Testing Temporal Reliability and Carry-over Effect: The Role of Correlated Responses in Test-retest Reliability Studies

Test-retest studies help establish the reliability of contingent valuation (CV) responses but must confront the problem that the initial response may influence subsequent responses, and thus weaken conclusions. We develop a model that tests the influence of heterogeneous preferences and previous responses. By estimating a model of sportfishing, we show that correlation between answers to a CV question is induced by heterogeneous preferences.     

An Evaluation of Contingent Claims Using the CKLS Interest Rate Model: An Analysis of Australia, Japan, and the United Kingdom

In this paper we apply a new efficient numerical method for valuing default free bonds and contingent claims within the CKLS interest rate model. Using historical parameter estimates of the CKLS model for Australia, Japan, and the United Kingdom we compare implied bond and contingent claim prices. Our results indicate that default free bond prices and contingent claim prices are sensitive to the underlying interest rate model used.     

Earnings-Based Bonus Compensation

This article studies the cost of contingent earnings-based bonus compensation. We assume that the firm has normal and abnormal earnings. The normal earnings result from normal firm activities and are modeled as an arithmetic Brownian motion. The abnormal earnings result from surprising activities (e.g., introduction of an unexpected new product, an unexpected strike) and are modeled as a compound Poisson process where the earnings jump sizes have a normal distribution. We investigate, in a simple general equilibrium model, how normal and abnormal earnings affect the cost of contingent bonus compensation to the firm.     

The relative and incremental explanatory powers of dirty surplus items for debt interest rate

This study investigates the relationship between dirty surplus items on the balance sheet and the cost of debt for Japanese firms. We focus on three dirty surplus items—unrealized gains and losses on available-for-sale securities (SEC), foreign currency translation adjustment (FOC), and land revaluation surplus (LAND). While many previous studies on dirty surplus adopted the value-relevance perspective, we examine the effect of dirty surplus items on the interest rate spread of bonds from the bond market perspective. We use the [Vuong, Q. H. (1989). Likelihood ratio tests for model selection and non-nested hypotheses. Econometrica, 57, 307–333] test to evaluate the relative explanatory power of the equity ratio with and without dirty surplus items for the interest rate spread on bonds issued. We find evidence that the equity ratio with dirty surplus items is more strongly associated with the debt interest rate than that without dirty surplus items. The results suggest that the total amount of dirty surplus items have statistically significant explanatory power for the interest rate spread. However, some dirty surplus items do not have explanatory powers for the bond interest rate spread. While FOC has relative and incremental explanatory powers and SEC has only incremental explanatory power, LAND has neither relative nor incremental explanatory power for the bond interest rate spread. The results mean that FOC and SEC are useful to Japanese bond investors.     

中外或有事项准则比较研究

或有会计事项是一种特殊的经济事项,随着我国市场经济的发展和衍生金融工具产生,呈现出多样化和复杂化趋势。我国现行的《或有事项准则》中不足之处也随之显现,本文通过我国或有事项准则与国际相关会计准则比较研究,提出了完善我国《或有事项准则》的一些建议。     

基于社会资本理论的农民灌溉水价支付意愿影响因素分析模型

从社会资本角度定量研究农民灌溉水价支付意愿影响因素,采用信任指数和互助指数对社会资本进行量化,结合开放式和二分式问卷格式,改进了获得农民灌溉水价支付意愿相关数据的引导技术,并采用多元线性回归方法建立了农民灌溉水价支付意愿影响因素定量分析模型。以皂河灌区为研究区域,通过问卷调查收集基础数据,采用提出的模型分析了各因素对农民灌溉水价支付意愿的影响情况。结果表明:社会资本是影响农民灌溉水价支付意愿的重要因素之一;农户主要劳动力人数、耕地面积、供水及时性、管水者工作能力等因素对农民灌溉水价支付意愿也具有显著影响。灌溉水价的改革,应重视农民社会资本并提高灌区供水服务水平等。     

债权人相机控制的机理、类型与机制构建——以不完备契约理论为视角

Aghion-Bolton模型揭示了企业债权人相机控制的机理,即当企业事后出现可验证的特定信号时,一个有效率的所有权安排就是由债权人获取剩余控制权.在实践领域,英美及德日等国家的银企关系所形成的两种类型债权人控制经验模式均存在一定的缺陷,经验证据也表明我国尚未建立起债权人相机控制机制.兼顾美国企业债权人相机控制和日本企业债权人持续控制这两种债权人控制模式的优点并剔除它们的缺陷、建立企业与银行的一种新型合作关系,是构建我国企业债权人相机控制机制的可行思路.     

有确定保质期物品的扩展EOQ模型研究

研究了有确定保质期物品,零售商应如何制定最优订货策略的问题。以经济订货批量（EOQ）模型为基础,构建了有确定保质期物品在保质期内需求不变,保存期内需求线性时变的需求函数,得到在不允许缺货情况下,订货周期在三种情形下的费用函数解析式,通过分析区间内函数的最优性,求得最优订货周期和最优订货量,并得到单位物品变质损失费对总的平均费用毫无作用的结论。最后通过数值算例验证了模型的有效性,并分析了相关参数的灵敏度。     

Why some firms adopt telecommuting while others do not: A contingency perspective

Using a contingency perspective and data from 122 CEOs of Spanish firms, this paper examines what makes a firm likely to adopt telecommuting. We hypothesized that employer adoption of telecommuting would depend on organizational constraints (age and size of the firm), the international composition of the workforce, and the top executives' leadership style. In turn, we argue that firms adopting telecommuting would emphasize outcome‐based control systems. Our empirical evidence showed that telecommuting correlated with small organizational size, a high proportion of international employees, and variable compensation. A contingent reward leadership style at the top moderated the effects of firm age and internationalization on the adoption of telecommuting. © 2009 Wiley Periodicals, Inc.