信息披露、透明度与资本成本

信息披露对公司权益资本成本影响的研究对上市公司与监管机构都有着非常深刻的意义 ,然而披露水平与权益资本成本之间的联系往往并不明确 ,特别是在发展中国家。本文运用 2 0 0 2年前在上海证券交易所上市的 51 6家公司数据 ,检验了上市公司权益资本成本与其自愿披露水平的关系。在控制了公司规模与财务风险变量之后 ,本文结论显示 :上市公司信息披露水平的提高有助于降低公司的权益资本成本     

Cost-per-remission analysis of infliximab compared to adalimumab among adults with moderate-to-severe ulcerative colitis

Abstract

Objective:

To compare cost per remission (CPR) of infliximab (IFX) versus adalimumab (ADA) for the treatment of moderately-to-severely active UC.

Methods:

This is CPR model comparing IFX and ADA in the treatment of UC using clinical trial data. Clinical outcome measures include clinical remission and sustained clinical remission (SCR). Economic endpoints were modeled as medication costs. CPR ratios and number needed to treat (NNT) costs were computed at 8, 52, and 54 weeks.

Results:

CPR for bio-naïve patients for IFX and ADA at weeks 8, 52, and 54 was $42,086 vs. $79,558: $147,379 vs. $320,097; $147,379 vs. $330,767, respectively. CPR for all patients for IFX and ADA at weeks 8, 52, and 54 was $42,086 vs. $113,812; $147,379 vs. $349,197; $147,379 vs. $360,836, respectively. Cost per SCR for bio-naïve patients and all patients for IFX and ADA was $203,205 vs. $682,873 and $203,205 vs. $698,393, respectively. NNT and NNT costs for clinical remission for bio-naïve patients at weeks 8, 52, and 54 were lower for IFX (4 vs.10, $40,235 vs. $81,945; 5 vs.10, $134,115 vs. $307,293; 5 vs. 10, $134,115 vs. $317,536, respectively) than for ADA. NNT and NNT costs for clinical remission for all patients at weeks 8, 52, and 54 were lower for IFX (4 vs.14, $40,235 vs. $114,723; 5 vs.11, $134,115 vs. $338,022; 5 vs. 11, $134,115 vs. $349,290, respectively) than for ADA. NNT and NNT costs for SCR for bio-naïve and all patients were lower for IFX (8 vs. 22, $214,584 vs. $676,045; 8 vs.23, $214,584 vs. $706,774) than for ADA. Study limitations include lack of head-to-head trial data, different primary endpoints between the two clinical trials, and indirect costs were not included.

Conclusion:

IFX had lower CPR and cost per SCR than ADA in the treatment of moderately to severely active UC.     

中国通货膨胀的福利成本研究

通货膨胀一直以来都是衡量一国宏观经济运行是否稳定和健康的重要指标。本文对国内外关于通货膨胀福利成本的研究发展进行了较为完整的综述,并在此基础之上运用消费者剩余方法和新古典宏观经济学一般均衡模型对中国通货膨胀的福利成本进行了计算和比较。实证结果说明,在中国高通货膨胀会带来较高的福利损失,因此将通胀率保持在较低的水平对提高中国的经济福利水平是有利的。     

国家级经济技术开发区发展绩效区位因素研究

国家级经济技术开发区（以下简称经开区）是推进我国工业化和外向型经济发展的重要载体。由于集聚了较多加工制造活动,与生产成本和交易成本相关的区位因素都可能影响经济绩效。基于经开区产业活动区位选择特点,结合106个国家级经开区2013年面板数据作因子分析和多元回归分析,探讨了各区位因素对经开区发展绩效的影响。研究显示,与交易成本相关的区位因素对经开区绩效的影响更显著,这不仅表现为工资、地价和排污费等与生产成本直接相关的区位因素与经开区单位面积产值呈负相关关系,而且表现为交通运输条件和政府依法行政状况等与交易成本相关的区位因素与经开区绩效呈明显的正相关性。因此,为促进经开区持续健康发展,地方政府要改变以往为节约生产成本在要素方面竞相压价和盲目比拼财税优惠政策的行为,加大重视抑制交易成本的上升。     

The weighted average cost of capital is not quite right: Reply to M. Pierru

In this journal [Miller, R. A. (2009). The weighted average cost of capital is not quite right. The Quarterly Review of Economics and Finance, 49, 128–138], I argued that the standard WACC formula is inadequate in most circumstances to reward stockholders and bondholders where the necessary cash flows are calculated separately to exactly cover the respective costs of capital. Axel Pierru [2009. ‘The weighted average cost of capital is not quite right’: A comment. The Quarterly Review of Economics and Finance, 49, 1219–1223] observes correctly that my assumed repayment schedules (equal periodic payments to bondholders; similarly for stockholders) imply a temporal drift in the debt (or leverage) ratio; he would recalculate the WACC annually. He proposes an alternative calculation of the repayment schedules under the constraint of a constant debt ratio. Here I suggest three additional possible repayment schedules; in general repayment schedules determine the drift in the debt ratio. However, the expected repayment schedules are established at the time the project is accepted and financed, hence the relevant debt ratio is that which exists at that time. The WACC for a specific project need not (and should not) be recalculated for that project throughout its financial life when that project has already been accepted and financed.     

环境政策工具对生态创新的影响: 研究回顾及实践意义

各种环境政策工具用来推进生态创新的开发、传播与应用,但不同政策工具对生态创新的作用效果还有待进一步挖掘。系统梳理了环境政策工具对生态创新影响的相关研究,探究不同政策工具的作用及其本质,以理解在推动生态创新开发、传播与应用情景下环境政策工具的作用及其实践意义。     

基于经济增加值的企业全面预算管理研究

基于经济增加值的企业全面预算管理是以价值创造为战略导向,以经济增加值为核心业绩指标的一种高效预算管理方法。本文将考虑资金机会成本的经济增加值作为核心业绩指标贯穿于全面预算管理的全过程,提出了基于经济增加值的企业全面预算管理方法。在介绍经济增加值由来和内涵的基础上,提出了全面预算管理基本框架,对全面预算管理体系的构建进行了阐述。按照全面预算管理框架结构,将经济增加值这一核心业绩指标导入全面预算管理的全过程,依次就EVA预算编制方法、EVA预算执行、预算差异分析和预算考评激励四个预算管理环节的具体构建程序和方法进行了探讨,并以一般企业的一般情况为蓝本,为企业基于经济增加值的全面预算管理体系的建立提供了方向和建议。     

Export,FDI and the welfare gains from trade liberalization

This paper extends Melitz and Redding (2015) to analyze the welfare gains from trade liberalization by adding foreign direct investment(FDI). Our model predicts that with FDI activities, welfare gains from trade liberalization will be strictly lower than those in a model without FDI, but only takes exports into account. In addition, the calibrated model indicates that with FDI activities, aggregate welfare reaches its maximum when the fixed export costs are positive rather than 0. Furthermore, we decompose the welfare gains induced by trade liberalization from continuing exporters, and switchers. The results show that in any case, with or without FDI, continuing exporters contribute a larger share to welfare gains than status switching firms.     

Migration Effects of Welfare Benefit Reform

This study tests for a migration response to the implementation of stricter rules for receiving welfare benefits (means-tested social assistance for individuals who lack sufficient work-related income), in the form of mandatory participation in activation programmes in Stockholm town districts. The results give no indications that activation programmes affect the moving choices of recipients of welfare benefits.     

An interest rate peg might be better than you think

Active interest rate policy is frequently recommended based on its merits in reducing macroeconomic volatility and being a simple device. Yet, it might be outperformed by an even simpler policy. A peg can be welfare-enhancing and can uniquely be implemented.