CAPM的经验检验与残差分布的时变性

本文从预期收益期望的统计学计算原理出发,研究发现在CAPM经验检验时,交易前后预期收益的残差分布将发生变动,这一变化可使得交易后预期收益的期望会增加、方差却减少。该结论也可同时解释许多当前有关CAPM有效性不足的研究成果：无风险收益可作为预期收益的影响因子,市场风险溢价者具有时变性,经验检验设计存在偏差。这种较强的解释力,不仅表明本研究方法的有效性,也将为我们进一步研究和提高CAPM及其经验检验的有效性提供一种新的方法和途径。     

海峡两岸突发性公共危机管理的传播比较

通过研究近几年发生在海峡两岸的突发性公共危机事件,对大陆与台湾的传播管理进行比较,认为二者存在着行政管理者的惯性思维和传播效率不高的共同弊端;对体制、功能、内容及非政府民间组织网媒等方面差异进行分析,并从救灾现场报道、行政管理者的角色区别、负面报道等比较其差异,期望海峡两岸在突发性公共危机中能携手共度难关。     

企业集团内部市场对上市公司盈余质量影响的实证研究

集团内部市场对集团内上市公司盈余质量有着正反两个方面的影响,＂效率促进＂有利于盈余质量,而大股东＂掏空＂则会有损于盈余质量。根据交易内容把集团内部市场具体分为内部产品市场、内部资本市场、内部资产市场、内部担保市场和其他内部市场五个子市场,以中证800指数上市公司2004-2008年的财务数据作为检验样本进行实证分析,结果表明：企业集团内部市场本身的存在与会计盈余质量显著正相关。内部产品市场的交易规模与上市公司盈余质量显著正相关,而内部资本市场的交易规模与盈余质量显著负相关,其他几个内部子市场的交易规模与盈余质量呈现不显著的负相关。     

Polarization and progress in the black community: Earnings and status gains for young black males in the era of affirmative action

We examined the occupational mobility and earnings attainment of young black and white male workers in the period 1974–1981 for evidence of class polarization among blacks in the era following the 1960s' antidiscrimination legislation. Our model links occupational status and earnings to the social resources of education and father's socioeconomic status, using data from the Panel Study of Income Dynamics, 1968–1981. The results suggest that such resources operated more strongly for advantaged blacks than for whites. But for less advantaged blacks, race remained a significant barrier. As predicted by the polarization hypothesis, enforcement of affirmative action guidelines was beneficial, but only to more qualified blacks.An earlier version of this paper was presented at the annual meetings of the Society for the Study of Social Problems, August 1987.     

Midlife and older displaced workers: A comparison of predisplacement and new earnings

The economic consequences of business closings and worker layoffs are of great concern to today's work force. The study compares earnings of 755 workers previous to displacement to 422 displaced workers with new earnings. Variables are identified using the data supplement of the 1988Current Populations Survey: Displaced Workers. Displaced workers employed in professional and white-collar positions have more favorable predisplacement earnings and new earnings than workers from other job sectors, but displaced workers who are homeowners and those who have health care coverage before and following job displacement have a decline in earnings. Displaced workers with some high school education and workers with 30 to 39 years of job tenure also experience decreased wages. Overall, displacement of American workers stifles the economy and negatively influences the human capital of the nation's work force. Her major research interests include displaced worker issues, work and family policy, and the economics of aging. Her major research interests include labor force participation of midlife and older persons.     

The Relative Earnings of Contingent Faculty in Higher Education

Part-time and full-time non-tenure-track faculty currently represent almost half of all faculty in U.S. higher education, yet little is known about their earnings relative to traditional tenure-track faculty. I find that full-time non-tenure-track faculty earn approximately 26% less per hour from their academic institution and 18% less in total earnings from all sources per hour than comparable tenure-track assistant professors. Part-time non-tenure-track faculty earn 64% less per hour from their institution, but only 1% less in total earnings per hour, than tenure-track assistant professors.

大股东掏空视角下的薪酬激励与盈余管理

基于代理成本的视角,分析大股东掏空对经理薪酬激励与盈余管理行为的影响及内在机理,并以2008年至2011年中国沪、深股市A股上市公司数据为样本,采用OLS模型实证检验大股东掏空、经理薪酬与盈余管理间的内在联系,并考察不同产权性质企业大股东掏空对经理薪酬与盈余管理影响的系统性差异。研究结果表明,尽管中国上市公司已基本建立有弹性的业绩型薪酬体系,但是大股东攫取控制权私利的掏空行为也会降低经理薪酬激励的有效性,并引发经理与大股东合谋进行盈余管理的新的代理问题;产权性质对大股东掏空、经理薪酬和盈余管理间关系具有显著的调节作用,与国有上市公司相比,非国有上市公司中掏空行为对经理薪酬业绩敏感性以及经理薪酬与盈余管理间敏感性的影响表现得更加突出。     

山东准近代化城市之近代化简论

山东准近代化城市之近代化简论张连国研究山东城市近代化，会遇到两个问题：一是山东前近代城市的评价和定性；一是山东城市近代化的具体道路和特点。这两者是密切相关的，前者涉及山东城市近代化的起点和内因，后者则是山东前近代城市的发展和归宿。本文拟就这两个问题作...     

我国A股上市公司基于配股权的盈余管理研究

以实证研究的方法检验了我国A股上市公司盈余管理行为对1906年1月、1999年3月与2001年3月出台的配股政策的反应,进一步验证了我国上市公司的盈余管理行为是政策诱致型的。因此,加强证券市场监管的市场化进程是治理盈余管理问题的根本出路。