Time and Financial Transfers Within and Beyond the Family

Research on time and financial transfers is often conducted along two distinct lines—transfers within the family and transfers beyond the family—without considering the fact that these transfers are actually interrelated. Using longitudinal data from the Health and Retirement Study (HRS), this article investigates the links between the two groups of transfers. Transfers within and beyond the family were found to be complements. Income and wealth are strong predictors of financial transfers. Black and Hispanic families lag systematically in the generosity to help the people both within and beyond their families.     

物质与非物质组合激励模型研究

以较低的成本达到更好的激励效果，是企业管理者追求的目标之一。在H—M模型的基础上，引入贴现因子建立的物质与非物质组合激励模型，能够对企业所有者和企业经理期望收入的改进情况进行有效的分析。     

利益分配的调节是建设和谐企业的经济杠杆

和谐企业是构建和谐社会重要的经济与社会的微观基础。和谐企业的本质是员工关系的和谐,改革和规范企业收入分配制度,掌握正确的分配原则,科学地调节利益分配,均衡企业与员工利益的获取,加强企业领导班子和企业文化建设,使和谐企业建立在牢固的物质基础上,才能不断增强企业的竞争力与和谐程度。     

论金融资产证券化

金融资产证券化的发达国家,已形成了一整套完整的法律制度,作为金融资产证券化的顺畅实施保证,而依我国现行法制进行金融资产证券化,必然存在相当的法律问题。本文对这些法律问题进行分析后,认为金融资产证券化完全可以在中国发展起来。为促进金融资产证券化在中国的发展,对于中国的法制现状来说,比较现实的方式是制定一部类似日本《资产流动化法》,台湾《金融资产证券化条例》的单行法规,将具体细节加以规定。     

Bequest Expectations: Evidence from the 1989 Survey of Consumer Finances

This study uses the 1989 Survey of Consumer Finances to examine the effects of respondents' characteristics on their expectations of receiving inheritances and leaving bequests, based on altruistic bequest theory. The results of logistic regression analysis suggest that respondents' sociodemographic characteristics such as education, marital status, race, presence of living parents, and number of siblings significantly affect their anticipation of receiving an inheritance. People's expectations of leaving a bequest are found to be positively and significantly related to the value of nonliquid asset holdings, education, marital status, and positive attitude toward bequests but inversely associated with the total number of children in the household and being disabled. Those who are self-employed and middle-aged are more likely to anticipate leaving bequests.     

Parental Housing Assistance and Parent‐Child Proximity in Italy

Many studies of intergenerational exchanges include parent‐child proximity as an exogenous explanatory variable. Proximity may itself be a consequence of intergenerational resource flows, however. We analyze patterns of economic transfers between generations and their relationship to parent‐child proximity in Italy. Parental support for a child's home purchase may influence the child's choice of location, whether to facilitate parent‐child contacts, grandchild care, or parent care. We examine the situation of married couples, focusing on housing help received and the association of that help with proximity to each spouse's parents. Using 1998 survey data and multinomial logistic regression models, we find that past housing assistance has a significant effect on current proximity to each spouse's parents, controlling for parents' survival, family composition, and other factors.     

Patterns of Intergenerational Transfers in Southeast Asia

This article explores motivations for intergenerational exchanges of time and money using data from Indonesia. The extent of exchange and underlying motivations differ across families but substantial evidence supports the theory that transfers within families serve as insurance for family members. The results also suggest that between some parents and children money is exchanged for time. Additionally, some evidence is consistent with the idea that parents pay for their children's education partly as a loan that is later repaid. The authors compare their results to those that they obtained previously for Malaysia using similar data and methods. The findings regarding motivations for transfers are remarkably similar across the two countries.     

For love or money: Costs of child care by relatives

A substantial proportion of employed mothers of young children, especially low-income mothers, use relatives to provide child care. This study uses data on interhousehold exchange of gifts, loans, and household services from the National Survey of Families and Households to examine monetary and nonmonetary costs of child care by relatives. Results show that mothers who use relatives for child care are more likely to give services and to have given gifts or loans to other relatives living outside the household than mothers using other forms of child care or mothers who are not employed. Monetary payments for child care by relatives are made more often for full-time than part-time care and less often to grandparents than to other relatives providing care. Implications for government child care assistance programs are discussed. Preparation of this paper was supported in part by the Illinois Agricultural Experiment Station. The author acknowledges the helpful comments of Marianne Ferber, Andrea Beller, and Sharon Y. Nickols. Her research interests include issues relating to women's employment, including child care and house-hold time allocation. She received her Ph.D. in Family and Consumption Economics from the University of Illinois. Send all correspondence to author.     

Causes and Consequences of Block Share Purchases. Evidence from Spanish Non-Financial Firms

The structure of Spanish capital markets doesnot facilitate an efficient market forcorporate control through takeover process,which assumes that inefficient management isreplaced by competing teams. The ownershipstructure of listed companies is highlyconcentrated, with extremely low floating stockfor some companies. At the same time animportant number of companies have introducedanti-takeover provisions in their statutes.There is another way of disciplining managementthrough the exit solution: by transferring theownership of significant blocks of shares, amarket for partial corporate control, asalternative to the takeover market. Theobjective of this paper is to test empiricallythe causes and consequences of block purchasesin Spain for non-financial listed companies.The main results are: i) There is no evidencethat previous poor performance of the companiescauses block increases; ii) Block increasesoccur more frequently in companies with lowerownership concentration. After the blockincrease, on average, the ownership of thelargest shareholder increases. iii) After blockincreases there are significant board changes,for both executive board members and also fornon-executives. (iv) The transfer of blocksoccurs more frequently for smaller companies.We conclude that agency theory predictionsabout the disciplining role of partial takeoveractivity are not fully supported. They arecontingent on institutional characteristics ofthe corporate governance system.     

从计划销售量的确定看一类委托-代理问题

本文通过对现行汽车销售网络中计划销售量确定方法的分析 ,指出由于信息的不对称以及“棘轮效应”的存在 ,销售总公司与分销中心在确定计划销售量时 ,必然会陷入“骑马比慢”的困境。而打破这一困境的有效方法便是“换马” ,即两者互换角色 ,并通过适当的激励手段 ,引导分销中心经理报出一个他通过努力能够完成的最高销售量