住房保障体系中的廉租房退出机制

在政府构筑的保障房体系中,廉租房是最基础的层次,但由于廉租房在制度上缺乏有效的退出机制,准入制度的设计也存在缺陷,再加上整个住房保障体系层次间流转不畅,我国各大城市廉租房普遍存在"只进不出"现象。因此。从整体来看,政府需要完善准入制度,构建动态监管的廉租房退出机制,并完善多层次阶梯式的住房保障体系。     

Measures of individual risk attitudes and portfolio choice: Evidence from pension participants

We use a large non-student sample to test how distinct measures of risk-attitudes relate to each other, to demographic characteristics and to real-life risk taking in the financial domain. These measures, namely the Bomb Risk Elicitation Task (BRET), self-reported willingness to take risks in general, the choice in a hypothetical lottery, the score in the Domain Specific Risk-Taking (DOSPERT) scale, appear to be positively correlated and exhibit a certain degree of consistency. Furthermore, a subset of these measures is driven by similar demographic characteristics as such that males are more risk seeking and risk-aversion increases with age. Using extensive data on the retirement portfolios of the participants during the years 2008–2014, we find that all of these measures are positively correlated with the riskiness of individual portfolios. The self-reported willingness to take risks in general appears to be the most relevant measure in predicting actual risk-taking behavior.     

发行管制条件下的股权再融资市场时机行为及其对资本结构的影响

本文基于A股市场再融资管制环境,检验了A股上市公司股权再融资行为中的市场时机特征及其对资本结构的影响.研究发现,再融资中的市场时机行为显著,表现为两方面:(1)市场高涨时,会有更多的公司申请再融资;(2)申请再融资成功的公司,市场时机适合时融资规模更大.进一步分析发现,无论是申请再融资公司的数量还是再融资规模,市场时机都包括了两部分:一部分是基于股价的时机,另一部分是基于再融资管制政策的时机,后者在配股中约占36%.基于市场时机的更大融资规模导致再融资当年杠杆率下降更多,但由于存在发行价格和规模限制,市场时机对资本结构的 影响短暂.     

Lack of reciprocity among Dutch teachers: Validation of reciprocity indices and their relation to stress and well-being

This research presents the results of two related studies on the convergent and construct validity of three measures of reciprocity in exchange relationships at work. In Study 1, 71 Dutch teachers were interviewed about their specific investments and outcomes in the exchange relationships with their students, colleagues and school. ANOVA revealed that they reported significantly more investments than outcomes, and that the number of reported investments and outcomes mentioned varied as a function of the type of exchange relationship. Building on these results, multi-item scales were created to assess reciprocity at a detailed level for each of the three exchange relationships. Study 2 validated these specific reciprocity measures by relating them to two global assessments of reciprocity (convergent validity) as well as to measures of job stress and well-being (construct validity). LISREL-analysis of data obtained from a further sample of 224 teachers revealed that for each type of exchange relationship there were significant, consistent and meaningful relationships among the three reciprocity measures. Further, hierarchical regression analysis showed that the reciprocity measures were differentially related to job stressors and measures of well-being. Implications are discussed.     

Voluntary Siting and Equity: The MRS Facility Experience in Native America

This article focuses on aspects of intragenerational and intergenerational equity in the context of a unique policy experiment: the effort of the U.S. government to site a monitored, retrievable storage (MRS) facility for high-level civilian nuclear waste. This process and its outcomes are examined from both normative and subjective perspectives. While the MRS siting process was designed to be equitable, its eventual focus on Native American communities raises profound questions about environmental justice, as well as procedural, outcome, and intergenerational equity in cross-cultural contexts. The diverse reactions among Native American tribes demonstrate that translating theoretical concepts of equity into practice is an extraordinarily complex exercise. The MRS siting process, instead of being a bold policy experiment that promoted equity, emerges substantially flawed after its implementation in the Native American context.     

School-level policies and the efficiency and equity trade-off in education

This paper identifies the relationship between pupils’ Family Background, their mathematics scores, and school-level policies, using the 2012 Programme of International Student Assessment for Italy and multilevel modelling. School-level policies have played a leading role in recent school reforms in many countries, but there is no straightforward empirical evidence for how they affect pupils’ outcomes and the equality of educational outcomes. Our findings show that that only some school policies intensify the Family Background Effect – (educational equity) and affect student outcomes (educational efficiency) simultaneously. We find that competitive schools are able to screen students by selecting higher socio-economic status parents, which mainly harms equity without having much effect on efficiency. There are some policies which allow some trade-off between aforementioned objectives, mainly policies related to management schools.     

大股东控制下的股权再融资决策

不对称信息条件下,股权再融资的选择方式和认购量能作为信号向外部投资者表明公司的质量.本文发现:公开增发发行成本较高且大股东持股比例较小时,存在唯一的分离均衡,此时高质量公司定向增发,低质量公司配股;当公开增发成本较高且大股东持股比例较大时,定向增发是唯一的混同均衡;当公开增发成本较低且大股东持股比例较小时,公开增发是唯一的混同均衡.模型预测定向增发的公告效应为正,配股的公告效应为负,而公开增发的公告效应不明确,这与大量实证文献相吻合.     

天使抑或魔鬼:私募股权基金之于创业板市场的发展

自创业板市场开启以来,我国私募股权基金与创业板市场双双得到长足发展。相对于创业板市场,私募股权基金无疑是天使,促进了创业板市场的发展与完善。然而,行业的无序竞争、普通合伙人融资困难、基金投资短视等弊端暴露了我国私募股权基金行业法制建设落后、监管制度不健全、配套机制建设滞后等问题,中国私募股权基金第一弊案正是这些问题的集中反映。天使在某种情况下也会变成魔鬼,不健全的私募股权基金将会严重损害创业板市场的发展。对此,我国应当通过构建完备的法律体系、强化监管制度、推动配套机制建设等多种方式,促使私募股权基金与创业板市场的协调发展。     

Does globalization benefit developing countries? Effects of FDI on local wages

Two different reactions to globalization (either supporting or opposing globalization) are observed throughout the world. Focusing on the effects on the labor market, we examine whether foreign direct investment benefits workers employed by local establishments in a host developing country. The analysis shows that they received wages above the market-based wage that would otherwise prevail in the absence of foreign establishments. Although concerns exist that growing multinational business might have negative impacts on local workers, this paper suggests that those fears might be unwarranted.     

Social Work and Social Justice: What Are We Fighting For?

Abstract

A cardinal value of social work practice is social justice. Social justice ranks as the second of five values that underpin the Code of Ethics of the Australian Association of Social Workers (AASW. However, although social work's commitment to promoting social justice is laudable and, indeed, may even be a distinguishing feature of the profession, precisely what kind of social justice does social work espouse? The answer to this question remains unclear. Views about the nature and scope of social justice stem from broader conceptions of justice that not only differ from, but may also conflict with, each other. Therefore, it is important not only for social work to be clear about the type of social justice that it currently advocates, but also to ensure that it is one that the profession seeks to defend and maximise. It is argued that the choice must be as egalitarian as possible. Indeed, it must be radically so. Otherwise, what is social work fighting for?