Incentives for voluntary disclosure

Rule l0b-5 of the 1934 Securities and Exchange Act allows investors to sue firms for misrepresentation or omission. Since firms are principal–agent contracts between owners – contract designers – and privately informed managers, owners are the ultimate firms’ voluntary disclosure strategists. We analyze voluntary disclosure equilibrium in a game with two types of owners: expected liquidating dividends motivated (VMO) and expected price motivated (PMO). We find that Rule l0b-5: (i) does not deter misrepresentation and may suppress voluntary disclosure or, (ii) induces some firms to adopt a partial disclosure policy of disclosing only bad news or only good news.     

论“自省”的存在论意蕴

自省是儒家道德实践的重要方法。目前有关自省的研究侧重于道德领域,学界对自省的存在论这一层面给予的关注比较少,因而通过对自省的存在论这一层面的发掘,可以从理论上澄清自省可以更好地认识你自己,阐明自省中蕴含着二个层面的存在形态即意向性的自我意识和非意向性的自身意识。在哲学认识领域内,研究自省可以克服盲目性,提高自觉性。在实践上,重建对网络的自由关系乃是整个中华民族值得反省的问题。     

基于噪声甄别模型的我国FDI福利效应的差异性分析——来自1997-2009年的数据证据

运用含有噪声的甄别博弈模型,分析得出东道国在引资过程中需要结合自身情况和其他引资国的政策制定符合本国福利增进的引资分割点,且东道国引资优惠额度越大反而越有可能损害本国福利。在此基础上结合我国1997-2009年引进FDI数据进行实证分析得出:(1)整体FDI对我国福利效应的增加带来了积极作用,但FDI对收入福利指数的贡献较小,对生产福利指数贡献较大;(2)自2005年开始,制造行业FDI对我国福利增加的贡献率趋于减小且有恶化趋势;而处于农、林、牧、渔业和信息传输、计算机服务和软件行业的FDI对我国福利的贡献率却逐渐增加;(3)处于后危机时代的FDI在引资政策上更应该重视产业导向以提升FDI的正向福利效应。     

Beyond subjective to confirmatory personal introspection: Interpreting events and meaning of a long-term visit in Sweden

This study goes beyond subjective personal introspection and applies multiple methods to accomplish a confirmatory personal introspection (CPI) of a long‐term stay in Sweden, during a university exchange program. The utilization of old pictures of the experience is one of the key aspects of the research. This study aims to show the importance of confirmatory personal introspection and assess the meaningfulness of CPI for travel industry related marketing research, exploring further than the ordinary tourist vacations and investigating a broader spectrum of the travel experience, in this case a long‐term travel. Demonstrating the significance of photography relating to travel experiences is an additional objective of the study.     

Noisy fiscal policy

This paper investigates the macroeconomic effects of fiscal policy in a setting in which private agents receive noisy signals about future shocks to government expenditures. We show how to empirically identify the relative weight of news and noise shocks to government spending and compute the level of noise for Canada, the UK and the US. We then investigate the quantitative implications of imperfect fiscal policy information using a medium-scale DSGE model. We find that when the government seeks to implement a persistent change in expected public spending, the existence of noise (as estimated using actual data) implies a sizable difference in fiscal multipliers compared to the perfect fiscal foresight case.     

高职教育的几点思考

本文是本人短短几年的教学实践活动的一些教学反思,主要结合2009年暑期高校教师岗前培训教育学和心理学的学习体会,对目前我院的高职学生的教育和学习状况的一些粗浅的思考和对当前教师职责的一些认识。他山之石可以攻玉,本文算是抛砖引玉吧。主旨是与各位交流,向大家学习。     

萧红作品中的自我形象及其悲剧意义

自我形象是萧红作品中的一个重要的形象系列。萧红借助自我形象展示了女性“生”的不幸、“活”的不幸与生存的不幸，具有强烈的社会批判意识和文化反思意识     

对我国农民工流动的回顾与反思

该文通过对我国各历史时期农村劳动力的转移流动的反思，总结农村劳动力流动的基本特征，提出逐步取消户籍、身份、地域等对农村劳动力的就业限制，形成城乡一体化的劳动力市场和统一的市场规则机制，探索建立统筹管理城乡劳动力，实现城乡用人单位自主用工和城乡劳动力自主择业的新型劳动用工机制，是当前农村劳动力转移过程中亟待解决的问题。     

The Conditional Performance of REIT Stock Repurchases

This paper uses a conditional performance measure to test whether real estate investment trust (REIT) managers announcing stock repurchases have private information about their firms' prospects. We use stock price to condition for public information and measure the managers' implied private information by the covariance between repurchase size and subsequent stock payoffs (or operating performance). Results show that managers have private information but mostly with respect to long-term as opposed to near-term payoffs. We also find that repurchase size is positively related to a stock's idiosyncratic return volatility, perhaps because noisy stocks deviate farther from fundamental value, offering informed managers larger profit potential. JEL Classification G12 G14 G35     

数学"问题解决"教学的误区和反思

“问题解决”教学理论在世界范围内引起广泛的重视和研究,在数学教学领域也掀起了“问题解决”研究的热潮并产生了积极的影响。但数学“问题解决”教学在教学实践过程仍存在许多误区和亟待解决的问题,因此,对数学“问题解决”教学进行反思和探究势在必行。