Causal structure among US corn futures and regional cash prices in the time and frequency domain

This study investigates causal structure among daily Chicago Board of Trade corn futures prices and seven regional cash series from Iowa, Illinois, Indiana, Ohio, Minnesota, Nebraska, and Kansas for January 2006–March 2011. Their wavelet transformed series are further analyzed for causal relationships at different time scales. Empirical results indicate no causality among states or between the futures and a cash series for time scales shorter than one month. As scales increase but do not exceed a year, bidirectional causal flows are determined among all prices. The information leadership role of the futures against a cash price is identified for the scale longer than one year and raw series, at which no interstate causality is found.     

From the Digital Divide to the Connectivity Dividend Difference: A Connectivity Capital Perspective*

The access divide was once the basic form of the digital divide. The development of Internet infrastructure has narrowed the access divide and increased application coverage, but it has also touched off a connectivity dividend difference. Taking the online market as an example, we examine the sources of the dividend difference and the factors influencing it with in a connectivity framework. We found that the narrowing of the access divide has resulted in enhanced connectivity and platform development, giving people the chance to benefit from transforming the various assets in which they have previously invested into differentiated compound connectivity capital. In the course, the scale and rate of the conversion are affected by two multiplier effects and especially by online platforms. The process is ultimately expressed in the dividend difference.     

The turn to optional familialism through the market: Long‐term care,cash‐for‐care,and caregiving policies in Europe

Cash‐for‐care (CfC) schemes are monetary transfers to people in need of care who can use them to organize their own care arrangements. Mostly introduced in the 1990s, these schemes combine different policy objectives, as they can aim at (implicitly or explicitly) supporting informal caregivers as well as increasing user choice in long‐term care or even foster the formalization of care relations and the creation of care markets. This article explores from a comparative perspective, how CfC schemes, within broader long‐term care policies, envision, frame, and aim to condition informal care, if different models of relationships between CfC and informal care exist and how these have persisted or changed over time and into which directions. Building on the scholarly debate on familialization vs. defamilialization policies, the paper proposes an analytical framework to investigate the trajectories of seven European countries over a period of 20 years. The results show that, far from being simply instruments of supported familialism, CfC schemes have contributed to a turn towards “optional familialism through the market,” according to which families are encouraged to provide family care and are (directly or indirectly) given alternatives through the provision of market care.     

上市公司最优动态股利支付模型的构建

通过对福建省上市公司历年股利政策的分析,在考虑公司管理层和中小投资者双方利益的基础上,利用博弈论和动态规划的思想构建了上市公司动态股利支付模型,为上市公司股利支付政策的制定提供了参考依据。     

会计稳健性与自由现金流的代理成本:基于公司投资行为的考察

会计稳健性要求及时确认损失的发生、延时确认收益的发生.一般认为会计稳健性较高的公司,信息不对称程度低,具有较高的公司治理水平.本文从公司投资行为视角考察会计稳健性对自由现金流代理成本的影响.通过研究发现:非效率投资在我国企业普遍存在;高的会计稳健性具有抑制非效率投资的作用,并在一定程度上降低了自由现金流的代理成本.但要彻底解决非效率投资问题,仍需进一步规范公司的现金持有政策,并完善公司治理结构.本文的研究也为控制自由现金流的代理成本提供了一种可行性的解决方案.     

现金流不确定状态下财务指标IRR的应用探析

内含报酬率是目前评价项目可行性的主要指标之一,在应用时都是建立在对现金净流量值给出确切估计的基础上,但在实际经营活动中现金净流量存在着很多不确定性,往往是不能确切地估计出来。在此基础上考虑了各期现金流是概率排序型、各期现金净流量值是一个区间数以及各期现金净流量满足特定的概率分布这三种不确定状态下的IRR应用情形,使其能够更加贴近现实,提高项目评估的准确性。     

Can the minimum living standard guarantee scheme enable the poor to escape the poverty trap in rural China?

The rural Minimum Living Standard Guarantee (Dibao) Scheme is the most important social assistance programme in rural China. However, how the rural Dibao programme affects household expenditures and whether it can enable the poor to escape the poverty trap are questions that remain largely unexplored. This study used data from the 2012 Rural Household Survey in China to investigate the impact of the rural Dibao programme on household expenditures. We found that the programme significantly improved the well‐being of low‐income households. Particularly, the programme significantly increased household expenditures on housing, education and health; furthermore, the impact was greater for households with educated household heads. However, the programme did not significantly affect household expenditures on food, transportation or farming inputs. The results imply that participation in the rural Dibao programme induces household investment in human capital, which could help to break the inter‐generational transmission of poverty and raise long‐run welfare.     

现金流量表分析切合点的现实思考

现金流量袁是财务报告的三张基本报表之一，通过现金流量表，可以概括反映经营活动、投资活动和筹资活动对企业现金流入流出的影响。对现金流量表的分析，既要掌握该表的结构及特点，分析其内部构成，又要结合固定付现费用的支付能力、企业资金来源比例和再投资能力进行综合分析，以求全面、客观地评价企业的财务状况和经营业绩．从而帮助投资者与债权人是否进行投资提供决策依据。