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.     

我国开放经济条件下利率政策阻滞因素及对策

在开放经济的条件下，中央银行货币政策调控的难度不断加大，开放因素阻滞了利率政策的效力。利率政策的阻滞因素主要包括国际游资的大量涌入、我国外汇储备的快速增长以及中国加入WTO以后金融制度的相应变化。针对利率阻滞因素的存在，在利率市场化的进程中，应该科学管理资本流动，增加人民币汇率的弹性，着力完善金融市场。     

The Role of Pension Business Benefits in Institutional Block Ownership and Corporate Governance*

We investigate whether potential pension contracting benefits lead institutions that provide pension services to acquire ownership blocks in firms and the implications of such blockholdings on the firms' corporate governance. We use the 2006 Pension Protection Act, which expanded pension participation in certain states, as a quasi-exogenous shock and find an increase in block ownership by pension-providing institutions in firms with substantial operations in affected states. Further, we find that the acquisition of a large block increases the likelihood that the institution will provide future pension services to the firm. With regard to corporate governance, we find that the acquisition of large pension blockholdings is associated with higher CEO pay and lower CEO turnover following poor financial performance. However, contrary to the prediction of the private benefits hypothesis, we do not find consistent evidence that large pension blockholdings are associated with declining firm profitability, suggesting that pension institutions are incentivized to exert monitoring to preserve the investment value of their blockholdings. Overall, our evidence is consistent with pension service institutions acquiring ownership blocks to obtain pension contracts, but our evidence does not support the prediction that they use their influence to compromise shareholder value.     

3种移动闭塞模式下列车延迟传播规律的研究

介绍了移动空间闭塞、移动时间闭塞、完全移动闭塞3种移动闭塞模式,模拟讨论了3种模式下的列车延迟传播现象及其规律。模拟结果表明,在相同的初始延迟时间下,完全移动闭塞模式晚点列车总数最少,总的列车晚点时间最小;移动空间闭塞模式晚点列车总数最多,总的列车晚点时间最大。     

Optimal variance- and efficiency-balanced designs for one- and two-way elimination of heterogeneity

Summary In this paper, a series ofE-optimal non-binary variance balanced (block or row-column) designs and a series ofE-optimal non-binary efficiency balanced (block or row-column) designs are provided in certain broad classes of competing designs. Furthermore, their high efficiencies by the usualA- andD-optimality criteria are shown.     

Asymmetric loss functions and the rationality of expected stock returns

We combine the innovative approaches of Elliott, Komunjer, and Timmermann (2005) and Patton and Timmermann (2007) with a block bootstrap to analyze whether asymmetric loss functions can rationalize the S&P 500 return expectations of individual forecasters from the Livingston Surveys. Although the rationality of these forecasts has often been rejected, earlier studies have relied on the assumption that positive and negative forecast errors of identical magnitudes are equally important to forecasters. Allowing for homogenous asymmetric loss, our evidence still strongly rejects forecast rationality. However, if we allow for variation in asymmetric loss functions across forecasters, not only do we find significant differences in preferences, but also we can often no longer reject forecast rationality. Our conclusions raise serious doubts about the homogeneous expectations assumption often made in asset pricing, portfolio construction and corporate finance models.     

Corporate Governance: A Critical Survey of Key Concepts,Issues, and Recent Reforms in the US

This paper critically surveys basic corporate governance concepts and theories, assesses recent international empirical support of theories, and analyzes the impact of major, recent corporate governance reforms in the US. Comparing representative economies identifies the essential features of different corporate governance systems. Therefore, the corporate governance structures of a few countries (England, US, Germany, and Japan) are explored. In second part of the paper, some emergent issues of corporate governance such as the impact of block holders and emergent market regulatory changes are assessed. Finally, the effectiveness of the Sarbanes-Oxley act is evaluated.     

市场均衡就业区间与区间内两种特殊的就业失衡

现代市场经济运行中的社会均衡就业量并不只是一个孤立的点,而是一个区间。该区间具有较为复杂的性质与结构,其内部一般还存在两种特殊的、长期以来一直未引起人们注意的就业失衡－－区间内就业不足和区间内过量就业。从理论上阐明“市场均衡就业区间”的形成机理,并对其内部特殊的就业失衡进行必要的分析,将有助于我们深化对现代市场经济条件下社会就业规律的认识,同时,对在总量波动背景下进一步完善就业管理、实现充分就业,也将起到重要的理论指导作用。     

原油脱盐工艺技术探讨

分析了原油稳定系统发生盐堵的机理,并在总结"盐堵三要素"的基础上对比分析了常规防堵解堵工艺,对解决凝稳装置盐堵问题进行了探讨。并在此基础上介绍了雅克拉集气处理站(简称:雅站)凝析油水洗脱盐工艺技术,分析总结了其优缺点,具有较强的借鉴意义。     

安徽省农村剩余劳动力转移的外化阻滞研究

农村剩余劳动力有序地转移,是国民经济健康发展和社会稳定的基础,文章对现阶段安徽省农村劳动力转移特点进行分析的基础上,从城乡居民收入差距问题、农村劳动力进城住房问题、从业环境问题、工作和生活保障问题等方面,指出农村剩余劳动力实现"迁徙式"转移的外化阻滞,并针对问题,提出相应的对策措施。