Internal labour markets in the Australian banking industry: their nature prior to the Second World War and their recent decline

This paper uses evidence from late nineteenth-and early twentieth-century personnel records of two Australian banks to examine the nature of internal labour markets prior to the Second World War. It is argued that the industry possessed all the classic features of internal labour markets: limited ports of entry, internal promotion, long careers, and assignment of wages by well-defined rules. The paper then examines the reasons why banks adopted internal labour markets. Finally, the paper examines the recent decline of internal labour markets and examines the role of technological and social changes in this decline.     

Industry specific effects in investment performance and valuation of firms

A necessary criterion for a performance measure in corporate governance is the degree to which it mirrors how well the management succeeds in maximizing firm value. Such a performance measure is marginal q which links changes in firm value to the investments undertaken by the management. Empirical studies of investment and performance based on marginal q have demonstrated the usefulness of this measure. Most research however, has mainly focused on long-term performance. This paper takes a short-term perspective and, based on the marginal q-theory, considers how firms’ market values change in the extreme stock price cycle of a stock market bubble. Using a data set of listed Swedish corporations we find an anomaly in form of a new industry specific effect that, in addition to investment, explains changes in firm value.

地方政府公共投资与区域经济增长的差异性分析

文章采用全国31个省、自治区和直辖市1995~2008年的面板数据,构建动态面板数据模型,考察了地方政府公共投资对区域经济增长的影响。研究表明,1995年以来我国地方政府公共投资总体上推动了区域经济增长,但不同公共投资项目的拉动效应在区域间存在着较大差异。     

建立中国——东盟自由贸易区的经济效益分析

2004年10月18日至20日,中国与东盟贸易谈判委员会在北京举行会议,就自由贸易区谈判中最重要的内容—货物贸易协议达成一致,并于11月签署了货物贸易协议及争端解决机制协议。这为如期启动中国与东盟自由贸易区建设进程铺平了道路,使研究自由贸易区建成后所带来的经济效益问题的任务迫在眉睫。本文对建立中国-东盟自由贸易区后可预期的贸易效益、投资效益及规模经济效益进行了探讨。     

论重点农业产业化龙头企业对陕西县域经济发展的促进

陕西省的重点农业产业化龙头企业主要分布在县域,而且主要是乡镇企业或民营科技企业。这些企业在县域主导农业产业的优化选择和持续稳定发展、农地规模化经营和农业科学技术的有效推广,以及县域农业的外向型经济发展方面发挥关键促进作用。为了更好发挥促进作用,政府还必须进一步完善重点农业产业化龙头企业的分级评价筛选、动态监测和立法管理制度。     

基于建立内需主导经济的消费投资关系研究

1998年金融危机以来,我国就开始实施内需主导型经济的战略,此次次贷危机的爆发加快了扩大内需政策的出台。发展内需主导型经济,是确保中国发展战略目标实现、加快中国产业结构升级和改善中国经济发展外部环境的要求。而内需包括国内投资需求和消费需求,要在推动内需主导型经济发展上取得明显效果,必须处理好消费与投资的关系问题。     

我国对外直接投资的演进与发展特征探析

改革开放以来,我国对外直接投资呈现快速增长的发展态势,但与吸引外商直接投资的规模相比,我国对外直接投资总体上仍显滞后。投资形式呈现多样化趋势,跨国并购逐渐成为我国对外直接投资的主要方式;行业分布El趋广泛但不均匀,技术寻求型的直接投资不多;有限责任公司已跃居投资主体首位,但国有企业和中央企业占的比重仍然偏大;投资区域高度集中于亚洲和拉丁美洲地区,发达国家和地区的对外投资偏少。应进一步扩大我国的对外直接投资的总体规模,以获取更多的国际技术外溢。     

我国政府经济刺激方案的结构性优化

受全球性金融危机的影响,我国经济运行面临着极其严峻的挑战,对此,我国政府及时采取了一系列稳定国内经济的政策措施,其中以政府新增4万亿的经济振兴计划最为引人注目。本文在利用乘数-加速数模型和误差修正模型对经济增长效应与就业效应进行实证分析的基础上,从经济结构的角度对各行业的经济增长效应、就业效应和综合效应进行了分析与比较,并依定量分析的结果提出了经济刺激方案的结构性优化路径选择方式。     

Investment Professionals' Ability to Detect Deception: Accuracy,Bias and Metacognitive Realism

In the first empirical study on the topic, the authors examined the ability of investment professionals to distinguish between truthful and deceptive statements. A random sample of 154 investment professionals made judgments about a series of truthful and deceptive statements, some of which involved financial fraud. Investment professionals' lie detection accuracy was poor; participants performed no better than would be expected by chance. Accuracy in identifying lies about financial fraud was especially poor. Further, participants displayed poor metacognitive realism when assessing their own performance. The theoretical and practical implications for lie detection in the financial industry are discussed.