创业企业相机治理分析

本文提出公司治理等效曲线概念,论述了对企业进行相机治理是公司治理的客观要求.根据创业企业特点,本文分析了创业投资家对创业企业进行相机治理的机制、作用和方式,认为相机治理成功地解决了创业投资家与创业企业家之间的委托代理问题.     

Fiscal policy in Korea: Before and after the financial crisis

This paper examines the role of fiscal policy in the Korean financial crisis and the subsequent recovery from it. We specifically address three questions: Was Korea’s fiscal policy prior to the crisis conservative, or were there large hidden contingent liabilities not captured in the official budget balance? What were the main characteristics of fiscal policy in stimulating and restructuring the economy under the IMF stabilization program in Korea? How effective were the financial guarantee and public investment programs as part of the counter-cyclical fiscal policy in the recovery process from the crisis? To address these questions, we re-estimate the consolidated budget deficits in Korea by incorporating the quasi-fiscal activities of public funds and public enterprises using their micro balance-sheet data from 1972 to 2003.     

Contingent valuation of ill health caused by pollution: testing for context and ordering effects

Contingent valuation is being increasingly used to value episodes of ill health caused by environmental pollution. In contrast to studies that have used contingent valuation to value other types of non-market goods, health episode valuation studies have tended to 1) value several ill health episodes or symptoms in the same survey, and 2) be vague in the survey instrument about the cause of the ill health, how it would be avoided or how the improvement would be paid for. The resulting values are then combined with exposure-response functions to generate economic estimates of health damages from pollution. This study tests whether episode valuation responses are sensitive to two of these design features. In a five-country study using split sample treatments, neither episode ordering nor mention of the cause of the ill health influenced stated willingness to pay to avoid specific ill health episodes.JEL Classification: C42, I12, Q51 Correspondence to: Richard ReadyThis research was supported by the European Unions Environment and Climate Research Programme: Theme 4 - Human Dimensions of Environmental Change (contract no. ENV4-CT96-0234). Any views expressed in the paper are not necessarily the views of any of the authors employers.     

关于个体情感因素对英语学习影响的实证研究

焦虑、性格、自尊心以及学习动机是学习者学习英语时的重要情感因素,它们不仅影响学习者的英语学习,而且内部之间也相互影响、相互制约。本研究通过问卷、访谈等方式对学习者的英语学习焦虑、性格、自尊心以及学习动机等作出了调查,并对它们内部之间的关系进行了分析。     

The impact of tax law uncertainty on the development of the Sarbanes-Oxley auditor independence rules with regard to tax shelters

The paper examines the impact of tax rule uncertainty on the development of the Sarbanes-Oxley auditor independence rules. We show that the inability of Congress to articulate a concise and agreed-upon tax shelter definition forced the SEC to adopt their own definition that incorporates two characteristics common to most tax shelters: contingent fee arrangements and confidentiality. We also consider whether this definition eliminates the subjectivity in the tax shelter identification process because it reinstates the significant purpose standard (used for tax enforcement purposes) to assist auditors (and their public company clients) identify tax shelter transactions. We conclude that the new definition has reduced the incentive of auditors to provide tax related services to their public company clients.     

意愿评估法在农地非使用价值评估中的改进

研究目的:针对意愿评估法(CVM)在评估农地非使用价值方面的现有不足提出改进措施。研究方法:文献研究法,归纳分析法。研究结果:从意愿调查设计、数据分析、结果检验三方面对意愿评估法进行改进,可以提高其在评估农地非使用价值中的有效性与可靠性。研究结论:非使用价值是农地资源价值的重要组成部分,意愿评估法可以实现农地非使用价值的量化,成为辅助农地政策分析与决策的一门实用技术。     

Combining Contingent Valuation and Choice Experiments. A Forestry Application in Spain

When many good variants are to be valued, like in several forest management programs which differ in the attribute levels, the Contingent Valuation Method may not be a practical option, given the cost and time involved to value each variant separately. There are at least three alternative procedures in such situations. One (i) is to apply an attribute based valuation method like a Choice Experiment (CE); another (ii) is to conduct a CVM and a CE exercise and estimate a joint model; a third one (iii) is to use the CVM estimates to value a base scenario, and then use the CE results to adjust the CVM estimates for any new different scenario. A numerical simulation and an empirical application to an afforestation program in Spain show that the latter is the procedure that yields closer values to the CVM estimations, followed by (ii).      

Are There Income Effects on Global Willingness to Pay for Biodiversity Conservation?

This paper is concerned with the empirical relationship between biodiversity conservation values and income. We use random effects panel models to examine the effects of income, and then GDP per capita, on willingness to pay for habitat and biodiversity conservation. In a meta-analysis, 145 Willingness To Pay estimates for biodiversity conservation where existence value plays a major role were collected from 46 contingent valuation studies across six continents. Other effects included in the meta-analysis were the study year; habitat type; continent; scope as presented to respondents; whether WTP bids were for preventing a deterioration or gaining an improvement in conservation, whether a specific species or specific habitat was protected; whether the questionnaire used a dichotomous choice or an open-ended format; distribution format; and the choice of payment vehicle. GDP per capita seemed to perform as well as an explanatory variable as respondent’s mean stated income, indicating that it is wealth in society as a whole which determines variations in WTP. Even if large variation, our main conclusion is, that the demand for biodiversity conservation rises with a nation’s wealth, but the income elasticity of willingness to pay is less than one.     

Household Versus Individual Valuation: What’s the Difference?

Standard practice in stated preference typically blurs the distinction between household and individual responses, but without a clear theoretical or empirical justification for this approach. To date there have been no empirical tests of whether values for say a two adult household elicited by interviewing one randomly selected adult are the same as the values generated by interviewing both adults simultaneously. Using cohabiting couples, we conduct a choice experiment field study valuing reductions in dietary health risks. In one treatment a random individual is chosen from the couple and interviewed alone; in the other treatment, both partners are questioned jointly. We find significant differences in household values calculated from joint as opposed to individual responses, with further variation between the values elicited from men and women. Our results question the assumption, implicit in common practice, that differences between individually and jointly elicited estimates of household values can effectively be ignored.      

Optimal criteria for selecting price discrimination metrics when buyers have log-normally distributed willingness-to-pay

This paper investigates how a monopoly seller should determine the optimal set of pricing variables (pricing metrics) for third-degree price discrimination applications in which buyers have log-normally distributed willingness-to-pay (WTP). In a setup that closely resembles linear and probit regressions, this paper shows that when the monopoly seller is restricted to using one metric and no price discrimination cost exists, the pricing metric that best reduces the residual variance of buyers’ willingness-to-pay is the one that maximizes revenue. Equivalently, the explanatory power of willingness-to-pay is the ordering criterion. This paper also shows that this criterion is not universally true when willingness-to-pay follows other distributions. When the seller incurs price discrimination costs associated with different metrics, the ordering criterion becomes the explanatory power of each pricing metric divided by its cost. This paper also discusses how to apply this model to solve real-world pricing problems with contingent valuation models or using probit regression.