The pricing of initial audit engagements by big 4 and leading mid-tier auditors

The recent investigation of the UK audit market by the Competition Commission testifies to perennial regulatory concerns regarding increasing supplier concentration, big 4 dominance of large company audits and the capacity of mid-tier auditors to compete. Against this backdrop, this paper presents new evidence on whether there is competitive pricing for initial audit engagements by big 4 auditors relative to their next four largest mid-tier (mid 4) counterparts for the UK quoted and private corporate sectors. Based on data from FAME for 2007 and 2010, the evidence indicates that larger quoted companies switching between the big 4 benefit from substantial discounts, with smaller discounts attracted by clients switching to the mid 4. Coupled with evidence that fees for both audit and non-audit services recover in subsequent periods, and consistent with the theoretical framework, the paper concludes that big 4 discounting is a competitive outcome aimed at securing future economic rents. New evidence demonstrates that smaller clients switching to big 4 or mid 4 auditors do not benefit from low-balling.     

Decentralized screening: Coordination failure, multiple equilibria and cycles

We explore the inter-temporal effects of the pool externalities caused by imperfect screening in competitive credit markets. We find that imperfect screening may, depending on the parameters of the model, generate excessive screening, inefficient duplication of screening or screening cycles. Whenever screening cycles occur they are manifestations of either socially excessive or insufficient screening. We present a full equilibrium characterization and a welfare analysis. The implementation of socially optimal lending decisions requires communication across lenders (i.e. information sharing), which decentralized markets typically cannot achieve.     

中国储蓄率远高于其他国家之原因探析——基于权力（资源）结构和地方政府竞争的视角

1990年代以来,中国的储蓄率呈不断上升之势,其中,居民储率平稳增长,政府和企业储蓄上升明显。储蓄率的上升给中国经济造成了诸多负面影响。现有理论认为,社会保障制度不健全、金融发展水平滞后、性别比例失衡、政府和企业收入增加、房价快速上涨等因素导致了中国储蓄率的畸高和上升。而本文认为,其根源在于中国的权力（资源）结构失衡和地方政府之间为GDP而展开的竞争,因为以GDP最大化为目标的地方政府竞争会导致资源配置和收入分配中＂重资本、轻劳动＂、＂重城市、轻农村＂、＂重投资、轻民生＂、＂重国企、轻民资＂等问题,并且权力结构失衡会导致这些问题进一步恶化。     

WHEN DO VERTICAL RESTRAINTS HARM COMPETITION? THE ECONOMICS‐BASED APPROACH AND ITS APPLICATION IN THE BATSA CASE

An “effects‐based” or “economics‐based” approach to competition policy requires a theory of harm that causally links a business practice and its allegedly anti‐competitive effects and also weighs anti competitive effects against the pro‐competitive effects of the practice. This implies a shift away from per se prohibitions of certain practices towards case‐by‐case analysis – a move that has been hotly debated, especially in Europe. Using a case study of the recently concluded British American Tobacco case, we study the core features of an effects‐based approach to vertical restraints. We find the approach followed in the British American Tobacco South Africa case generally consistent with an effects‐based analysis, but highlight some limitations.     

四川省世界遗产地旅游竞争力评价及竞合关系研究

四川拥有六大世界遗产地景区,但由于自身或客观因素的影响,各遗产地之间存在着旅游业发展不平衡的情况,这种状况将严重削弱当地旅游业的整体竞争力。利用层次分析法对四川省六大世界遗产地景区竞争力进行的研究和分析表明各遗产地景区之间应开展旅游合作,可以开辟＂九寨沟与黄龙＂,＂九寨沟、黄龙与乐山大佛、峨眉山＂、＂九寨沟、黄龙与都江堰、青城山＂等互补型旅游路线,实现各景区的共同发展,并提出了相应的竞合引导策略。     

Does acquisition of a cooperative generate profits for the buyer? The Dairyworld case

This article examines the takeover of a cooperative (Dairyworld) by an investor‐owned firm (Saputo) that was not previously present in the industry, determines if this takeover generates greater returns for the investor‐owned firms (IOF), and on the basis of this evidence makes some inferences about the behavior and performance of cooperatives and IOFs. The empirical evidence strongly supports the conclusion that Saputo's stock price rose with its takeover announcement. This outcome is consistent with a number of explanations, including that Saputo was unaffected by hubris, a factor often suggested as the reason that many firms overbid when they undertake acquisitions. Dairyworld's poor liquidity and capital shortage problems, as well as a limited number of suitors, may have weakened its bargaining position in its dealings with Saputo. The observed increase in Saputo's stock price is also consistent with the possibility that, by taking over a cooperative, Saputo was able to decrease competition and thus increase its profits. A fruitful area for future research would be a rigorous theoretical and empirical determination of the impact that these various factors have on acquisition profitability. Such analysis is required before inferences about the behavior and performance of cooperatives and IOFs can be fully answered.     

美国的电力监管政策

在电力市场化改革进程中，美国的电力工业政策是引入竞争而不是放松管制，依靠竞争和监管来确保电力批发市场的公平和合理的价格。充裕的能源基础设施能够提供稳定的电力供给并且支持竞争性的电力市场。竞争与有效监管并行，能够为国家和社会公众带来最大的利益。美国联邦能源监管委员会通过利用国会赋予的更为广泛的监管手段确保电力批发市场运转良好。     

低碳经济视角下的省域竞争研究

省域低碳竞争环境因美国政策改变而发生跃变。低碳经济主要通过高碳出口产业、高碳战略产业、新能源与节能产业、低碳城市、碳交易等途径作用于省域竞争。从新制度经济学与战略管理学角度,对上述各领域历史与现状考察后,可推演出省域在各领域迥然不同的竞争战略,进而从钻石模型研究建立省域低碳竞争优势的路径。     

网络环境中新型不正当竞争行为的法律规制

网络环境中的新型不正当竞争行为危害较大。当前要抓紧修订、完善我国《反不正当竞争法》,对这种行为进行法律规制,以维护网络环境的健康、有序发展。