Income Maintenance and Labor Force Participation

The paper studies the optimal tax‐subsidy schedules in an economy where the only decision of the agents is to work, or not, with an application to the case of France. Given an income guarantee provided by the welfare state, the tax schedule that maximizes government revenue provides a benchmark, the Laffer bound, above which it is inefficient to tax. In fact, under mild conditions, a feasible allocation is second best optimal if and only if the associated taxes are lower than the Laffer bound. The only restriction that efficiency puts on the shape of the tax scheme is this upper Laffer bound. The Laffer tax scheme itself can be computed from the joint distribution of the agents' productivities and work opportunity costs. Depending on the economy, it can take widely different forms, and exhibit, for instance, negative marginal tax rates. After estimating the joint distribution of productivities and work opportunity costs on French data, I compute the Laffer bound for two subpopulations, single women and married women with two children or more. Quite surprisingly, the actual incentives to work appear to be very close to the bound.     

锁相跳频源的极值相位裕量设计法

针对电流型电荷泵PLL频率综合器芯片,提出一种称为极值相位裕量的无源环路滤波器方案和设计方法。使PLL频率合成器成为2型(3~4)阶环;论证了设计公式,并用良好设计方法研制了一个L波段的跳频源。该跳频源在相位噪声、调频速度和杂散抑制等方面的性能指标较高。     

金融去杠杆对中国沪深股票市场的冲击———基于融资融券的视角

2016 年 12 月 2 日上交所和深交所同时修订了有关融资融券的《实施细则》,根据新规,市盈率大于 300 的股票将不再作为融资抵押品． 利用该制度变迁作为一次自然实验,检验制度变化对融资买入以及股票价格的冲击效应． 研究发现: 第一,融资新政有效地降低了市场整体融资买入额,特别是高市盈率和高融资杠杆公司的融资买入额; 第二,融资新政也产生了一定的挤出效应,相对增加了高贝塔系数和高换手公司的融资买入; 第三,融资需求的下降显著冲击了价格,特别是弹性差的股票． 实验证据表明,在各领域制定去杠杆的规则时,可以采用更多元的指标体系以缓解挤出效应的影响; 并且应充分考虑对该市场供求关系的影响以及资产的弹性大小,以避免造成资产价格的大幅波动．     

地方立法工作与科学发展观的落实

本文旨在从宏观角度探讨落实科学发展观对地方立法的发展观提出新要求,并试图从微观角度梳理、分析地方立法落实科学发展观亟需理顺的关系:地方立法与国家立法的关系、立法质量与数量的关系、立法形式与内容的关系、立法中“立、改、废”的关系、立法所规范的权利与义务的关系、立法所体现的公平与效益的关系、立法规范与其他社会规范的关系以及立法理论与实践的关系。     

卖空交易机制对股价的影响: 来自台湾股市的经验证据

关于卖空机制,在学术界和实务界目前仍在争论而未达成一致。而我国股市从完全禁止卖空到实施融资融券制度已有较长一段时间,从市场稳定性角度分析我国融资融券政策实施效果。基于面板数据模型实证检验是否允许卖空（也即是否属于融资融券标的）对股票收益率波动性、偏度以及峰度的影响。结果显示：允许卖空的股票收益率波动性和峰度会显著下降,而收益率偏度会显著增加,三个维度的检验均表明,融资融券制度的推出有助于改善市场稳定性。进一步分沪深两市和分不同行业的稳健性分析同样支持这一结论。     

外币折算损益对会计报表影响分析

本文通过对外币折算损益产生的原因及其分类的分析,采用国际上和我国现行会计核算制度程序对外币折算损益处理的不同特点,分类型分析了外币折算损益对会计报表产生的影响     

International Profit‐Shifting out of Developing Countries and the Role of Tax Havens

This article contributes to the debate on how tax avoidance and evasion can hamper development efforts by investigating the link between profit‐shifting out of developing countries and tax havens. Analysis of more than 1500 multinational corporations (MNCs) operating in India shows that in 2010 those MNCs with links to tax havens reported lower profits and paid less in taxes per unit of asset than MNCs with no such links. This confirms the notion that when corporations have links to tax havens they enjoy higher incentives, because of the low tax rates, and opportunities to shift income because of the secrecy provisions tax havens offer.     

Are EU standards detrimental to Africa’s exports?

The high costs of complying with standards adversely affect export competitiveness. Existing evidence suggests that the harmonisation of standards to international benchmarks reduces compliance costs and is less trade-inhibiting, or may even be trade-promoting. This paper thus investigates how the regulatory margin in food standards affects Africa’s fish exports to the EU. We measure the regulatory margin in standards by comparing EU standards to the international scientifically-formulated benchmarks. Our results indicate that, relative to the international standards, EU fish standards are indeed non-inhibiting. Thus, the high number of fish exports from Africa rejected by the EU due to non-compliance with EU standards does not really suggest that the measures are overly restrictive but rather is an indication of the poor quality of Africa’s fish exports. This finding suggests a need for upgrades to Africa’s fish export quality, especially the fish supply chain infrastructure, through continuous improvements in fish export logistics facilitation and export promotion measures.     

Regression Discontinuity Designs With Sample Selection

This article extends the standard regression discontinuity (RD) design to allow for sample selection or missing outcomes. We deal with both treatment endogeneity and sample selection. Identification in this article does not require any exclusion restrictions in the selection equation, nor does it require specifying any selection mechanism. The results can therefore be applied broadly, regardless of how sample selection is incurred. Identification instead relies on smoothness conditions. Smoothness conditions are empirically plausible, have readily testable implications, and are typically assumed even in the standard RD design. We first provide identification of the “extensive margin” and “intensive margin” effects. Then based on these identification results and principle stratification, sharp bounds are constructed for the treatment effects among the group of individuals that may be of particular policy interest, that is, those always participating compliers. These results are applied to evaluate the impacts of academic probation on college completion and final GPAs. Our analysis reveals striking gender differences at the extensive versus the intensive margin in response to this negative signal on performance.     

Non-radial profit performance: An application to Taiwanese banks

This research modifies the directional Russell measure (DRM) of Fukuyama and Weber (2009) [1] to decompose the Nerlovian profit efficiency in Chambers et al. (1998) [2] so as to obtain a generalized measure that completely excludes technical inefficiency from allocative inefficiency. Based on such a decomposition, we further develop a new slack-based and profit-oriented productivity indicator, combining the Nerlovian profit measure with the conventional Luenberger productivity indicator (LPI), in order to provide a full picture of the sources of productivity change. Productivity change, based on the profit boundary, is decomposed into four components: the change in technical efficiency; the change in allocative efficiency; the shift of technology; and the price effect from outputs and inputs. This decomposition provides a more complete picture of the sources of productivity change. The above indicator is used herein to measure the productivity change of Taiwanese banks in terms of profit.