收入分配行为与社会公平原则

当前,学术界正对收入分配问题进行讨论,中心议题是关于收入分配的原则。特别是在理解“更加注重社会公平”的意义时,引发了关于“效率优先,兼顾公平”是否可以作为收入分配原则的讨论。本文对收入分配等问题进行深入研究。     

消费波动小于产出波动吗?

我们发现东亚主要经济体普遍存在消费波动大于产出波动的现象,初步分析表明这与各经济体的经济转型有关,我国转型期以来比较剧烈的总消费波动应主要归于居民消费行为的转型:(1)以1990年为界,我国居民总消费自经济转型以来的前一个时间段中波动比较剧烈,之后则趋于平稳。进一步地,由于我国的经济改革先从农村开始,而后推进到城镇,相应地农村和城镇居民消费在两个时间段中的波动幅度也出现了明显差异;(2)消费的剧烈波动往往出现在转型早期,在转型后期大部分东亚经济体的消费序列开始变得平稳;(3)耐用品不能解释我国消费的大部分波动性。     

Going to the movies: cinema development in Singapore

Using readings of Foucault's heterotropia and Friedberg's imaginary mobility, this paper analyses movie-going as leisure practice. In highlighting the paucity of research in this area, the paper argues that such practice should be understood as a symbolic interaction between people's behaviour and the spaces that they occupy. This theorization is applied to Singapore, where per capita movie-going is amongst the highest in the world. The paper illustrates how, in Singapore, the development of cinemas has been used to underpin land use policies associated with the relocation of residential areas and social policies related to the growth in consumerism. While effectively alienating older audiences, the paper argues that the spatial and cultural metonymy of the cinema with other primary consumption sites – the mall and the fast food outlet – offers young people reassurance about the growing centrality of consumerism to contemporary social life in Singapore. We argue that the cinema offers a temporary escape from the regulation of social life – access to ‘deviant’ space. However, this same consumerism that facilitates such access simultaneously denotes conformity with the dominant ideology: acceptance of the heterotropic possibilities – and limitations – of cinema and movie-going as leisure practice.     

CEO Overconfidence and Long‐Term Performance Following R&D Increases

We examine the relation between Chief Executive Officer (CEO) overconfidence and significant increases in research and development (R&D) expenditures. Although prior studies reveal a significantly positive market reaction to increases in R&D expenditures in both the long and short run, we find that long‐run stock performance is positive only for firms whose CEOs are not overconfident. Our findings, which may be attributable to overinvestment and the overestimation of future cash flows, imply that R&D resulting from overconfident behavior does not provide any value to firms.     

Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status

We explore the interdependence of leverage and debt maturity choices in Real Estate Investment Trusts (REITs) and unregulated listed real estate investment companies in the U.S. for the period 1973-2011. We find that the leverage and maturity choices of all listed real estate firms are interdependent, but in contrast to industrial firms, they are not made simultaneously. Across the different types of real estate firms considered, we find substantial differences in the nature of the relationship between leverage and maturity. Leverage determines maturity in non-REITs, whereas maturity is a determinant of leverage in REITs. We suggest that the observed differences reflect the effects of the REIT regulation, rather than solely being a function of real estate as the underlying asset class. We also present novel evidence that the relationship between leverage and maturity in both firm types can be used to moderate the effects of other exogenous financing policies.     

Innovation and productivity: insights from Malaysia's logistics industry

Efficient logistics is critical to a country's trade competitiveness. This paper uses the Data Envelopment Analysis Malmquist Index that includes an innovation component comprising three dimensions (input, process, and output), to assess the impact of innovation by third-party logistics (3PL). We treat the panel data of asset-based 3PL in Malaysia from 2007 to 2012. Three findings hold. First, innovation is not always accompanied by productivity gains. Second, innovation is still lacking in the logistics industry in Malaysia. Third, 3PL need to invest more in technology and stay financially healthy to accelerate the diffusion of innovation under a more competitive cost structure. This paper has two contributions. First, we offer an enhanced methodology for total factor productivity by including an innovation component and apply it for the first time to the logistics industry. Second, we augment the performance measurement literature specific to the logistics industry and our research suggests that the antecedents of productivity in logistics companies are investment and financial strength. These productivity–innovation findings provide insights into Malaysia's logistics industry and may be helpful for economies similar to Malaysia.     

Tenure system and its impact on grading leniency,teaching effectiveness and student effort

This study provides new evidence of the causal effect of the tenure system on grading leniency, teaching effectiveness, and student effort by taking advantage of a natural experiment in one public university in Taiwan. The results show that assistant professors subject to the tenure system tend to grade more leniently and fail fewer students, as opposed to assistant professors not affected by the policy. The tenure policy lowers the probability of failing a class by 15%. Teaching effectiveness measured by the valued-added model also falls significantly by 0.32 standard deviation of the average grades in subsequent courses, roughly 6.6% of the sample means. The effect on student effort also is significant. Study time and class absences decline by 3 and 10%, respectively. The results suggest that the tenure system reduces teaching effectiveness and leads to lenient grading. Moreover, although used as a measure of teaching effectiveness in tenure promotion, student evaluation of teaching cannot truly reflect teaching quality.     

Short‐selling pressure and last‐resort debt finance: evidence from 144A high‐yield risk‐adjusted debt

This study examines why non‐financial publicly traded firms knowingly issue wealth destroying Rule 144A debt, which is associated with a negative announcement return and a higher yield. We provide a plausible ‘demand‐side’ explanation (i.e. last‐resort debt financing) for the motivation for issuing such debt. We also provide evidence as to what drives this negative reaction. Our findings suggest that the negative market impact is mainly driven by short‐selling pressure from convertible bond arbitrageurs.     

Assessing macro environment trends in Singapore: Implications for tourism marketers

The growth in the number of Singaporeans traveling overseas has been quite remarkable. In 1994, Singaporeans made over 2.4 million overseas trips. This was made possible by the increased affluence of the population, after several decades of continued economic development. At the same time, there are changes in the demographic and psychographic composition of the population which attracted the attention of tourism marketers not only locally and abroad. This paper attempts to examine these changes and discuss their implications. Several types of new tours are suggested for a tourism industry that must innovate and upgrade their products and services to meet the demands of a new breed of consumers.     

传统钢铁制造企业战略采购的实践与启示

为有效应对市场挑战,传统钢铁制造企业开始结合自身实际情况,改变原有的采购理念,不断推动以供应链为基础的战略采购实践。同时,在实践过程中仍然存在运营理论与实际操作的分歧与碰撞。通过尝试应用战略采购和供应链等相关理论,结合对A公司多年来战略采购发展管理实践的疏理和分析归纳,澄清传统钢铁制造企业目前在实施战略采购过程中存在的模糊认识,并提供相关实践的解决方案和思路,为战略采购供需双方获得资源共治、风险共担、交易共赢、信息共享的路径提供帮助,以实现传统制造企业战略采购高质量发展的目标。