美国个人理财服务及对我国的启示

个人理财行为是社会经济发展到一定阶段的产物,个人理财需求的出现促进了个人理财服务市场的产生。我国应借鉴美国个人理财服务发展的经验,培育和开拓国内个人理财服务市场,可从以下方面入手:开展国民理财教育,改变我国居民过于保守的理财观念;完善风险控制机制,加强监管;突破经营分业困境,创新理财产品;培养专业人才、构建良好服务体系等。     

Chapter 11 and Asbestos: Encouraging Private Enterprise or Conspiring to Avoid Liability?

This paper explores the American bankruptcy system -- especially the Chapter 11 code -- which since 1978 has allowed insolvent companies the opportunity to restructure and reorganise with the benefit of court protection from creditors. Particular attention is focused on asbestos companies, such as Johns--Manville, which have been among the most consistent and controversial filers for bankruptcy under Chapter 11. The history of asbestos and Chapter 11 is explored, against the backdrop of the burgeoning asbestos crisis, caused by increasing mortality and litigation. Some of the business and ethical issues involved are highlighted by examining in detail a recent bankruptcy (Federal Mogul/T&N in 2001) that has implications in both Britain and America. Chapter 11 bankruptcy is evaluated, particularly in the light of the trend towards similar mechanisms of insolvency in the UK, Europe and the rest of the world. It is concluded that, certainly as regards the experience with asbestos, Chapter 11 offers an inefficient and inequitable method of rehabilitating or rescuing failing businesses.     

Social Security and personal saving: 1971 and beyond

Feldstein (1996, 1974) reported that Social Security in the U.S.A. reduced personal saving (“saving”) in 1992 (1971) by $416 ($61) billion. I reestimate his life-cycle consumption specification using data from the latest NIPA revision, correct his calculations, and find that the implied reduction in 1992 (1971) saving is now $280 ($22) billion, 48% (16%) of actual net private saving, with a standard error of $114 ($14) billion. If structural breaks around WWII and the 1972 Social Security amendments (which raised real per capita SSW by 22%) are allowed, and the market value of Treasury debt included in the specification, the reduction in 1971 and 1992 saving attributable to Social Security is at most 0.55 times its standard error, and 12% of net private saving. I then reestimate the preferred specification of Coates and Humphreys (1999), allowing for these structural breaks and relaxing other restrictions. The implied effect of Social Security on saving is again statistically zero. First version received: September 2000/Final version received: September 2001 RID="*" ID="*"  I thank Les Oxley for pointing out that correcting for AR(1) residuals is not a categorical imperative but a cultural relative, in which case common factor restrictions are crucial.     

论个人所得税的二元课税模式

由于综合个人所得税制在理论基础和实际征管方面都存在着难以克服的困难,发端于北欧国家的对劳动所得适用累进税率而对资本所得适用比例税率的二元个人所得税制就成为一种较为现实而理想的模式,在国际上正得到日益广泛的支持。我国近年提出的综合与分类相结合的个人所得税制模式近似于二元所得税制,应当作为个人所得税改革的长远目标,但还需对具体制度安排进行恰当的设计。     

The Effect of Junk Bond Defaults on Common Stock Returns

This paper examines the effect of junk bond defaults on common stock returns. The evidence indicates that stockholders uncover the signs of financial distress long before the default date. Stock prices fall sharply at the time of the default announcement. Although stocks of fallen angel sample recover slowly and steadily after the default announcement, stocks of the original-issue junk bond sample continue to decline. On average, bankrupt firms suffer larger negative stock returns than defaulted firms not only at the time of announcement, but also in both pre- and post-event periods.     

论高校学生教育管理工作的有效性

随着高校的扩招,大学生人数日益增加,使学校的教育管理工作面临更高的难度。辅导员是高校学生教育管理工作的主体,要有效提高教育管理的工作,辅导员必须明确工作目标,树立良好工作原则,认真贯彻落实以下四点:培养学生自我管理和自我教育的理念,提高学生自我教育和管理的能力;坚持以理服人和以情感人的教育原则,使学生真正服从管理;重视班级文化和宿舍文化的建设,培养充满人文关怀的校园氛围;增强辅导员自身的人格魅力,增强教育管理工作的实效。     

司法公正观新议——人身危险性进入司法领域对传统公正观念的冲击

人身危险性是量刑的重要根据之一。对具体犯罪人适用轻重不同的刑罚时,必须在考虑行为的社会危害性的基础上,充分考虑行为人的人身危险性。这不仅是实现特殊预防的刑罚目的的需要,而且是实现量刑公正的需要,人身危险性是量刑公正的调节器。人身危险性进入司法领域造成的"同罪异罚"必将严重冲击传统的司法公正观念。     

对我国个人所得税若干问题的思考

目前我国个人所得税及征管存在诸多问题,本文试图通过分析我国个人所得税的现状以及存在的问题来提出相应的措施和建议。     

财产性收入的个人所得税思考

从财产性收入如何体现公平入手,在此基础上讨论了现行个人所得税所存在的缺憾,并借鉴其他国家调节财产性收入的经验,提出相关的个人所得税改革建议。建议合理设计工资性收入的累进税率体系,对财产性收入调整征税范围,加强税收征管,矫正工资性收入与财产性收入的＂税率倒挂＂现象。     

Brand heritage as a temporal perception: conceptualisation,measure and consequences

ABSTRACT

This research looks at the concept of brand heritage as a branded representation of the past and its influence on cognitive and affective responses. Although numerous items of research mention brand heritage, the subject still lacks conceptual clarity. This paper aims to address this gap and to build a scale measuring its perception by consumers. The literature review leads to a conceptualisation of brand heritage as the perception of a brand’s temporal management. Then, one qualitative and three quantitative studies facilitate the emergence and validate a three-dimensional scale of perceived brand heritage. A model demonstrates how brand heritage enhances brand credibility and personal nostalgia. This paper contributes to the apprehension of change and continuity in brand management, with potential extensions to other disciplines.