Estimates of average marginal tax rates on factor incomes in Japan

In this paper, we estimate average marginal tax rates on factor incomes in Japan from 1963 to 2007. We adapt the method of D.H. Joines [Estimates of effective marginal tax rates on factor incomes. J. Bus. 54 (2), 191-226.] to the Japanese tax and social security system. Average marginal tax rates on labor incomes without social security premiums range from 14% to 21%, whereas the rates on incomes with social security have increased from 21% to 33%. Tax rates on capital incomes have fluctuated between 35% and 58%. We also compare our estimates with average tax rates and the wedges from business cycle accounting.     

PM5成型机的嘴棒长短预警研究

文章从预防的角度分析了长短嘴棒产生的原因,叙述了针对PM5机型进行长短预防的一些思路,并详细地分析了解决措施的可行性。     

Sales recruiting—A major area of underinvestment

How does a firm decide whether the amount now being spent to generate sales force applicants is too much, not enough, or about right? This question can be answered by using information routinely generated by corporate activities and a relatively straight forward decision theory technique. To illustrate that technique, an analysis was conducted for a hypothetical but by no means atypical firm. The results suggest that many corporations could appreciably increase their overall profitability by spending more on sales force recruitment and selection.     

A Comparative Analysis of Auditor, Manager and Financial Analyst Interpretations of SFAS 5 Disclosure Guidelines

This study examines empirically whether financial analysts (users), as well as managers (preparers) and external auditors ascribe different interpretations to the SFAS 5 disclosure criteria. We find: (1) financial analysts are, on average, more conservative than managers and auditors in their numerical interpretations of both the 'remote' and 'probable' verbal phrases; (2) managers and auditors share very similar numerical interpretations of these verbal phrases; (3) audit partners' numerical interpretations of the 'remote' region are between those of managers and users, whereas audit managers align their numerical interpretations with those of managers. One danger is that preparers of financial statements may omit loss contingency information that users consider valuable.     

Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach

A simple model of monetary/labor search is constructed to study Keynesian indeterminacy and optimal policy. In the model, economic agents have trouble splitting the surplus from exchange appropriately, and we consider monetary and fiscal policies that correct this Keynesian inefficiency. A Taylor rule neither implies determinacy, nor does it support an efficient outcome. An optimal policy yields an efficient and determinate allocation of resources, but equilibrium policy actions, wages, and prices are indeterminate at the optimum.     

Trust Me! I am a European Central Banker

In the aftermath of the financial crisis, the European Central Bank (ECB) has experienced an unprecedented deterioration in the level of trust. This raises the question as to what factors determine trust in central banking. We use a unique cross‐country data set that includes a rich set of socioeconomic characteristics and supplement it with variables meant to reflect a country's macroeconomic condition. We find that besides individual socioeconomic characteristics, macroeconomic conditions play a crucial role in the trust‐building process. Our results suggest that agents are boundedly rational in the trust‐building process and that current ECB market operations may even be beneficial for trust in the ECB in the long run.     

Is UK Vice Chancellor Pay Justified by University Performance?

The pay of university managers (vice chancellors, VCs) in the UK has risen sharply in recent years. This paper considers the extent to which VC pay awards are related to university performance measures based around institution mission and financial probity using an individual fixed effects strategy based on data covering academic years 1998–99 to 2008–09. In contrast to earlier studies on this theme, we find evidence that VCs are rewarded for observable mission‐based performance measures. Specifically, our results suggest that success in widening participation for students from comprehensive schools and those from areas with low university participation exerts a positive effect on VCs' pay. Securing income flows from university funding council grants also impacts positively on their remuneration. However, even after controlling for a rich array of observable and unobservable factors, there have been sizeable increases in real pay in recent years that cannot be readily explained.     

碳五馏分的综合利用

全面论述了国内外C5资源的分离与利用现状,并对中国C5资源的分离利用前景进行了展望.     

Realized volatility transmission: The role of jumps and leverage effects

This paper is the first to employ a multivariate extension of the LHAR–CJ model for realized volatility of Corsi and Renó (2012) considering continuous and jump volatility components and leverage effects. The model is applied to financial (S&P 500), commodity (WTI crude oil) and forex (US$/EUR) intraday futures data and allows new insights in the transmission mechanisms among these markets. Besides significant leverage effects, we find that the jump components of all considered assets do not contain incremental information for the one-step ahead realized volatility. The volatility of S&P 500 and US$/EUR exchange rate futures exhibits significant spillovers to the realized volatility of WTI. Moreover, decreasing equity prices appear to increase volatility in other markets, while strengthening of the US$ seems to calm down the crude oil market.     

Applicability of the M5 to Forecasting at Walmart

The M5 Forecasting Competition, the fifth in the series of forecasting competitions organized by Professor Spyros Makridakis and the Makridakis Open Forecasting Center at the University of Nicosia, was an extremely successful event. This competition focused on both the accuracy and uncertainty of forecasts and leveraged actual historical sales data provided by Walmart. This has led to the M5 being a unique competition that closely parallels the difficulties and challenges associated with industrial applications of forecasting. Like its precursor the M4, many interesting ideas came from the results of the M5 competition which will continue to push forecasting in new directions.In this article we discuss four topics around the practitioners view of the application of the competition and its results to the actual problems we face. First, we examine the data provided and how it relates to common difficulties practitioners must overcome. Secondly, we review the relevance of the accuracy and uncertainty metrics associated with the competition. Third, we discuss the leading solutions and their implications to forecasting at a company like Walmart. We then close with thoughts about a future M6 competition and further enhancements that can be explored.