Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex-dividend day: the case of Australia

Using a sample of Australian stocks during the 1996–2014 period, this study examines how tax heterogeneity between domestic and foreign investors affects trading behaviour and stock prices around the ex-dividend day. Domestic investors prefer dividends and tend to buy stocks cum-dividend and sell them ex-dividend whereas foreign investors tend to trade in the opposite direction. Abnormal trading turnover increases with tax heterogeneity. Moreover, stocks with a larger domestic investor base are associated with a higher price drop-off ratio on the ex-dividend day and higher market value of franking credits. Overall, our findings support the dynamic dividend clientele hypothesis.     

Price competition between green and non green products under corporate social responsible firm

This article deals with a newsvendor inventory model in light of green product marketing of corporate social responsible firms. In this model, comparison between green and non green marketing is analyzed including subsidy and tax implementation by Government where the Government offers higher subsidy and lower tax to the green producer unlike the lower subsidy and higher tax to the non green producer. There is also price contest between green and non green producer as the demands of the products are dependent on sales price, carbon emission and corporate social responsibility index. Assuming the cost and profit parameters, an expected profit function of the systems is formulated and maximized analytically. Finally, numerical examples are illustrated to justify the proposed model.     

Size,trend, and policy implications of the underground economy

We study the underground economy within a dynamic and stochastic general equilibrium framework. Our model combines limited tax enforcement with an otherwise standard two-sector neoclassical stochastic growth model. The Bayesian estimation of the model based on Italian data provides evidence in favor of an important underground sector in Italy, with a size that has increased steadily over the whole sample period. We show that this pattern is due to a steady increase in taxation. Fiscal policy experiments suggest that a moderate tax cut, along with a stronger effort in the monitoring process, causes a sizeable reduction in the size of the underground economy and provides a positive stimulus for the regular economy. Both of these effects jointly increase total fiscal revenues.     

环境与就业维度下出口商品结构优化——以江苏为例

利用计量方法从环境和就业这两个指标来考察江苏出口商品结构优化,其中环境指标主要是通过碳排放指标来体现的。通过研究发现江苏九大类出口商品在环境和就业指标上都无此消彼长现象,其中对两指标都具显著影响力的为机械及运输设备,化学品及有关产品和按原料分类的制成品这两类出口商品仅对环境有着显著影响力,对就业不具显著影响力,至于其他种类的出口商品则对环境和就业这两个指标都不具显著影响力,最后得出江苏出口商品结构优化的最明确方向,即大力促进机械及运输设备的出口,抑制化学品及有关产品和按原料分类的制成品这两类出口商品的出口。     

城市化、政府财政支出、就业所有制结构与城乡收入差距

基于1985-2012年的数据,建立以城市化、政府财政支出、就业的所有制结构为内生变量的向量误差修正模型,并且用协整检验考察城市化水平、政府财政支出、就业的所有制结构的长期均衡与短期动态关系。实证分析发现:四者不仅存在长期的均衡关系,而且存在短期动态关系。具体而言,城市化、政府财政支出、就业的所有制结构在长期会扩大城乡收入差距,在短期则会缩小城乡收入差距。     

新医药产业协同创新结构考察

协同创新的本质是创新系统的结构构建,各创新要素之间的联结和相互作用机制决定了协同创新系统的效率。本文以江苏新医药产业为例,从创新网络的节点和创新资源两个方面分析了新医药产业协同创新的结构,并从创新网络的结构特征归纳了新医药产业协同创新的类型,最后提出应如何通过构建产业协同创新的结构来优化创新系统的效率。     

Regulatory performance of audit tournaments and compliance observability

This paper examines the effectiveness of traditional regulatory schemes and newly emerging social information schemes for achieving compliance. Our experiment focuses on two stochastic audit schemes for enforcing regulatory compliance. In the Random Audit mechanism firms are randomly chosen for inspection. In the Tournament Audit mechanism the probability of inspection increases with the degree of estimated underreporting. To study the effects of social information, the experiment varies the observability of identity, output, and compliance decisions. Optimal output is theoretically independent of the auditing scheme, but equilibrium reporting is higher under the Tournament mechanism than Random auditing. Experimental findings are broadly consistent with the theoretical predictions for reporting, but deviate modestly for output. In particular, we find that average output is lower and reporting is higher in the Tournament treatment compared to the Random Audit treatment. At the individual level, a majority of participants misreported in most periods. Social observability does not affect output or reporting significantly in either of the audit treatments.     

论中国金融发展中的结构制约

加入WTO以后中国金融发展面临的主要问题是既要增强国际竞争力,又必须维护国家的金融安全.但目前中国的金融结构存在着严重缺陷,制约了中国金融业的进一步发展与国际竞争力的提升,对金融稳定与安全产生了诸多的不利影响,因此,中国金融发展不能继续依赖数量增长和加快速度的路径,需要转变思路,以结构调整为重点推进中国金融的改革开放与发展,寻求提升国际竞争力与安全性相统一的金融发展之路.     

我国进行国际税收竞争的最优战略与策略分析

本文依据国际税收竞争对我国的积极意义以及我国是发展中大国的战略定位,认为我国应该采取"积极、适度竞争,理性、必要协调"的战略;在竞争策略的选择上,通过对我国主要资本来源国对待本国资本海外投资的规定以及竞争对手国吸引外资相关做法的研究,提出我国应选择"低税率、宽税基、少优惠"的竞争方式和手段,并应注重形成有比较竞争力的税收制度,而不应进行频繁的政策调整.