An Examination of ERR and Asset Allocation in Public Pension Plans

In this paper, we examine the usefulness of expected rates of return (ERR) for public pension plans. Specifically, we test the correlation between the expected rate of return on plan assets and asset allocation. We also examine the predictive power of ERR on the actual returns of the pension assets. We find that the correlation between expected return and the percentage of assets that are equity securities is relatively weak. Further, we find that the percentage of assets that are equity securities is a much better predictor of actual returns than the disclosed expected return in public pension plans. These results provide evidence to support SFAS No. 87 , which requires the disclosure of plan assets and against recently promulgated SFAS No. 132 , which eliminates this disclosure requirement. The evidence also supports GASB 25'sStatement of Net Plan Assets .     

The Relations between Minimal Martingale Measure and Minimal Entropy Martingale Measure

We consider incomplete markets, where each risky asset fluctuation is a continuous semimartingale, and study a subset of Equivalent Local Martingale Measures in which Minimal Martingale Measure minimizes relative entropy.We also discuss, as special cases, some models with the risky assetfluctuation represented as a solution of some stochastic differential equations.Finally, we mention that the predictable representation property is essentialin order that Minimal Martingale Measure coincides with Minimal Entropy Martingale Measure.     

The Internal and External Impact of Historical Designation on Property Values

Designation of historic properties and historic districts is increasingly used as a means to revive central-city neighborhoods and to promote urban economic development. While preservation activities are thought to generate positive externalities for surrounding neighborhoods, these external effects have been difficult to quantify. Using a database of tax-appraisal records for residential properties in Abilene, Texas, this study demonstrates that there are significant, positive externalities associated with historic designation. We perform simple cost-benefit calculations and find that the internal and external benefits more than outweigh the (nonzero) costs associated with historical designation. Moreover, from the city of Abilene's perspective the property-tax incentives provided to historic reinvestment are outweighed by the added property-tax revenue created by the increased value.     

关于市场经济条件下界定财政功能的若干问题

在新旧体制交替过程中，转换政府职能、调整财政功能、必须正确处理政府与市场的关系，调整涉外税收优惠政策，贯彻公平竞争原则，改革财税体系，以适应与国际接轨的要求。     

Creating a Public Good to Fight Monopolization: The Formation of Broadcast Music,Inc.

Entry by vertical integration to defeatmonopolization has played an important role in severalantitrust cases. Yet the source of financing for suchentry is unclear, given that the entrant represents apublic good to the vertically related firms. Whilethere are a number of theoretical and experimentalstudies on the private supply of a public good, thereis little empirical estimation on this topic. Thispaper examis business contributions to the creation ofBroadcast Music, Inc. (BMI) in 1940. BMI was createdby broadcasters specifically to fight monopolization,and represented investment in a pure public good. This study finds that several factors led tocontributions to create BMI. In particular, networkaffiliation increased the probability that a stationwould join BMI. There is also evidence stations inless competitive markets were more likely to join,indicating that the rents from the creation of BMIwere less likely to be competed away in suchmarkets.     

Investment trust IPOs: Issuing behaviour and price performance Evidence from the London Stock Exchange

In this paper, we document an average first day return of 1.91 percent for the population of 105 investment trust IPOs during the period from January 1984 through August 1992 on the London Stock Exchange. This is the first study that finds evidence of significant first day returns for a sample of closed-end fund IPOs. The results also suggest that investment trust IPOs are subject to ‘hot’ issue periods. These tend to occur when there is a marked narrowing in the discounts of seasoned investment trusts. Initial gains are, however, short lived; by the end of their first year, investment trust IPOs substantially underperform a number of relevant benchmarks and, on average, trade at discounts to their underlying net asset values.     

Everybody wins? A discourse analysis of competing stakeholder expectations in Social Impact Bonds

ABSTRACT

This paper explores how diverse stakeholders frame their expectations of Social Impact Bonds (SIBs). Using discourse analysis, the authors examine competing expectations in SIB press releases, showing how they differ between stakeholders, between institutional contexts, and how they evolve over time. The paper highlights how the prioritization of social finance and collaboration discourses privileges the role of private investors, which in turn diminishes the role of service providers as innovators.     

从经济学的二重关系看东北振兴

以马克思主义经济理论中生产力与生产关系的辩证原理为指导,借鉴新制度经济学关于产权安排与制度变迁的有关论述,对东北振兴的经济理论和途径进行探讨,对东北经济与社会的全面发展具有重要的现实意义。     

农村公共品供给困境与投入体制改革——基于安徽省部分地区的调查

目前,农村公共品严重匮乏,农村基础设施落后,教育和社会保障满足不了广大农民的需求,农业生产技术和农业发展资金也严重缺乏。而现行的投入体制却解决不了农村公共品匮乏问题,因而必须改革农村公共品投入体制。     

民营经济发展与“重新建立个人所有制”

马克思的“重新建立个人所有制”是“联合起来的个人所有制”,是一种公有制,是劳动者个人能完整地享有所有者权益的所有制。在缺乏自主联合条件的社会主义初级阶段,民营经济对公有制经济的发展起促进作用,但还不是在社会共同占有基础上的个人所有制。要在民营经济与国有经济相协调的过程中不断探索公有制的实现形式。