Comment on Articles by Green,Loescher, and d’Arge and Wilen

Despite unprecedented lender-of-last-resort efforts by the Federal Reserve and the Treasury Department, the U.S. economy continues to be plagued by high levels of unemployment and foreclosures. Although several proposals to address these problems have been developed, their reactive nature limits their potential effectiveness. This paper describes how combining an employer-of-last-resort program with Treasury-financed mortgage mitigation initiatives could enhance economic stabilization.     

Do regions matter? An integrated institutional and semiglobalization perspective on the internationalization of MNEs

Traditional research suggests a relationship between country‐level institutions and the location choices of MNEs. However, more recent theory suggests MNEs also focus on regions (semiglobalization). Therefore, this study examines institutional effects in the context of semiglobalization by considering the influences of three formal institutions (i.e., regulatory control, political democracy, capital investments) of countries and geographic regions on MNEs' location choices of internationalization. We use a sample of Japanese MNEs operating in 45 countries within eight regions. The results show that their degree of internationalization into a country is influenced by both country and regional institutional environments. Additionally, a semiglobalization perspective provides better explanatory power than does the country‐level perspective. These results present a new perspective on how MNEs consider institutional environments in their international strategy. Copyright © 2013 John Wiley & Sons, Ltd.     

The Benefit of Excluding Institutional Investors from Fixed-Price IPOs: Evidence from Taiwan

A simple way to mitigate the winner's curse in initial public offerings (IPOs) is to reduce the number of informed investors in IPO markets. In Taiwan, institutional investors are not permitted to subscribe to fixed-price IPOs. Excluding institutional investors raises uninformed investors' allocation rates. We show that the winner's curse is still present in Taiwan's fixed-price IPO markets even without the participation of institutional investors, but that IPO underpricing is reduced by at least 4 percent due to alleviating the winner's curse, as institutional investors are excluded from the fixed-price offerings.     

Evolutionary Economics and Cultural Hermeneutics: Veblen,Cultural Relativism,and Blind Drift

The aim of this paper is to quantify the importance of institutions in economic growth and to identify the factors that determine institutional quality. For this purpose, we estimate a system of simultaneous equations with an income equation and another one of institutional quality and use a broad sample of countries with very different levels of development. The analysis is also carried out for three sub-samples of different income levels. In addition, a test of the robustness of the results to econometric techniques is performed.     

基于投资者保护的机构投资者行为规制

不同类型机构投资者的一个关键差异在于风险承受的方式和能力不同,因而在行为监管方面存在着明显的差异。金融自由化并非放松所有的监管,而是监管重心从结构化转向审慎化。基于投资者保护的视角对机构投资者的行为进行规制应从如下方面入手:第一,强化制度实施机制;第二,规制规制者;第三,强化对市场操纵行为的规制;第四,健全证券民事赔偿制度。     

How does a new institution spread? Travel agencies' adoption of the service quality assurance programme

Despite the recognition of service quality as a major advantage in service industries, the travel agency sector in Taiwan has lacked any service quality certification regime that could optimize service provision or reduce customers' transaction costs. Since the introduction of such a quality-assurance programme in Taiwan in mid-2003, local travel agencies have responded differently. With a sample of 167 uncertified Taiwanese travel service operators, this study argues that firm responsiveness to a new institution depends on two distinct motives, rational and normative, and that such relationships are contingent upon CEO's background and market conditions. The results detail the varied responses as a result of rational and normative considerations and highlight the context-dependent nature of the motivation–behaviour relationships. This study yields important implications for quality credentialing bodies regarding how a new institution may diffuse in a field.     

银行机构扩张、支付工具改进与城镇储蓄存款增长——制度变量对货币需求影响的一个分析视角

规模变量、机会成本变量及制度变量是决定货币需求的三个因素,但一直以来货币需求研究主要聚焦于规模变量及机会成本,而较少考虑制度变量的影响。本文以银行机构及支付工具作为制度变量,从理论推导与实证分析两个方面探讨其对货币需求的影响,结论表明改革开放以来商业银行机构扩张及支付工具的改进节省了城镇居民的现金需求,而推动了城镇储蓄存款的增长。     

The relationship between networks,institutional development,and performance in foreign investments

This paper empirically examines the relationship between the external business network of a country business unit (CBU) of a multinational firm, its performance, and the unique institutional characteristics of the foreign market in which it operates. We develop hypotheses about the CBU network structure associated with operating margin given different levels of institutional development, and the categories of network contacts associated with CBU operating margin. We test the hypotheses using social network analysis in 54 CBUs in two different business segments within one multinational company. Results show that the CBU network structure associated with higher operating margin depended partially on the level of the country's institutional development, and that network composition related strongly to CBU operating margin. We identify implications for research. Copyright © 2010 John Wiley & Sons, Ltd.     

收入分配:理论探析与现实思考

收入分配问题一直是西方经济理论中的一个重要问题,无论从理论自身的发展演变来看,还是从其对社会实践的影响来看,收入分配问题的研究都愈来愈受到广泛的关注。本文力图厘清收入分配理论的各种观点,考察其发展演变的规律,在此基础上对完善我国的收入分配制度提出建议。     

基于金融共生理论的我国商业银行与保险的关系研究

金融共生系统是以银行与企业共生关系为核心,涵盖了银行与银行之间、银行与非银行金融机构之间共生关系的综合体系,本文从金融共生的视角来分析我国银行与保险公司之间的关系,分析了制约我国银保共生发展的因素,并提出了构建我国银保共生体系的制度安排。