The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

The need for a strategic approach on the railways to the management of the vehicle–track interface

Network Rail's decision in 2003 to bring track maintenance back in-house was long-overdue recognition that responsibility for safety on Britain's railways cannot be abdicated – but there was more to it than that. The accidents at Hatfield and Potter's Bar (both in Hertfordshire, UK), in particular, had exposed very vividly how privatisation had encouraged each now separated and competing part of the industry to operate in its own interests: records, data and expertise were fragmented, and track and train operators alike each sought to minimise their individual costs in isolation. This paper argues from a systems analysis perspective that, on vehicle and track maintenance at least, the overall costs to the industry are in such circumstances likely to be higher than if the various parties were to work together towards minimising total track and train maintenance costs between them. Far from increasing efficiency, privatisation had the effect of reducing it.     

边缘化区域的合作与竞争：区域联合竞争的新模式——以粤桂经济合作区为例

改革开放30年来,我国区域联合竞争经历了从第一波国家主导型大区域强强联合模式,到第二波地方主导型跨省区强强联合模式,再到第三波地方主导型省际间强帮弱结合模式的演进过程。第三波模式以经济发达区域带动经济边缘化区域为主要特征,粤桂经济合作区就是这一新模式的代表。依托新经济区强有力的政策优惠能够解锁边缘化区域发展的路径依赖,以外生变量的冲击来激发内生变量的突变和聚集,从而实现先富带后富,实现共同富裕的目的。     

完善连带责任制度建设的顶层设计探讨

完善连带责任制度的顶层设计,对制度的建设和发展具有极大的推动作用。连带责任制度的适用领域和数量会越来越广和越来越多,其结构会越来越完善、内含会越来越成熟。对于他可能带来的负面影响,会得到有效克服。文章从顶层设计的视角,对完善连带责任制度建设的多个问题进行了探讨,供法律工作者参考。     

试论外部评级与内部评级的协同发展

外部评级和内部评级协同发展可以实现优势互补,加强信用风险管理。虽然我国内外部评级体系已经初步建立,但由于缺乏科学的协同发展机制,二者并没有实现有效的结合。为充分利用现有资源,发挥各自优势,我们应创造良好的法律和市场环境,加强监管部门之间的协作,建立信用数据共享机制和评级结果校验互补机制,通过银行与外部评级机构的密切合作,共同促进外部评级与内部评级的协同发展。     

Comparative Research Productivity Measures for Economics Departments

The typical profit-maximization solution for the joint-production problem found in intermediate texts, managerial texts, and other texts concerned with optimal pricing is oversimplified and inconsistent with profit maximization, unless there is either no excess of any of the joint products or no costs associated with dumping. However, it is an inappropriate method of solution where excess does exist and the costs of dumping are explicitly recognized and, with respect to such cases, is at least nongeneral. The authors present a more realistic alternative method of solution, although more complex, as a substitute for the textbook method of solution typically offered.     

新乡崛起与“郑汴新”中原大都会的构建

城市和地区发展具有生命周期。许多城市都已经和将要经历"产生—成长—发展—成熟—衰退—再振兴"等生命阶段。新乡是一个正处于兴旺发展中的城市,呈崛起之势,但要成为带动较大区域崛起的龙头城市,受到空间局限。郑州是河南首位城市,但首位度不高,要做大做强也受到空间局限。开封距郑州、新乡很近,但它是个相对下滑的城市,难以单独走大。城市发展有两条道路:单体发展和联体发展。郑、汴、新三城连为一体,构建特大型龙头城市——"郑汴新"中原大都会,是带动中原和中部崛起的大胆而可行的选择。