Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

We study the effects of anti-takeover provisions (ATPs) on the takeover probability, the takeover premium, and target selection. Voting to remove an ATP increases both the takeover probability and the takeover premium, that is, there is no evidence of a trade-off between premiums and takeover probabilities. We provide causal estimates based on shareholder proposals to remove ATPs and address the endogenous selection of targets through bounding techniques. The positive premium effect in less protected firms is driven by better bidder-target matching and merger synergies.     

公司丑闻、声誉机制与高管变更

本文以2003～2008年发生丑闻的公司高管为研究样本,实证检验了作为非正式制度约束的声誉机制对高管变更的影响。模型的回归结果显示,公司业绩、董事会特征以及股权集中度并不能有效解释丑闻公司高管变更的原因。相反,声誉惩罚却显著提高了丑闻公司高管变更概率,并分别将这些公司董事长和总经理变更的概率至少提高了8.02个百分点和2.46个百分点。进一步研究还表明,声誉惩罚显著降低了丑闻公司董事长变更后继续担任公司其他职位的概率。研究结论证实,在转型期的中国,作为非正式制度约束的声誉机制能够在改善公司治理方面发挥作用。     

基于供应链管理的物流信息系统敏捷性研究

介绍了信息系统敏捷性的概念,分析了供应链管理环境下的物流信息系统的敏捷性要求,提出了该系统的设计原则,讨论了敏捷性物流信息系统实现的关键技术。     

企业文化变革的制度透视与经济学分析

本文从新制度经济学的视角出发，把企业文化视为非正式制度，以其基本理论为基础，对企业文化内涵及其变革进行了分析和研究，为企业文化变革提供了理论依据。     

中华优秀传统文化的当代价值 ——基于意识形态安全视域下

西方国家运用多种手段向我国进行思想文化渗透,企图将我国国民思想逐渐西化,历史虚无主义、"普世价值论"等错误思潮的蔓延,使国家意识形态安全受到巨大挑战。中华优秀传统文化是中华民族最宝贵的财富,对于民族精神的塑造、人们价值观念的形成都有着积极的影响。中华民族并不缺少优秀的传统文化。作为当代人应该本着守土有责的态度,自觉地深入挖掘中华优秀传统文化的当代价值,学好用好中华优秀传统文化,坚定文化自信,抵制西方国家对我国文化领域的冲击,切实维护好国家意识形态安全。     

The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value

This paper investigates whether improvements in the firm's internal corporate governance create value for shareholders. We analyze the market reaction to governance proposals that pass or fail by a small margin of votes in annual meetings. This provides a clean causal estimate that deals with the endogeneity of internal governance rules. We find that passing a proposal leads to significant positive abnormal returns. Adopting one governance proposal increases shareholder value by 2.8%. The market reaction is larger in firms with more antitakeover provisions, higher institutional ownership, and stronger investor activism for proposals sponsored by institutions. In addition, we find that acquisitions and capital expenditures decline and long‐term performance improves.     

Immigration, Language and Multiculturalism in Australia

This paper uses a unique survey on multiculturalism in Australia to explore attitudes towards immigration and multiculturalism. The ethnic backgrounds of immigrants are shown not to matter as long as immigrants are perceived as wanting to become Australian, rather than remaining apart. Australians support government programs to assist the adjustment process, but oppose programs that encourage distinct language and cultural maintenance or foster linguistic/ethnic concentrations. The apprehension that Australians have towards multiculturalism is that they see it as a mechanism for separate cultural preservation. Linguistic enclaves are shown to reduce the acquisition of English language skills among immigrants, whereas positive attitudes among immigrants towards Australia are associated with greater proficiency in speaking, reading and writing English.     

IMMIGRANT EARNINGS: A LONGITUDINAL ANALYSIS

This paper uses the Longitudinal Survey of Immigrants to Australia to analyze the determinants of the level and growth in earnings of adult male immigrants in their first 3.5 years in Australia. The theoretical framework is based on the immigrant adjustment model, which incorporates both the transferability of immigrant skills and selectively in migration. The cross-sectional and longitudinal analyses generate similar findings. The level and relative growth of earnings are higher for immigrants with higher levels of skill and who are economic/skills tested migrants, as distinct from family based and refugee migrants. The analysis indicates that immigrant economic assimilation does occur and that in these data the cross-section provides a good estimate of the longitudinal progress of immigrants. The findings are robust across statistical techniques.     

商业负债影响因素的实证研究及其债权人保护

本文汇总了上市公司2002～2004年会计报表附注中商业负债信息的披露情况,并对影响商业负债的相关因素进行实证方面的分析,发现上市公司静态收款质量、EBIT、资产规模与商业负债呈正相关关系,而存货周转率与其呈负相关关系.同时指出由于存在法律不完善、信用机制不健全、信息不对称、政府的不当介入,使得商业负债债权人利益不能得到有力保护.