模块化组织价值创新:原理、机制及理论挑战

本文借鉴瀑布效应原理，通过对需求导向下协调生产规则的演变、生产控制权追逐下旗舰企业地位的形成．以及迂回生产链加长条件下报酬递增等模块化组织价值创新机制的研究．指出企业与市场握手地带是一种专业化分工与一体化分工并存、报酬递减与报酬递增并存和外生不确定性化解与内生不确定性提高并存的双重世界。这将使企业与市场握手地带的传统企业理论因双重性而受到挑战。     

The Friday Effect in European Securitized Real Estate Index Returns

This study extends research on the day-of-the-week effect towards European real estate indices. We examine this anomaly for several European securitized real estate index returns between 1990 and 2003. Although the countries under analysis have unique country-specific patterns, we find that eight out of eleven European countries exhibit abnormally high Friday returns. Moreover, two different Europe indices also exhibit the Friday anomaly. The anomaly is robust with respect to extreme observations, alternative specifications and several well-known calendar effects.     

Contagion or Competition: Going Concern Audit Opinions for Real Estate Firms

We examine whether intra–industry information transfers from going–concern audit opinion announcements create contagion or competitive stock price reactions for other real estate firms operating in the same line of business. Using returns from publicly-traded land subdivision/development firms and Real Estate Investment Trusts, we find modest evidence supporting a competitive effect among rival firms as a result of another real estate firm announcing the receipt of a Going Concern Opinion (GCO) from its independent auditors.     

Board Members and Company Value

This essay surveys research about the value of individual members of boards of directors. When directors join or exit corporate boards, company stock prices respond, often in magnitudes of 1% of firm value or more. Related research shows that when a significant event impacts the stock price of one company, the effects are transmitted to other companies that share board members in common with the primary company. Share price reactions are sensitive to variables such as a director’s occupation, independence, and professional qualifications. Together, this evidence suggests that a well-functioning market for directors might already exist, making direct regulation unnecessary and possibly counter-productive.     

关于推进我国粮食流通体制市场化改革的思考

改革开放以来,我国粮食流通体制改革朝着市场化趋向渐进式发展.市场化是粮食流通体制改革的主线.当前应努力塑造农村市场经济的微观基础,逐步完善粮补改革若干政策,积极推进粮食流通体制市场化改革.     

A multilateral approach to examining the comovements among major world equity markets

This study investigates the comovement in stock indices among major developed markets, where Morgan Stanley Capital International (MSCI) indices are employed for the purposes of the study. We employ a model that accommodates multilateral international impacts on equity index movements. The empirical results reveal the existence of significant international transmission effects among these major world markets, both in terms of returns and volatility, and mostly in a positive direction. The U.S. market, as expected, is the leading market in the sense that it has the most pervasive and significant impact on all markets across continents. However, the U.S. market exhibits a different relationship with European markets from that with Asia-Pacific markets. The evidence also suggests that strong regional transmission effects exist. A further investigation using the extended model reveals that the linkages between U.S. and European markets are driven by positive global common forces and by negative international competitive effects. On the other hand, the U.S. and Asian markets are linked through positive global common forces and positive international contagion effects. The United States, Canada, and the U.K. are the three markets that still demonstrate contagion influence over countries outside its own region. The Asia-Pacific markets are more susceptible to contagion effects. Finally, it is interesting to find that Japanese market performance became more contagious toward other markets during the Asian financial crisis period.     

企业价值网络竞争优势研究

本文提出的企业价值网络概念是对各种新兴运作模式的提炼与深化。企业价值网络具备网络经济、规模经济、风险对抗、粘滞效应和速度效应五种基本竞争优势效应。企业构筑价值网络的主要职责是：明确网络的客户价值定位，制定网络战略；根据网络战略吸收网络成员，建立通畅的信息沟通模式和有效的协调机制；合理分配网络利益，增强网络成员之间的信任，及时调整网络成员。     

薪酬合约的激励有效性研究:一个理论综述

薪酬激励是组织中最常用的激励手段之一，薪酬合约的激励效果直接影响组织效率。本文尝试用激励理论系统阐述各类薪酬合约的激励有效性条件，为这方面研究梳理出一个统一的理论框架。     

政府职能转型与媒介效应述评——以电子政务为例

在由计划经济向市场经济转型过程中,我国政府职能正加速向“服务型”政府转变。适应媒介融合发展的趋势,电子政务在各级政府部门方兴未艾。媒介产业日益融合的今天,电子政务立足于互联网平台,涵盖了微信、微博、各类手机APP等多种媒体形式。完善的电子政务服务有利于提升公众对政府的信任和公共服务的满意度。当前电子政务媒介效应经验评价方法主要有层次分析法（AHP）、结构方程法（SEM）、因子分析和DEA方法,但这些方法在指标体系选择和测评方法的适应性方面还存在不足,努力构建普遍适应的、数据可获取性强的电子政务媒介评价方法体系是今后该领域研究的方向。     

Monetary policy and stock valuation: structural VAR identification and size effects

This paper examines the relationship between the US monetary policy and stock valuation using a structural VAR framework that allows for the simultaneous interaction between the federal funds rate and stock market developments based on the assumption of long-run monetary neutrality. The results confirm a strong, negative and significant monetary policy tightening effect on real stock prices. Furthermore, we provide evidence consistent with a delayed response of small stocks to monetary policy shocks relative to large stocks.