protocols for gaining annual information. Data analysis confirmed a significant under-reporting of accident data and signalled a number of areas of concern with regard to those most at risk. The study produced, for the first time, a mechanism for recording complete details of drownings in Scotland.     

Forecasting the returns on UK investment trusts: a comparison

The well known fact that investment trusts (closed-end mutual funds in the USA) trade at a discount means that the return to an investor depends not only on the change in net asset value (NAV), but also on changes in the discount over the holding period. Using daily data, this paper models the relationship between UK investment trust prices and NAV's using cointegration methodology then shows that the forecasts based on the, error correction mechanism (ECM) compare poorly with those from vector autoregressions. And then incorporates a number of modifications to the ECM in an attempt to improve the forecasts. In particular, modelling volatility persistance and allow for asymmetric resonses in the ECM.