房地产股权投资信托当事人的利益均衡研究

简要介绍了房地产信托,对房地产股权投资型信托的委托人、受托人利受益人三方当事人的利益均衡进行分析讨论,建立了相应的数学模型,并通过将持股比例引入模型,使三方构成一个有机的整体,然后对模型进行比较详尽的分析研究,找出影响最优持股比例的因素并分析,得出一些有意义的结论。     

Managing Earnings with Intercorporate Investments

Abstract:  We explore to what extent firms deliberately manage their financial reports by exploiting the flexibility of generally accepted accounting principles. Using a sample of Oslo Stock Exchange-listed firms with 20–50% equity holdings in other firms, we find that firms with high financial leverage tend to maximize reported earnings from these investments through their choice between the cost method and the equity method, possibly in an attempt to reduce debt renegotiation costs or to avoid regulatory attention. In contrast, managers do not systematically bias reported earnings to extract private benefits or to signal revised expectations about future cash flows. Firms use different earnings management tools in a consistent way, as the earnings effect of the cost/equity choice is not offset by discretionary accruals.     

A Critique of the Legal and Philosophical Case for Rent Control

Rent control is an economic abomination. It diverts investments away from residential rent units, it leads to their deterioration, it is responsible for urban decay such as in the South Bronx, it does not help poor tenants, it is a horrendous means of income redistribution. Yet this economic regulation is beloved of intellectuals (hot beds of pro rent control sentiment are Berkeley, Ann Arbor and Cambridge) particularly in the legal and philosophical communities. The present article is dedicated to an exploration and rejection of the arguments in behalf of rent control which emanate from this source.     

规范、有序、健康推进国企改制

本文从规范、有序、健康推进国有企业改制与国企改制大局关系的视角,对国务院国资委《关于规范国有企业改制工作意见》作了深入的解读分析,提出了国有企业改制需要正确处理好的几个关系。     

对我国取消农业税及相关问题的探讨

2004年起我国将在五年内取消农业税,并对粮食生产予以一定的补贴,这是我国税费改革中一件历史意义的大事,必将对我国农村经济的发展产生重大而深远的影响.为此,必须正确认识税费改革的意义,为要保证改革成功应坚持减轻农民负担、实事求是、走群众路线三条原则,正确处理各方面关系.     

Dividend reinvestment plans: An empirical analysis

This study examines the effect of initiating discount and no discount dividend reinvestment plans on shareholder wealth. The results show a negative response to DRP announcements, which is significantly smaller than that found in studies of new equity offerings. These results are consistent with the Scholes and Wolfson (1989) hypothesis that managers in need of equity capital use DRPs to mitigate the adverse stock price effects of new equity issue announcements. Furthermore, there is a significant difference in the price response of discount and no discount DRPs for industrial firms. This result is supportive of the signaling potential of discount DRPs. Supportive evidence is also found in the analysis of firm characteristics for industrial firms.     

Initial Public Offerings: CFO Perceptions

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns.     

The division of labour and market structure

Most firms produce most of the time under conditions of substantial economies of scale. The division of labour, according to Adam Smith the mainspring of wealth, is intrinsically an economies of scale phenomenon. Market structure in most industries in characterized by a small number of suppliers and a larger number of customers. I explain this law of small numbers as the equilibrium of two forces: the deconcentration effect of imitation and the market spliting effect of further refinements in the division of labour by innovation. A deconcentrated market creates larger incentives for market splitting (product differentiation) by innovation than a concentrated market. But market splitting raises concentration in the market and it raises the number of different markets in the economy. Before the economies of scale of old products are fully exploited, new products are being offered which again are produced under conditions of economies of scale.     

湖南省属转制科研院所现状及对策分析

省属科研院所作为科研机构重要组成部分,其改革成效直接影响着国家科技体制改革进程。本文对湖南省转制科研院所改革所取得的成效及问题进行了分析,并针对性提出几点建议。