The effect of ownership and control on market valuation: Evidence from initial public offerings in The Netherlands

This study examines whether ownership and control variables influence market valuation at the time of the initial public offering (IPO). Using a sample of 118 IPOs on Euronext Amsterdam during the period 1984-2001, we find support for this conjecture. Management stock ownership, the proportion of independent supervisory directors, and board monitoring by large nonmanagement hareholders are positively related to IPO firm value. These factors are successful in reducing agency costs. We also find that supermajority management stock ownership and takeover defenses lower IPO firm value. Therefore, these mechanisms increase agency costs, resulting in a lower price that investors are willing to pay for IPO shares.     

西部市政公用行业发展的路径探索

非公有资本进入市政公用行业领域是促进这一行业发展的必然选择，但西部现有的运营体制和经营模式是制约其与东部竞争的主要障碍。因此，如何彻底地解决这一问题决定着西部市政公用行业的最终发展。本文提出改革应以政企、政事、建管、管养分开为突破口，模拟竞争的运营机制、构建有效的政府管制、创新公用行业筹融资形式和拟定透明的价格形成机制等。     

Forces Leading to the Adoption of Accrual Accounting by the Canadian Federal Government: An Institutional Perspective*/ LES FORCES AYANT MENÉ L'ADMINISTRATION FÉDÉRALE CANADIENNE À ADOPTER LA COMPTABILITÉ D'EXERCICE: UNE PERSPECTIVE INSTITUTIONNELLE

In 1995, the federal government of Canada announced that it would adopt full accrual accounting. The change was fully implemented at the department level in 2001 and for government‐wide financial reporting in 2003. Using the perspective of institutional theory, we examine several factors that had the potential to influence the federal government's decision to adopt full accrual accounting, including two royal commissions, the Office of the Auditor General of Canada, the Canadian Institute of Chartered Accountants, credit markets, and the practices of other national governments. We find that the decision to change to accrual accounting can be largely attributed to coercive and normative influences of the Office of the Auditor General of Canada (supported by the normative influence of the Canadian Institute of Chartered Accountants' Public Sector Accounting Board) and mimetic isomorphism with other members of the federal government's organizational field.     

论公共图书馆信息服务存在的问题及发展对策

目前,图书馆在信息服务方面还存在很多问题,需要一大批专门的信息服务人才来改变这种状况,并求得解决问题的方法和对策,把图书馆的信息服务提高到一个新的高度。     

Factor decomposition of sub-provincial fiscal disparities in China

With the help of fiscal statistics on sub-provincial public finances in the second half of the 1990s, this paper explores the hotly debated issues pertaining to fiscal disparities in China during this period, and the various factors driving the changes in fiscal disparities. Among them are economic factors (e.g., GDP per capita, economic structure), and institutional factors (e.g., urban–rural dichotomy, ethnic issues).We adopt Morduch and Sicular's general, regression-based approach to decompose fiscal disparity with respect to per capita fiscal expenditure (Morduch & Sicular, 2002). The empirical results indicate that among all the statistically significant factors, GDP per capita and urban–rural dichotomy are the two most important variables that affects fiscal disparities, with a total contribution of 60%. Other relatively important factors are economic structure and population density. Several features of fiscal expenditure in China identified by our empirical findings together with their corresponding policy implications are discussed.     

土地征收、征用中“公共利益”原则初论

公共利益是土地征收、征用中公权力行使的正当化理由。公共利益概念如何界定 ?在民法典中应当如何规定 ?如何避免实践中出现以公共利益为名谋商业利益之实的现象 ?本文以财产权社会化、权利本位、比较法研究方法等视角 ,解读公共利益 ,并且评析民法典草案的相关部分 ,提出若干立法建议     

河西地区野菜资源的开发利用

论述了适应河西地区开发的17个科，近30个种类的野菜资源的形态特征，营养成分，食用方法以及保健功效。     

影响少儿读者心理健康的因素及对策

消极复杂的社会环境给少儿读者心理健康带来不良影响，应该充分重视这一社会问题，采取有效措施提高少儿读者的心理素质，加强道德建设，保证未成年人健康成长。     

公用企业垄断经营的对策研究

规范公用企业的市场行为是发展社会主义市场经济的要求，面对现实生活中公用企业滥用市场优势侵害消费者的合法权益、损害公平竞争的现象，必须采取反垄断经营的对策以制止和规范。     

论公共行政在构建和谐社会中的重要作用

构建和谐社会需要各方面共同努力才能完成，各级政府起着举足轻重的作用。政府具有公共行政职能。公共行政占有且支配各类社会资源，代表社会公正、公平和正义，主导社会发展方向，在构建和谐社会过程中具有不可替代的重要作用。