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.     

Dynamics of the Market for Corporate Tax‐Avoidance Advice*

This paper addresses the debate over aggressive tax‐planning models and analyzes the role of tax consultants. It focuses on the dynamic interaction between innovation and imitation of aggressive tax‐planning products and governmental tax regulation, and it highlights the importance of the length of regulatory lag in comparison with the time it takes the tax‐consulting industry to imitate newly innovated tax‐avoidance products. It reveals an alignment of interests between highly innovative tax‐consulting firms and the governmental tax legislator/regulator. The conclusions are also relevant for the policy debate on mandatory disclosure rules about aggressive tax‐planning models.     

Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.     

农地发展权流出、资本回流与区域经济增长*——基于重庆市的实证研究

[目的]以重庆市为研究区域,以农地发展权资本化的地票指标为研究对象,从理论和实证层面探讨农地发展权交易与资本要素的城乡互动关系及其对区域经济增长的影响,为进一步优化农地发展权交易政策、促进区域均衡发展提供相关建议。[方法]基于2008—2017年城乡统筹改革试验区重庆市地票指标交易的面板数据,运用要素禀赋理论和差分GMM模型从理论和实证层面分析农地发展权流出区土地与资本要素的互动关系及其对区域经济增长的影响。[结果]基于区域间资源禀赋的差异及要素相对价格的分化,在市场机制作用下,农地发展权指标将以配置效率优化为导向在不同区域间自由流动。[结论]短期内,由于资本约束,流出农地发展权的区域其经济增长会受到抑制;而当农地发展权指标资本化后,流出区获得了较为稀缺的货币资本,农地发展权流出将显著促进地方经济增长;同时,在研究时期内,由于农地发展权市场交易机制的构建,重庆市地方经济增长存在显著的收敛效应,区域间经济发展差距将会逐步缩小。     

Foreign investment regulation and firm productivity: Granular evidence from Indonesia

When regulating foreign direct investment (FDI), countries often face a trade-off between pursuing national policy interests and suffering efficiency losses due to FDI restrictions. We demonstrate the presence of this trade-off in the case of a protectionist FDI policy in Indonesia. Using a yearly census of Indonesian manufacturing firms from 2000 to 2015, we link product-level changes in binding FDI regulation due to major regulatory tightening to changes in firm-level productivity. Controlling for an extensive set of fixed effects as well as potential political economy drivers of regulation, we show that a tightening of the regulatory environment was successful in reducing foreign capital reliance among regulated firms, and led to increases in FDI among non-regulated firms producing the same product. Despite compensating increases in domestic capital, regulated firms experienced relative productivity losses. This points towards either a less efficient allocation of domestic capital or a general inferiority of domestic capital as compared to foreign investments.     

闽侯县闲置农地生态安全评价研究

[目的]根据闽侯县农用地闲置情况,结合当地社会经济及生态环境发展情况,深入分析闽侯县闲置农地的生态安全发展水平。[方法]建立闽侯县闲置农地生态安全评价指标体系,分别从农村垃圾处理点数量、财政支农资金、外部进入农村投资、农业生产总值、种粮补贴、自然灾害、农业技术水平、农村生物的多样性程度、农村家庭收入结构、农村生态补偿金额、农地的整理规模及环保支出占GDP比重共确定12个指标进行深入研究,运用普通最小二乘法对设计的多元线性回归模型进行回归,进一步对闽侯县闲置农地的生态安全水平进行评价。[结果]农村垃圾处理点数量、财政支农资金、种粮补贴、环保支出占GDP比重、生态补偿金额、生物多样性程度对闽侯县闲置农地生态安全水平起到促进作用,呈正相关趋势;自然灾害则与闲置农地生态安全水平呈负相关趋势。[结论]整体看来,闽侯县闲置农地的生态安全水平主要受到当地经济、环境及生态基础三大因素的影响。     

Monitoring the foreign exchange rate benchmark fix

ABSTRACT

We develop a Manipulation Index (ManIx) that captures the potential manipulation intention of dealers during the World Markets/Reuters (WMR) benchmark (London Close) period at 4 pm London time through a unique algorithm and simulation. The application of this model (using a dataset with dealers’ identities) can identify banks that are prone to potential manipulative behavior. The results concerning the identified banks are validated by the regulatory investigations. Implementation of this algorithm allows regulators better direct their limited resources towards more targeted in-depth investigation.     

粮食主产区耕地健康产能评价 ——以河南省温县为例

研究目的:探寻适合中国新时代耕地产能评价的新理论与方法,界定耕地健康产能内涵,构建评价指标体系,并应用河南省温县验证。研究方法:基于"需求—功能—维度—要素—指标"理论框架,构建耕地健康产能评价指标体系,运用综合算法、"1+X"累加模型法、图层叠加法定量评价耕地健康产能。研究结果:(1)温县耕地产能和耕地健康诊断结果地域分异特征明显,以青峰岭为界,北部耕地产能和健康状况较南部好;(2)耕地健康产能整体状况良好,乡镇间差异明显;(3)耕地健康产能结果更多取决于耕地健康诊断,主要受耕地生产环境和耕地系统弹性影响。研究结论:耕地健康产能评价指标体系和评价方法有应用性。     

基于遥感蒸散数据的农田灌溉水平评价和设施建设分区研究

[目的]利用遥感蒸散数据快速评价农田年度灌溉水平,及时获取基本农田建设成效,为农田灌溉设施分区建设提供参考。[方法]以黑龙江省海伦市为研究区,MOD16蒸散产品为数据源,计算有效灌溉量、灌溉需水量和作物缺水指数,分别对研究区2013年的旱地和水田灌溉水平进行评价,并将评价结果与农田水利设施作用分值图进行叠加分析,在此基础上进行基本农田灌溉设施建设分区。[结果]2013年海伦市耕地灌溉水平整体较高,区域间建设水平差别较大,可划分为4个级别。其中1级和2级灌溉水平的地块面积比例可达78.06%,地域分布上看,北部、西部、中部乡镇灌溉水平较高,东南部乡镇灌溉水平相对较低。叠加得出8种组合类型,分为设施修建型、设施提升型和设施维护型3种分区类型。[结论]研究为高标准农田建设提供了更详细的农田灌溉水平评价方法和更具差别化的农田灌溉设施建设策略。     

省思与规制:我国跨境期货交易法律困境及应对

我国推进期货市场"走出去"及国际化战略须以跨境期货交易法律机制构建为前提。文章通过厘定跨境期货交易内涵边界及监管正当性,省思主要法律困境及应对思路,提出应致力于跨境期货交易立法监管理念创新,确立跨境交易监管认同机制,提升跨境期货衍生品交易经纪能力,适度扩大衍生品跨境投资参与主体范围,逐步取消QDII投资品种限制,并从跨境期货交易运行保障、立法监管、风险控制以及解纷机制等方面建构系统法律保护体系,切实保障跨境交易整体性金融安全。