IPO承销费用的特征及券商的政治联系——来自中国IPO市场的证据

承销费用在世界各国普遍呈现出"集聚"的现象,我们对2004年-2009年通过发审委审核的上市公司的IPO承销费用进行研究,发现我国IPO承销费用也存在集聚现象,小规模IPO公司的承销费率主要集中在2%-6%之间,大规模IPO公司的承销费率集中在4%以下。另外,我们检验了券商的政治联系与承销费用的关系,研究发现有政治联系的券商比没有政治联系的券商收取了更高的承销费用。     

Back to the BOG, Austrian-style

Robust political economy begins with assumptions of self-interested planners who lack perfect information. In such a world, the social planner does not necessarily outperform the decentralized outcome. Crampton and Farrant (2005) argue that the inability to engage in economic calculation reduces the ability of social planner to extract consumer surplus. Thus, the lack of calculation improves the welfare of the median citizen which contrasts with conventional wisdom. We argue that they overstate their results. First, the calculation argument fails because of its underdevelopment, not because of the empirical record. Second, the welfare implications cannot be adequately addressed by assuming diminishing marginal utility of income or using the median welfare standard. Third, robust political economy has not developed a model that yields meaningful welfare comparisons. Thus, robust political economy remains in its early stages. JEL Code P0, P16, P50 With apologies to Gordon Tullock     

Principles and politics: Like oil and water

In a democracy, public policies require majority support to be enacted, so politicians must enlist the support of others to further their political agendas. Successful politicians are those who can negotiate in the political marketplace to steer outcomes their way, and to succeed, politicians must be willing to set their principles aside and trade their votes away to get something better. In contrast with the principled politician whose support cannot be bought, the unprincipled politician’s support must be bought, so unprincipled politicians accumulate political IOUs that they cash in to advance their agendas. Democratic politics by design reinforces unprincipled behavior and punishes principled behavior.

Why not a political Coase theorem? Social conflict, commitment, and politics

Do societies choose inefficient policies and institutions? An extension of the Coase theorem to politics would suggest the answer is no. This paper discusses various approaches to political economy and develops the argument that there are strong empirical and theoretical grounds for believing that inefficient policies and institutions are prevalent. We conclude that these inefficient institutions and policies are chosen because they serve the interests of politicians or social groups that hold political power at the expense of the rest. The theoretical case depends on commitment problems inherent in politics; parties holding political power cannot make commitments to bind their future actions because there is no outside agency with the coercive capacity to enforce such arrangements. Journal of Comparative Economics 31 (4) (2003) 620–652.     

Harnessing the political economy of environmental policy: David Pearce’s contribution to OECD

During 34 years, David Pearce made major contribution to OECD work on environmental economic issues, with a particular focus on cost–benefit analysis, economic instruments, biodiversity and distributive issues. This article provides a brief review of David Pearce’s contributions. This work was particularly useful in enhancing the political economy of environmental policy which is at the core of OECD work. The opinions expressed in this paper reflect the author’s perception of this long history of the development of environmental economics at OECD; it does not necessarily reflect the views of the OECD and its member countries. Many thanks to Jonathan Fisher, Nick Johnstone and Michel Potier for their comments on an earlier draft.     

Film-induced tourist motivations. The case of Seville (Spain)

Tourists' attraction to filmed sites has increased destination marketing organisations (DMOs) interest in film-induced tourism. Seville, Spain, has been the setting of many national and international film productions. Film tourism research has focused on impacts, travel preferences and destination choice, but there is a lack of research on motivations of film tourism. As a consequence, DMO actions in film tourism are often developed ad hoc, in an unplanned and opportunistic way without understanding the phenomenon. This research tries to fill this gap by focusing on film tourism in Seville in order to identify film tourists' motivations. Results identify film tourism activity and find five motivations of the film-induced tourist in Seville: film site experiences, fantasy, novelty, touring the film and personal film-location connection. Results show films add something valuable to destination experience (as a secondary or tertiary attraction). Destination managers should consider novelty factor as an element to enhance tourist experience, especially for non-European ones as well as for female tourists and tourist above 25 years, to motivate a slightly positive site experience.     

市场环境变迁和政府政策冲击对民营企业创新绩效的影响——考虑企业竞争战略和政治关联的调节作用

在文献梳理和理论分析的基础上,以中国制造业的655家民营企业为研究样本,构建回归模型,对市场环境变迁和政府政策冲击对企业创新绩效的影响进行实证分析,并进一步检验了企业竞争战略和政治关联在其中的调节作用。结果显示:市场竞争程度对民营企业的创新行为不具有显著影响;政府制定的创新激励政策会显著影响企业的创新绩效,而税收等行业政策及创新抑制政策对民营企业的创新绩效没有显著影响;在当前中国经济进入软着陆时期,自主创新战略比成本领先战略更适合于中国民营企业;与政府保持良好关系有助于民营企业降低市场竞争压力、获取额外资源,从而提升创新绩效。     

Current Issues in the Economics of Groundwater Resource Management

Abstract.  The issue of groundwater management remains a practical concern in many regions throughout the world, while water managers continue to grapple with the question of how to manage this resource. In this article, we attempt to bring the most advanced and appropriate tools to bear on the issue of resource allocation involving groundwater. Our objective is to demonstrate the state of the art in the literature on ways to think about this complex resource and to deal with the important economic issues emanating from its complexity. We present the conceptual framework within which economists examine the elements interacting in the management of groundwater resources, indicate why the role of the market is limited with respect to the price of this very complex resource, and point to the mechanisms that can pull competitive groundwater price and quality-graded quantity of groundwater in line with their equilibrium levels. In particular, we critically review economic models of groundwater use, examine the potential for groundwater management, discuss the difficulties encountered in the estimation of the relevant control variables of such models, and identify the advantages and limitations of the instruments devised for the efficient use (allocation) of this resource. Finally, we argue that devised regulatory schemes usually ignore the information and knowledge needed for their implementation, and we suggest a core of conditions necessary for successful groundwater management reforms.     

Scenarios of technology and innovation policies in Europe: Investigating future governance

In Europe, public research, technology and innovation policies are no longer exclusively in the hands of national authorities: increasingly, national initiatives are supplemented by, or even competing with, regional innovation policies or transnational programmes, in particular the activities of the European Union. At the same time, industrial innovation increasingly occurs within international networks. Are we witnessing a change of governance in European innovation policy? Based on some theoretical assumptions concerning the relationship between the “political systems” and “innovation systems” in Europe, the paper speculates about the future governance of innovation policies, trying to pave ways for empirical analyses. It sketches three scenarios stretching from (1) the idea of an increasingly centralised and dominating European innovation policy arena to (2) the opposite, i.e., a progressive decentralisation and open competition between partly strengthened, partly weakened national or regional innovation systems and finally to (3) the vision of a centrally “mediated” mixture of competition and cooperation between diverse regional innovation cultures and a related governance structure.     

基于腾讯人口迁徙大数据的黄河流域城市联系网络格局

基于腾讯人口迁徙大数据,采用复杂网络分析方法,对黄河流域城市网络联系的区域差异性和空间指向性进行了系统的分析。结果表明:①流域内城市网络密度较低,平均路径较长,与其"承南接北"的区域地位不相匹配。②形成以陇海线、下游黄河干流和包海高铁为轴线的骨干网络,核心-边缘结构突出。③流域内-外联系网络形成两大(郑州和西安)、一小(济南)三个核心,高等级网络以三者为核心节点向域外辐射。强集散能力节点城市集中在"陇海线-下游黄河干流"一线。域外主要联系方向为珠三角和长三角地区。④流域内部网络和内-外联系网络相比,"陇海线-下游黄河干流"和包海高铁一线以东城市优势更为凸显。⑤流域不同地区网络联系的空间指向性差异明显。流域内部联系多指向省会城市,内-外联系的空间指向上存在明显的上中下游分异。