A county in eastern Jiangsu Province leads the way in low-cost medical treatment THE extremely cold weather that has ravaged large parts of the northern hemisphere this winter also took its toll on the small village o...A county in eastern Jiangsu Province leads the way in low-cost medical treatment THE extremely cold weather that has ravaged large parts of the northern hemisphere this winter also took its toll on the small village of Dazhuyin in Ganyu County,east China＇s Jiangsu Province. The dry,freezing days laid low scores展开更多
A smart city provides a new idea and model for urban construction, management, and development. This article proposes the concepts and methodology for top-level design of smart cities based on the ＂ Integration of Fo...A smart city provides a new idea and model for urban construction, management, and development. This article proposes the concepts and methodology for top-level design of smart cities based on the ＂ Integration of Four Plans ＂, and the planning process and systems for implementing the top-level design of smart cities. This article discusses, from the perspective of a city, how to optimize resource allocation, coordinate the development of urban economy, society, resources, environment, and people＇s livelihood, and map out the blueprints for healthy and sustainable development of a smart city.展开更多
This paper examines whether and how investors reacted to the pronouncements related to International Accounting Standards （IAS） 19R. Using a sample of 401 European firms reporting pension and retirement expense duri...This paper examines whether and how investors reacted to the pronouncements related to International Accounting Standards （IAS） 19R. Using a sample of 401 European firms reporting pension and retirement expense during the period of 2006-2011, this paper finds negative abnormal returns around the pension project initiation by the International Accounting Standards Board （IASB）. More importantly, the abnormal returns are more negative for firms with higher financial leverage and lower ratios of net periodic pension cost to net income, but less negative for firms in countries with weak creditor rights （CR） and infrequent use of the corridor approach under IAS 19. Additionally, the effects of financial leverage and the ratio of net periodic pension cost to net income on the abnormal returns are more pronounced for smaller firms. Overall, the results are consistent with the view that recognition of previously disclosed off-balance-sheet pension liabilities as required by IAS 19R increases debt contracting costs, and highlight the importance of considering firm size and CR in international tests of debt contracting theory.展开更多
In this paper,based on the stochastic optimal control method,the intergenerational risk and inflation risk,the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring t...In this paper,based on the stochastic optimal control method,the intergenerational risk and inflation risk,the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring the random wage rate under the random mortality and inflation risk of the personnel in the plan and the correlation between the wage change and the fluctuation of the financial market.The research shows that the financial market parameters and wage rate have a great influence on the optimal investment strategy,and gives the optimal investment strategy and the optimal income adjustment strategy of the target benefit pension.The research of this paper provides a reference for the policy formulation and implementation of the Target Benefit Pension Plan in our country.展开更多
文摘A county in eastern Jiangsu Province leads the way in low-cost medical treatment THE extremely cold weather that has ravaged large parts of the northern hemisphere this winter also took its toll on the small village of Dazhuyin in Ganyu County,east China＇s Jiangsu Province. The dry,freezing days laid low scores
文摘A smart city provides a new idea and model for urban construction, management, and development. This article proposes the concepts and methodology for top-level design of smart cities based on the ＂ Integration of Four Plans ＂, and the planning process and systems for implementing the top-level design of smart cities. This article discusses, from the perspective of a city, how to optimize resource allocation, coordinate the development of urban economy, society, resources, environment, and people＇s livelihood, and map out the blueprints for healthy and sustainable development of a smart city.
文摘This paper examines whether and how investors reacted to the pronouncements related to International Accounting Standards （IAS） 19R. Using a sample of 401 European firms reporting pension and retirement expense during the period of 2006-2011, this paper finds negative abnormal returns around the pension project initiation by the International Accounting Standards Board （IASB）. More importantly, the abnormal returns are more negative for firms with higher financial leverage and lower ratios of net periodic pension cost to net income, but less negative for firms in countries with weak creditor rights （CR） and infrequent use of the corridor approach under IAS 19. Additionally, the effects of financial leverage and the ratio of net periodic pension cost to net income on the abnormal returns are more pronounced for smaller firms. Overall, the results are consistent with the view that recognition of previously disclosed off-balance-sheet pension liabilities as required by IAS 19R increases debt contracting costs, and highlight the importance of considering firm size and CR in international tests of debt contracting theory.
基金Supported by Key Advance Research Project of the National Natural Science Foundation of China(Xjky08201901)Anhui Provincial Department of Education in Terms of Key Projects(kj2019A1289)Anhui Province University Outstanding Talents Support Plan Project(gxyq2020105)。
文摘In this paper,based on the stochastic optimal control method,the intergenerational risk and inflation risk,the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring the random wage rate under the random mortality and inflation risk of the personnel in the plan and the correlation between the wage change and the fluctuation of the financial market.The research shows that the financial market parameters and wage rate have a great influence on the optimal investment strategy,and gives the optimal investment strategy and the optimal income adjustment strategy of the target benefit pension.The research of this paper provides a reference for the policy formulation and implementation of the Target Benefit Pension Plan in our country.
