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1.
This paper extends the notion of individual certainty equivalent to group certainty equivalent, in order to derive sharing rules that ensure unanimity on project rankings within a syndicate. A constrained maximization problem is set up with optimal project-specific sharing rules as the solution. It is shown that the group certainty equivalent construct allows for experimental derivation of a syndicate's preference function from a procedure parallel to that presently employed for deriving preference functions of individuals. The analysis potentially has a role in examining the nature of optimal compensation systems (sharing rules) for closely held (non-traded) corporations and partnerships. 相似文献
2.
This paper shows that the net effective tax rate on the Registered Retirement Savings Plans (RRSPs) in Canada has not been inflation non-neutral because of the combination of the non-neutrality of various sources of retirement income and the progressivity of the personal tax system. The paper also shows that although the RRSPs provide some tax arbitrage opportunities, these opportunities in Canada are limited due to the non-tax-deductibility of interest on mortgage and consumer credits. Finally, on theoretical grounds, the paper argues that the RRSPs may not have provided any incentives for personal savings in Canada. 相似文献
3.
The progress of school education in India 总被引:2,自引:0,他引:2
This paper provides an overview of school education in India.First, it places India's educational achievements in internationalperspective, particularly against countries with which it isnow increasingly compared, especially China. Second, the paperexamines schooling access in terms of enrolment and school attendancerates, and schooling quality in terms of literacy rates, learningachievement levels, school resources, and teacher inputs. Third,the paper investigates the role of private schooling in India,examining the extent of growth of private schooling and surveyingevidence on the relative effectiveness and unit costs of privateand public schools. Last, the paper discusses some major publiceducation initiatives. The concluding section suggests a futureresearch agenda and appeals for rigorous evaluation of the impactsand costs of the numerous existing educational interventions,in order to learn about their relative cost-effectiveness forevidence-based policy-making. 相似文献
4.
Devinder K. Gandhi Anthony Saunders Richard Woodward Charles Ward 《Journal of Banking & Finance》1981,5(2):155-165
This paper analyses the effects of exchange controls on the ranking of British and overseas investments. A method is developed by which the costs of such controls can be incorporated into return calculations. It is shown that the adjustment of returns for exchange controls significantly alters the rankings of investments. An additional aspect of the paper is to rank domestic and foreign investments by stochastic dominance and compare the derived rankings with mean-variance. Again a significant differences in rankings is identifiable. It is concluded that the exchange rate regime, institutional exchange controls and the entire distribution of returns should be considered in ranking domestic and foreign investments. 相似文献
5.
Nonparametric identification and estimation of random coefficients in multinomial choice models
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We show how to nonparametrically identify the distribution of unobservables, such as random coefficients, that characterizes the heterogeneity among consumers in multinomial choice models. We provide general identification conditions for a class of nonlinear models and then verify these conditions using the primitives of the multinomial choice model. We require that the distribution of unobservables lie in the class of all distributions with finite support, which under our most general assumptions, resembles a product space where some of the product members are function spaces. We show how identification leads to the consistency of a nonparametric estimator. 相似文献
6.
Pakistan has very large gender gaps in educational outcomes. One explanation could be that girls receive lower educational expenditure allocations than boys within the household, but this has never convincingly been tested. This article investigates whether the intra-household allocation of educational expenditure in Pakistan favours males over females. It also explores two different explanations for the failure of the extant ‘Engel curve’ studies to detect gender-differentiated treatment in education even where gender bias is strongly expected. Using individual level data from the latest household survey from Pakistan, we posit two potential channels of gender bias: bias in the decision whether to enrol/keep sons and daughters in school, and bias in the decision of education expenditure conditional on enrolling both sons and daughters in school. In middle and secondary school ages, evidence points to significant pro-male biases in both the enrolment decision as well as the decision of how much to spend conditional on enrolment. However, in the primary school age-group, only the former channel of bias applies. Results suggest that the observed strong gender difference in education expenditure is a within rather than an across household phenomenon. 相似文献
7.
School Participation in Rural India 总被引:6,自引:0,他引:6
This paper presents an analysis of the determinants of school participation in rural north India, based on a recent household survey which includes detailed information on school characteristics. School participation, especially among girls, responds to a wide range of variables, including parental education and motivation, social background, dependency ratios, work opportunities, village development, teacher postings, mid-day meals and infrastructural quality. Mid-day meals are particularly effective: the provision of a mid-day meal in the local school roughly halves the proportion of girls excluded from the schooling system. School quality matters, though it is not related in a simple way to specific inputs. 相似文献
8.
Currently a conflict exists in the accounting literature concerning the propriety of extending the accountant's function to include the assessment of social programs. This paper attempts to clarify the issues of debate and evaluate the various points of view. The first two sections discuss the social science literature on evaluation and evaluation problems. The following two sections focus the discussion on the accountant's role in various evaluation activities. The concluding section of the paper offers a schema of the process that can be applied in the evaluation of social programs. 相似文献
9.
We assess the relation between asset reliability and security prices. Concerns about asset reliability are increasing with the move to fair value accounting in general purpose financial reports. We provide pertinent evidence from credit markets. A key benefit of using credit market data to explore the capital market implications of asset reliability is the theoretical basis of Duffie and Lando (Econometrica 69(3):633–664, 2001). They show that asset reliability (measurement) concerns should be concentrated in short-term credit spreads. Thus a focus on credit term structure can facilitate a cleaner identification of the impact of asset reliability on security prices. We find that asset reliability issues, attributable to SFAS 157 disclosures of Level 2 and, especially, Level 3 financial assets for a set of US financial institutions over the period of August 2007 to March 2009, are a significant determinant of short-term credit spreads and the shape of the general credit term structure. Our findings are robust to a variety of control variables and research design choices. 相似文献
10.
Navneet Arora 《Review of Accounting Studies》2013,18(3):824-832
Comparability of financial statements has been a subject that is often referred to by academics and practitioners alike. In recent years, researchers have attempted to develop a quantifiable framework to study the benefits of comparability from the perspective of equity markets. Kim et al. (2013) approach this issue from the perspective of credit markets. This discussion of their paper has three objectives. First, it critiques their proxy for comparability and offers suggestions on how to validate their assumptions. Second, it recommends improvements to their research design, keeping in mind nuances of credit as an asset class. Finally, to help the authors with their future research, it offers proxies for comparability and information asymmetry that can be developed through some new datasets that have become available to researchers. 相似文献