基于供应链管理的物流信息系统敏捷性研究

介绍了信息系统敏捷性的概念,分析了供应链管理环境下的物流信息系统的敏捷性要求,提出了该系统的设计原则,讨论了敏捷性物流信息系统实现的关键技术。     

企业文化变革的制度透视与经济学分析

本文从新制度经济学的视角出发，把企业文化视为非正式制度，以其基本理论为基础，对企业文化内涵及其变革进行了分析和研究，为企业文化变革提供了理论依据。     

公司丑闻、声誉机制与高管变更

本文以2003～2008年发生丑闻的公司高管为研究样本,实证检验了作为非正式制度约束的声誉机制对高管变更的影响。模型的回归结果显示,公司业绩、董事会特征以及股权集中度并不能有效解释丑闻公司高管变更的原因。相反,声誉惩罚却显著提高了丑闻公司高管变更概率,并分别将这些公司董事长和总经理变更的概率至少提高了8.02个百分点和2.46个百分点。进一步研究还表明,声誉惩罚显著降低了丑闻公司董事长变更后继续担任公司其他职位的概率。研究结论证实,在转型期的中国,作为非正式制度约束的声誉机制能够在改善公司治理方面发挥作用。     

Flexible distribution functions,higher-order preferences and optimal portfolio allocation

In this paper we show that flexible probability distribution functions, in addition to being able to capture stylized facts of financial returns, can be used to identify pure higher-order effects of investors' optimizing behavior. We employ the five-parameter weighted generalized beta of the second kind distribution—and other density functions nested within it—to determine the conditions under which risk averse, prudent and temperate agents are diversifiers in the standard portfolio choice theory. Within this framework, we illustrate through comparative statics the economic significance of higher-order moments in return distributions.     

Gender‐Compensation Differences Among High‐Level Executives in the United States

Bertrand and Hallock (2001: 3) present compelling evidence that female executives in the United States earned 45 percent less total compensation than their male counterparts for 1992–1997. We complement their results by analyzing data over a longer time period and, more importantly, contend that most of the unexplained gender difference in total pay among executives was due to gender differences in the portion of variable pay, in particular a different cash payout from stock option exercises.     

Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

We study the effects of anti-takeover provisions (ATPs) on the takeover probability, the takeover premium, and target selection. Voting to remove an ATP increases both the takeover probability and the takeover premium, that is, there is no evidence of a trade-off between premiums and takeover probabilities. We provide causal estimates based on shareholder proposals to remove ATPs and address the endogenous selection of targets through bounding techniques. The positive premium effect in less protected firms is driven by better bidder-target matching and merger synergies.     

商业负债影响因素的实证研究及其债权人保护

本文汇总了上市公司2002～2004年会计报表附注中商业负债信息的披露情况,并对影响商业负债的相关因素进行实证方面的分析,发现上市公司静态收款质量、EBIT、资产规模与商业负债呈正相关关系,而存货周转率与其呈负相关关系.同时指出由于存在法律不完善、信用机制不健全、信息不对称、政府的不当介入,使得商业负债债权人利益不能得到有力保护.     

Forecasting Heavy‐Tailed Densities with Positive Edgeworth and Gram‐Charlier Expansions*

This article presents a new semi‐nonparametric (SNP) density function, named Positive Edgeworth‐Sargan (PES). We show that this distribution belongs to the family of (positive) Gram‐Charlier (GC) densities and thus it preserves all the good properties of this type of SNP distributions but with a much simpler structure. The in‐ and out‐of‐sample performance of the PES is compared with symmetric and skewed GC distributions and other widely used densities in economics and finance. The results confirm the PES as a good alternative to approximate financial returns distribution, specially when skewness is not severe.     

USING PSEUDO‐PANELS TO MEASURE INCOME MOBILITY IN LATIN AMERICA

This paper presents a comparative overview of mobility patterns in 14 Latin American countries between 1992 and 2003. Using three alternative econometric techniques on constructed pseudo‐panels, the paper provides a set of estimators for the traditional notion of income mobility as well as for mobility around extreme and moderate poverty lines. The estimates suggest very high levels of time‐dependent unconditional immobility for the Region. However, the introduction of socioeconomic and personal factors reduces the estimate of income immobility by around 30 percent. There are also large variations in country‐specific income mobility (estimated to explain some additional 10 percent of inter‐temporal income variation). Analyzing the determinants of changes in poverty incidence within cohorts revealed statistically significant roles for age, gender, and education of the household head, the latter subject to distinctive effects across levels of attainment and transition in and out of poverty.     

A Test of the Law of One Price in Retail Banking

This paper investigates the level and the determinants of retail banking interest rate differences among Spanish banks in the period 1989–2003. We find that the interest rates of twenty five different bank loan and deposit products adjust rather rapidly to their long-term values in response to external shocks, as the relative version of the Law of One Price predicts, but the evidence runs contrary to the absolute version of the Law. Credit risk premium, part of the marginal cost of the loans granted by a particular bank, is an important source of interest rate dispersion across banks and loan products, both before and after Spain joined the Euro zone. Therefore, differences in credit risk policies across banks must be taken into account when forming expectations about European retail banking integration.