Exit Options in Corporate Finance: Liquidity versus Incentives

This paper provides a first study of the optimal design of active monitors'exit options in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal incentives to monitor the issuer may involve restricting the monitor's right to sell her claims on the firm's cash-flow early. But the monitor will then require a liquidity premium for holding such an illiquid claim. In general, therefore, there will be a trade off between incentives and liquidity. The paper highlights a fundamental complementarity between speculative monitoring in financial markets (which increases the informativeness of prices) and active monitoring inside the firm: in financial markets where price discovery is better and securities prices reflect the fundamentals of the issuer better, the incentive cost of greater liquidity may be smaller and active monitoring incentives may be preserved. The paper spells out the conditions under which more or less liquidity is warranted and applies the analysis to shed light on common exit provisions in venture capital financing.     

关于铁路精益生产指标体系及其作用的经济学分析

在铁路精益生产制推行过程中,要特别重视指标体系的构建及其作用的发挥。考核指标体系构建紧密结合铁路运输生产特点和生产流程,以完整运输产品供给为导向,以信息化为基础,以组织模式优化为保障,注重精益生产考核指标体系的激励性。     

METROPOLITAN HOUSE PRICES IN SOUTH AFRICA: DO THEY CONVERGE?

The question this paper investigates is whether or not different metropolitan areas each constitute a separate housing market or whether or not there is a single South African housing market. Theory on the Law of One Price suggests that if products or geographic areas belong in the same market, their absolute prices must converge, so that their relative prices are stationary. By using cross-sectional time series data of five metropolitan areas, the paper tests for the Law of One Price by applying the Im, Pesaran and Shin panel unit root test. The paper finds strong evidence of convergence in large middle-segment house prices and weaker support for convergence in medium middle-segment house prices. In addition, the paper finds no evidence for convergence in small middle-segment house prices. This suggests the existence of a national market for large and possibly middle-segment houses in metropolitan areas, but separate metropolitan markets for small middle-segment houses. In addition, the paper estimates the speed of convergence and finds that large middle-segment house prices converge within two to seven quarters, while the speed of convergence for medium middle-segment house prices in three of the five areas is five to eight quarters.     

The best way of bilateral special economic zone to Sino-Vietnam economic cooperation

The Bilateral Special Economic Zones is a new idea about economic co-operation ways. It is going to be set by both countries with a common boundary for promoting the economic co-operation between two sides. It can be firstly set along the boundary between China and Vietnam. It will promote the economic co-operation between them, but China and ASEAN. It can be set along the Chinese boundary with the neighboring countries and will promote the economic co-operation between the both sides for setting up a better environment around China.     

偏远地区高校图书馆构建和谐文化作用初探

偏远地区的高等学校图书馆是该地区重要的科技、文化信息源，构建和谐文化，应该充分发挥这些图书馆的信息辐射作用。高等学校和地方政府应共同努力，把图书馆建成当地的科技、文化信息中心，以促进我国和谐文化的早日建成。     

一项关于农村五保供养制度的实证研究——以闽北地区为例

农村五保供养制度是一项具有中国特色保障鳏寡孤独残疾人基本生活权益的制度,也是我国农村社会保障体系的重要组成部分。在实地调查的基础上,分析了闽北地区农村五保供养的现实状况,提出了未来建设农村五保供养制度的若干思路。     

安徽非公经济发展研究

在当代中国,非公经济发展与改革开放及制度变迁原本是相通的,欠发达地区经济发展的实质就是非公经济的发展;安徽非公经济发展滞后的深层机理在于既定制度格局下的路径依赖。本课题深入分析了既定制度格局影响安徽非公经济发展的机制过程,以此为基础,提出了进一步加快发展的思路和对策。     

资源环境约束下的和谐增长与制度和谐

经济增长对自然资源消耗和环境污染是不可避免的,然而,当经济增长对自然资源与环境资源的需求超过其承载力的阈限时,就会出现由于资源枯竭与环境恶化的非和谐增长.在对和谐增长相关理论进行梳理的基础上,以我国经济增长对资源、环境的超"阈限"影响为背景,分析"三重失灵"对和谐增长的影响,并将和谐增长纳入制度和谐的框架内,试图从制度约束上探讨长期和谐增长的保障机制.