Alternative event study methodology for detecting dividend signals in the context of joint dividend and earnings announcements

Friction models are used to examine the market reaction to the simultaneous disclosure of earnings and dividends in a thin‐trading environment. Friction modelling, a procedure using maximum likelihood estimation, can be used to replace both the market model and restricted least‐squares regression in event studies where there are two quantifiable variables and a number of possible interaction effects associated with the news that constitutes the study's event. The results indicate that the dividend signal can be separated from the earnings signal.     

中国企业难以进入“世界500强”的原因探析

中国为什么没有闯入”世界 5 0 0强”的企业 ?一是因为国际化程度比较低 ,二是创新能力比较差 ,三是企业家素质不高 ,四是管理观念比较陈旧。     

Microfinance spillovers: A model of competition in informal credit markets with an application to Indian villages

Despite widespread interest in the development of microfinance, spillover effects on the non-using population and redistributive issues remain largely unexplored. I study a competition game between microfinance institutions (MFIs) offering joint-liability loans and moneylenders offering individual loans in presence of adverse selection. I show that one unintended consequence of the entry of a microfinance sector in local credit markets can be to trigger an increase in the equilibrium informal interest rate, because MFIs tend to attract a disproportionately-safe share of the borrower pool away from incumbent moneylenders. The existence of such composition externality depends crucially on the size of the microfinance sector and the risk composition of the borrower pool. The model predicts a non-linearly increasing relationship between informal interest rates and MFIs' capacity in relatively safe credit markets, and no relationship in risky villages. I show evidence supporting these predictions, using a first-hand panel database that records all credit transactions over 8 years for a sample of about 1000 households living in Indian villages with extensive space and time variation in the size of their microfinance sector.     

清末民初广州地区的火险联保

清末民初,广州地区出现了一种带有中国地方特色的保险组织形式——火险联保。他们在将近20年的时间里占据了广州主要财产保险市场,不仅可以降低保户所交的保险费,使原本外商拒绝投保的商户得到财产安全保障,同时又能够在外商垄断中国保险市场的情况下挽回一部分利权,客观上促进了民族保险业的发展。     

人民币汇率偏离均衡程度的估计:在宏观经济平衡框架下的分析

本文运用近年由IMF经济学家发展起来的宏观经济平衡方法,从分析中国基础经常项目、目标资本项目与储蓄—投资之间的内外均衡关系入手,确定人民币真实有效汇率可能偏离中期均衡汇率的程度。通过分析和计算,我们估计2005年人民币真实有效汇率可能低估的程度为6%。应该注意的是,随着中国宏观经济的变化,人民币均衡汇率或人民币汇率偏离均衡的程度也会随之变化。     

The Invisible Multipliers of Joint-products

This paper proposes a hybrid input-output model to estimate the intermediate requirements embodied in the final disposal--such as reclamation and incineration - of non-marketable scraps and wastes from industries or households. The model is based on a mixed technology assumption in order to connect the monetary distribution of the ordinary goods and services with the physical distribution of the scraps and wastes as joint-products. Moreover, some demand-pulled invisible multipliers, in terms of the scraps and wastes, have been explored by performing a numerical simulation. From the invisible multipliers, we find the paradoxical phenomenon that the reduction in the amount of final disposal and the promotion of material recycling decreases the intermediate demand of the scraps and wastes for material recycling if there is a time-lag in the introduction of the appropriate recycling technology.     

企业现金及流量管理问题研究

随着全球化和市场经济的发展,现代企业的财务管理成为企业管理的主题,而现金管理是财务管理中的重点,现金管理已成为评价企业信誉、企业发展潜力,企业价值评估的重要指标。本文从现金的基本概念出发,对现金管理的方式和策略、现金管理的目标、现金流量管理的战略框架的建立进行了研究和探讨,以期为现金管理提供参考。     

Joint Ventures versus Contractual Agreements: An Empirical Investigation

In this paper, we empirically investigate the determinants of the governance form of strategic alliances. We use a database with 1,344 worldwide alliances in several industrial sectors. In contrast with previous empirical studies, we find that alliances undertaking R&D activities are more likely to use loose forms of organization (contractual agreements) than more hierarchical ones (joint ventures), and this result is even stronger when the alliance takes place in technologically sophisticated sectors. Moreover, we show that alliances between rival firms tend also to be organized with forms closer to arm’s length transactions. When the scope of an alliance is multidimensional or the alliance is an international one, however, firms prefer more hierarchical organizations such as joint ventures. This paper was partially written while the first author was visiting the University of the Basque Country. We would like to thank Reinhilde Veugelers and the project FWO spillovers 6.0131.98 at the Katholieke Universiteit of Leuven for the use of the K.U. database. Financial support from projects Progetto Giovani Ricercatori – 1999 Universitá di Udine, SEJ 2004-02172/ECON, 9/UPV 00035.321-13560/2001, UPV 00038.321-13503/2001 is gratefully acknowledged. We are also indebted to two anonymous referees for their helpful comments.     

Joint liability among bank borrowers

Summary. A common feature of financial intermediaries is that the welfare of one borrower is adversely affected by the poor performance of other borrowers. That is, there exists a degree of joint liability among the borrowers of a financial intermediary. This paper provides an explanation for this observation. It demonstrates that in Krasa and Villamil's [14] formalization of a financial intermediary as a delegated monitor, intermediation with joint liability between borrowers Pareto dominates intermediation without joint liability.Received: 4 September 2002, Revised: 21 March 2003, JEL Classification Numbers: D8, E5, G2, G3.I am particularly indebted to Douglas Diamond and Robert Townsend for their advice on this paper. I thank an anonymous referee for helpful comments.     

要给证券市场正确定位

中国股票市场不是自下而上自发产生的,而是由政府自上而下建立起来的,政府是股票主要供应者,又是股票市场监管者,这决定了中国股票市场的初始阶段必然是政策市;由于对股票市场定位偏差和制度性缺陷,中国股票市场过度投机,无优化资源配置功能;现在解决中国股市历史遗留问题的条件已经成熟;不能把政府失效产生的问题都推给市场解决,解决中国股市的问题要靠政策与市场的合力,现在关键在政策力度.