Changing composition of human capital The Czech Republic,Hungary and Poland1

We show that business education/occupations have expanded and that technical education/occupations have contracted in the Czech Republic and Poland since 1990. We interpret these changes as an adjustment necessary for their transition to a market economy. We do not find the same pattern in Hungary, which we attribute to the earlier timing of its transition. We construct an aggregate model in which labour reallocates in response to changing demand structure. When calibrated with the Czech and Polish data, the model generates a large movement of workers with technical education and experience into business occupations in the early 1990s. The discounted sum of output loss due to the gap between the demand structure and the composition of existing human capital amounts to between 8 and 40 percent of 1990 GDP.     

一种新的尝试:利用JXTA P2P技术搭建自主计算平台

自主计算的目标是为了简化日益繁杂的IT设施管理,从而降低成本、提升效率。本文分析了自主计算的基本特点和需求,结合P2P计算的特性,以P2P的角度重新审视构建自主计算全局架构的方法,阐述了用JXTA实现自主计算自主管理器的思想。     

How are China''s state-owned enterprises doing in the 1990s? Evidence from three interior provinces

Since its inception in the early 1980s, the success of China's enterprise reforms remains hotly debated. This paper introduces a new element into the analysis of state-owned enterprise performance by drawing on the recent increase in inter-regional income disparities. It is argued that as a result of less favourable structural conditions and stronger fiscal dependence on the central government, reform implementation in the interior provinces has lagged behind the progress made along the coast. This hypothesis is investigated using enterprise survey data from three interior provinces which is compared to a similar survey carried out earlier in four coastal cities. The evidence generally supports the view of larger administrative restrictions in the interior and relatively poor economic performance.     

基于战略性的全面人力资源管理信息系统的开发与应用

分析企业人力资源管理信息化现状,提出基于战略性的现代人力资源管理的5P模式;并在此基础上设计与开发了人力资源管理信息系统,用于企业实际,提高了企业人力资源管理水平。     

价值型投资在中国证券市场上的有力证据

本文给出了1994年至2005年间价值型投资在中国A股市场中的有力证据。Fama—MacBeth回归表明在中国A股市场中存在着显著的市盈率和市净率溢价，1994年至2005年中牛市和熊市的滚动策略显示了我国A股市场中的价值效应，并且风险和收益之间基本上呈现出收益大、风险大的特征。本文的实证研究结果将有助于中小投资者以及机构投资者的长期投资决策。     

4P、4C与4R:交易费用经济学的视角

4P是经典营销理论的核心内容之一。随着经济、文化和技术的全球化与区域化不断发展,市场竞争异常激烈,顾客在大部分领域取得了绝对的选择权,营销理论随之出现了4C和4R等“崭新”内容。从交易费用经济学的角度看,4C和4R不是对4P的替代,而是一种重要补充和发展。     

Production, trade, prices, exchange rates and equilibration in large experimental economies

We study market equilibration in laboratory economies that are larger and more complex than any that have been studied experimentally to date. Complexity is derived from the fact that the economies are “international” in economic structure with multiple input, output, and foreign exchange markets in operation. The economies have twenty-one markets and due to the fact that they have roughly fifty agents, the economies are characterized by several hundred equations. In spite of the complexity and interdependence of the economy, the results demonstrate the substantial power of the general equilibrium model of perfect competition to predict the direction of movement of market-level variables. Empirical patterns in the convergence process are explored and described.     

Selecting Social Goals: J. M. Keynes and the Emergence of Ontological Rationality in Economics

In this paper we discuss the fundamental inconsistency that results from employing the two traditional concepts of rationality as the basis of selecting social goals. We then consider the possibility that the selection of social goals must be based on explicitly ethical criteria. To do so a third concept of rationality namely, ontological rationality, should be adopted. Moreover, we argue that J. M. Keynes in A Tract Monetary Reform based his public policy recommendations on a modified version of ontological rationality, thereby introducing ontological rationality into economics as the basis for selecting social goals.A previous version of this paper was presented at the Fifty-Eighth International Atlantic Economic Conference, October 7–10, 2004. The authors are grateful to session participants for their helpful suggestions, though the authors alone are responsible for the contents of the paper.     

Public goods in networks

This paper considers incentives to provide goods that are non-excludable along social or geographic links. We find, first, that networks can lead to specialization in public good provision. In every social network there is an equilibrium where some individuals contribute and others free ride. In many networks, this extreme is the only outcome. Second, specialization can benefit society as a whole. This outcome arises when contributors are linked, collectively, to many agents. Finally, a new link increases access to public goods, but reduces individual incentives to contribute. Hence, overall welfare can be higher when there are holes in a network.     

Returns of Small Growth Stocks: An Empirical Analysis

I investigate the mean reversion tendency of small growth stocks. Using a carefully articulated research design employing established and empirically tested principles, my findings should support or refute the anecdotal evidence that small growth stocks make superior investments. The primary motivation for the study springs from the documented differential preference among investors for value and growth stocks. Despite evidence that value stocks tend to outperform growth stocks, investors retain strong interest in growth stocks. Yet in examining the performance of Business Week’s (BW), smaller capitalization companies (called “Hot Growth Companies”) with respect to the overall financial market, Bauman et al. [2002] found positive excess returns in the pre-publication period but negative excess returns in the post-publication period. A limitation of their study is that their analyses relied on only three criteria: sales, BW rank and return on capital, which do not represent completely a firm’s financial health. I replicate Bauman et al.’s study but use a more robust and representative variable set to test the mean reversal hypothesis — Forbes’ financial criteria — and I focus on six variables. In the current study, I look at 4,200 companies listed in Forbes from 1980 to 2000. The results of the expanded study substantiate Bauman et al.’s [2002] study showing that there are positive excess returns in the pre-publication period, but negative excess returns in the post-publication period. An expanded future study will look at five additional variables to see if they make a significant difference on the effects of the returns of small growth stocks.