A股“垃圾股”退市难的原因及对策分析

退市难一直是A股的难题,退市率极低。由于退市制度设计缺陷、IPO非市场化及监管不到位等原因,致使“垃圾股”的“壳”价值高,上市公司保“壳”冲动高。在当前IPO加速的背景下,科学合理地提高退市率,积极完善退市制度,使A股形成“有进有出”的良性生态环境是亟待解决的问题。     

Destruction and settlement norms as determinants of conflict: An evolutionary perspective

This paper studies conflict in a simple bargaining framework using an evolutionary game-theoretic approach. Our findings suggest that a player does not always regard the winning probability as an acceptable settlement rule. He accepts a division according to winning probability when the destruction caused to him in conflict is more than a threshold, which in turn depends on cost of conflict to the opponent and the size of the population. Further, our analysis shows that the norms with positive weight to disagreement payoff are effective against conflict, and incentivize peace. Contrary to the findings of extant studies carried out in finite population evolutionary game setting, the settlement possibility set is identical under both ESS and Nash equilibrium in our model with settlement norms.     

Mass media and preferences for redistribution

This paper investigates how mass media potentially act on preferences for redistribution. Our hypothesis is that media contribute to shaping the value system of a person, which affects support for redistribution. A theoretical model is proposed which combines demand- and supply-driven media bias. On the demand side, the model considers two types of individuals: non-partisan, whose values are influenced by the media, and partisan, who have strong opinions not affected by the media. We assume that although partisan individuals prefer unbiased information, they hold beliefs that they like to be confirmed; therefore, they tend to consume media with an ideological position similar to theirs. On the supply side, we focus on interest groups’ pressure on media coverage. Our results suggest that the anti-equality lobby is willing to pay more than the competing lobby. Moreover, we show that media bias is a decreasing function of the advertising revenues and an increasing function of the relative weight of ideology vs pluralism in individuals’ demand for media. Adding a second media outlet reduces the likelihood of media bias but not its extent. Finally, if both lobbies are active, the two outlets’ ideological positions are polarised.     

Residents' place image: a cluster analysis and its links to place attachment and support for tourism

While there is a plethora of studies segmenting the lucrative tourism market, limited attention has been given to identifying potential segments of local residents based on their image of the place they live in as a tourist destination. This study aims to address this gap by (a) clustering local residents of a tourist destination based on their images of that place; and (b) identifying whether those image-based resident groups share similar/different levels of place attachment and intentions toward tourism (support for tourism, intention to recommend it to others). Analysis was based on a sample of 368 residents of Eilat, Israel. The findings suggest the presence of three resident groups with different images of Eilat – called Nature Aesthete, Appreciator, and Critical – and provide support that these groups exhibit dissimilar levels of attachment and intentions/behavior toward tourism. The Appreciator (residents with the most favorable image) were reported exhibiting higher levels of place attachment, support for tourism and were more likely to recommend their place to others as a tourist destination than the Critical (residents with the least favorable image). The implications of these findings to tourism theory and practice are discussed.     

War and economy. Rediscovering the eighteenth-century military entrepreneur

Abstract

The detrimental effects traditionally assigned to warfare in the development of pre-industrial economies have obscured the prominent role that military entrepreneurs played in economic development in this period. Historiography minimises the extent to which war and the concomitant strengthening of the central state provided a whole new range of opportunities for capital investment, a tendency that has been strengthened by the paradigm of Redlich’s ‘decline of the soldier-entrepreneur’ and the technological determinism of the debate on the Military Revolution among others. The aim of this introduction is to look into the background of this relative lack of interest and to reaffirm the mutual dependence of eighteenth-century state-formation and the business of war.     

Consumers' perception of and attitudes towards organic food in Galicia (Northern Spain)

Although the organic sector is still relatively small, the demand for organic food is increasing throughout the world. The characterization of consumers' perception of and attitudes towards organic food is important to enable the development of marketing policies aimed at attracting conventional consumers to the sector. Consumers' behaviour studies must be conducted specifically for different regions and countries as perceptions and attitudes vary across the world. In the present study, a questionnaire was designed for administration to consumers in Galicia (Northern Spain). The questionnaire was administered to 830 consumers in 200 establishments to obtain data about the consumers' perception of and attitudes towards organic food. The survey results showed that one‐third of responders consume organic food and that the typical profile of a consumer of organic food is a middle‐aged, medium‐high class, university‐educated female living in a large village, who shops in supermarkets and preferably consume vegetables, fruits and eggs. Most people who declared that they consume organic products confuse these with home and locally produced food, indicating the potential for growth of the organic sector by providing such consumers with appropriate information. Most consumers (including conventional consumers) have a good opinion of organic food and consider that it is better for health, is of better quality than conventional food and avoid pesticide residues. However, price continues to be a barrier to the consumption of organic produce. Most respondents stated that they would consume more organic food if the price was only between 10% and 30% higher than the conventional equivalent. Finally, organic consumers in Galicia showed positive attitudes towards using local breeds in organic agriculture, both for producing food and for ecotourism and educational activities. Such activities could contribute to conserving breed biodiversity and adding value to organic farming.     

How do female directors improve board governance? A mechanism based on norm changes

Prior literature documents that corporate boards with female directors produce better governance outcomes than all-male boards. However, female directors constitute the minority on most boards, which precludes majority voting as the mechanism through which they change board decisions. We identify changing the norms of how the board works as this mechanism. Using the market for norms framework, we explain how female directors are effective even without possessing a board majority or other sources of symbolic power, such as hierarchical authority and social gravitas. Empirically, we show that independent female directors, compared to their male counterparts, are more effective at changing board norms (board processes) and improving governance (board outputs).     

中美贸易战的危害与对策

分析中美国情现状,对中美经济状况进行对比,对美国发动贸易战的原因进行分析:美国对华贸易逆差过大;美方认为中方侵犯美国企业知识产权,中国的重商主义对美国经济产生了致命影响;转嫁国内矛盾,战略遏制中国。分析美国发动贸易战的危害,提出了中国应对挑战应妥善应对短期冲击,对等还击;拉动内需,加快自身经济结构调整等对策。