Accounting for Option–based Compensation: The Economic Cost Approach

The intrinsic value approach amortizes over the life of the option, the difference between the stock price on the date of the grant and the exercise price of the option. The fair market value approach amortizes over the life of the option, the market value of stock options on the date of the grant. These approaches do not reflect the changes in the option–based compensation cost after the grant date. This paper proposes an economic cost approach that not only adjusts for the changes in the value of the options during its life but also records the issuance of the stock at fair market value on the exercise date.     

Stability and Segregation in Group Formation

This paper presents a model of group formation based on the assumption that individuals prefer to associate with people similar to them. It is shown that, in general, if the number of groups that can be formed is bounded, then a stable partition of the society into groups may not exist. (A partition is defined as stable if none of the individuals would prefer be in a different group than the one he is in.) However, if individuals' characteristics are one-dimensional, then a stable partition always exists. We give sufficient conditions for stable partitions to be segregating (in the sense that, for example, low-characteristic individuals are in one group and high-characteristic ones are in another) and Pareto efficient. In addition, we propose a dynamic model of individual myopic behavior describing the evolution of group formation to an eventual stable, segregating, and Pareto efficient partition. Journal of Economic Literature Classification Numbers: C72, H41.     

Capital market trading volume: an overview and some preliminary conclusions

This paper suggests an explanation for the heavy trading volumeobserved on the US capital markets, the world's largest. Heterodoxeconomic theory puts much of this volume down to speculation.Mainstream theory tends to support this thesis, either directlyor indirectly, by giving space to the idea that trading activityis for the most part exogenous to the functioning of the capitalmarkets. The central hypothesis of this paper is that the tradingvolumes observed are an endogenous feature of the capital markets,because they are to a great extent determined by the needs ofthe institutional investors who predominate on these markets.This endogeneity of trading is posited in connection with theemergence of a new ‘core–satellite’ paradigmin institutional investment, a development that essentiallymanifests the asset-management industry's transformation froma small industry serving a few wealthy clients to a mass industryserving large sections of the population.     

Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

Home country effects of foreign direct investment: From a small economy to a large economy

Previous studies on home country effects mainly focused on FDI from large developed economies to other countries. But today's super recipient is a relatively larger economy than its investors and many of these investors are not classified as “developed economies.” A simple Ak type model implies that a small and more developed country investing in a large and less developed country will experience decreases in both employment and income disparity (compared to the recipient country) as the less-developed recipient country gains the higher technology of production through FDI inflows. The empirical results for the Four Tigers (source countries) and China (recipient country) are consistent with our theoretical model of FDI outflows. We also find that FDI outflows to China decrease the ratio of exports to GDP only for small source countries, even though a higher investment in China raises the share of these countries' exports-to-China to China's total imports.     

Capital in the Twenty-First Century: Reinterpreting the fundamental contradiction of capitalism

At a theoretical level this article discusses Piketty’s hypothesis that the distribution of income and wealth tends to become more concentrated over time when the rate of return on capital is greater than the growth rate of real output. We develop a post Keynesian model of growth and distribution showing that once capital is differentiated from wealth, the increase in income and wealth concentration actually occurs when the rate of valorization of financial and real estate assets is greater than the growth rate of real output, and that this situation may be triggered by financial liberalization.     

服务经济下北京城市空间结构的转型

城市空间结构是城市经济结构和城市社会结构的空间投影,城市经济结构的变化必然促进城市空间结构的转型。新中国成立后,几乎所有的中国城市都经历了由服务性城市向生产性城市的转型。改革开放以来,特别是1990年代的城市改革,使城市在区域中的中心功能地位得到强化,部分城市开始从生产性城市向服务性城市转型,服务经济快速增长,城市空间结构也经历了空间重组和功能转移。本研究运用北京市1949-2010年第三产业各部门增加值数据和主要时段第三产业用地空间布局状况,从产业链、产业支撑、产业融合和服务外包四种服务经济发展模式入手,分析了服务经济作为城市空间结构转型的内在机制和空间演化趋势。     

利率衍生品对银行信贷的影响实证研究

随着我国利率衍生品市场的快速发展,其对银行信贷的影响日益凸现.对我国16家上市银行2006-2011年的数据进行分析,结果表明,利率衍生品的使用对传统信贷活动产生了显著的替代效应,银行持有利率衍生品名义本金占总资产比重提高1％会导致信贷下降0.4％,而持有利率衍生品名义本金占信贷总额的比重提高1％则使信贷下降0.26％.利率衍生品对银行传统信贷业务的替代效应有利于优化我国的金融结构,进而推进金融体系的健康发展.因此,应积极发展我国利率衍生品市场,并可以运用利率衍生品来完善货币政策.     

内生增长理论的生成机理研究

对传统生产方式内在限制的发现促成了依靠知识进步带动现代经济增长的努力; 通过对不同增长速度来源的分析导致内生经济增长理论的形成; 发展经济学家关于复兴开发教训的研究进一步证实“知识进展是长期的真实的生产率提高的基本要素”。知识经济实际上是一种“内生的经济增长方式”。与此相适应, 内生增长产生了一组新的政策结构。     

跟跑、并跑、领跑：语境结构与内在创新机理

近年来,中国科技\"跟跑、并跑、领跑\"语境结构与社会技术创新系统交互相生日益概念化,深层动因是中国创新能级跃迁和创新战略转型.故厘清\"三跑\"语境结构、科学范畴及与后发赶超等传统理论异同,在建立\"三跑\"周期理论及其内在创新机理分析框架的基础上,透视企业、产业、国家创新能级跃迁和领跑地位更迭周期性,用以优化周期各阶段战略策略和路线选择,并提出中国\"三跑\"各阶段战略策略和创新跃迁领跑的政策建议.