异质性媒体与资本市场信息效率

新闻传媒通过其信息处理和传播功能 ,对资本市场的信息整合产生了重要影响.不同于以往的研究 ,文章深入新闻传媒行业内部 ,探讨了不同类别的媒体(中央媒体与各地方媒体)对中国资本市场信息效率的差异化影响.研究发现:中央媒体既可以直接提升资本市场信息效率 ,又可以通过削弱政治关联对资本市场信息整合的不利影响,间接改善资本市场信息效率;地方媒体虽然能够直接提升资本市场信息效率 ,但是无力削弱政治关联对资本市场信息整合的不利影响 ,其间接渠道并不起作用.这一结果考虑了媒体跟踪上市公司时可能产生的内生性问题 ,在一系列稳健性测试中始终存在.文章认为 ,相对于地方媒体 ,中央媒体在信息透明度较低情况下的信息获取和处理的能力优势 ,以及面对政治关联时保持客观报道的独立性优势,可以解释这一发现.     

Trade Liberalization and Environmental Taxation in Federal Systems

The literature on trade liberalization and environment has not yet considered federal structures. In this paper, we show how the design of environmental policy in a federal system has implications for the effects of trade reform. Trade liberalization leads to a decline in pollution taxes, regardless of whether pollution taxes are set at the federal (centralized) or local (decentralized) level, and it increases social welfare. The effect under a decentralized system is smaller than if these taxes are set by the federal government, and pollution emissions therefore decline in this case. Moreover, majority bias interacts with trade liberalization if federal taxes are used.     

粤港澳大湾区城市群区域治理机制的架构思考:从政府治理权出发

推进建设粤港澳大湾区城市群,尤其应当重视各级政府在该区域治理机制架构中的地位。协调不同法域、不同层级和不同类型地方政府之间的治理权,是推进该城市群协调发展,并率先推进实现新型城镇化转型的基础和保障。就该区域而言,政府治理权的架构可以分为三个层次:根据中央顶层设计的区域布局,推动地方政府转换行使治理权的视阈,合理安排不同地方政府治理权,并建立权力协作机制;由此机制出发,协调区域内各地方的发展方向,深化彼此之间利益共生关系;最后,与利益共享对应,还应当配合财政供给改革,实现区域治理责任的成本共担。     

政工思想教育结合人力资源管理在企业中的应用分析

当前,人力资源是企业发展中重要的影响因素,也是企业竞争力提升的关键,但是受社会上多元化思潮的影响导致企业员工的思想被剧烈冲击,使企业人力资源管理工作的难度加大。因此,需要将人力资源管理工作与政工思想教育结合,通过政工思想教育对企业员工的职业道德、思想等进行强化,增强企业人员的责任意识以及企业内部的凝聚力。论文主要对政工思想教育结合人力资源管理工作的可行性进行分析,并对二者结合的现状进行总结,最后提出相应的结合对策。     

Anticipating independence,no premonition of partition. The lessons of bank branch expansion on the Indian subcontinent, 1939 to 1946

We examine investment in bank branches on the Indian subcontinent in 1939 and 1946. In 1947, the states of India and Pakistan were created from the erstwhile colony of British India. Partition was destabilizing to both economies. We use branch expansion as a proxy for entrepreneur's pre‐partition predictions of the future of these regions. Our results indicate there were no premonitions of economic dislocation. Banks tended to deepen their presence in regions which were already developed. But controlling for the level of 1931 development, branch placement was highest in exactly those regions, Bengal and the Punjab, which were to experience the greatest negative consequences from political division. After 1947, multiple banks failed; most failing banks were registered in the Punjab or Bengal region. In United India, businessmen saw as much promise in regions which were to become Pakistan as in regions which were to become India. After partition, the Pakistan regions were immediately more economically fragile. This event provides a general lesson. Economic integration had intensified over the years of British rule. The abrupt stop to integration harmed especially the smaller, less diversified region. Politicians should be wary of politically dividing regions which have evolved to function as integrated economic units.     

Moving markets? Government bond investors and microeconomic policy changes

Do sovereign bond markets react systematically to microeconomic policy reforms? Some observers suggest that investors are very attentive to supply‐side policies such as those related to labor markets, corporate taxation, and product standards. They argue that, along with macroeconomic outcomes and broad financial market conditions, such reforms affect sovereign bond premiums, for developed as well as emerging economies. In contrast, we predict few systematic effects of supply‐side policy reforms on sovereign bond market outcomes. Our theory draws on a standard three‐equation model of the economy, widely accepted among economic and finance professionals. That model makes few clear predictions regarding the anticipated effects of microeconomic policy changes; as a result, we expect that such reforms will not generate systematic market reactions. Our analyses, based on daily data from 37 countries from 2004 to 2012, indeed reveal little evidence of a systematic bond market reaction to the 47 most significant reforms to corporate taxation and labor market regulation. These results call into question the notion that “bond market vigilantes” play a central role in compelling governments to enact specific microeconomic policy changes.     

The Competitive Advantage of Collaboration – Throwing New Light on The Nordic Model

ABSTRACT

In one of the most influential contributions to modern political economy, Hall and Soskice have launched a distinction between ‘liberal’ and ‘coordinated’ market economies, placing the Nordic countries firmly in the latter category. We argue that, while the H&S distinction may serve classificatory purposes, seeing the Nordic model in terms of ‘coordinated capitalism’ blurs the distinctive features of the Nordic countries’ success as productive and fair economies. We contend that the central formula behind this success lies in what we call the Nordic model’s ambidexterity – the capacity to combine collaborative and competitive elements and skilfully navigate between them. Using an interdisciplinary perspective (inspired by organisation theory, cultural semiotics and evolutionary analysis), we provide a conceptual basis for reinterpreting the Nordic Model as an ambidextrous combination of culturally rooted, collaborative strategies that are subsequently competitively exposed. The article illustrates the workings of this ambidexterity in three societal domains: work life (including female participation), resource management – illustrated by the Norwegian petro-economy – and international business management and regulation with a focus on CSR. In each case we will show how collaboration is intertwined with pragmatic competitive exposure, yielding high productivity, high welfare, as well as fair income and wealth distribution.     

Selective disclosure and the role of Form 8-K in the post-Reg FD era

We investigate the impact of Form 8-K filings on cross-firm differences in analysts’ private or idiosyncratic information in the post-Reg FD era. Using firms’ connections to the investment community to identify the likelihood of selective disclosure, we document differences in analysts’ idiosyncratic information arising from selective disclosure before 8-K filings. While filings of 8-Ks pursuant to Reg FD attenuate the link between connections and analysts’ idiosyncratic information, they do so only after selective disclosures have already resulted in some analysts having better private information. In addition, the connections continue to facilitate private information search after the filings of non-Reg FD-specific 8-Ks.     

Does local political support influence financial markets? A study on the impact of job approval ratings of political representatives on local stock returns

Using data on job approval ratings of governors, U.S. senators, and the president, we find that firms located in states with high approval ratings outperform firms located in states with low approval ratings by .64% per month. Furthermore, this relationship is stronger when investors are actively involved in politics, when local politicians are closer to the center of political power, for small firms that have a larger proportion of local investors, and for financially strong areas where investors are ready to execute investments in local stocks. Overall, our study shows that investors’ political sentiment is important in determining stock returns.