Household debt and financial assets: evidence from Germany, Great Britain and the USA

Summary.  We explore the determinants of debt, financial assets and net worth at the household level by using survey data for Germany, Great Britain and the USA. To identify which households are potentially vulnerable to adverse changes in the economic environment, we also explore the determinants of a range of measures of financial pressure: the probability that a household has negative net worth; the debt-to-income ratio; mortgage income gearing; the saving-to-income ratio. Our empirical findings suggest that the poorest and the youngest households are the most vulnerable to adverse changes in their financial circumstances.     

反垄断法中相关市场的界定标准

相关市场是竞争法中的基础性概念,对所有限制竞争行为的讨论都必须以界定相关市场为基础。相关市场又分为相关产品市场、相关地理市场和相关时间市场。结合相关案例和经济学理论对三种市场进行讨论,可以为我国反垄断立法中关于相关市场的立法和执法提供借鉴。     

西部地区投资软环境与体制创新

西部地区投资软环境建设中存在着商品市场观念淡薄、资本市场观念缺乏及“八重八轻”问题。要改善西部地区的投资软环境 ,就必须树立新观念 ,深化体制改革 ,加强体制创新 ,处理好“八重八轻”问题。     

Perception and control of occupational injury risks in fishery--a pilot study

The frequency of occupational accidents in fishery is high in most fishery nations. Implementation of safety measures has, however, been limited. The purpose of the present cross-sectional study was to explore Swedish fishermen's attitudes towards occupational risks and accident control. Information was acquired through a questionnaire distributed to a convenience sample of 92 fishermen. Indices were built, containing variables relevant to perceived risk levels in connection with work, perceived manageability of risks, activity in safety work, technical knowledge and individual attitudes towards risks. The results did not support earlier findings of low risk awareness and risk acceptance among fishermen. Perceived manageability of risks but not perceived risk level, accident experience or risk acceptance, were significantly associated with activity in safety work. The results suggest that safety work might benefit from efforts to develop fishermen's understanding of how the development of hazardous situations can be prevented or managed. The results do not support strategies for accident control in fishery based solely on increasing risk awareness.     

新资本结构理论综述

随着资本结构研究的深入,理论界进一步放宽MM定理的基本假设。以Jensen,Myers,Ross,Leland,Harris,Hart等学者为代表的新资本结构理论引入最新的研究方法,对资本结构展开分析。本文按照新资本结构理论发展的历史轨迹,全面评述了资本结构理论中最为重要的各种理论,同时系统地描述了各有关理论的基本内容。     

突出创新思维培养 强化综合素质教育——艺术设计教育教学改革探讨

本文分析了当前艺术设计教育普遍存在的问题,强调艺术设计教学的特殊性,提出了艺术设计人才培养的新思路、新办法。     

推进公平是市场经济体制下政府的重要职能

推进公平是政府在市场经济体制下必须履行的重要职能 ,政府推进公平是协调经济利益关系、维持社会稳定的需要 ,是提高效率的保证 ,是对“市场缺陷”的弥补。公平是发展社会主义市场经济的最终目标之一。政府干预市场是为了实现效率与公平的兼顾与协调。为防止两极分化 ,我国政府须在推进起点公平、结果公平、环境公平上应采取切实可行的措施。     

The relationship between paid work and parenthood--a comparison of structures,concepts and developments in the UK and Austria

This article investigates and compares the dominant concepts of public policy concerning the employment-parenthood interface in the UK and Austria. These two countries have been chosen because they represent very different public policy conceptions, particularly in approaching the work-family issue. In order to show the consequences of these policies the paper focuses on working time and time away from employment, when children are very young, and relates these aspects to currently introduced and changed regulatory structures, such as working time regulations and statutory parental leave. The active labour market and family policy in Austria, generally, supports the reconciliation of employment and parenthood. However, the Austrian work-family 'system' suffers from the underlying notion of the male breadwinner model in public support structures and low normative support of employed mothers. The cultural barriers for a more equal distribution of the burdens of combining employment and parenthood seem to be lower in the UK. The market as the political focus, in general, allows more equal opportunities for (qualified) women in the labour market and within families. But the highly flexible and polarised labour market, passive public policy and weak legal protection of employed parents creates a difficult relationship between paid work and family life for many parents, in particular for low-skilled, low-paid parents, above all mothers. These analyses provide the basis for conclusions for public policy aiming at the reconciliation of paid work and parenthood. Ce texte cherche à comparer les concepts dominants de la politique gouvernementale concernant l'interface travail-parent en Grande-Bretagne et en Autriche. Ces deux pays ont été choisis parce qu'ils présentent des concepts de politique gouvernementale très différents, en particulier en ce qui concerne la question de la famille et le travail. Ce texte montre les conséquences de la pratique de ces politiques sur le temps au travail rémunéréet le temps passé à l'extérieur de l'emploi ou sans emploi, et ce, dans un contexte o[ugrave] les enfants sont jeunes. Le texte fait la relation entre ces éléments et la pratique des structures de contrôle existantes et modifiées telles que les lois (ou: les règlements) sur le temps passéau travail et sur les congé parentaux. En général, le marché du travail et la politique de la famille en Autriche encourage la conciliation entre l'emploi et la responsabilité de parent. Par contre, ce système de travail- famille autrichien est un concept qui est fondé à la fois sur le modèle de l'homme comme fournisseur principal du revenu familial dans les structures de soutien public ainsi que sur normes de soutien peu élevées pour les mères employées. Les barrières culturelles face àune distribution plus égalitaire de la responsabilité travail-famille semblent être moins élevées en Grande-Bretagne. En général, le marché et la politique du marché du travail ont offerts plus d'opportunités aux femmes qualifiées. Mais la volatilité (et la polarisation) du marché du travail, la politique gouvernementale passive et la faible protection légale pour les parentstravailleurs créent tous une relation difficile pour les parents entre le travail rémunéré et la vie de famille--en particulier pour ceux qui sont moins qualifiés et mal rémunérés, dont surtout les mères de famille. Cette analyse nous guide vers la nécessité d'une politique gouvernementale qui vise la conciliation entre le travail rémunéré et la responsabilité parentale.     

社会主义市场经济与自由

社会主义市场经济体制的建立确保了经济自由的实现。这种自由表现为自由的经济主体。自由的生产、自由的交换、自由的消费等等。社会主义市场经济是实现人的自由的现实途径。     

Sampling Returns for Realized Variance Calculations: Tick Time or Transaction Time?

This article introduces a new model for transaction prices in the presence of market microstructure noise in order to study the properties of the price process on two different time scales, namely, transaction time where prices are sampled with every transaction and tick time where prices are sampled with every price change. Both sampling schemes have been used in the literature on realized variance, but a formal investigation into their properties has been lacking. Our empirical and theoretical results indicate that the return dynamics in transaction time are very different from those in tick time and the choice of sampling scheme can therefore have an important impact on the properties of realized variance. For RV we find that tick time sampling is superior to transaction time sampling in terms of mean-squared-error, especially when the level of noise, number of ticks, or the arrival frequency of efficient price moves is low. Importantly, we show that while the microstructure noise may appear close to IID in transaction time, in tick time it is highly dependent. As a result, bias correction procedures that rely on the noise being independent, can fail in tick time and are better implemented in transaction time.