中国上市公司董事会行为与公司绩效关系实证研究

以2005年中国证券市场公布的指标股为研究样本,用董事会会议频率表示董事会行为,实证分析了董事会行为的决定因素以及董事会行为与前期、当期和后期公司绩效之间的关系.研究表明,独立性越强的董事会将导致较高强度的董事会行为,内部所有权和董事会行为在规范管理方面存在替代性,股权制衡有助于产生积极的董事会行为,而外部董事的声誉激励制度和机构投資者制度对董事会行为的作用还有待进一步加强;董事会行为与前期经营绩效显著负相关,与当期和后期绩效显著正相关,两者之间存在显著的内生关系,而董事会行为的决定因素在内生关系中起着重要的作用.     

Individual and Household Values of Mortality Reductions with Intrahousehold Bargaining

I derive alternative measures of maximum willingness to pay (WTP) and value of statistical life (VSL) for selfish members of two-person households who bargain efficiently over consumption of individual and household goods. There is then no systematic bias in letting one member conduct the valuation on behalf of the household. Public-good VSL may exceed private-good VSL when each member attaches (selfish) preferences to survival of the spouse, and to any income from a surviving spouse in period 2. When period 2 is a retirement period and household members’ incomes are fixed, interview surveys tend to overvalue VSL due to ignored negative effects of own survival on private of public pension budgets.JEL Classification: I12, G22, J17     

Entry into Consensual Unions and Marriages Among Finnish Women Born Between 1938 and 1967

This study, based on a survey undertaken in 1989, clearly illustrates the dramatic changes in family formation behaviour that have occurred in Finland. Whereas only about one-tenth of the first unions of women born between 1938 and 1942 began as consensual unions, after the cohort of 1962 only one-tenth were formal marriages. These changes lagged some ten years behind the corresponding ones in Sweden, but were about five years ahead of Norway. In Finland, up to the present, most consensual unions have constituted a temporary state which precedes proper family life. Most couples married in connection with the birth of the first child. Consensual union as a permanent lifestyle is generally connected with a low level of education of women.     

Estimating the Technology of Cognitive and Noncognitive Skill Formation

This paper formulates and estimates multistage production functions for children's cognitive and noncognitive skills. Skills are determined by parental environments and investments at different stages of childhood. We estimate the elasticity of substitution between investments in one period and stocks of skills in that period to assess the benefits of early investment in children compared to later remediation. We establish nonparametric identification of a general class of production technologies based on nonlinear factor models with endogenous inputs. A by‐product of our approach is a framework for evaluating childhood and schooling interventions that does not rely on arbitrarily scaled test scores as outputs and recognizes the differential effects of the same bundle of skills in different tasks. Using the estimated technology, we determine optimal targeting of interventions to children with different parental and personal birth endowments. Substitutability decreases in later stages of the life cycle in the production of cognitive skills. It is roughly constant across stages of the life cycle in the production of noncognitive skills. This finding has important implications for the design of policies that target the disadvantaged. For most configurations of disadvantage it is optimal to invest relatively more in the early stages of childhood than in later stages.     

Discrete–Time Approximations of the Holmström–Milgrom Brownian–Motion Model of Intertemporal Incentive Provision

This paper studies the relation between discrete–time and continuous–time principal–agent models. We derive the continuous–time model as a limit of discrete–time models with ever shorter periods and show that optimal incentive schemes in the discrete–time models approximate the optimal incentive scheme in the continuous model, which is linear in accounts. Under the additional assumption that the principal observes only cumulative total profits at the end and the agent can destroy profits unnoticed, an incentive scheme that is linear in total profits is shown to be approximately optimal in the discrete–time model when the length of the period is small.     

求职过程的宏观-微观分析：多层次模型

本文针对中国大城市不断市场化过程中社会资本对求职过程的影响进行了研究。笔者从新制度主义的宏观与微观的联接理论出发,使用内生互动模型作为实证分析工具,揭示了市场制度的发育具有强化市场行动主体的偏好,即市场化程度、市场不确定性和市场规范性等三个市场化制度的重要特征的发育,均具有增加个体收入的效应,证明宏观制度的演进与诱导微观个体的制度偏好具有亲和性。本文同时证明了边燕杰提出的网络作用空间的“倒U模式”假设。     

Estimation of the integrated volatility using noisy high-frequency data with jumps and endogeneity

In this paper, we investigate a new estimator of the integrated volatility of Itô semimartingales in the presence of both market microstructure noise and jumps when sampling times are endogenous. In the first step, our estimation wipes off the effects of the microstructure noise, and in the second step our estimator shrinks the effects of jumps. We provide consistency of the estimator when the jumps have finite variation and infinite variation and establish a central limit theorem for the estimator in a general endogenous time setting when the jumps only have finite variation. Simulation illustrates the performance of the proposed estimator.     

Is Time-Discounting Hyperbolic or Subadditive?

Subadditive time discounting means that discounting over a delay is greater when the delay is divided into subintervals than when it is left undivided. This may produce the most important result usually attributed to hyperbolic discounting: declining impatience, or the inverse relationship between the discount rate and the magnitude of the delay. Three choice experiments were conducted to test for subadditive discounting, and to determine whether it is sufficient to explain declining impatience. All three experiments showed strong evidence of subadditive discounting, but there was no evidence of declining impatience. I conclude by questioning whether hyperbolic discounting is a plausible account of time preference.     

A Game–Theoretic View of the Fiscal Theory of the Price Level

The goal of this paper is to probe the validity of the fiscal theory of the price level by modelling explicitly the market structure in which households and the government make their decisions. I describe the economy as a game, and I am thus able to state precisely the consequences of actions that are out of the equilibrium path. I show that there exist government strategies that lead to a version of the fiscal theory, in which the price level is determined by fiscal variables alone. These strategies are however more complex than the simple budgetary rules usually associated with the fiscal theory, and the government budget constraint cannot be merely viewed as an equilibrium condition.     

HT模型在健康人力资本对个人收入影响中的应用研究

由于在收入—健康模型中健康具有内生性,导致OLS估计结果有偏,但目前国内对此问题研究不足。采用HT模型,在有效控制健康等变量的内生性后,分析健康人力资本对个人收入的影响。通过比较发现：HT模型是比传统的FE模型更为有效的模型,能够更为精确地反映健康对个人收入的影响。