The Evolution of Corporate Governance and Firm Performance in Transition Economies: The Case of Sellier and Bellot in the Czech Republic

This paper investigates the evolution of corporate governance and firm performance in transition economies. It focuses on barriers that impeded adoption of optimal corporate governance at Czech ammunition manufacturer Sellier and Bellot (S&B) following voucher privatisation in 1993. Exogenously imposed diffuse ownership, combined with legal, capital market, and accounting deficiencies, contributed to poor corporate governance and weak firm performance. This study shows how legal, capital market, and accounting deficiencies hinder corporate governance evolution; it demonstrates monitoring and incentive mechanisms can create value in transition economies; it suggests effective privatisation not only involves rapid ownership transfer but careful accounting and securities regulation and legal protection.     

二板市场与主板市场的信息披露比较

二板市场的高收益、高风险特性,决定了它与主板市场在信息披露方面存在着较大的差异.这种差异表现在上市公司运营的不同阶段.二者在各类信息披露的内容、频率以及监管部门对信息披露的监管力度和要求等方面均有所不同.     

英国证券法律与监管体制分析及借鉴——兼谈对我国证券监管的启示

英国作为证券市场最发达的国家之一,其证券市场历史悠久,证券法律制度十分齐备,证券监管体制相对成熟。英国的证券法律和监管体制,对我国证券法律体系的构建及证券监管体制的完善将有重要的借鉴意义。     

证券投资学实施开放性实验教学模式策略研究

证券投资学开放性实验教学模式有利于培养学生的创新能力,教学中要加快实施迅速推广,必须应用循序渐进策略、全员参与策略及重点突破策略,另外,要借用不同形式扩大影响。     

我国股市伦理缺失的行为分析

我国股市近年来呈现出暴涨暴跌的态势，这与股票市场参与者伦理缺失的行为有关。以2001～2010年中国证监会公布的行政违法行为处罚公告为样本，从行为的方式、主体、市场环节、载体等多个层面进行实证分析，并加以解释；再从伦理道德的角度分析股市中的各类参与者，包括筹资者、投资者、中介服务结构、金融监管者从事证券违法行为的内在原因，指出导致这些伦理缺失行为的人文根源在于理性经济人的贪婪本性和由此导致的伦理道德的沦丧。     

我国私募证券投资基金立法初探

私募证券投资基金在我国客观存在，并且对证券市场的健康发展产生巨大影响。因此，应当直面我国私募基金的现状，合理界定私募证券投资基金的概念和法律调整的范围，在充分发挥自治性规范作用的前提下，完善我国私募证券投资基金立法体系。     

Climate change implications for the catastrophe bonds market: An empirical analysis

Since their introduction in the mid-1990s, the return per unit of risk or multiple on catastrophe (cat) bonds has steadily declined. This paper investigates whether this pattern is consistent with the historical evolution of natural disaster risk, using average multiple figures over the period 1997–2017. Assessing the accuracy of cat bond pricing is important, since about 50% of outstanding risk capital in the cat bonds market is currently exposed to Atlantic hurricanes -a risk that global warming, among other disruptions, is found to enhance- and pension and mutual funds in European and other OECD countries currently own about 30% of the market. In this respect, while our findings suggest that falling multiples are primarily related to the Fed's expansionary monetary stance and to portfolio shift effects, we do also find evidence of significant undervaluation of global warming risk in the cat bonds market. This finding, also in light of the unfailing appetite of institutional investors for such securities, casts doubts over the sanity of the market and over cat bonds as suitable investment products for risk averse investors. Sounder investment opportunities might be found in the green bonds market, which allows for the funding of immediate investment in climate change mitigation too.     

中国证券业的范围经济研究

基于广义超越对数函数,本文考察了2006-2011年间国内76家综合型证券公司业务经营的范围经济效应。研究结果显示,国内证券公司经营过程中普遍存在范围经济效应,并且大型证券公司的范围经济效应比中小型证券公司高。为此,本文提出证券监管部门应该鼓励证券公司进行业务创新,减少对证券公司业务开展的限制;鼓励证券公司之间的兼并。证券公司应该加快金融创新的步伐,不断开发新的产品,完善内部管理机制。     

政府证券监管权制度设计的理论基础研究

＂强化市场型＂政府理论、＂瘦身国家＂理论和宪政理论从不同的学科视角共同探讨政府权力应该如何配置和行使,才能实现规范和高效运行,以保护个体合法权益,最终促进经济的繁荣发展,三种理论为政府证券监管权的制度设计提供了指导和研究思路。     

Questioning ‘law and finance’: US stock market development, 1930–70

An important tenet of a burgeoning ‘law and finance’ literature is that stock market development is contingent upon corporate law offering ample protection to shareholders. This paper addresses this claim, using as its departure point developments occurring in the United States between 1930 and 1970. It shows that, contrary to what the law and finance literature would predict, during this period and throughout the twentieth century generally the US lacked corporate law that provided extensive protection to shareholders. It also points out that while federal securities legislation introduced in the mid-1930s bolstered investor protection, this reform effort did not energise the stock market in the manner implied by law and finance analysis.