Manipulation of voting schemes with restricted beliefs

In this paper we define manipulation with restricted beliefs as the possibility for some voter to have an insincere preference ordering that dominates the sincere one within the given individual beliefs over other agents’ preferences. We then show that all non-dictatorial voting schemes are manipulable in this sense, up to a given threshold.     

公司股份回购负财务效应分析

股份回购早已成为上市公司为配合资本结构决策或股利政策而广泛采用的财务举措,而在我国股份回购无疑也是证券市场上的一项重大制度突破和金融创新。本文首先阐述了股份回购的基本理论,然后结合东北老工业基地公司股份回购的相关情况,着重地分析了股份回购的负财务效应。最后针对股份回购负财务效应分析中所发现的问题,提出了一系列相应的建议和解决措施,使其无论在理论上还是实践上的研究都得到了进一步的完善。     

“国有股减持”陷入困境后的反思

2001年6月，国有股减持暂行办法公布。2002年6月23日，停止通过证券市场减持国有股。从实施到停止仅一年时间，却一波三折。尽管众多这家一致看好国有股减持，但结果却令人难以置信。本从其理论依据入手，全局分析其成败得失，并指出中国股票市场的未来发展方向。     

Non-manipulable domains for the Borda count

Summary. We characterize the preference domains on which the Borda count satisfies Arrows independence of irrelevant alternatives condition. Under a weak richness condition, these domains are obtained by fixing one preference ordering and including all its cyclic permutations (Condorcet cycles). We then ask on which domains the Borda count is non-manipulable. It turns out that it is non-manipulable on a broader class of domains when combined with appropriately chosen tie-breaking rules. On the other hand, we also prove that the rich domains on which the Borda count is non-manipulable for all possible tie-breaking rules are again the cyclic permutation domains.Received: 24 November 2003, Revised: 12 December 2004, JEL Classification Numbers: D71. Correspondence to: Clemens PuppeThe third author gratefully acknowledges the financial support from the Deutsche Forschungsgemeinschaft (DFG), Graduiertenkolleg 629 at the University of Bonn and from the Hungarian Scientific Research Fund (OTKA F 043496).     

Existence of financial equilibria with restricted participation

We consider a two-date model of a financial exchange economy with finitely many agents having nonordered preferences and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely many nominal assets or numéraire assets. We prove a general existence result of equilibria for such a financial exchange economy in which portfolios are defined by linear constraints, extending the framework of linear equality constraints by Balasko et al. (1990), and the existence results in the unconstrained case by Cass (1984, 2006), Werner (1985), Duffie (1987), and Geanakoplos and Polemarchakis (1986). Our main result is a consequence of an auxiliary result, also of interest for itself, in which agents’ portfolio constraints are defined by general closed convex sets and the financial structure is assumed to satisfy a “nonredundancy-type” assumption, weaker than the ones in Radner (1972) and Siconolfi (1989).     

对新形势下“网络反腐”的新思考

正确地认识“网络反腐”,充分而正确地发挥“反腐”的作用,必须确立四个基本观点：一是网络反腐势属必行可行;二是网络反腐具有独特优势;三是网络反腐受制因素复杂;四是网络反腐重在完善规范。     

国有企业股份制改造亟待深化

股份合作制是通过改制向本企业职工出售资产而形成的一种集体经济形式,其产权关系明确,实现了政企分开,企业真正成为市场主体,职工真正成为企业主人。国有股份合作制虽然对加快中小企业改革具有积极作用,但对其股权分散的弊端也应有清醒的认识,力求在改制进程中针对不同问题,采取相应的举措。     

京沪高速铁路列车运行模式研究

基于运行图数据,研究京沪高速铁路不同运营时期的运输组织模式,分析不同速度列车共线模式下京沪高速铁路的运能结构变化,探讨高速铁路列车运行模式发展趋势。在分析本线全程列车始发时段与停站次数的关系,研究本线列车开行的周期规律。结果表明,2018年底京沪高速铁路区段通过能力利用存在较大的不均衡性,能力限制区间为徐州东-蚌埠南;分析列车运行模式存在的问题,提出"区域路网直达+跨区域换乘"的运行模式是高速铁路列车运行模式的发展方向。     

Why more restricted stocks,less stock options?--An explanation based on the preference of regulators of China?

This paper provides an empirical explanation of the more frequent use of restricted stock plans for executives than stock option plans, to reveal the determinants of a restricted stock plan and understand its subsequent effects. We find that firms with higher growth opportunity, smaller size, higher executive ownership, smaller rent-seeking probably, and dividend payment prefer to grant restricted stock plans. Moreover, the preference of regulators drives the tendency of using restricted stock plans, designed to have higher pay-performance sensitivity (delta) and lower pay-risk sensitivity (vega). Under the intensive regulation, the restricted stock plans designed by firms with executive ownerships and large agency debt costs are more sensitive to risk. As a result, granting restricted stock plans rather than stock options helps improve firm performance and the preference of regulators on restricted stock plans can also enhance firm performance and decrease firm risks.     

中美金融摩擦： 中国企业在美“被退市”风险的实与虚

近期,有新闻报道爆出特朗普政府正在考虑将中国公司从美国股市中摘牌,中概股应声下跌,引发股市震荡。随后美财政部虽对该消息进行了否定,但在中美贸易争端前景不明的形势下,不能完全排除美政府日后强迫中国企业退市、在金融领域升级紧张局势的可能性。本文回顾总结了中国企业在美股市场的发展历程与现状,从依据美国主要交易所退市规则与依据美国金融制裁法律框架两类常规与特殊途径出发,推测特朗普政府可能采取的制裁措施与情景,分析中概股退市后出路,为我国制定后续应对政策提出建议。