从基金经理高流动看基金公司的制度创新

近几年来，我国基金经理的流动性不断加大，这严重伤害了基金业的正常发展，也打击了持有人的信心。大量基金经理流失，虽然有他们自身的缘由，但根源还在于基金公司的制度缺陷。只有加强制度创新，完善各种体制，才能从根本上避免大量优秀人才的流失，维持团队的基本稳定。     

论周期中资本边际效率的演进、扭曲与崩溃——关于美国“次贷危机”的政治经济学解读

文章通过凯恩斯的资本边际效率(MEC)理论探讨了经济危机发生的条件、可能区域以及演进的机理,并对次贷危机进行了实证考察.文章认为,次贷危机是在美国政治周期推动下,制度结构和社会条件变迁改变危机进程所造成的危机叠加.在此基础上,文章对流动性过剩说、经济结构失衡说、负债消费模式说、国际金融体系说、新自由主义制度说等观点进行了辨析.     

论公司型基金的制度安排

在分析契约型基金制度性缺陷的基础上,本文揭示了公司型基金的制度比较优势,认为完善基金治理结构是中国证券投资基金业进一步发展的根本问题,公司型基金则是其有效的制度解,进而提出了中国公司型基金发展的政策建议。     

改善民生保障的有益探索——南京市秦淮区深化社区卫生服务体制改革调查

南京市秦淮区在社区卫生服务机构健全、人才队伍和硬件设施基本具备的情况下，进行了新一轮深化社区卫生服务体制改革，通过推行卫生服务贴近居民，实施全额财政拨款、收支两条线和零差率基本医疗用药，建立科学考核和民主监督机制，实现了社区卫生服务体制的创新，优化了社区卫生服务供给。但也有一些值得关注和提防的问题。     

Serving unfair customers

Companies commonly adopt “the customer is always right” maxim as a basic premise for delivering quality service. A close examination of customer behavior, however, reveals that customers can be not only wrong but also blatantly unjust. Unfair customers take advantage of being “always right” by demanding unwarranted privileges and compensation, adversely affecting companies and, in some cases, employees and other customers. Companies can actually strengthen their ability to deliver quality service by dealing effectively with unfair customers.     

Valuation Effects of Short Sale Constraints: the Case of Corporate Takeovers

We examine the relation between the degree of short sale constraints for acquiring firms' equity and post takeover stock performance. We find that negative long‐run abnormal returns appear to decline (in economic and statistical terms) as the extent and persistence of institutional block‐holder ownership increase, after accounting for the size, book‐to‐market and method of payment effects. In the spirit of Miller (1977) , such evidence implies that the degree of short sale constraints serves as an important determinant of acquiring firms' short‐run overpricing. It appears that the presence of concentrated institutional presence mitigates and in most cases eliminates, through effective arbitrage, any short‐run overpricing that may be responsible for the long‐run underperformance of acquirers, preserving in this way efficiency in the takeover markets.     

The principle of institutional direction: Coase's regulatory critique of intervention

That Coase's political convictions changed from an early socialismto a later neo-liberalism stands in apparent contrast to thetheoretical consistency of his early (‘The Nature of theFirm’) and later (‘The Problem of Social Cost’)contributions to economics. Offering further evidence abouthis early views in particular, this paper takes a fresh lookat Coase's views on competition and antitrust to show that heconsistently stressed the role of what we shall call the principleof ‘institutional direction’, and that this principleinvolves an important criticism of both neo-liberal and socialistviews on regulation and state intervention.     

社区服务发展不平衡的制度原因

归纳了社区服务发展在人员、设施、项目、社区参与、资源开发利用等方面不平衡的表现,认为上述问题的存在与社区服务的制度安排不合理有关,进而从制度层面进行剖析,提出了相应建议.     

Transition as a process of large-scale institutional change

After several years of transition experience the theory is very poorly developed except in regard to macroeconomtc stabilization. Another key dimension of transition is institutional change to provide the organizational infrastructure for a market economy. Such issues are analysed here through a series of models focusing on: uncertainty of outcomes, complementarities and interactions between reforms, and political constraints. The choice between “big bang” and more gradualist strategies is studied under various conditions and the paper also examines specific incentive and allocative aspects of the transition from socialism to capitalism.