Does Joint Bidding Reduce Competition? Evidence from Hong Kong Land Auctions

This paper analyses firms’ bidding behavior in auctions for development land in Hong Kong. The real estate market in Hong Kong is considered to be oligopolistic as it is dominated by a few top real estate firms, which have strong financial strength/development capacity and large land banks. Joint bidding is used by other real estate firms (“large” firms) to pool resources/capital in order to compete with the top firms. We test whether joint bidding increases or decreases the level of competition in land auctions, using land auction data in Hong Kong from 1991 to 2011. We find that large real estate firms are more likely to be successful than top firms at auctions when bidding jointly. However, joint bidding/winning does not harm competition as reflected by the number of bids, bids per bidder and number of bidders. Land prices also increase significantly in auctions won by joint bidders or alliances of large developers. Our results suggest that joint bidding enhances competition by allowing large firms to act strategically by pooling their resources and act aggressively to compete with the top firms.

     

An Empirical Study of International Spillover of Sovereign Risk to Bank Credit Risk

The severity and complexity of the recent financial crisis has motivated the need for understanding the relationships between sovereign ratings and bank credit ratings. This is the first study to examine the impact of the “international” spillover of sovereign risk to bank credit risk through both a ratings channel and an asset holdings channel. In the first case, the downgrade of sovereign ratings in GIIPS (Greece, Italy, Ireland, Portugal, and Spain) countries leads to rating downgrades of banks in the peripheral countries. The second channel indicates that larger asset holdings of GIIPS debt increases the credit risk of cross‐border banks, and hence, the probabilities of downgrade.     

Did Real Estate Professionals Anticipate the 2007-2008 Financial Crisis? Evidence from Insider Trading in the REITs

The Journal of Real Estate Finance and Economics - This research examines whether real estate professionals detected the property bubble and foresaw the consequent financial crisis of 2007-2008. By...     

中国上市银行效率的实证研究——基于DEA三阶段模型分析

采用最新的DEA三阶段模型,测算了1996～2008年11家上市银行的效率。研究结果表明:去除环境因素和随机影响,银行的效率值与原始的DEA所测结果存在显著差异。文中对这种差异作了相应解释,并在此基础上提出提高我国上市银行效率的措施。     

烟台葡萄酒产业可持续发展研究

<正>烟台是中国葡萄酒工业化生产的发祥地,聚集了大量的生产加工型企业,葡萄酒产业也为烟台地区的经济建设和社会发展发挥了积极的作用。那么,在中国葡萄酒市场逐渐被国际化的过程中,如何保持对产业的清醒认识以促进其可持续的长期发展,是我们应该关注的话题之一。     

新农村建设需要发挥农业区划的重要作用

该文从6个方面阐述了新农村建设中发挥农业区划的作用:一是开展全国和地区性的规划研究,二是制订不同类型区的近、远期目标,三是要自下而上有选择地推进,四是编制县域农村建设规划,五是要防止急于求成,六是政府要对农村基础设施进行必要和充分的投资。     

The roles of rating outlooks: the predictor of creditworthiness and the monitor of recovery efforts

Review of Quantitative Finance and Accounting - Using a comprehensive U.S. rating sample from S&amp;P between 1981 and 2015, we examine the information content, responsiveness to credit risk...     

The role of credit ratings on capital structure and its speed of adjustment: an international study

Using an international dataset, we examine the role of issuers’ credit ratings in explaining corporate leverage and the speed with which firms adjust toward their optimal level of leverage. We find that, in countries with a more market-oriented financial system, the impact of credit ratings on firms’ capital structure is more significant and that firms with a poorer credit rating adjust more rapidly. Furthermore, our results show some striking differences in the speed of adjusting capital structure between firms rated as speculative and investment grade, with the former adjusting much more rapidly. As hypothesized, those differences are statistically significant only for firms based in a more market-oriented economy.     

减税政策提升了政府支出效率吗

面对经济下行压力和经济内循环为主体的新的发展格局,"十四五"时期,中国将继续实施减税政策.本文利用中国内地31个省份数据,研究了减税政策对政府支出效率的影响,同时研究了减税政策影响政府支出效率的内在逻辑.研究表明,减税政策的实施能够促进政府支出效率的提升,其内在逻辑为,减税政策的实施增加了财政压力,地方政府为缓解财政压力,就必须精打细算、优化财政支出结构,从而提高政府支出效率;在给予相同的减税政策时,地方政府的财政自主权越大、财政透明度越高,则政府的财政支出效率越高.