How effective is European merger control?

This paper applies an intuitive approach based on stock market data to a unique dataset of large concentrations during the period 1990–2002 to assess the effectiveness of European merger control. The basic idea is to relate announcement and decision abnormal returns. Under a set of four maintained assumptions, merger control might be interpreted to be effective if rents accruing due to the increased market power observed around the merger announcement are reversed by the antitrust decision, i.e. if there is a negative relation between announcement and decision abnormal returns. To clearly identify the events' competitive effects, we explicitly control for the market expectation about the outcome of the merger control procedure and run several robustness checks to assess the role of our maintained assumptions. We find that only outright prohibitions completely reverse the rents measured around a merger's announcement. On average, remedies seem to be only partially capable of reverting announcement abnormal returns. Yet they seem to be more effective when applied during the first rather than the second investigation phase and in subsamples where our assumptions are more likely to hold. Moreover, the European Commission appears to learn over time.     

二氧化碳排放强度下降目标的动态分解研究——基于“十二五”规划目标的分析

针对十二五规划中二氧化碳排放强度下降17%的目标,设定两种分解路径——等比路径和等差路径,采用数理经济学理论,将之分别对应到二氧化碳排放强度和人均国内生产总值两项指标的幂函数路径和对数函数路径。根据1990~2007年全球主要地区和中国的历史经验数据,对上述两个函数的参数进行模拟,并对二氧化碳排放量路径进行预测。研究发现,幂函数最优路径比国际经验对应的最优路径更为激进;幂函数最优路径比对数函数最优路径更为灵活,但后者减排潜力更大。若走对数函数路径,在远期保持国内生产总值年均7%增长速度的前提下,到2038年我国将达到二氧化碳排放量的峰值,之后便逐步下降。     

基于在线信息的C2C顾客可感知风险评价研究

C2C环境下顾客购物过程中面临诸多风险,如何有效识别和评价这些风险至关重要。本文以顾客可感知风险为基础,从当前国内主流C2C交易平台的主要信息出发,本着可获取、可计量的原则,在考虑时间、消费者风险偏好等因素的基础上,从C2C网站风险、卖家风险、产品风险、服务风险等方面建立风险计量指标体系,借助突变理论建立了风险综合评价模型,并对模型特点及应用进行了分析与总结。     

Country-of-origin effects and antecedents of industrial brand equity

Does the country-of-origin effect matter to industrial brand equity in international business-to-business (B2B) markets? The effect of a product's country-of-origin (COO) on both industrial buyers' and consumers' perceptions and evaluations has been one of the most widely studied phenomena in the fields of international business, marketing, and consumer behavior since the 1960s. Although many country-of-origin studies focus on consumer behavior in developed countries and acknowledge that the processes and stages of economic development by which consumers use COO information may differ in developing countries, the fact that there has been little research to investigate the effects of COO could explain the variations in international buyers' evaluations of industrial brand equity in the newly-industrialized economies, such as Taiwan. Taiwanese firms are now formidable global B2B market players by successfully transforming themselves from manufacturing mainly low-value and labor-intensive goods to producing many high value-added products that require advanced technology, equipment and significant business expertise. With the adoption of advanced technology and equipment, an important question is whether unique and innovative fastener products from Taiwan have generated the country-of-origin effects in international B2B buyers' minds. The main finding is that the country-of-origin of fasteners has not yet become an important antecedent of industrial brand equity in the case of the fastener industry in Taiwan.     

Charter value, Tobin's Q and bank risk during the subprime financial crisis

Charter value is important in the banking industry because of its ability to reduce the moral hazard incentives that result from government-provided deposit insurance. Previous research suggests that geographic deregulation in the 1970s and 1980s increased competition and eroded charter values. Yet, a common proxy for charter value, Tobin's Q, increased significantly in the 1990s and beyond even as bank deregulation continued. We show that Tobin's Q is a poor cardinal measure of charter value though it still has merit as an ordinal measure. Our findings suggest that charter value has been declining through time, contributing to the increase in risk-taking that led to the subprime financial crisis.     

英语影视语言的特点及翻译方法

影视语言具有通俗易懂、口语性和跨文化等特点,翻译时,应把握作品主题,照顾影片风格,尽量保持影片的原汁原味,使其中的文化内涵和艺术效果得到体现。     

探索“2+1”人才培养模式中“1”的实践教学规划和管理体制

本文主要对我国高等职业教育的人才培养模式问题进行了研究,尤其是对"2+1"人才培养模式中最后一年的实践教学规划和管理体制进行了深入探讨,提出了4个方面的建议和具体措施。     

C2C电子商务中消费者网络信任影响因素的实证分析

近年来,电子商务在中国取得了长足的发展,我国网民的网购行为多发生在C2C平台。消费者信任在C2C在线交易中起着举足轻重的作用。通过建立影响C2C电子商务中消费者信任的因素模型,在对问卷调查所得数据总结和分析的基础上,采用李克特五级量表对影响因素的层次进行了划分。实证研究结果表明,影响消费者信任因素的重要性依次为:对第三方保障的信任、感知网页质量、对网店服务的感知、个人信任倾向、它人信任和对网店形象的感知。最后提出:加强社会信任体制建设和诚信教育,适时地推出合理的第三方保障手段等增强我国C2C电子商务网络信任的政策建议。     

贸易视角下经济增长和环境质量的内在机理研究——基于中国30个省市环境库兹涅茨曲线的面板数据分析

经济增长与环境质量问题已引起众多学者的关注。本文利用中国30个省、市、自治区15年的面板数据检验中国是否存在倒U型的EKC曲线,并且在考虑贸易与投资的基础上,得出如下结论:东部地区存在倒U型的EKC,西部地区存在正U型的EKC,中部地区不存在EKC;外贸依存度与碳排放呈现出显著地正相关关系,FDI对碳排放虽有影响但很微弱;贸易和投资对拐点到达的时间并无影响,但却能够提高拐点到达时的人均GDP水平。     

Cooperative fiscal policy at the zero lower bound

This paper investigates the use of fiscal policy in response to a large negative aggregate demand shock which may push the global economy into a liquidity trap. Fiscal policy may be an effective tool to respond to a liquidity trap, but its international spillover effects may operate quite differently from its domestic effects. We derive the optimal cooperative fiscal response to a global liquidity trap in a two country world economy. Surprisingly, we find that the optimal fiscal spending response for a partner country to a negative aggregate demand shock in a source country may be negative. If fiscal policy can be chosen under policy commitment, the optimal response involves current fiscal expansion combined with future fiscal contraction, after the liquidity trap has ended.