关于在中国发展CDR的可行性探索

本文旨在探讨如何利用存托凭证DR（Depositary Receipt）这一金融工具促进中国资本市场更深入发展，以美国的ADR为借鉴对发展我国CDR的可能性进行了探索。文章首先对DR的基本概念进行了概括，介绍了美国ADR的操作原理；探讨了中国国有股ADR化的潜在可能性；提出了中国发展存托凭证（CDR）的可行性和必要性；指出了目前开展CDR业务的问题和难点。     

Sources of gains from international portfolio diversification

This paper looks at the determinants of country and industry specific factors in international portfolio returns using a sample of forty eight countries and thirty nine industries over the last three decades. Country factors have remained relatively stable over the sample period while industry factors have significantly increased during the last decade and dropped again since 2000. The importance of industry and country factors is correlated with measures of economic and financial international integration and development. We find that financial market globalization is the main driving force behind the changes in relative magnitude of the different shocks. Country factors are smaller for countries integrated in world financial markets and have declined as the degree of financial integration and the number of countries pursuing financial liberalization has increased. Higher international financial integration within an industry increases the importance of industry factors in explaining returns. Economic integration of production also helps in explaining returns. Countries with a more specialized production activity have higher country shocks.     

Oil price shocks and American depositary receipt stock returns

In this paper we examine the impact of oil price shocks on twelve countries American Depositary Receipt (ADR) returns using monthly data from 1999.01 to 2014.12. The results show that oil price shocks have a positive and statistically significant impact on ADR return in all twelve countries. These results are robust to the inclusion of other explanatory variables such as oil price volatility and the spillover of the United States stock market. Further analysis shows that this effect is stronger in the post financial crisis time period compared to the pre-financial crisis time period.     

Information leakage of ADRs Prior to company issued guidance

We examine whether the degree of selective disclosure (as measured by information leakage prior to managerial earnings guidance) of foreign firms with ADRs is different from that of U.S. firms. We find that there is no variation of leakage before earning guidance between ADRs and U.S. firms. This result is consistent with the prediction that, despite being exempt from Regulation FD, ADRs have sufficient incentives to avoid selective disclosure even without the regulatory enforcement. In addition, we attempt to determine whether the variation in selective disclosure among the foreign firms with ADRs is conditioned on the respective home country transparency and governance standards. We find that country-specific characteristics, such as corruption perception, economic freedom and the legal system origin, explain the variation in information leakage of ADRs.     

中国构建ADR的文化背景及价值

在面临世界各发达国家相继出现诉讼爆炸现象,诉讼费用高昂的今天,ADR的产生有其必然性,在中国同样需要构建ADR制度。本文从ADR的基本含义出发,阐述了ADR在中国历史上存在的深厚文化背景及构建价值。     

浅议律师参与ADR

ADR在现代各国纠纷解决方面都发挥了积极作用.律师参与ADR能更好的发挥其作用并实现ADR的价值,我国应积极采取对策扩大律师参与ADR的程度与范围.     

我国保险消费纠纷的替代性解决机制分析

目前我国的保险消费纠纷替代性解决机制看似多元,实则并没有为保险消费者提供一个多元、畅通和低成本的救济渠道,因此亟待从维护保险消费者权益和便利消费者维权的角度出发,构建一公平、合理与便捷的保险消费纠纷替代性解决机制。从根本上讲,要本着保护消费者的目的,对我国保险消费纠纷替代性解决机制做出体系化、专业化和结构化的思考,从而...     

Taxes,International Clienteles and the Value of ADR Dividends

An alternative approach to valuing dividends is developed and applied to American Depositary Receipts (ADRs) on Australian stocks. The values of ADR dividends are estimated from the period when, due to different ex‐dividend dates, the ADRs and their underlying stocks trade with differential dividend entitlements. Australian ADR dividends are valued at less than their face value and the dividends on the underlying stocks are valued at more than their face value. This suggests that ADR dividends are priced by a clientele of US investors placing little value on the imputation tax credits attached to the dividends and that a clientele of Australian resident investors, who obtain value from imputation tax credits, price the dividends on the underlying stock.     

Determinants of revenue per available room: Influential roles of average daily rate,demand, seasonality and yearly trend

Determining price per room to be charged to customers is an important decision to be taken by hotel management. Hotels frequently change their room rates based on the demand of room, occupancy rate, seasonal pattern, and strategies undertaken by other hotels on pricing. We formulated four models to analyse how various influencing variables, such as hotel price, demand, yearly trend and monthly seasonality influence hotel revenue per available room (RevPar). To analyse a case, we used monthly accommodation statistics for Sweden taken for Swedish Agency for Economic and Regional Growth and Statistics from January 2008 to July 2017. We carried out data analysis using both multiple regression and Multivariate Adaptive Regression Splines (MARS) model and found that application of MARS can help establishing a nonlinear relationship of RevPar with other determining variables in a superior way. We also proposed the possibility of developing a better forecasting model using MARS.     

Inside the mediation room - efficiency,voice and equity in workplace mediation

Existing research into workplace mediation in the UK has tended to focus on managerial perceptions. Consequently, there has been a unitarist emphasis on the business case for mediation, revolving around its alleged superior efficiency properties compared to conventional rights-based procedures. This paper develops the research agenda in two respects: first, it foregrounds the experiences of participants in mediation through 25 interviews with individuals drawn from a variety of contexts. Second, it extends the analysis beyond the efficiency of mediation to consider issues of voice and equity. In doing so it explores the role played by mediation within the negotiation and re-negotiation of workplace relations and also the way in which it shapes, and is shaped by, power and control. In the cases examined in the paper, mediation not only facilitated employee voice, but allowed subordinates to challenge the authority of supervisors and line managers. However, the influence of mediation on the balance of workplace power relations outside the mediation room was much more limited.