Engineering the Financialization of Urban Entrpreneurialism: The JESSICA Urban Development Initiative in the European Union

Urban entrepreneurialism and neoliberal urban governance are assuming new forms under finance‐dominated accumulation. We examine and contribute to theorizing the mechanisms through which urban governance is financialized, taking as a case study JESSICA, one of the European Union's initiatives to implement an ‘urban sensitive’ policy for sustainable and integrated development. Like other initiatives promoting financialization, JESSICA deploys the logic of finance to select and fund urban social initiatives and development projects on the basis of their potential return on investment (ROI). Understanding this process requires placing questions of political economy—how urban governance is shaped by the broader political‐economic context—with questions of governmentality—how stakeholders are enrolled in and come to take for granted new governance initiatives. Following the multi‐scalar institutional infrastructure is crucial to understanding how this works. Taking a relational multi‐scalar approach, we trace how changes at the supranational scale filter down to shape urban policy selection and performance in Sofia, Bulgaria, where we document how ROI calculations conflict with social welfare priorities. Contrasts between the trajectory of financialization of urban governance in the European Union and the United States demonstrate how this is geographically variegated, shaped by the broader context/conjuncture within which such financialization is embedded.     

Some Potential Linkages for Input-Output Analysis with Flow-of-Funds

Three major, interrelated accounting statements, at the frontiers of quantitative economic analysis, are three interrelated systems, namely: (1) National income and product accounts (NIPA), (2) The input-output tableaux, (IO), and (3) flow-of- funds accounts (FF). The third-mentioned system is somewhat less available and used in only limited areas of macroeconomic analysis. This paper is mainly concerned with use of FF accounting systems. This system shows where financial resources originate, and where they go in support of real capital formation. In this respect, interest rates and other market-based financial rates are of key importance. While much macroeconomic analysis is based on the rates that fit the yield curve, showing the interest rate structure over various maturities of debt associated with a given degree of risk. In contrast, the FF accounts throw light on the whole spectrum of interest rates, across maturities and debt qualities. For example, in analysis of the real estate market and funding of capital formation there, it is important to have a full understanding of the course of mortgage rates of different maturities and qualities. In short, it is necessary to develop a full appreciation of supply and demand forces in the mortgage market, which often is not obviously related to movements of the operative rate for monetary policy, such as very short-term inter bank rates or call money rates. This paper attempts to provide material from the flow-of-funds accounts that would make it possible to analyze the movement of relevant mortgage rates or whatever other rates are needed to understand the financing of capital formation in real estate.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

发展我国养老保险的思考

本文分析了现阶段养老保险中人口老龄化的压力日益加剧，覆盖范围明显过窄，已入保群体“空账运行”，养老待遇过低等问题，提出了提高退休年龄、降低缴费比率、将社会统筹基金与个人账户基金实行分账管理、让基金保值增值加快社会保障制度立法等若干相关政策建议。     

现金流对上市公司投资行为的影响分析

本文采用实证方法，检验我国上市公司融资约束、现金流与投资决策之间的关系。以沪深300指数样本上市公司为基础，结合面板数据和时间数据，利用线性回归方法检验公司投资行为与现金流量、营业收入、负债率、托宾Q等财务指标的关系，并进一步分析上市公司的投资与现金流量等指标的敏感性。     

我国开放式基金投资风格评价方法研究

基金业绩评价与其投资风格是密切相关的，投资者通过对基金投资风格的研究分类。可以选择适合于自己投资偏好的基金进行投资。本文在对开放式基金进行分类研究的基础上。抓住不同类型基金之间的主要差别，提出了两种新的基金风格评价指标。同时在我国现有的开放式基金中，选取15支样本进行了实证分析和检验，实证结果表明，我国开放式基金的投资风格趋于相同，投资者对于基金宣称的择时能力不可轻信。应该结合投资风格分析进行决策。     

知识型员工流动动因分析

知识型员工的流动受多种因素的影响，如年龄、性别、知识拥有水平、工作满意度、薪酬水平、组织承诺、工作自主性、职业发展等。本文从经济学和组织行为学的角度分析了知识型员工流动影响因素，对知识型员工的流动动因进行理论分析。     

"净利+利息+折旧"抑或"净利+税后利息+折旧"?——对会计资格考试辅导教材中经营现金净流量计量方法的商榷

计算项目净现值(NPV)等投资决策指标时,现金流量与折现率应具有匹配关系。从两者的匹配关系看,全国会计专业技术资格考试辅导教材《财务管理》一书中的经营现金净流量(NCF)计量公式有欠妥当。因为以项目的加权平均资本成本(WACC)作为折现率时,与之相应的NCF的计量方法不应是教材中的“净利 利息 折旧”,而应该是“净利 税后利息 折旧”,或者是“息税前利润(1-所得税率) 折旧”。     

"谨慎投资者规则"与我国基金管理人注意义务的法律完善

美国信托法中的“谨慎投资音规则”是在历经法定投资表和谨慎人规则两个阶段的演进中吸收了现代投资组合理论而形成的。“谨慎投资者规则”作为受托人的一项法定投资原则，不仅比较契舍当今证券投资的实际需要，而且也很好地防范了基金管理人对投资权力的滥用，目前已成为越采越多国家规范基金管理人注意义务的主要依据。我们很有必要对之加以吸收和借鉴，以使我国基金管理人注意义务的内容更为精细化。     

以物流业为核心的近代早期产业结构演进与启示

目前的所谓“物流”不是经济学上的概念，而是管理学上“物流业”的概念。中国近代经济结构是以近代物流业为核心建立起来的。随着物流业的发展，中国近代重要工业结构初现端倪，并且初步显现出对经济发展的重要推动作用。当前，世界范围的现代物流业“革命”正在兴起，从近代物流业产生与发展中得到的一些规律性的总结，对我国现代物流业的发展，赶上国外物流业发展步伐，将大有裨益。