控制权私利与公司效率:以我国A股上市公司为例

对于控制权私利是否导致公司无效率的问题至今尚无定论。本文以上市公司控制权交易溢价为控制权私利,以公司业绩变化、投资政策和财务政策变化三类指标来衡量公司效率,采用我国上市公司1997-2005年间的控制权交易样本数据,实证结果发现,在我国现阶段上市公司控制权私利与公司效率正相关。     

From carry trades to curvy trades

Traditional carry trade strategies are based on differences in short-term interest rates, neglecting any other information embedded in yield curves. We derive return distributions of currency portfolios, where the signals to buy and sell currencies are based on summary measures of the yield curve. We find that a strategy based on the relative curvature factor, the curvy trade, yields higher Sharpe ratios and a smaller return skewness than traditional carry strategies. Curvy trades build less upon the typical carry currencies and are hence less susceptible to crash risk. In line with that, standard pricing factors of traditional carry returns fail to explain curvy trade returns.     

Time-Varying Arrival Rates of Informed and Uninformed Trades

We propose a dynamic econometric microstructure model of trading,and we investigate how the dynamics of trades and trade compositioninteract with the evolution of market liquidity, market depth,and order flow. We estimate a bivariate generalized autoregressiveintensity process for the arrival rates of informed and uninformedtrades for 16 actively traded stocks over 15 years of transactiondata. Our results show that both informed and uninformed tradesare highly persistent, but that the uninformed arrival forecastsrespond negatively to past forecasts of the informed intensity.Our estimation generates daily conditional arrival rates ofinformed and uninformed trades, which we use to construct forecastsof the probability of information-based trade (PIN). These forecastsare used in turn to forecast market liquidity as measured bybid-ask spreads and the price impact of orders. We observe thatPINs vary across assets and over time, and most importantlythat they are correlated across assets. Our analysis shows thatone principal component explains much of the daily variationin PINs and that this systemic liquidity factor may be importantfor asset pricing. We also find that PINs tend to rise beforeearnings announcement days and decline afterwards.     

Further empirical evidence on block transactions below the MBR: the Spanish market

There is a relatively unknown market for partial control or corporate influence in Spanish listed firms, where the control transaction size is below the legal threshold that triggers a mandatory tender offer, as this kind of deal looks for exercising some degree of control, but not a full control. The goal of this paper is to go further in its empirical analysis by exploring its distinguishing features, using as the criterion to define its transactions obtaining a seat in the board of directors. We find that these deals are mainly located in the segment of the market of large trades where the rules for private negotiations are easier to implement; the size of the block is relatively large and it is negotiated as a whole block. Besides, the most common buyer has no previous stake in the firm. We find no evidence that the buyers pay, in median, for a seat on the board of directors, but the variability of the premiums for those blocks is higher and shows that buyers that had no control position in the target firm pay more for being among largest shareholders (partial control) and less for not being among them (influence).     

Block trades and the benefits of control in Slovenia1

Ownership and control have been concentrating in most transition countries. The consolidation of control introduces changes in the power distribution within privatized firms and, most importantly, redirects the corporate governance problem to a conflict between large and small shareholders. In this study, we evaluate the ownership changes in Slovenian privatized firms through an analysis of stock price reactions to the entrance of a new blockholder (the shared benefits of control) and through an estimation of the premiums paid for large blocks (the private benefits of control). We provide evidence of and discuss the reasons for the failures of the privatization investment funds in implementing control over firm managers and in promoting the restructuring of firms in the first post‐privatization years.     

人民币升值对我国进出口贸易的影响及对策

我国加入WTO后,人民币升值对我国进出口贸易的影响越来越不可忽视。人民币升值的影响深远,不仅关系到我国进出口贸易的发展,而且还影响到整个社会经济的发展。研究此问题,对保持我国进出口贸易对经济的拉动、促进我国社会经济持续稳定发展以及构建和谐社会都有着重大的意义。     

工业行业综合竞争力的主成份分析

本文应用多元统计分析方法---主成份分析方法,选择行业竞争力的十五大指标对工业行业综合竞争力进行评价。以河北省25个主要行业为分析对象,通过对行业竞争力的主成份分析,我们对河北省各行业的竞争能力情况以及各行业本身长短处进行了评价,同时也指出河北省工业行业发展中所存在的主要问题。     

改革开放以来广东省劳动力行业结构变化

本文通过劳动力分配多样化指数、行业流动率、劳动力就业重心转移等分析。揭示了广东省改革开放以来劳动力行业结构变化的特点、划分了劳动力行业结构类型区、探讨了未来劳动力行业结构的发展趋势．从优化劳动力行业结构出发、提出了加速农业发展．加快发展后进地区的重要意义。     

市场适用性标准与企业生产性标准的探讨

针对我国企业标准和行业标准的差异认识不清,直接影响企业适应现代市场化的需要之问题,分析了产生这些问题的根源。详细论述了市场适用标准、企业生产性标准的概念和他们之间的区别,以及如何认识和应用市场适应性标准和企业生产性标准。结合胜利油田的实际情况,简述了在实际工作中如何根据标准的市场性和生产性指导企业标准化工作的开展。