外来者劣势与海外并购企业的生产率提升

海外并购已成为新兴经济体企业对外投资和实现国际化扩张的重要战略选择。外来者劣势是中国企业海外并购活动面临着的诸多困难之一。“外来者”身份会对企业并购后的整合与生产率提升这一关键问题产生负面影响,化解负面影响需作深入的细化研究。选取2008-2015年中国上市企业共计197起海外并购事件,以制度距离、文化距离以及地理距离分别作为外来者劣势中合法性缺失和信息不对称的替代变量,分析外来者劣势对海外并购企业生产率提升的作用机制。结果显示,合法性缺失导致的外来者劣势对海外并购企业的生产率提升有显著负影响,但信息不对称对生产率的影响并不显著。调节效应检验结果表明,国内投资能显著弱化制度距离和文化距离引致的外来者劣势对海外并购企业生产率的负影响,国际化经验和出口能克服制度距离带来的合法性问题,但对文化距离带来的合法性缺失的弱化效果并不明显。     

Limited attention,share repurchases,and takeover risk

We hypothesize that announcing open market share repurchases (OMRs) to counter negative valuation shocks reveals repurchasing firms’ lost growth opportunities or underperforming assets to potential bidders, making them more likely to become takeover targets. This also leads their investors to face higher takeover risk, a systematic risk associated with economic fundamentals that drive takeover waves, as proposed by Cremers et al. (2009). Indeed, we find that repurchasing firms tend to face higher takeover probability in the first few years following their OMR announcements, and that the increase in takeover risk can largely explain their post-announcement long-run abnormal returns documented in the literature. The increase in takeover risk is larger for smaller firms, firms with poorer pre-announcement stock performance, and those attracting more attention of market participants. Our results suggest that OMRs, which are used by many firms to counter undervaluation, could make the firms more sensitive to takeover waves and raise their cost of equity capital.     

A comparative efficiency analysis of Spanish and Turkish airports

AENA in Spain and DHMI in Turkey operate a large majority of the airports in their respective countries. These two airport operators share some similar characteristics, but also present many differences with respect to their management strategies. For instance, the Turkish DHMI introduced a Build-Operate-Transfer (BOT) model and concession agreements, which enables active private participation in airport management. In contrast, management and operation responsibilities at all airports in Spain –with a few exceptions-have remained with AENA. This paper utilizes a data envelopment analysis (DEA) to compare the relative efficiency of airports within AENA and DHMI for the years between 2009 and 2011. Based on the efficiency scores, it further identifies the sources of inefficiencies resulting from various management strategies and other external factors. The results indicate higher average efficiency levels at Spanish airports, but private involvement enhances efficiency at Turkish airports. The majority of the airports in Spain and Turkey operate under increasing returns to scale. Certain policy options, including a higher private involvement and improvement of the airport network by closing some inefficient airports, should be considered in order to increase the airport efficiency in both countries.     

A characterization of the extended serial correspondence

We study the problem of assigning objects to a group of agents. We focus on probabilistic methods that take agents’ ordinal preferences over the objects. Importantly, we allow for indifferences among objects. Katta and Sethuraman (2006) propose the extended serial correspondence to solve this problem. Our main result is a characterization of the extended serial correspondence in welfare terms by means of stochastic dominance efficiency, stochastic dominance no-envy and “limited invariance,” a requirement we adapt from Heo (2014a). We also prove that an assignment matrix is selected by the extended serial correspondence if and only if it satisfies “non-wastefulness” and “ordinal fairness,” which we adapt from Kesten et al. (2011).     

Precision and Manipulation of Non-financial Information: The Curious Case of Environmental Liability

This paper develops a model showing how the environmental liability regime and the precision of the disclosed environmental performance indicator affect managers’ incentives (1) to reduce actual pollution and (2) to manipulate the reported pollution. I assume a company with a separation of ownership and control which can be held liable for environmental damages and distinguish between a negligence regime and strict liability. The results suggest that if there is no manipulation but only a lack of precision of the disclosed environmental performance indicator, a negligence rule induces lower actual pollution levels than strict liability even though a negligence rule is considered to be more lenient. If managers are able to manipulate the disclosed environmental performance indicator, they will do so and actual pollution levels will generally increase. While manipulation makes it easier for shareholders to escape liability under a negligence regime, shareholders suffer from manipulation under strict liability due to higher actual pollution and higher expected damage compensation payments. Therefore, the manipulation level is higher under a negligence regime. My analysis contributes to the environmental performance and disclosure literature by showing that the liability regime is an important determinant affecting environmental reporting and actual pollution decisions.     

Domestic or global imbalances? Rising income risk and the fall in the US current account

When default leads to exclusion from financial markets, the implied loss of consumption smoothing opportunities is more costly when income volatility is high. A rise in income risk thus makes default less attractive, allowing creditors to relax borrowing limits. I show how, in an open economy, this endogenous financial deepening may reduce aggregate foreign assets in response to a rise in individual income risk, against the precautionary savings intuition. Conditions for this depend on whether default constrains complete or uncontingent contracts. The post-1980 rise in US household income risk strongly reduces foreign assets when domestic markets are complete or world interest rates low.     

提升算法对传统车险索赔频率建模模型的改进——基于我国五省交强险保单数据

广义线性模型作为非寿险定价的经典模型,在非寿险定价中得到了广泛的应用。近年来,以提升算法为代表的机器学习算法在保险领域取得了很好的效果,为保险产品定价提供了一种新的选择。本文将提升算法思想分别融入到回归树模型和广义线性模型(GLM)中去,用得到的新模型对我国车险索赔频率进行预测建模分析,并与传统的回归树模型和GLM进行比较。结果表明,加入提升算法后传统车险索赔频率建模模型的效果得到了很大的改善,并且在不存在过拟合的前提下,随着模型深度和迭代次数的增加,模型的效果也在不断优化。     

Technological knowledge as an essential facility

The economics of regulation has articulated the notions of essential facility and mandated interconnection. Their application to the governance of technological knowledge can be fruitful especially when implemented by the adoption of a compensatory liability rule and the parallel reduction in the exclusivity of patents. Because knowledge is at the same time an output and an input in the production of new knowledge, exclusivity, traditionally associated to patents, is the cause of actual knowledge rationing with major drawbacks in terms of both static and dynamic efficiency. This institutional innovation can improve the governance of technological knowledge and increase both its rates of dissemination and generation.

有限责任公司股东优先购买权立法模式研究

国际上有限责任公司优先购买权的立法有四种模式.从部分国家或地区演变历史看,有限责任公司股东优先购买权的立法演变可分为四种演进路径,并总体上体现了有限责任公司立法的三个共同原则.我国有限责任公司股东优先购买权立法模式是从法定主义模式到排除主义模式的转变,这种转变表明了在我国公司活动日益成为世界经济竞争性活动重要参与主体的背景下,我国公司立法指导思想的转变.     

论触电人身损害赔偿的法律适用

从不同的角度,触电人身损害赔偿案件有不同分类。不同类型的案件,法律适用原则不同。审理触电人身损害赔偿案件应认真梳理案件的法律关系,采用正确的侵权归责原则,公正、合法地追究当事人的责任。