Strategic trade policy and the home bias in firm ownership structure

In this note we consider the preferences of a profit maximising firm for international ownership in a world in which firms compete in an international Cournot oligopoly, and in which countries use strategic trade policy. We find that firms prefer national ownership and show that full indigenisation occurs in the equilibrium.     

Asymmetric effects of monetary indicators on the Japanese yen

This paper examines the relationship between monetary indicators and the Japanese yen since 1974. Our study provides supportive evidence of monetary variables explaining long-run exchange rates. However, our data show the asymmetric effects of Japanese and US monetary indicators on the yen. While Japanese indicators did not have persistent effects on the yen, US variables did. In contrast, Japanese data are found to explain short-run dynamics. Our results, therefore, provide evidence that it may be more prudent for Japanese policymakers to pay close attention to short-term developments in the yen.     

Convergence of international output Time series evidence for 16 OECD countries

This article examines convergence of per capita output for 16 OECD (Organization for Economic Cooperation and Development) countries. Conventional tests on conditional and time series convergence have given mixed results for similar economies. Utilizing the concepts of deterministic and stochastic convergence, we develop techniques which incorporate endogenously determined break points to test the unit root hypothesis in relative per capita income. The tests provide evidence of deterministic convergence for 10, and stochastic convergence for 14, of the 16 OECD countries. Our findings reveal that World War II is the major cause of the structural shifts in relative output.     

A comparative analysis of leveraged recapitalization versus leveraged buyout as a takeover defense

Two types of defensive scheme—leveraged buyout (LBO) and leveraged recapitalization (LR)—are examined. In particular, this article examines (1) whether the two similar defensive tactics affect stockholder returns differently and (2) what firm attributes are associated with stockholder gains in LBO and LR announcements. This study finds that stocks of both LBO and LR firms, on average, exhibit significant positive abnormal returns during the announcement period, but that the latter experience substantially smaller returns than the former. This study further finds that while mitigation of agency problems associated with a firm's free cash flow is present for both LR and LBO firms, it is more pronounced for the LBO firms. These results provide evidence that a firm with higher free cash flow could benefit a greater reduction of agency costs by going private through a LBO plan than by remaining public through a LR plan.     

基于流通环节视角的我国农产品流通效率及其演变特征

以2010—2019年的省级面板数据为研究基础,借助于BCC-DEA模型与DEA窗口分析,对我国农产品整体的批发、零售环节的流通效率进行了一系列估算分析,从数据分析的结果看,农产品流通整体、批发和零售环节的综合效率不高,三个环节都处在DEA非有效状态,且研究显示纯技术效率无效是导致整体综合效率偏低的关键所在。在不同的区域中,其效率也存在着一定的差异,东部地区省份与批发环境的效率偏高,西部省份与零售环节效率偏低。整体而言,农产品流通效率呈波动性上涨趋势,且中西部省份的上涨幅度远高于东部地区。最后,相应的研究显示这几方面效率偏低的主要原因发生了变化,国家需要进行政策调整,从而适应市场发展。     

重庆市主城区居住用地时空演变特征分析

基于1986、1995、2000及2007年的居住用地数据,应用GIS空间分析、动态度模型分析方法研究重庆市主城区居住用地的时空演变特征。研究显示:1995-2000年间,年均扩展规模和年变化率都大于1986-1995年和2000-2007年两个时期,各个时期中渝北区扩展规模均最大;在年变化率方面,除2000-2007年大渡口区年变化率大于渝北区外,其余各时期渝北区均最大,渝中区年变化率在各时期中均最小。在整个研究时段,主城区居住用地扩张比较分散,各区域均有大规模的增加,但是,分散中也有扩张方向相对集中的区域,主城区东北方向即渝北区,和其他区域相比,扩张方向明显,规模大。     

鄱阳湖区洪水灾害与孕灾环境变化的关系问题研究

本文分析了鄱阳湖区洪水灾害与孕灾环境变化的关系,包括全球环境的变化以及人类活动导致的植被破坏、大规模围湖造田和三峡水库的运行等与洪水灾害的关系,针对鄱阳湖区洪水灾害,提出了洪水灾害减灾对策。     

确立主体地位与被征地农民多元保障机制完善路径思考

[目的]研究集体土地所有权行使主体的明确与完善被征地农民多元保障机制的路径。[方法]运用文献梳理法,分析农村集体土地所有权行使主体模糊引发"群体性事件"的现状,揭示其在建立健全集体土地的所有权消极权能实现、权能夯实、管理权限行使与集体成员受益权能保护等农民多元保障机制方面产生的负面影响;运用逻辑归纳法,提出"集体土地所有权行使主体明确是多元保障机制完善的灵魂"。[结果]破解"有意制度模糊"必须从实体和程序制度上明确集体土地所有权行使主体,才能有效保证被征地农民的多元利益。[结论]当前改革已进入攻坚期与深水区,农村集体土地所有权行使主体模糊引发的"冲突和社会动乱"等负性外部效应也日益凸显,完善被征地农民的多元保障机制(即以集体土地所有权行使主体确立为灵魂,以使用权入市、征用征收公平补偿、增值公平分配、财产性合法收入保障、社会保障为现实路径)应加快提上议事日程。     

Spatial concentration and connectivity of international passenger traffic at Brazilian airports

This paper examines concentration and connectivity of international passenger airport traffic in Brazil. The analysis considers seat supply and scheduled flights from 1999 to 2012. The 2000–2005 period was marked by concentration and limited international flight links, which was followed by the movement to recover capacity and connectivity from 2005 to 2010. Brazil started to liberalize bilateral agreements in 2002, and eventually moved towards the “open skies” concept in 2010, facilitating the process of operational de-concentration and increasing seat supply. The Brazilian government's liberalisation policy through bilateral agreements did not spark off a significant turnaround for national airlines; rather, the revived traffic growth was led by foreign airlines. This movement brought significant changes in the composition of international passenger traffic in Brazil, although changing little in terms of concentration and connectivity. The real change was the dominance of foreign airlines and seat distribution by regions, with the Latin America and Caribbean region shrinking to less than half of the market.     

Reward for failure and executive compensation in institutional investors

We propose a model of delegated portfolio management specialized in alternative investments, i.e., those with a high-return and high-risk profile. It is shown that in this context, as a reward for risk-taking scheme is optimal, a counter-intuitive reward for failure can also be desirable. This property emerges because it can be optimal to compensate extreme returns (even low ones) to encouraging managers to shape highly innovative portfolios. It is argued that this structure resembles compensation practices questioned in the context of the last financial crisis, such as golden parachutes and golden coffins. Implementation via equity and bonuses is also analyzed.