《广告法 》上的"广告"——兼论《广告法》之修改和完善

以《广告法》上的"广告"为视点展开分析和论证,具有同时评判现行广告法制之各种制度设计的功能和价值。通过对《广告法》上的"广告"的诸要素的分析,以及对《广告法》所列举之违法商业广告的类型化梳理,有助于我们在深刻把握作为《广告法》规制对象的"广告"的真实内涵的基础上,全面评判《广告法》对"广告"之规制现状,进而为《广告法》的修改和完善提供参考与借鉴。     

西方结构型通货膨胀理论及其对我国的启示

我们正面临西方国家曾经出现并已解决的结构型通货膨胀,我们需要认真研究西方结构型通货膨胀产生的历史背景、成因及其对策,借鉴发达国家治理结构型通货膨胀的对策与措施:实行紧缩性的货币政策、价格管制政策、供给管理政策、根据国际收支和国际市场的具体情况灵活变动汇率等。     

Short Selling Pressure,Stock Price Behavior,and Management Forecast Precision: Evidence from a Natural Experiment

Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in response to increased short selling pressure, managers also reduce the readability (or increase the fuzziness) of bad news annual reports. Overall, our results suggest that maintaining the current level of stock prices is an important consideration in managers’ strategic disclosure decisions.     

零售商垄断势力、通道费与经济规制

拥有买方垄断势力的零售商对生产商的纵向约束是近年来西方国家反垄断司法实践所关注的焦点之一,然而现有的文献对于零售商拥有买方垄断势力的情形很少涉及.现实中,随着零售业的变革,下游零售商很可能在产业链中成为主导企业,从而导致零售商要求生产商交纳"通道费"的现象十分普遍.本文基于SCP分析框架,对零售商垄断势力下的通道费及其福利效应进行分析,并对相应的政府规制提出建议.     

宏观经济形势与宏观调控政策取向分析

2006年宏观经济运行情况总体较好，国民经济继续保持速度较快、效益较好、物价较低的良好发展势头。当前经济运行存在的突出问题是投资规模偏大、货币信贷投放偏多和国际收支不平衡矛盾加剧。从短期看，经济总量仍处于偏热状态；从中长期看，结构性矛盾更加突出，成为制约经济增长的“软肋”。2007年要继续保持宏观调控政策的连续和稳定，适当调整总量，着力调整结构，将短期调控与中长期结构调整和深化体制改革紧密结合起来，根据形势发展需要适时适度进行调控，促进经济持续协调健康发展。     

公司治理结构与国有资产监管

与私人资产委托代理关系形成的所有权与控制权的分离问题类似,在国有资产委托代理关系下存在着国有资产全民所有权与政府控制权的分离以及政府享有的所有权与企业经营者拥有的经营权的分离问题.借鉴公司治理结构中的股东会、董事会、监事会、经理人之间的相互制衡的结构设计原则,按照国有资产的三层委托代理关系,本文构建了国有资产监管的政治委托层次、行政委托层次和经济委托层次的三重治理结构模式.     

Using social media to report financial results

The growing influence of social media on financial performance reporting creates opportunities and challenges for both executives and corporate communications teams. This Accounting Matters feature provides background on current business reporting practices (including new SEC regulations) and insights from recent research on communication of financial results. The conclusion discusses future trends and provides recommendations for executives to consider when designing, implementing, and evaluating media and investor relations communication initiatives.     

企业跨国经营管制制度障碍的探索性案例研究——以中铝海外并购力拓为例

基于管制制度视角,以中铝海外并购力拓为样本,采取探索性案例研究方法,发现管制制度在法律、政治、规则等层面对我国企业的跨国经营影响较大。企业可采取组建并购团队、海外经营前期调研、高度重视与并购相关的法律法规、淡化国有企业身份、选择合适的并购策略和强化企业公关活动等措施克服管制制度产生的障碍。     

CDS as insurance: Leaky lifeboats in stormy seas

What market features of financial risk transfer exacerbate counterparty risk? To analyze this, we formulate a model which elucidates important differences between financial risk transfer and traditional insurance, using the example of Credit Default Swaps (CDS). We allow for (heterogeneous) insurer insolvency, which captures the possibility that relatively risky counterparties may exist in the market. Further, we find that stable insurers become less stable as the price of the contract decreases. The analysis includes insured parties that have heterogeneous motivations for purchasing CDS. For example, some may own the underlying asset and purchase CDS for risk management, while others buy these contracts purely for trading purposes. We show that traders will choose to contract with less stable insurers, resulting in higher counterparty risk in this market relative to that of traditional insurance; however, a regulatory policy that removes traders can, perversely, cause stable counterparties to become less stable. We conclude with two extensions of the model that consider a Central Counterparty (CCP) arrangement and the consequences of asymmetric information over insurer type.     

Regulation and the Development of Competition in the U.K. Gas Supply Industry

When the U.K. gas supply industry was privatised, it retained its monopoly vertically integrated structure. We discuss the forces which led to the deregulation of the U.K. gas supply industry. Important factors in the process include a number of critical reports by the regulatory authorities, the growth of alternative gas supplies including the development of the spot-market, and the success of independents in gaining market share in markets opened up to competition. We also present surveys of gas users and independent gas suppliers and find that price advantage has been the critical factor in the increase in market share gained by the independent gas suppliers.