非货币性资产交换中相关税费问题探讨

CAS7相关规定,换入资产的成本等于公允价值(或账面价值)加上相关税费,存在补价时,再加上补价。该项规定与当前税法体系中的相关规定存在一定的出入,并且当前新会计准则中对涉及的"相关税费"有关的计量标准尚未进行严谨的规范。因此,对我国目前新会计准则中涉及的非货币性资产交换涉及相关税费问题进行探讨。     

金融经济周期理论研究新进展

基于契约理论,金融经济周期理论在思想上继承了理性预期和货币主义学派的传统,在研究方法上借鉴了真实经济周期理论的动态一般均衡建模方法(DGEM),在周期传导机制上突破了传统周期理论.这一理论从借贷双方委托代理问题切入研究金融加速器效应,对经济短期剧烈波动进行了全新的阐释.     

On Bivariate Risk Premia

This note examines the conditions under which the bivariate risk premium for one risk may be negative even if both risks are positively correlated, using a mean variance setting. The link between the bivariate risk premium and the partial bivariate risk premia is also investigated.     

Premium Risk and Managed Care

This paper analyzes how individuals can insure premium risk and obtain high quality health insurance in a managed care environment. Insurers choose health care providers. Only a fraction of high risk individuals is unambiguously identifiable in front of a court. Premium insurance is not able to reach a first-best risk allocation while health insurers have an incentive to stint on quality under guaranteed renewable contracts. It is shown that a contract exists which can implement the first-best. This contract specifies payments to individuals and a third party upon switching to create a credible self-commitment by the insurer to provide high quality.     

Bidding under auctioneer default risk

In a financially turbulent economy, participants of a procurement auction should consider in their bids the event of default of the auctioneer, which may result to substantial damages for the winning bidder. We examine a sealed bid auction, with private cost values and interdependence among the beliefs of the bidders about the auctioneer׳s default risk. The probability of payment of the bid price by the auctioneer is estimated by each bidder. For a first and a second price auction, we derive equilibrium bidding strategies, which address the risk of default and optimally adjust the bid price, introducing a risk premium in the form of an additional mark-up. A numerical illustration of the proposed strategies is provided. The effect of auctioneer׳s risk of default on the procurement project cost is examined. Financial arrangements that may be used to relax or eliminate the effect of the risk of default, such as early payment methods, third party guarantees or insurance programs are discussed and evaluated in comparison with the approach of risk premium on bid price.     

企业并购中定价的溢价分析

针对中国企业并购中对溢价的分析存在着不足，采用理论与数据分析结合的方法进行研究，指出了企业并购的溢价陷阱，描述了企业并购中的协同效应的特点，采用了差额现金流增量法衡量并购的溢价，给予目标企业合理的并购价值。     

Does “network closure” beef up firms’ performance?

In this paper we study whether “network closure” in the supply chain can explain the heterogeneity observed in firms’ performance. Using unique panel data on trade flows among beef farms in the Italian region of Piedmont, we analyze a sequential supply chain characterized by the co-existence of two production goods: domestic cattle, of lower quality but less risky, and imported cattle, of higher quality but exposed to higher risks. Our findings indicate that network closure, a characteristic commonly linked to the enhancement of trustworthy relations and mutual cooperation, is associated with an increase in the performance of farms adopting the riskier production system. On the other hand, network closure does not affect the performance of farms using the more traditional and mature technology. Thus, trust may promote the use of inputs of superior quality.     

Do Fair Trade Pricing Policies Reduce Inequalities in Coffee Production and Trade?

This article assesses the Fair Trade pricing model for coffee, investigating the ability of minimum prices and a social premium to reduce price risk and remedy inequalities. It highlights some of the challenges involved in controlling prices. Inequalities exist among Fair Trade‐certified farmers; some are poorer than others, and the poorer ones typically produce less coffee. If Fair Trade succeeds in its aim of raising the prices received by farmers, this will benefit more those farmers producing greater volumes of coffee and who are typically less vulnerable. In addressing inequalities, the Fair Trade social premium is superior to minimum prices.     

Bayesian modelling of health insurance losses

The purpose of this paper is to build a model for aggregate losses which constitutes a crucial step in evaluating premiums for health insurance systems. It aims at obtaining the predictive distribution of the aggregate loss within each age class of insured persons over the time horizon involved in planning employing the Bayesian methodology. The model proposed using the Bayesian approach is a generalization of the collective risk model, a commonly used model for analysing risk of an insurance system. Aggregate loss prediction is based on past information on size of loss, number of losses and size of population at risk. In modelling the frequency and severity of losses, the number of losses is assumed to follow a negative binomial distribution, individual loss sizes are independent and identically distributed exponential random variables, while the number of insured persons in a finite number of possible age groups is assumed to follow the multinomial distribution. Prediction of aggregate losses is based on the Gibbs sampling algorithm which incorporates the missing data approach.