长株潭发展绿色物流经济的制度体系构建

长株潭物流经济的发展存在管理体制跟不上时代的步伐,资源利用效率低等问题,因此发展绿色物流经济势在必行。从发展绿色物流经济的市场保障机制入手,指出必须建立有效的机制、法律法规制度以及形成一种理念,以推动长株潭绿色物流经济的发展。     

The Development of the Institutional Investor: The Case of Australian Life Insurers 1945–85

This paper considers the post‐war development of asset management practices among Australian life insurers, which have historically been among the largest institutional investors in Australia. A complex process of adaptation and organisational restructuring allowed life insurers to transform from basic investors of policy‐holders’ funds to large multifaceted institutional investors in just three decades. Three stages in the development of investment practices are identified. These phases trace the process of expanding existing knowledge bases; diversification; and the acquisition of new skills; consolidation and the integration of these skills into institutional structures; thus completing one cycle of organisational learning and setting the stage for the next.     

Entrepreneurs and the Ordering of Institutional Reform: Poland, Slovakia, Romania, Russia and Ukraine Compared

We use survey data to examine new firms in Poland, Slovakia, Romania, Russia and Ukraine. By measures of job growth, security of property, and market development, our countries fall into two groups: an advanced group including Poland, Romania and Slovakia, with Slovakia falling somewhat behind the other two; and a backward group of Russia and Ukraine. Macroeconomic stability is not sufficient for private-sector growth. A lack of bank finance does not seem to prevent private-sector growth. More inhibiting than inadequate finance are insecure property rights.     

Earnings,institutional investors,tax avoidance,and firm value: Evidence from Taiwan

This study examines the valuation of earnings from China and Taiwan by foreign and domestic institutional investors across a sample of Taiwanese electronics firms. We further compare the valuation of firm earnings reported in tax havens and non-tax havens, and whether these firms have changed tax avoidance activities since 2004 when the Taiwanese government enacted stricter auditing of transfer pricing regulation.Our findings show that both operating income from the home country and investment income are positively associated with firm value. Operating income from China, however, is not significantly related to firm value when institutional ownership of the firm exceeds fifty percent. This result indicates that operating income is valued differently, depending on the location from which the income was generated. Non-operating income enhances firm value regardless of the revenue source. We also report that foreign institutional investors favor operating income from domestic and investment sources over earnings generated from non-domestic sources and other non-operating income. Furthermore, our results suggest that firms rearrange reported profits from subsidiaries located in tax havens to affiliates in other countries following the transfer pricing audit guide Taiwan implemented in 2004. Results also indicate firms may have been shifting profits to other low-tax-rate countries, or to countries which do not require firms to pay taxes, even if they are not doing business in that country.     

Institutional Investors’ Reaction to SEC Concerns about IFRS and US GAAP Reporting

For the period of 2006 to 2008, we collect Comment Letters issued by the SEC that question the application of US GAAP by US firms or the application of IFRS by European firms registered with the SEC. We investigate whether institutional investors react to the letters by changing their holdings and whether their responses vary for US registrants and European registrants. We do this via a treatment‐effects model in which we test the hypothesis that institutional investors rebalance their portfolio holdings because they view Comment Letters as informative public signals. We find that institutional investors reduce their equity holdings when firms receive SEC Comment Letters, and their negative reactions are most marked for low turnover institutional investors, who we use to represent those informed investors most prepared to incur costs to closely monitor firms. Next, while noting that the number of Letters questioning application of IFRS are smaller in number relative to those questioning application of US GAAP, we investigate whether there are different reactions to Comment Letters questioning different standards. We show that there is a higher probability of the SEC questioning the application of IFRS as compared to US GAAP. After controlling for firm‐specific conditions that impact the issuance of a Comment Letter, we show that this higher probability has economic significance because institutional investors’ react more negatively to Comment Letters that question the application of IFRS as compared to US GAAP. A content analysis confirms the economic importance of the Comment Letters. We find that in almost half of all IFRS cases the Comment Letters request amendments to financial statements.     

林纸结合的制度变迁研究

本文回顾了林纸结合的改革历程 ,对当前林纸结合改革中面临的主要障碍进行了剖析 ,探讨了林纸结合改革的方向 ,指出改革的主要方向不能放在政府机构和职能调整 ,也不能把改革重点放在木材税费改革上 ,而应把重点放在企业。     

Poverty and environmental degradation: A review and analysis of the nexus

There is much controversy surrounding the poverty-environmental degradation nexus. The predominant school of thought argues that poverty is a major cause of environmental degradation and if policy makers want to address environmental issues, then they must first address the poverty problem. Another school of thought argues that a direct link between poverty and environmental degradation is too simplistic and the nexus is governed by a complex web of factors. In this paper, a formal structure for analyzing the complex web of factors is formulated and used to review the existing literature on the links between poverty and the degradation of four natural resource sectors. The analysis highlights the important role institutional and market failure in encouraging agents from various income groups to exhibit unsustainable activities which in turn forces some of the agents to fall into poverty. Another important factor is the role of conflicts between different agents (income groups) in the povertyenvironmental degradation nexus. The analysis also highlights the presence of feedback loops between environmental degradation and poverty.     

Tourism in Taos and Patzcuaro: A comparison of two approaches to regional development

This study examines tourism and regional development in terms of the different institutional structures present in the United States and Mexico. Using the methodology of controlled comparison, the analysis shows that, although Taos and Patzcuaro share many social structural characteristics and have similar tourist sectors, the relatively open institutional structure within New Mexico and the United States contrasts sharply with the relatively closed, “elitist” institutional structure operating in Michoacan and Mexico. As a result, the citizenry of Taos has been possible for the people of Patzcuaro. The different roles of the public and private sectors in Taos and Patzcuaro are particularly significant in this respect and illustrate two quite distinctive approaches, from the national to the regional to the local level, to the problems of tourism and regional development.     

In Search of Pathways out of Poverty: Mapping the Role of International Labour Migration,Agriculture and Rural Labour

The issue of rural poverty continues to shape critical academic and policy discourses in the global South. In such discourses, some scholars and policy‐makers highlight non‐agrarian pathways leading to prosperity, while others continue to emphasize the significance of land and farming for poverty reduction. However, such analyses tend not only to obscure strong linkages between agriculture, migration and rural labour, but also stay silent on how rural people interpret changes or continuities in their livelihoods. In this paper, I focus on the case of rural Nepal to unfold how some rural people, but not others, improve their livelihoods through international labour migration, farming and rural labour. This paper reveals that many poor people have experienced improved livelihoods pursuing a diverse portfolio of agricultural and non‐agricultural activities including labour migration. However, the dispossession of poor people from land and their adverse incorporation into the local and international labour markets continue to perpetuate chronic poverty.