Fuelled Power: Oil,Financiers and Central Bank Policy in Nigeria

While the literature on business power and global finance has illuminated the ways in which financial institutions limit the policy autonomy of states in developing countries, we know much less about the circumstances under which the power of financiers is undermined. In this article, I advance explanations of these circumstances by arguing that state access to natural resource revenues reduces the power of financial institutions and enhances the capacity of the state to pursue central bank policies which violate the interests of major financiers. I employ a case study of central bank policy in Nigeria to probe this argument and find evidence that supports the claim that whenever the Nigerian government's access to resource revenues increased, the state's capacity to diverge from financiers’ preferred central bank policies and to advance its own preferences increased as well. The analysis provides the basis for broader propositions about the policy space of developing countries vis-à-vis financial institutions and the variability of structural power.     

Marx 200: The Abiding Relevance of the Labour Theory of Value

ABSTRACT

Marxist political economy is alive and well, and not just because of the habitual turn to Marx in response to any crisis of capitalism. Both through Capital and through the continuing evolution of Marxism, Marxist political economy offers valuable insights that can illuminate the modalities of social and economic reproduction and the relationships between (different aspects of) the economic and the non-economic. Marxism’s presence has been felt through its own internal debates and debates with other approaches to political economy, and even through its influence on those reacting against Marxism. The key to the continuing relevance and analytical strengths of Marxist political economy lies in its capacity to provide a framework of analysis for unifying disparate insights into and critiques of the contradictions of capitalism across the social sciences. The instrument for forging that unity is Marx’s theory of value, the potential of which is examined and illustrated with reference to the Sraffian critique and two key concepts in Marxian political economy: the value of labour power and financialisation. They are explored in the light of the processes of commodification, commodity form and commodity calculation.     

管理层权力与或有事项信息披露——基于环境不确定性的调节效应研究

基于2003—2016年我国A股上市公司的经验数据，以企业表内列报的预计负债金额与表外附注中披露的或有事项频数为考察对象，实证检验了管理层权力对或有事项信息披露的影响。研究发现，管理层权力与表内列报的或有事项信息显著负相关，而与表外披露的或有事项信息显著正相关；进一步发现，随着环境不确定性的增加，管理层权力对企业表内预计负债列报的负向影响显著增强，而对表外或有事项披露的正向影响明显减弱。在当前外部环境瞬息万变、内部治理机制弱化的背景下，管理层可能会利用其控制权操控或有事项信息的披露方式，自我服务偏好明显。     

微时代高等职业院校教育主体社交平台话语权建构必要性研究

微时代是以微博、微信等社交平台为代表的新时代。高职院校教育主体与受教育主体面对社交平台的新型话语体系,展现出不同的话语特征。教育主体只有进行话语权的体系建构,才能帮助学生形成正确认知、树立正确的价值观念,真正培养具有坚定信念和国际视野的高端技术技能人才。     

粤港澳大湾区城市群区域治理机制的架构思考:从政府治理权出发

推进建设粤港澳大湾区城市群,尤其应当重视各级政府在该区域治理机制架构中的地位。协调不同法域、不同层级和不同类型地方政府之间的治理权,是推进该城市群协调发展,并率先推进实现新型城镇化转型的基础和保障。就该区域而言,政府治理权的架构可以分为三个层次:根据中央顶层设计的区域布局,推动地方政府转换行使治理权的视阈,合理安排不同地方政府治理权,并建立权力协作机制;由此机制出发,协调区域内各地方的发展方向,深化彼此之间利益共生关系;最后,与利益共享对应,还应当配合财政供给改革,实现区域治理责任的成本共担。     

国内外电力建设工程竣工移交条件差异及合同纠纷分析

国内外电力建设工程竣工移交时,在性能试验责任主体、时间、试验项目等多方面存在较多差异,进而导致了工程投入商业运行、颁发移交生产交接书、缺陷责任期起始和结束等诸多时间的不一致,这些差异和不一致可能引起业主与EPC承包商之间的合同纠纷。本文对上述差异和可能引起的纠纷进行了分析,并提出对策和建议。     

Exploring the nexus between bank market power and exports

Although the literature underlines the importance of finance in international trade, no prior study has examined the causal links between market power in banking and export performance. Using a world sample over the 1997-2010 period, and accounting for both observed and unobserved country heterogeneity, we find a positive effect of bank market power on exports, especially in high-income countries. We also document that this export-enhancing effect is more potent in informationally opaque markets. Our findings accord with information hypothesis which suggests that market power in banking induces stronger bank-firm relationships which can generate benefits for both borrowers and lenders. Policy interventions should, therefore, promote the supply of relationship lending as a means to mitigate informational asymmetries in the export market.     

基于供应链管理的发电企业物资采购研究

物资采购是企业管理中极其重要的组成部分,运用合理的采购模式不仅可以提高工作效率,而且还能降低成本。从这一点出发,论文分析了供应链管理的内容及内涵,并根据准时采购、全球采购和集中采购的模式提出发电企业供应链管理策略。     

Stock price crash risk and CEO power: Firm-level analysis

This study examines the impact of stock price crash risk on future CEO power. Using a large panel sample with 17,816 firm-year observations, we posit and find a significant negative impact of stock price crash risk on CEO power, suggesting that CEO power becomes smaller after stock price crashes. We also find that our results are stronger for firms with female CEOs and are largely driven by firms with shorter-tenure CEOs. In addition, we find that the significant negative impact of stock price crash risk on CEO power is diminished for firms with strong corporate governance. Our study responds to the call in Habib, Hasan, and Jiang (2018) by providing more empirical evidence on the consequences of stock price crash risk.     

我国火力发电行业SO2排放许可限值约束作用研究

2017年,我国环保部门完成了火力发电等行业的排污许可证的核发,对我国建设排污权交易制度和实现“一证式”环境管理体制具有重要意义。围绕排污许可证中污染物的排放许可限值展开研究,应用脱钩原理对我国2003—2017年火力发电行业SO2排放与经济增长之间的脱钩关系进行分析,并基于脱钩理论,结合灰色预测方法GM(1,1)并运用情景假设法分析评价了排污许可证对我国2018—2020年火力发电行业SO2排放的约束作用强弱及其合理性,并提出建议。