A simple random assignment problem with a unique solution

Summary. All agents have the same ordinal ranking over all objects, receiving no object (opting out) may be preferable to some objects, agents differ on which objects are worse than opting out, and the latter information is private. The Probabilistic Serial assignment, improves upon (in the Pareto sense) the Random Priority assignment, that randomly orders the agents and offers them successively the most valuable remaining object. We characterize Probabilistic Serial by efficiency in an ordinal sense, and envy-freeness. We characterize it also by ordinal efficiency, strategyproofness and equal treatment of equals. Received: October 5, 1999; revised version: December 20, 2000     

Materiality Judgments and Disclosure of Retiree Health Care Costs Under SFAS No. 81

Generally, researchers have difficulty empirically examining materiality judgments because amounts designated as immaterial are not disclosed. However, reporting requirements under SFAS No. 106 provide a unique opportunity to evaluate expense amounts designated immaterial under SFAS No. 81. We use the cumulative effect associated with the adoption of SFAS No. 106 to evaluate prior management materiality judgments. Univariate and logistic regression results suggest that the decision to disclose SFAS No. 81 costs is positively related to our measures of plan materiality. However, our results also suggest that voluntary disclosure factors may have influenced the disclosure decision.     

Fair value disclosures and crash risk

In response to the public criticism of the inadequate disclosures mandated by SFAS No. 157, Fair Value Measurements, the FASB issued ASU (Accounting Standards Update) 2010–06, Improving Disclosures about Fair Value Measurements, and ASU 2011–04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements, in an effort to increase the reporting transparency. We examine whether the increased fair value disclosures required by these two updates effectively decrease crash risk, defined as the frequency of extreme negative stock returns. In support of the hypothesis, we find that increased transparency from these updates reduces crash risk among U.S. banking firms and that the reduction is greater in banks that have a higher level of Level 3 financial assets.     

高墩连续梁0号块施工关键技术

京沪高速铁路南京南站枢纽仙西联络线秦淮河特大桥2联(48+80+48)m连续梁分别跨京沪高速铁路和宁杭高速公路。连续梁主墩柱高31.5m,其施工难度大、工期紧,是联络线重点工程。本文系统介绍高墩连续梁0号块钢牛腿托架结构体系设计、支架结构验算、钢牛腿安装以及混凝土浇筑注意事项,可为同类桥梁结构提供有益的参考。     

Regime changes and fiscal sustainability in Kenya

Kenya's fiscal policy landscape is characterized by primary deficit spending forcing the government to rely on debt to meet its objectives. The justification often being that as a developing economy, annual growth rates and future prospects may in the short run justify the uptake of debt to finance infrastructural development. However, given potential fiscal limits, fiscal cycles usually alternates between sustainable and unsustainable regimes and this has a bearing on long run sustainability. This study therefore sought to investigate the nature of fiscal policy regime in Kenya and the extent to which fiscal policy is sustainable in the long run taking into account periodic regime shifts. Markov switching models were used to endogenously determine fiscal policy regimes. Regime switching tests were used to test whether No-Ponzi game condition and debt stabilizing condition were met. The results established that regime switching model was suitable in explaining regime sustainable and unsustainable cycles. An investigation of fiscal policy regimes established that both sustainable and unsustainable regimes were dominant, and each lasted for an average of four years. There was evidence to imply the existence of procyclical fiscal policy in Kenya. Regime switching tests for long run sustainability suggested that the No-Ponzi game condition weakly holds in the Kenyan economy. Regime-based sensitivity analysis indicated that persistence of unsustainability regime for more than 4 years could threaten long-run fiscal sustainability.     

Bilateral redistribution

We explore the implications of three basic and intuitive axioms for income redistribution problems: continuity, no transfer paradox and stability. The combination of the three axioms characterizes in the two-agent case a large family of rules, which we call threshold rules. For each level of total income in society, a threshold is considered for each agent. It is impossible for both agents to be below their respective thresholds. If an agent’s income is below the threshold, the difference is redistributed from the other agent; otherwise, the rule imposes laissez-faire.     

Legal evolution of the concept of ‘home base’ for the purpose of determining labour and social security law applicable to European aircrew members

This paper has a dual aim: (1) to outline the legal evolution of the ‘home base’ concept and (2) to map the role of this concept in determining the law applicable (both employment law and social security law) to employment contracts of European aircrew members. An in-depth analysis of the relevant portions of (1) Reg. (EEC) No 3922/91, (2) Reg. (EU) No 465/2012, (3) Reg. (EU) No 83/2014, (4) EASA's 2014 Certification Specifications, and (5) the European Court of Justice's preliminary ruling on joined cases C-168/16 and C-169/16 is conducted.What emerges is that (1) the ‘home base’ definition, due to its subjectivity, has traditionally been susceptible to multiple interpretations and (2) due to regulatory ambiguity, the use of ‘home base’ to identify the labour laws applicable to airline workers has for a long time been inconsistent, ranging from one extreme (being considered a key element for this purpose) to the other (being assigned a secondary role). It was only in the last few years that some improvements were made, with Reg. (EU) No 465/2012 first and the European Court of Justice's 2017 preliminary ruling then, clarifying that the ‘home base’ concept must be assigned a central role in the determination of the law (both social security law and employment law) applicable to employment contracts in the aviation industry.     

论无权处分的法律效力

无权处分的法律效力一直就有争论,相关论文也非常多。在主张物权行为与债权行为区分对待和坚持物权行为有因性的前提下,对无权处分的法律效力加以区分控制。     

欧盟食品接触性活性和智能材料及物品新规（（EC）No450／2009）解读

文章从（EC）No450／2009谈起，对其进行详细解读，并以此为起点，解析整个欧盟的食品包装材料的法律框架，并对欧盟的后续工作进行了展望。