排序方式: 共有14条查询结果,搜索用时 15 毫秒
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In this paper, we consider reforming the tax system to a comprehensive income tax model in order to amend the differential treatment of income sources. Our simulation analysis shows that the tax reform improves the effectiveness of the tax system on the redistribution of all sources of income including earned income, financial wealth income, and imputed rent. The analysis of incidence of the tax reform suggests that the tax burden for young renters decreases the most and that for young loan-free land owners increases the most through this tax reform. 相似文献
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Jun Xie Wataru Nozawa Michiyuki Yagi Hidemichi Fujii Shunsuke Managi 《Business Strategy and the Environment》2019,28(2):286-300
This study investigated the relationship between corporate efficiency and corporate sustainability to determine whether firms concerned about environmental, social, and governance (ESG) issues can also be efficient and profitable. We applied data envelopment analysis to estimate corporate efficiency and investigated the nonlinear relationship between corporate efficiency and ESG disclosure. Evidence shows that corporate transparency regarding ESG information has a positive association with corporate efficiency at the moderate disclosure level, rather than at the high or low disclosure level. Governance information disclosure has the strongest positive linkage with corporate efficiency, followed by social and environmental information disclosure. Moreover, we explored the relationship between particular ESG activities and corporate financial performance (CFP), including corporate efficiency, return on assets, and market value. We found that most of the ESG activities reveal a nonnegative relationship with CFP. These findings may provide evidence about voluntary corporate social responsibility strategy choices for enhancing corporate sustainability. 相似文献
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Preciado Arreola José Luis Yagi Daisuke Johnson Andrew L. 《Journal of Productivity Analysis》2020,53(2):181-225
Journal of Productivity Analysis - National statistical organizations often rely on non-exhaustive surveys to estimate industry-level production functions in years in which a full census is not... 相似文献
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We tend to think of workers completing their education and then entering the workforce, where they will gradually develop their skills. In fact, however, a worker's career may be characterized not only by this gradual buildup of job-related skills but also by recurrent education, i.e. the phenomenon whereby a worker alternates between earning-intensive periods and training-intensive periods along his career path. In this study, we build a dynamic optimization model of earning/training decisions of a worker in which these patterns of his career path can be explained in an integrated manner. 相似文献
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Effects of Price Regulations and Dark Pools on Financial Market Stability: An Investigation by Multiagent Simulations 下载免费PDF全文
Takanobu Mizuta Shintaro Kosugi Takuya Kusumoto Wataru Matsumoto Kiyoshi Izumi Isao Yagi Shinobu Yoshimura 《International Journal of Intelligent Systems in Accounting, Finance & Management》2016,23(1-2):97-120
We built an artificial market model and investigated the impact of large erroneous orders on financial market price formations. Comparing the case of consented large erroneous orders in the short term with that of continuous small erroneous orders in the long term, if amounts of orders are the same, we found that the orders induced almost the same price fall range. We also analysed effects of price variation limits for erroneous orders and found that price variation limits that employ a limitation term shorter than the time erroneous orders exist effectively prevent large price fluctuations. We also investigated effects of up-tick rules, adopting the trigger method that the Japan Financial Services Agency adopted in November 2013. We also investigated whether dark pools that never provide any order books stabilize markets or not using the model including one lit market, which provides all order books to investors, and one dark pool. We found that markets become more stable as the dark pool is increasingly used. We also found that using the dark pool more reduces the market impacts. However, if other investors’ usage rates of dark pools become too large, investors must use the dark pool more than other investors to avoid market impacts. When a tick size of a lit market is larger, dark pools are more useful to avoid market impacts. These results suggest that dark pools stabilize markets when the usage rate is under some threshold and negatively affect the market when the usage rate is over that threshold. Our simulation results suggest the threshold might be much larger than the usage rate in present real financial markets. This study is the first to discuss whether or not several concrete and actually adoptable regulations, including those that have never been employed (e.g. price variation limits with various parameters), could prevent large fluctuations of market prices, including those beyond our experience, using artificial market simulations, and to discuss quantitatively how spreading of dark pools beyond our experience could affect market price formations using the artificial market simulations. In short, this study is the first study to comprehensively discuss how regulations and financial systems beyond our experience could affect price formations using the artificial market simulations. Copyright © 2015 John Wiley & Sons, Ltd. 相似文献
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Recently, the turning points of business cycle are decided with wide viewpoints after passing a couple of years from the points. This study tries to develop a model for judging the turning points in real-time by using a non-parametric approach, DEA-discriminant analysis, because we have sometimes faced sudden changes of economy and non-parametric approaches are useful for covering these movements. The constructed model succeeds to separate periods in Japanese economic expanding and recession terms, and the model would be helpful for the real-time judgments of the turning points of business cycle. 相似文献
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