Guaranteeing quality in the EU: who gains most?

Regulating product quality benefits consumers in reducing uncertainty and allowing them to economize on search costs. Theoretical analysis suggests that not all consumers benefit to the same extent, with non-poor, less well educated and older people tending to gain most. These conclusions are supported by regression analysis of Eurobarometer data on attitudes to an EU priority to guarantee quality. The results also indicate the essential nature of the EU trade-off with countries having to compromise on their desired outcome when agreeing on a common EU standard. Institutional trust is also a critical factor in determining support for such a standard.      

Economic Growth and Decline with Endogenous Property Rights

This article introduces endogenous institutional changeinto a neoclassical growth model. For some parameter values,all Markov perfect equilibria involve a shift from common propertyto private property followed by a shift back to common property.Even in the presence of a linear production technology, thissequence of switches generates growth rates that are increasingat low levels of capital and decreasing at high levels of capital.This result rationalizes the hump-shaped growth path followedby some countries through history, as well as the conditionalconvergence observed in postwar data. For other parameter values,there are also equilibria in which common property prevails forever.This result rationalizes the low-growth traps in which many poorcountries find themselves.     

论我国公有制条件下的收入分配制度创新——对按劳分配和按要素分配的比较研究

允许非劳动要素参与收益分配,是我党对马克思主义政治经济学理论的重大创新,对推动社会主义市场经济体制建设也有着重要的意义.党的十六大报告在论述我国收入分配制度时,提出了"完善按劳分配为主体、多种分配方式并存的分配制度"的新要求,并将劳动要素的分配与资本、管理、技术等非劳动要素的分配置于相同层次进行表述,这一思想是对原有分配制度的重大创新,标志着我党在理论上的更加务实和更趋成熟;同时也预示着我国公有制经济内部收入分配领域深层次改革的开始.     

Turnpike trusts and the transportation revolution in 18th century England

There is a long debate in economic history about the causes of the transportation revolution and its economic impact. This paper examines the effects of turnpike trusts in 18th century England. Turnpike trusts were organizations that financed road improvements by levying tolls. They replaced the authority of parishes, which financed road improvements using local taxes. The analysis shows that turnpike trusts contributed to lower freight charges and passenger travel times. It also shows that turnpike trusts, generated a social savings of at least 0.5% of national income in 1800 and 1820.     

注册会计师职业演进及其审计制度安排:基于REMM的解构

人性假说是认识个体行为的基础,不同假说对个体的行为作出了不同的解释和预测。本文以REMM假说为基础,对注册会计师职业的发展及其制度安排进行了剖析。研究发现:注册会计师职业的演进以追求经济收益、垄断地位和规避风险等为主线;注册会计师职业的内核性制度安排本质上是其利益的保护装置,尽管支撑性制度安排构成了其行为约束,但注册会计师对支撑性制度安排作出了典型的REMM反应。     

Does ownership matter in the presence of strict antiactivism legislation? Evidence from equity transactions in Denmark

This study analyzes the effects of institutional and strategic investor equity transactions on the behavior of stock prices on the Copenhagen Stock Exchange (XCSE). Unlike the positive relationship between managerial ownership and security performance, we find that the relationship between ownership and performance is a bell-shaped curve. There is an optimal threshold level of ownership at which security performance, measured by abnormal returns, is maximized. At the threshold level, the management can take advantage of the shared benefit of control. Beyond the threshold level of ownership, the security performance decreases. We attribute this threshold level to an increasing entrenchment benefit.     

湖南省对外开放的基本评价及政策建议

对外开放度是衡量某一国家或某一区域经济对外开放程度的综合性指标.通过对全国各省市的开放度进行测定并比较分析后,得出结论:加入WTO后,湖南省对外开放水平有了明显的提升,但与全国特别是东部地区相比,还存在着较大的差异,情况不容乐观.因此,随着经济全球化的深入发展,湖南要以结构调整为核心,推动货物贸易和服务贸易迅速发展,以提高质量为重点,加大招商引资的力度.     

权力制约与权力监督的制度创新研究

权力制约和权力监督实际上是一个问题的两个方面,权力制约也是权力监督的一种表现形式;反过来说,权力监督离不开权力制约,不受制约的权力是无法监督的。当前,我国政府权力监督改革取得一定的进展,但也存在不少问题,要从权力配置、权力界定、权力运行、权力监督等方面系统地进行制度创新研究。     

机构投资者在第二类委托-代理问题中的监督作用研究

本文通过构建机构投资者与控股大股东之间的博弈模型,探讨机构投资者在第二类委托—代理问题中所发挥的作用,同时通过纯策略和混合策略纳什均衡解的分析发现:当控股大股东"掏空"行为的惩罚成本比较小时,无论机构投资者是否监督,控股大股东的占优策略都是攫取控制权私人收益,机构投资者的监督并不能有效抑制控股大股东的侵害行为;当证券监管部门对控股大股东的"掏空"行为的处罚达到一定程度时,机构投资者的监督才能有效抑制控股大股东的"掏空"行为,且随着机构投资者持股比率与持股时间的增加,这种抑制作用越来越明显。     

The global institutionalization of financial reporting: The case of the United Arab Emirates

Almost 100 countries have agreed to adopt or work towards convergence with the International Accounting Standards Board's international financial reporting standards (IFRS). Applying an institutional theory framework at a nation state level, and using publicly available data about the emerging economy of the United Arab Emirates (UAE) as a case, this paper identifies some of the global coercive, normative and mimetic pressures which have contributed to this widespread adoption. The challenge for emerging economies such as that of the UAE is whether the reality of IFRS implementation can match the image of IFRS adoption.