我国证券纠纷调解机制的完善和金融申诉专员制度合理要素的借鉴

我国新修订的《证券法》于2020年3月1日正式施行。作为资本市场根本法规,《证券法》新增第六章"投资者保护"可谓亮点之一,其中第94条规定"强制调解制度"在诉讼和仲裁之外为投资者提供了新的维权路径,加强对投资者的事后保护。但目前我国证券纠纷调解机制仍有诸多问题,例如法律条文碎片化、调解协议刚性不足、调解衔接机制不完善、调解机构体系混乱、监督机制不力等,这些弊病从根本上严重影响证券纠纷调解机制的制度设计和程序运行。本文拟通过分析英国金融申诉专员制度的成熟经验,为我国证券纠纷调解机制的完善和发展提出优化路径。     

Accounting regulation, inertia and organisational self-perception: Double-entry adoption in a Spanish casa de comercio (1829-1852)

This paper analyses the influence exerted by compulsory mechanisms and cognitive and social factors on the adoption and implementation of double-entry bookkeeping. The study focuses on a small, commercial and family owned company located in Spain in the period 1829-1852. As our main conclusion we suggest that the adoption of double-entry bookkeeping in 1851 was influenced more by the managers' self-perception as traders, and the belief (internal and environmental) that the company must employ an accounting method appropriate to its new commercial status, than by State pressures derived from the enactment of a new accounting regulation in 1829.     

The Distribution of Information among Institutional and Retail Investors in IPOs

This study examines investor performance in IPOs using a unique database comprising 85,384 investors and 29 offerings from Finland. The evidence indicates that on average institutional investors do not obtain larger initial returns than retail investors, as the incentive to acquire information is limited by allocation rules which favour small orders. This result is in contrast to findings by Aggarwal et al . (2002), who show that institutional investors perform better in a bookbuilding environment. Within each investor category, however, large orders are associated with the best performance, suggesting that information differences figure more importantly within rather than between categories.     

投资者保护视角下的管理层收购新理论

效率提高说和财富转移说是解释管理层收购的既有理论假说，它们存在彼此对立、分割和没有对转型国家的管理层收购(MBO)实践及其新特点给出解释两大缺陷，为弥补既有理论的不足，本文提出了一个新的理论框架，解释了投资者保护与管理层收购绩效源泉的关系，指出提高投资者保护水平是促生效率型管理层收购的关键。     

论我国机构投资者对股票市场的反稳定作用

运用数理统计的基本原理，指出导致近几年中国股市非理性下跌的最直接原因，是以证券投资基金为主的机构投资者超常规发展。在目前的情况下，不宜继续提倡大力发展机构投资者，应努力恢复股票市场对中小投资者的吸引力，实现中国股市投资主体之间的“生态平衡”，从而支持中国股市长期稳定和谐发展。     

Relative Liquidity,Fund Flows and Short‐Term Demand: Evidence from Exchange‐Traded Funds

We show that highly liquid Exchange‐Traded Funds (ETFs), especially those that are more liquid than their underlying basket of securities (i.e., positive relative liquidity), are particularly attractive to investors. Using three definitions of liquidity, we find that relative liquidity predicts net fund flows, as well as inflows and outflows positively and significantly. We further document a liquidity clientele among institutional investors: (i) relative liquidity is significantly more important for short‐ than for long‐term investors; and (ii) relative liquidity is inversely related to investors’ average holding duration in the ETFs. These two findings provide evidence that relative liquidity encourages short‐term demand.     

Ownership concentration and bank risk: international study on acquisitions

This paper explores the effects of different types of bank ownership concentration on changes in bank risk during acquisition years. Using multi-country data from 2000 to 2006, during which market failures caused by various crises and government interventions are less influential to acquisition decisions, we collect 505 banking acquisition deals from 23 countries to examine which type of ownership concentration (such as financial intermediary, capital investor, non-financial, and state ownership) brings larger changes to an acquirer’s risk from pre-acquisition year to post-acquisition year (including non-performing loans, capital adequacy ratio, loan loss reserve, and credit rating). The empirical analyses show that acquirer banks with a concentration of shares owned by financial intermediaries and non-financial firms experience larger risk changes during acquisition years. In contrast, the risk changes of acquirer banks with a concentration of capital investors and state ownership are lower. Robustness checks from the random effect estimation, instrumental variables model, reverse causality, and different subsamples of (non-)U.S. or different levels of regulation enforcement confirm these results.     

How Do Institutional Investors Affect Corporate Performance? Evidence from Private Placements in China

Using data on private placements in China from 2007 to 2014, we show that abnormal returns of issuing companies’ stocks are significantly positive on the announcement day, but they become significantly negative during the event window [?20, +20]. Participation by institutional investors has a significant and negative impact on the short-term stock returns. This negative effect is also present in issuing companies’ long-term stock returns and profitability. Furthermore, we find that participation by institutional investors reduces dividend payments after private placements. Overall, our findings do not support the monitoring hypothesis of institutional investors’ role in corporate finance but are consistent with the management entrenchment hypothesis and shareholder pessimism hypothesis.     

Logics,Leaders, Lab Coats: A Multi‐Level Study on How Institutional Logics are Linked to Entrepreneurial Intentions in Academia

Situated in the context of academia, this study integrates ideas from institutional theory, person‐environment fit theory and leadership research to conceptualize and examine the cross‐level link between the organizational‐level institutional logic of research commercialization and the entrepreneurial intentions of researchers. Multi‐level analyses based on a sample of 254 researchers working for 85 research group leaders in 49 German research institutes reveal that two distinct attributes of research group leaders – that is, their track records of entrepreneurial behaviour and their entrepreneurial intentions – play a significant role in transmitting the organizational‐level logic to the individual level. We also observe a complementary interaction between organizational‐level commercialization logic and the entrepreneurial track records of leaders. We discuss how these findings advance our understanding of science commercialization through academic entrepreneurship and how they inform institutional theory and theory development in other domains of entrepreneurship research.