Delegation and the regulation of U.S. financial markets

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the firm and systemic levels. The model explains changes in U.S. financial regulation leading up to the financial crisis. We test the predictions of the general model with a novel, comprehensive data set of financial regulatory laws enacted specifically between 1950 and 2009. The theoretical and empirical analysis finds that economic and political factors impact Congress’ decision to delegate regulatory authority to executive agencies, which in turn impacts the stringency of financial market regulation, and our estimation results indicate that political factors may have been stronger and resulted in inefficiencies.     

银行业联合授信制度制约企业的非效率投资了吗*——基于沪深A股公司的分析

中国银保监会出台联合授信管理制度旨在抑制企业过度融资行为，提高资金使用效率。为检验该制度是否达到预期效果，采用2014—2018年沪深A股上市公司样本，运用非平衡面板数据回归实证考察联合授信机制对企业非效率投资的影响，发现联合授信对企业的非效率投资（包含投资不足和投资过度）呈现显著抑制效应，其中联合授信对投资过度的抑制效应最大。进一步研究发现，相较于国有、大规模、低负债、高盈利等异质属性的企业，联合授信对非国有、小规模、高负债、低盈利等属性企业的非效率投资（尤其是投资过度）抑制效应更为显著。     

Revisiting the ICAPM under the distortion of risk–return tradeoff in short-horizon stock returns

We suggest that the distortion of the positive risk–return relation in the ICAPM is a consequence of trading by informed investors to exploit mispricing. We hypothesize and demonstrate that a non-positive (strongly positive) risk–return relation following positive (negative) market returns is attributed to short-selling (purchasing) of overpriced (underpriced) stocks along with optimistic (pessimistic) expectations conditional on good (bad) market news. We verify this asymmetry in the risk–return relation through the indirect risk–return relation conditional on good (bad) market news. We also find that the attenuation (reinforcement) of the positive risk–return relation is more profound in high- (low-) sentiment periods.     

Bibliometric and Scientometric analysis on CSR practices in the banking sector

This paper provides a bibliometric and Scientometric analysis of the corporate social responsibility (CSR) in banking sector. Our study analyzes 551 articles from the Scopus database to find out the relationship between CSR and banking. A bibliometric method was used to visualize the results using R-studio and VOS viewer software. The Scientometric analysis was conducted to determine the findings and mappings of the research themes, directions of current and future research, impact, co-occurrence, co-citations and impact and collaboration trends. We explore how CSR literature has evolved over the years in the banking sector between 1993 and 2021. We find that publication in the CSR and banking domain has increased significantly during 2017 and 2021. Social aspects, board of directors, CSR, environment, competitions, Islamic banking, sustainability, disclosure, ethics, legitimacy theory, sustainable banking, loyalty, and brand equity are the popular research trends and collaboration trends identified. We also provide further scope of the study based on the extensive review of the past literature. Our findings may provide help to future researchers, bankers, and regulators in understanding the current trends and future research progression in the CSR and banking sector.     

供给侧改革视角下科技保险 “供需双冷”困境及其化解

在供给侧改革背景下，科技保险肩负着为科技创新保驾护航的历史使命。然而，科技保险试点10年来，依然面临需求低迷与供给不足并存的发展困境。其主要根源在于：严重的信息不对称造成市场失灵、“跛行”的财政支持政策不能形成有效激励以及不成熟的行业环境制约。要想走出这一困境，仅仅从需求方着力是远远不够的。科技保险的正外部性和科技保险市场高度的信息不对称，决定了必须从财政支持、产品创新、机制创新、中介培育及信息服务等方面进行供给侧改革。为此，提出应当构建供需并重的差异化财政支持机制、加大与需求侧相匹配的科技保险产品供给、创新科技保险契约模式及运行机制、搭建科技保险中介服务和信息支持平台等建议。     

State‐Led Financial Regulation and Representations of Spatial Fixity: The Example of the Spanish Real Estate Sector

This article offers a bottom‐up contribution to the fixity–motion literature. It aims to unravel the apparent contradiction of real estate spatial fixity in Spain, which is portrayed both as a barrier to accumulation and as a unique source of investment by different capitalist actors. Empirically, it describes the shifts in real estate ownership and changes in profit‐making strategies that have taken place across the real estate sector during the crisis years, and the role of the state in these shifts. The article asserts that the idea of spatial fixity representing a spatial barrier for accumulation does not necessarily apply in the Spanish case. It further claims that the tensions in capital circulation through real estate are not only to be found in the action of time, but in different state strategies pursued by various actors. The opposing representations of fixity are the result of state regulation of interest rates, taxation and risk weighting. The state also increasingly promotes land rents as a source of liquidity creation.     

Exchange rate dynamics and US dollar-denominated sovereign bond prices in emerging markets

Using data on Brazil, Colombia, Mexico, the Philippines, Russia and Turkey, our empirical results show that the exchange rates of their currencies have adequate explanatory power in explaining their US dollar-denominated sovereign bonds, particularly in the post-global financial crisis period. We develop a two-factor pricing model with closed-form solutions for the sovereign bonds in which the correlated factors are foreign exchange rates and US risk-free interest rates that follow a double square-root process relevant in the low interest rate environment. The numerical results and associated error analysis show that the model credit spreads can broadly track the market credit spreads.     

道德风险视域下职业经理人信用评价体系构建及测度：以重庆市为例

道德风险总是困扰着职业经理人群体，对企业发展产生不利影响。在实践中，作为建立健全社会信用体系的重要环节，职业经理人信用评价是防范职业经理人群体道德风险的基本思路和必要举措。本文基于马克思主义的理论启示，探索职业经理人三个维度的道德关系和道德风险，并围绕三个维度指向的个人信用、职业信用与职务信用等具体信用构成，阐述职业经理人信用评价内涵。进而，结合职业经理人信用评价内涵，构建系统应对道德风险的职业经理人信用评价体系，并以重庆为例进行实证测度。在此基础上，提出促进职业经理人道德意识与信用水平提升、实现新时代职业经理人群体高素质发展的对策建议。     

What Makes Firms Competitive? States,Markets, and Organisational Embeddedness in Competitive Firm Restructuring in Postsocialist Economies

The prevailing transitions literature suggests that dynamic firms in postsocialist economies are the result of macroinstitutional reforms leading to the making of markets. This article builds on work in comparative political economy and economic sociology to show that the degree of competitive behaviour of postsocialist firms is determined not by the existence of general market institutions alone but by the kinds of organisational allies firms possess and the kinds of markets they compete in. Using firm survey data across 28 postsocialist economies, the article examines the determinants of competitive restructuring by firms, including product innovation, standards upgrade, financial transparency, and investments in research and development. The article confirms insights from comparative political economy which suggest that dynamic enterprise sectors emerge when governance is effective. However, at the firm level, the article finds that transnational ties and supportive policy environments are most significant in the making of dynamic postsocialist enterprises. The article also highlights important regional variation in firm behaviour and discusses the relationship between institutional frameworks, organisational embeddedness, and firm restructuring in postsocialist economies.     

Shipbuilding administration under the Spanish Habsburg and Bourbon regimes (1590‒1834): A comparative perspective

Abstract

This article aims at understanding the evolution of the administrative methods devised by the Spanish monarchy to interact with regional private initiative for the production of warships. It also aims at understanding the practice of financing naval shipbuilding in the royal shipyards of Spain and Spanish America by public contribution, in the form of both credit and voluntary donations. These processes were largely influenced by the need of both political systems to perform efficiently in war. This article addresses the relationship between the state and local entrepreneurs and examines the reach and objectives of the Habsburg and Bourbon naval administrations, seen as variants of the ‘contractor state’.