经理人激励的细分: 隐藏行动、努力成本和风险厌恶

本文研究经理人隐藏行动、努力成本和风险厌恶态度对经理人激励的影响.本文的研究基于标准委托人-代理人模型,但放松其关于经理人行动不能影响企业风险的假定,而采用更接近现实的假定--企业风险至少部分内生于经理人的行动.通过研究,本文将经理人激励明确细分类为努力增进激励(βeffort激励)和追求风险激励(βrisk激励)两类.为实现βeffort激励,经理人报酬只需是企业业绩的线性函数即可;但为实现βrisk激励,经理人报酬应是企业业绩的凸函数.     

Real options valuation principle in the multi-period base-stock problem

This paper analyzes the multi-period base-stock problem where there is a financial risk associated with a stochastic demand. For the single-period problem, it is known that the optimal inventory policy can be obtained with the Black and Scholes option pricing formula. This paper pushes the analysis further by applying the options valuation framework to the multi-period problem and presenting an algorithm for finding the optimal inventory policy. A computational study indicates that the effect of systematic risk is typically negligible (as for the single-period problem). Therefore, it can be concluded that systematic risk in demand is of little importance for optimal inventory control.     

自由现金流代理成本假说还是过度自信假说?——中国上市公司投资——现金流敏感性的实证研究

企业投资现金流敏感性问题可以由现金流代理假说解释,也可以由管理者过度自信假说解释,本文以企业的成长性、现金流特征为划分指标对企业进行分组,并以此来区分与检验两种理论假说。研究结果显示,自由现金流代理问题较为严重的低成长—高现金流企业,将会发生企业过度投资。同样,过度自信问题较为严重的高成长—高现金流企业,也将发生企业过度投资。实证研究结果即支持了自由现金流代理假说,也支持了过度自信假说。     

Health‐Economics Analyses Applied to ELF Electric and Magnetic Fields

Extremely low frequency electric and magnetic fields (ELF EMFs) are a common exposure for modern populations. The prevailing public‐health protection paradigm is that quantitative exposure limits are based on the established acute effects, whereas the possible chronic effects are considered too uncertain for quantitative limits, but might justify precautionary measures. The choice of precautionary measures can be informed by a health‐economics analysis (HEA). We consider four such analyses of precautionary measures that have been conducted at a national or state level in California, the Netherlands, the United Kingdom, and Israel. We describe the context of each analysis, examine how they deal with some of the more significant issues that arise, and present a comparison of the input parameters and assumptions used. The four HEAs are methodologically similar. The most significant qualitative choices that have to be made are what dose‐response relationship to assume, what allowance if any to make for uncertainty, and, for a CBA only, what diseases to consider, and all four analyses made similar choices. These analyses suggest that, on the assumptions made, there are some low‐cost measures, such as rephasing, that can be applied to transmission in some circumstances and that can be justifiable in cost‐benefit terms, but that higher cost measures, such as undergrounding, become unjustifiable. Of the four HEAs, those in the United Kingdom and Israel were influential in determining the country's EMF policy. In California and Netherlands, the HEA may well have informed the debate, but the policy chosen did not stem directly from the HEA.     

国外测算官方统计调查社会成本的实践及启示

本文通过介绍国外官方统计调查社会成本的测算实践发现,测算目的在于提高统计数据质量;测算主体一般为国家统计机构;测算方法不一,但均属测算花费的填报时间;测算对象主要为企业,但部分国家还测算住户和个人的统计调查社会成本;各国统计调查社会成本总体呈下降趋势。在此基础上提出,一是尽可能减少统计调查项目、统计报表数量以及每张统计报表中的指标数量;二是更多地利用大数据、行政记录等数据源;三是定期做好统计报表填报时间的分析。     

试论社会工作价值教育的写作疗法

目前,我国社会工作专业教育取得了很大的进步,但是依然存在着学生专业归属感与认同度不高的局限。社会工作价值教育的核心动力包括自我认同和专业认同,写作疗法是社会工作专业价值教育的一种可行选择。写作疗法可以促进社会工作价值教育中的个人认同和专业认同的螺旋上升,增强学生对自己、对专业的认知、态度、归属和自豪感,激发学生的梦想力、团队感、执行力和成就感,最终实现社会工作专业价值内化。社会工作价值教育中写作疗法的运用,要坚持学生为本理念、深耕精培理念和关系促进原则、成就动力原则,遵循科学的程序和指引。在这一过程中,指导教师要将社会工作价值理念教育贯穿始终,通过言传身教让学生切实感受到专业价值的真实性和价值性。     

电子商务环境下市场与企业关系的演变

工业革命以来发生的生产社会化和后来的经济全球化使企业面临一个全球性的市场,市场扩大给企业带来发展机会的同时也使企业在市场交易中的费用上升,于是企业通过纵向一体化来降低交易费用,企业的规模不断膨胀。电子商务的出现降低了市场交易费用,使企业直接利用市场机制更有效益,在一定程度上改变了企业通过扩大规模去降低交易费用的行为,企业更多地通过市场获得原材料与中间产品。在电子商务环境下产生与以往相反的趋势———市场交易对企业内部化交易的替代。     

The additional cost of disability: a new measure and its application to sensory impairment

This article introduces a method using consensual budget standards to estimate additional costs incurred by households that include disabled people with specified impairments. The article reports on a first application of this to UK single adults with sensory impairments. Using the Minimum Income Standard method, the research aims to identify the cost of disability by working with groups of disabled people to agree what additions to minimum budgets for non-disabled people are required for someone with a given impairment. This provides a more tangible account of the cost of disability than economic analysis of living standards achieved by disabled and non-disabled people, and adds to surveys of actual spending on additional items, which do not account for unmet need. The research on vision and hearing impairment yields new insights into costs arising from the way disabled people live their everyday lives, not just from spending on adaptations and equipment.     

Does population ageing affect savings in Europe?

Ageing is going to be greater and greater in the forthcoming decades. At the same time, old-aged dependency and longevity occur due to rising life expectancy at birth. Our study aims to examine the effect of population ageing on private savings. A panel data of a sample of selected European countries collected from the World Bank (WB, 2016) – World Development Indicators (WDI) database is used, in order to analyze possible heterogeneity across and multiple subsamples. The span period is 1990–2013. Besides, economic growth and crisis provide empirical support. Our findings show that longevity and dependency rates have both significant impacts on savings. However, the results are influenced by the way in which the data is managed. Therefore, this calls into question the practice of applying for a reform in the government’s old-age support programs. Besides, the paper makes a good contribution to knowledge: firstly, it is innovative since it puts together demographic and economic variables among a selected group of developed countries; secondly, it uses a very up-to-dated database; and thirdly, it fills a gap in the literature.     

A decision support tool to determine cost-to-benefit of a family-centered in-home program for at-risk adolescents

Family-centered program research has demonstrated its effectiveness in improving adolescent outcomes. However, given current fiscal constraints faced by governmental agencies, a recent report from the Institute of Medicine and National Research Council highlighted the need for cost-benefit analyses to inform decision making by policymakers. Furthermore, performance management tools such as balanced scorecards and dashboards do not generally include cost-benefit analyses. In this paper, we describe the development of an Excel-based decision support tool that can be used to evaluate a selected family-based program for at-risk children and adolescents relative to a comparison program or the status quo. This tool incorporates the use of an efficient, user-friendly interface with results provided in concise tabular and graphical formats that may be interpreted without need for substantial training in economic evaluation. To illustrate, we present an application of this tool to evaluate use of Boys Town’s In-Home Family Services (IHFS) relative to detention and out-of-home placement in New York City. Use of the decision support tool can help mitigate the need for programs to contract experts in economic evaluation, especially when there are financial or time constraints.