Imperfect goods and labor markets, and the union wage gap

Existing theoretical literature fails to explain satisfactorily the differences between the pay of workers who are covered by collective agreements and others who are not. This study aims at providing a model framework that is amenable to an analysis of this issue. Our general-equilibrium approach integrates a dual labor market and a two-sector product market. The results suggest that the so-called “union wage gap” is largely determined by the degree of centralization of the bargains and, to a somewhat lesser extent, by the expenditure share of the unionized sector's goods.

客源信息缺失是制约旅游业发展的短板

重视对客源市场信息的了解,才算了解“市场导向”的真实内涵,深入了解客源市场需求,是解决目前旅游市场营销中种种不足与弊端,促使旅游业健康发展的根本。     

泡沫经济预控方法刍议

泡沫经济是市场经济发展中的一个客观必然现象,无疑,泡沫经济有害无利。本文从资产市场角度,用统计推断理论,来构造泡沫经济预控方法。     

转型时期中国电视剧的投融资风险

我国电视剧行政管理体制一直沿袭着与计划经济相应的管理方式。20世纪80年代以来电视剧生产开始转型。这种变化,实际上是投融资渠道发生微妙变化的结果。电视剧投融资渠道的扩展,促进了电视剧生产制作的繁荣,但繁荣的表面无法遮蔽无处不在的政策风险、市场风险与信用风险。这三种风险成为制约中国电视剧发展的“瓶颈”。电视剧投融资机制如何不断探索适应市场的生存方式,进行自身转型,成为新世纪的难题。     

西方金融创新理论述评

西方对金融创新首先提出理论解释的是约束引致假说和管制理论。约束引致假说认为金融创新是银行试图降低与特定资产负债表约束关联的成本。管制理论认为金融创新是管制者和被管制者之间持续的斗争。不完全市场理论认为新金融产品仅仅是金融工具特定因素组合的变化。证券设计和不完全市场模型是以一般均衡理论对金融创新过程模型化。目前尚无金融创新普遍认可和统一的理论。     

对我国银行间外汇市场的SCP范式分析

通过运用产业组织理论的SCP分析范式对我国的银行间外汇市场的市场结构、行为和绩效的特征进行了分析。在对我国现实外汇市场的集中度、参与者、交易量以及进入壁垒等基本因素进程讨论的基础上,强调我国的银行间外汇市场结构呈现出“买方垄断,卖方寡头”的总体特征。在这一结构下,银行间外汇市场内的银行的外汇经营行为是被动的行为,因而市场也是缺乏绩效的。这样的市场结构决定了人民币汇率在较长时期内缺乏弹性。     

电力市场改革后独立发电公司面临的政策和体制环境

本文分析了电力市场改革后独立发电公司面临的改革和体制环境,包括电力市场结构特点、电力市场运行机制、电力市场监管和仲裁机制以及全国经济发展形势对电力需求的影响。     

我国公司发行可转换债券的市场反应

使用事件研究法,分析了我国公司发行可转换债券的市场反应。研究表明,我国公司发行可转换债券后市场没有出现显著负的反应,与股权再融资的市场反应明显不同,与国外可转换债券发行的市场反应有差异。政府的奖优政策是可转换债券市场反应特殊性的重要原因。     

中签率对IPO股票上市价格的揭示作用

在IPO(in ital pub lic offering)过程中,承销商比投资者更了解公司状况,而投资者本身也具有信息占据的异质性。基于此借鉴信号理论进行模型和实证分析,认为中签率的确可以作为一个信号将有关IPO股票内在质量的信息传递到市场上。具体说就是,中签率越高的IPO公司,将被市场识别为低内在价值公司,表现为较低的初始报酬率。     

Employers' perspectives on benefit conditionality in the UK and Denmark

This article examines the under-explored demand-side of active labour market policies (ALMPs). Based on interview data from a comparative study of the UK and Denmark, the paper analyses employers' perspectives and experiences of ALMPs. In both countries, employers were favourably disposed towards employing unemployed jobseekers but held negative views on conditionality. First, benefit conditionality led to employers receiving large numbers of unsuitable and unfiltered job applications, with associated negative resource impacts. Second, employers perceived this as a product of ‘box ticking' and compliance targets. Finally, employers criticised policy and media rhetoric for focusing solely on the supply-side and for problematizing unemployed candidates. The paper argues that these crucial, but neglected, employer perspectives demonstrate that the current benefit conditionality regime in the UK risks irrevocably ‘tarnishing' candidates, which undermines, rather than enhances, their chances of securing employment through ALMPs. This unique dataset provides further evidence that the current direction of policy requires urgent and radical re-thinking.