Organizational performance in a regulated environment: The role of strategic orientation

This study explores the influence of governmental regulation on organizational strategies and performance outcomes. Drawing on literature in strategic management, we provide a longitudinal empirical analysis of viable strategies in the U.S. domestic airline industry during a 6-year period (1965-70) when it was regulated by the Civil Aeronautics Board. Results indicate that air carriers were indeed able to articulate coherent strategic postures despite regulatory constraints, and were thus able to influence profitability.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

会计监管:依据探析与工具改进

会计监管属于规制经济学研究的大范畴,“公共利益理论”为会计监管提供了基本依据,通过对会计信息失灵原因的进一步分析,章指出“克服市场不完善导致的高质量会计信息需求不足”及“改善契约不完全造成的产权不明”是我国政府主导的会计监管更本质的原因;金融监管是经济监管领域较为成熟、甚为重要的部分,金融监管工具改革的经验体现了现代监管理念的变化,可以为会计监管工具设计和改革提供借鉴和支持。     

Aggregate liquidity shortages, idiosyncratic liquidity smoothing and banking regulation

This paper develops a model of banking fragility driven by aggregate liquidity shortages. Inefficiencies arise from a failure of the interbank market to smooth the available liquidity in such a shortage. We find that a standard lender of last resort policy is ineffective in restoring efficiency as it leads to offsetting changes in the banks’ supply of liquidity. In contrast, subsidizing the purchase of assets from troubled banks increases welfare by improving the banks’ liquidity holdings. The first best, however, is achieved by redistributing existing liquidity from healthy to troubled banks in a crisis.     

Achieving High Quality, Comparable Financial Reporting: A Review of Independent Enforcement Bodies in Australia and the United Kingdom

This article provides a review of the activities of two quite different types of national enforcement body, the U.K.'s Financial Reporting Review Panel (FRRP) and the Australian Securities and Investments Commission (ASIC). We present material (some not available elsewhere) about their activities over the period 1998–2004 and show that both types of body can fulfil an enforcement role, albeit subject to political forces. We also assess the relevance of the bodies' past activities for comparable international enforcement following the adoption of International Financial Reporting Standards (IFRS) in 2005. A review of cases reveals that for both bodies approximately half were related to recognition and measurement issues, where interpretation can be crucial. Although there is potential for cross-country differences to arise, they may be mitigated by the participation of both bodies in international enforcement coordination activities. Past activities suggest that the scope of the bodies' activities and the extent of comparability of enforcement decisions are likely to reflect political views held within the government, corporate sector and accounting profession.     

中国政府金融监管制度的演进与特点（1900～1949）

中国的金融监管始于20世纪初,经历了清末、北洋政府和南京国民政府等不同时期;金融监管体制经历了"单一监管——双头监管——单一监管"的变迁过程;其变迁方式表现为以强制性变迁为主,诱致性变迁为辅,且二者之间为一种逆向交替关系。     

The life and death of the Australian permanent building societies

Throughout the nineteenth and twentieth centuries permanent building societies have been important providers of housing finance in Australia. Despite their long history Australian building societies have been disappearing at a steady rate since the early 1980s as they have converted into banks or become involved in mergers. The purpose of this paper is to give a background account of the history of Australian building societies and put forward explanations for their past popularity and more recent disappearance from Australian housing finance markets.     

代际公共品供给视角下的环境规制研究

从代际维度看,环境规制的成本主要发生在当代,其影响却超出了一代以上人的范围,因此,环境规制不仅是一种一般性公共品的供给,也是一种代际公共品的供给。由于环境规制的成本与收益在代际间的不对称,通常具有正的代际外部性,因而在现实中往往出现供给不足的趋势。     

Raising rivals' costs: The entry of an upstream monopolist into downstream markets

A regulated upstream monopolist provides an input to firms in a downstream market. If the monopolist enters the downstream market, a natural concern is that it will act so as to raise its downstream rivals' costs. An offsetting incentive is that a higher downstream price will reduce demand for the input, which reduces the monopolist's profit. Conditions under which one incentive dominates the other are derived. The monopolist may desire to lower its downstream rivals' costs rather than raise them. These findings suggest that regulatory policy towards such downstream entry should not focus exclusively on the ability to discriminate.     

The Telecommunications Act at three years: an economic evaluation of its implementation by the Federal Communications Commission

The competitive free-for-all that Congress envisioned in the 1996 Telecommunications Act has for the most part not appeared. The Act calls for two forms of regulatorily-assisted entry into local markets: lease of network elements and resale. The FCC has decreed that the charges for those elements and the resale discounts must emulate the costs of an ideally-efficient firm. This standard is in fact not efficient, and the FCC’s attempt to jump-start the entry of competitors in this way has short-circuited the competitive process itself and jeopardized achievement of the goals of the Act.