Managerial ability,investment efficiency and stock price crash risk

We examine empirically the effect of managerial ability on firm-level investment efficiency and how this affects future stock price crash risk. Using a managerial ability measure developed by Demerjian et al. (2012), the paper documents consistent evidence that the more able managers over-invest compared to their not-so-able counterparts, even after controlling for the effects of financial reporting quality and other firm specific determinants of investment efficiency. This evidence is robust to alternative proxies for investment efficiency. The empirical evidence also suggests that crash risk increases for firms with more able managers, primarily through the investment inefficiency channel. Overall, the study contributes to a better understanding of the influence of managerial ability on investment decisions in the context of diverging opinions regarding manager-specific effects on organizational outcomes.     

The role of financial shocks in business cycles with a liability side financial friction

The paper investigates the role of investment specific technology shock within the particular type of financial friction of Gertler and Karadi (2011) and the impact of direct financial shock into this, such as a net worth shock, using US data. The paper explicitly shows how the bank balance sheet effect of counter cyclical movement of capital price attenuates such investment shocks and the extent depends on the type of financial shocks included in the model. Because of the construction of capital quality shock in such financial friction model, we need to incorporate a direct net worth shock while analysing the role of financial shock. This highlights finance sector as a fundamental source of shocks apart from amplifier of shocks originating in elsewhere of the economy.     

Do academic investment insights benefit society?

Sound investment decisions are crucial for retirement savings and the financing of education. The impact of investment mistakes on the general welfare in society can be tremendous. This paper reviews the implications of finance research for sound investment decision making and contrasts these with the evidence on actual investment practice which is infused with conflicts of interest and may damage investor welfare by promoting returns chasing, hiding bad performance and overcharging for services. The objective of this paper is to assess the current impact that academic research findings have on investment practice and social welfare, and discuss how researchers can contribute to improve the situation.     

FDI与资源型区域产业转型升级的路径选择——基于山西装备制造业的视角

以煤炭产业为基础,装备制造业作为切入点,通过构建广义煤炭产业链,就外商直接投资(FDI)对资源型区域产业转型升级的影响进行了理论探讨,认为外资流入培育了资源型区域主导产业的本土零部件供应商,通过竞争、培训、联系和示范等效应则可能会提高当地产业体系的整体竞争力.就山西煤炭产业而言,FDI流入使得作为本土供应商的设备制造企业能够直接利用外资供应网络,并通过干中学提高自身技术能力,进而带动区域产业结构的转型升级.     

反腐败促进了企业创新吗？

突破传统的宏观效应研究，从微观视角考察了反腐败行动对企业创新决策的影响。基于中国A股上市公司2007-2013年数据的实证研究表明，反腐败行动有利于促进企业创新投入，随着地区反腐败力度的增加，企业R&D投资强度得到显著提升。相对于国有企业，反腐败对民营企业R&D投资的驱动作用更加明显；相对于政府管制行业，反腐败对自由竞争企业R&D投资的积极作用表现更充分。从企业层面拓展了对腐败经济后果的理论认知，也从一定程度上驳斥了当前社会存在的“反腐败阻碍了经济增长”的谬论。     

Productivity effects of CAP investment support: Evidence from Sweden using matched panel data

This paper studies the effects of investment support from the common agricultural policy on labour and total factor productivity of agricultural firms in Sweden. Detailed firm-level data on 34 300 firms are used to estimate a matched panel model that relates firm productivity to a series of factors reflecting internal and external characteristics. The recently developed Coarsened Exact Matching method is used to estimate matched control groups and handle selection bias. Findings show a positive and significant treatment effect of investment support on firm productivity, but only for small firms. The analysis also reveals that an increase in the size of the support in relation to firm income has a negative and significant impact on productivity for all firms. Differentiating between various types of investment supports indicates heterogeneous treatment effects. The policy instrument can improve its efficiency if targeted to small firms and investments that have a link to public good provision.     

战后日本公共投资存在的问题及改革方向

战后,日本通过实施一系列大规模的公共投资政策,经济得以迅速恢复,而且在之后长时间内保持高速增长,泡沫经济破灭前,其平均增长速度均超过其他发达资本主义国家。大规模的公共投资对日本经济发展的促进作用是不可忽视的。20世纪90年代后,随着泡沫经济的破灭,公共投资的效用下降,原有的公共投资制度受到了广泛质疑。回顾日本公共投资的历史,不难发现公共投资制度发展过程中的一些问题,从而在新世纪掀起了公共投资改革的高潮。     

How important is employment protection legislation for Foreign Direct Investment flows in Central and Eastern European countries?1

In this article we investigate empirically the importance of labour market conditions and in particular the role of employment protection legislation as determinants of bilateral Foreign Direct Investment (FDI). We find that FDI flows are significantly higher in countries with relatively low unit labour costs. We also find that employment protection legislation does not exert a statistically significant impact on FDI flows. Our results are consistent with the interpretation that transition economies attract FDI via low production costs whereas indirect costs related to the rigidity of the labour market are less relevant.     

Globalization and profitability of cross-border mergers and acquisitions

This paper studies how the surplus generated by the globalization process is divided between MNEs and owners of domestic assets. We construct an oligopoly model where the equilibrium acquisition pattern, the acquisition price and firms’ greenfield investments are endogenously determined. Acquisition entry is shown to be more likely when the complementarity between domestic and foreign assets is high. However, we show that such acquisitions might have a low profitability, since the bidding competition over the domestic assets is then so fierce that the firms involved would be better off not starting a bidding war. Risks associated with different entry modes are also examined.     

隐名投资中显名投资人“代为投资”会计核算初探

文章主要论述关于隐性投资与显性投资在会计确认上的问题，针对我国在理论上的关于隐名投资与显名投资的问题明显滞后于会计实践的问题提出了一些见解及解决方法。