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81.
The paper investigates a decision-making process involving both risk and ambiguity. Differently from existing papers [Basili, M., Chateauneuf, A., Fontini, F., 2005. Choices under ambiguity with familiar and unfamiliar outcomes, Theory and Decision 58, 195-207; Chichilnisky, G., 2000. Axiomatic approach to choice under uncertainty with catastrophic risks. Resources and Energy Economics 22, 221-231; Chichilnisky, G., 2002. In: El-Shaarawi, A.,H., Piegorsch, W.W. (Eds.), Catastropic Risks. Encyclopedia of Environmetrics, vol. 1. John Wiley & Sons, Ltd, Chichester, UK, pp. 274-279], we assume that, in a Choquet Expected Utility framework, the decision-maker is pessimistic with respect to unfamiliar (catastrophic) losses, optimistic with respect to unfamiliar (windfall) gains and ambiguity-neutral with respect to the familiar world. A representation of the decision-maker's choice is obtained that mimics the Restricted Bayes-Hurwicz Criterion. In this way a characterization of the Precautionary Principle is introduced for decision-making processes under ambiguity with catastrophic losses and/or windfall gains. 相似文献
82.
Zeng Qiugen 《国际金融研究》2008,(7)
本文回顾并分析了日本激进的、有计划和市场预期性强的公司治理结构改革对日本股票市场带来的巨大冲击,金融机构持续大幅度降低股票持有比例的行为导致了日本公司股价的严重低估,而外国投资者却利用股价严重低估的机会大举投资日本股市,并成为了日本股市的主导力量。国内A股全流通后,在全球公司治理结构趋同的背景下,同样面临着公司治理结构的大变革,深入研究和反思日本股票大流通的经验对国内股票投资者和相关决策者是非常有益的。 相似文献
83.
Summary. We study an evolutionary model in which heterogenous boundedly rational agents interact locally in order to play a coordination
game. Agents differ in their mobility with mobile agents being able to relocate within a country. We find that mobile agents
enjoy a higher payoff and always benefit from increased mobility, while immobile agents benefit from increased mobility at
low levels of mobility only. This wedge in payoffs weakly increases as mobility increases. Some extensions are discussed.
Received: January 10, 2001; revised version: December 4, 2002
RID="*"
ID="*" We thank, without implicating in any way, George Mailath for helpful discussions. Some of the ideas in this paper were
developed during the V Conference of the Society for the Advancement of Economic Theory in Ischia, Italy. The NSF provided
financial support.
Correspondence to: T. Temzelides 相似文献
84.
信息披露质量对证券市场效率有重要影响,改善信息披露质量能有效促进证券市场效率。本文以深交所2005年上市公司信息披露考评为依据,结合公司年报,选取股权结构、公司治理结构及财务经营状况等方面指标,运用LOGISTIC模型对选取的相关因素进行回归分析。结果表明,股权结构、公司治理结构及财务经营状况等方面的因素与上市公司信息披露质量显著相关。 相似文献
85.
86.
民营企业的股权结构与经理人激励 总被引:1,自引:0,他引:1
随着民营经济的发展,越来越多的问题暴露出来,其中,股权结构问题已成为阻碍民营企业发展的重要瓶颈之一.然而,实践证明,经理人股权激励可解决民营企业股权结构问题,而且可解决民营企业中的长期激励.本文在分析目前民营企业股权结构单一的基础上,指出对经理人实施股权激励可优化股权结构,有效激励经理人努力工作. 相似文献
87.
股权分置改革中的“实惠效应”与“未来效应” 总被引:1,自引:0,他引:1
股权分置改革是我国资本市场发展中的一个重要事件,在股权分置改革中投资者能否获得超额收益值得关注。本文将股权分置改革事件划分为两个子事件——股权分置改革宣告和股权分置改革实施.对1264家公司股权分置改革中的超额收益研究表明:①投资者在两个事件中平均都能获得正的超额收益;②在股权分置改革宣告事件中。投资者更注重股权分置改革的实惠——对价的高低;在股权分置改革实施事件中。投资者更注重企业的未来——非流通股未来带来的扩容等:③股权分置改革中存在均值回归现象。如果公司股权分置改革宣告事件中的累计超额收益较高(低)。则股权分置改革实施事件中的累计超额收益会较低(高)。短期内投资者能够从股权分置改革中获利.但股权分置改革并没有从根本上化解全流通带来的市场恐惧.股权分置改革中存在的内幕交易和市场操纵更是降低了市场的公信力。 相似文献
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89.
《Telecommunications Policy》2022,46(5):102284
This paper analyses the liberalization process of the Moroccan mobile market since the beginning of the 21 st century. Our database ranges from 2004 to the end of 2020. First, operators’ market shares are presented and analysed. Second, we build concentration indexes and other indicators of competitiveness. Finally, we conduct an econometric analysis to determine the extent to which regulatory measures, privatization, market structure and the population dimension determine market shares. Overall, we can argue that, although concentration remains high, the market has become more competitive since the liberalization process began. The statistical analysis and the econometric assessment show that the entrance of the third operator made the market more competitive. Indeed, there is evidence that operator companies competed to capture customers from each other during the period under study. These features suggest that mobile operators did not follow anticompetitive practices in order to restrain competition. 相似文献