Pro-competition rules in airport privatization: International experience and the Brazilian case

This article aims to demonstrate the importance of establishing pro-competition rules in the concession of multiple airports to private companies by describing the recent Brazilian experience. More specifically, it addresses: (i) how the economic literature deals with potential competition among different airports, and how this competition was dealt with in the concession programs of Australia, Mexico and the United Kingdom; and (ii) Brazil's recent experience with airport concessions, where international benchmarking led to cross-ownership restrictions. As a conclusion, this paper defends that governments should design regulatory restrictions that account for the existence of competition among airports. Nevertheless, these restrictions must be carefully planned and designed to achieve their goals.     

Cross-ownership as a structural explanation for over- and underestimation of default probability

Based on the work of Suzuki, we consider a generalization of Merton’s asset valuation approach in which two firms are linked by cross-ownership of equity and liabilities. Suzuki’s results then provide no arbitrage prices of firm values, which are derivatives of exogenous asset values. In contrast to the Merton model, the assumption of lognormally distributed assets does not result in lognormally distributed firm values, which also affects the corresponding probabilities of default. In a simulation study we see that, depending on the type of cross-ownership, the lognormal model can lead to both over- and underestimation of the actual probability of default of a firm under cross-ownership. In the limit, i.e. if the levels of cross-ownership tend to their maximum possible value, these findings can be shown theoretically as well. Furthermore, we consider the default probability of a firm in general, i.e. without a distributional assumption, and show that the lognormal model is often able to yield only a limited range of probabilities of default, while the actual probabilities may take any value between 0 and 1.     

Privatization, ownership structure and transparency: how to measure the true involvement of the state

The paper proposes a methodology for evaluation of direct and indirect property distribution and transparency of the property structure in an economy. The methodology is applied to the analysis of property structure of the banking sector in the Czech Republic.     

委托人-代理人双重身份下的最优激励与激励相容——相互持股道德风险问题的博弈分析

在明确相互持股和委托人一代理人双重身份的情况下，本文从代理人的转移支付方式、委托人最优激励选择和激励相容条件的变化及其存在条件等方面分析了企业内部激励问题的变化，其目的在于揭示委托人一代理人双重身份下的企业内部激励效率的变化，从企业内部激励问题的角度分析相互持股的效率。     

相互持股问题研究

近年我国出现了公司间相互持股现象，对此，理论界展开了讨论。有的论者表示赞成乃至积极提倡，而有的论者则极力反对，分歧较大。本文在分析相互持股的类型、利弊的基础上，从会计层面对相互持股所引发的投资收益确定问题加以探讨，以期有所贡献。     

Institutional cross-ownership and stock price crash risk

Using manually collected data of Chinese listed firms during the period 2007–2018, we provide strong and robust evidence that institutional cross-ownership is negatively associated with firm-specific stock price crash risk. Building on China’s institutional settings, we document that the negative relation is more pronounced for firms located in provinces with higher political uncertainty, or state-owned enterprises. This paper also conducts several mechanisms analyses and has confirmed three potential influencing mechanisms, such as information advantage, governance improvement and anticompetitive incentives, in explaining the effect of institutional cross-ownership on stock price crash risk. Overall, this paper develops a new perspective to investigate the ways to alleviate stock price crash risk in emerging markets.