试析休谟经济思想的哲学基础——兼论“人的发展经济学”的理论构建问题

休谟的经济思想建立在他的人性论的基础之上。他总是试图从人的特性和需求出发来解释各种经济现象。休谟的这种研究思路对于“人的发展经济学”的理论构建有以下几点借鉴意义：第一，构建人的发展经济学必须以研究人本身为出发点；第二，必须清楚地阐述技术进步和物质财富的积累与人的精神需求之间的关系；第三，必须清醒地意识到任何一种理论的局限性。     

论财富问题在马克思哲学中的地位和作用

本文主要结合马克思主义哲学观点,对财富问题的地位与作用进行分析与阐释.     

主权财富基金投资法律环境新变化——评IMF“圣地亚哥原则”

主权财富基金在国际金融发展中的地位日益重要，由于其具有浓厚的政府控制特质，因而受到投资接受国的严格监管。为避免严格监管引发金融保护主义、阻碍跨国投资，由各方共同参与制定的国际规则将成为平衡彼此利益的有效手段，国际货币基金组织（IMF）组织制定的“圣地亚哥原则”是这一进程中最受瞩目的成果之一。对主权财富基金投资法律环境新变化的考察与研究无疑会对我国主权财富基金具有启发与借鉴意义。     

CEO's empathy and salience of socioemotional wealth in family SMEs – The moderating role of external directors

A focus on preserving socioemotional wealth may influence entrepreneurial activities in family firms. In this paper, we identify the emotion of empathy in the family CEO as an antecedent of socioemotional wealth creation. We argue that the presence of one or more external directors can have a direct as well as moderating influence on the relationship between CEO's empathy and the salience of socioemotional wealth to the family CEO. Our empirical tests confirm these hypotheses. Several areas of future research are suggested to incorporate empathy and other emotions in family business studies.     

Motivations and performance of public to private transactions： An international study

This article deals with the motivations and the different sources of value from public to private transactions in Europe, USA and Asia from 2000 to 2007. We determine eight main motivations （tax savings, incentive realignment, control, free cash flow, growth of prospects, transaction costs, takeover defence and undervaluation）. Then, we evaluate the shareholder wealth by measuring the offered premiums and the CAAR （cumulative average abnormal return）. Finally, we analyse the impact of public to private to the wealth shareholder. The main sources for firms from going private are incentive realignment, free cash flow （mostly for Asia）, the economy of cost transaction and undervaluation. Furthermore, taxation benefit is a source of wealth effects for Asia and family blockholder （for the control hypothesis） is significant for Europe. Premiums and CAAR are the most important for the USA and Asia. The main observation that we have made is that Asia gets the same behavior as the USA.     

The effect of privatization on wealth distribution in Russia

The paper considers the Russian privatization process and examines how its deviation from the competitive sale standard was likely to affect wealth inequality. (Privatization here is defined narrowly as the transfer of existing assets from government ownership to private hands.) While empirical evaluation is all but impossible due to the dearth of reliable data, it is feasible to analyze the institutional features of Russian privatization in terms of their effect on redistribution of wealth. The paper argues that the most relevant and interesting issue is to evaluate privatization's distributional consequences relative to the informal pre-reform property rights. In light of this, privatization is modelled as a rent-seeking contest with incumbency advantage of enterprise managers who initially held the greatest informal rights over assets. The rent-seeking contest is shown to strongly magnify this pre-reform wealth inequality reflected in the incumbency advantage.
In addition, the paper analyzes the distributional consequences for various wealth groups of the differences in the composition of their pre-reform informal wealth, most importantly a relatively large share of housing assets in the wealth of the poor. The effect of wealth redistribution on economic growth in Russia is also discussed.     

李嘉图的经济增长思想述评

本文论述了李嘉图关于经济增长的主要思想，指出了李嘉图经济增长思想的积极意义     

The price normalization problem in imperfect competition and the objective of the firm

Summary. General equilibrium models of oligopolistic competition give rise to relative prices only without determining the price level. It is well known that the choice of a numéraire or, more generally, of a normalization rule converting relative prices into absolute prices entails drastic consequences for the resulting set of Nash equilibria when firms are assumed to maximize profits. This is due to the fact that changing the price normalization amounts to altering the objective functions of the firms. Clearly, the objective of a firm must not be based on price normalization rules void of any economic content. In this paper we propose a definition of the objective of a firm, called maximization of shareholders' real wealth, which takes shareholders' demand explicitly into account. This objective depends on relative prices only. Real wealth maxima are shown to exist under certain conditions. Moreover, we consider an oligopolistic market and prove the existence of a Nash equilibrium in which each firm maximizes the real wealth of its shareholders. Received: July 10, 1997; revised version: July 27, 1998     

Wealth effects of convertible-bond and warrant-bond offerings: a meta-analysis

The literature on wealth effects associated with the announcements of convertible-bond and warrant-bond offerings is reviewed. The findings of 35 event studies, which include 84 sub-samples and 6310 announcements, are analysed using meta-analysis. We find a mean cumulative abnormal return of?1.14% for convertibles compared with?0.02% for warrant bonds, the significant difference confirming a relative advantage for warrant bonds. Abnormal returns for hybrid securities issued in the USA are significantly more negative than those issued in other countries. In addition, issuing hybrid securities to refund debt does not seem to be favoured by investors. Finally, several factors identified as important by theory or in prior research are not significant within our cross-study models, suggesting that more evidence is needed to confirm whether they are robust.