BROADCASTING AND TEAM SPORTS

Television rights are the largest component of revenues for major sports in large, rich nations. Among these nations, the market structure for rights varies due to different competition policies toward sports and television. This essay examines how game coverage, revenues, and competitive balance are affected by competition in commercial television and sales of rights. It argues that consumers are better off if television is competitive and leagues do not centralize rights sales. We conclude that centralization of rights sales does not improve competitive balance or benefit financially weak teams. Finally, while digital telecommunications are making television competitive, ending centralization of sales by leagues requires policy intervention.     

SALARY CAP REGULATION IN PROFESSIONAL TEAM SPORTS

This paper analyzes the effects of a percentage‐of‐revenue salary cap in a team sports league with win‐maximizing clubs and flexible talent supply. It shows that a percentage‐of‐revenue cap produces a more balanced league and decreases aggregate salary payments. Taking into account the idiosyncrasies of European football, our paper further highlights the potential conflicts between the league and society. From the perspective of a league governing body, a percentage‐of‐revenue cap always enhances financial stability of win‐maximizing clubs. A social planner, however, will not permit the introduction of such a cap if fans and players unduly suffer. This paper shows under which conditions the social planner accepts (rejects) a salary cap proposed by the league regulator. (JEL D02, D60, L83)     

TAX REVISIONS OF 2004 AND PRO SPORTS TEAM OWNERSHIP

Tax law revisions of 2004 altered the “roster depreciation allowance” enjoyed by pro sports team owners. Supporters claimed this would practically eliminate costly legal oversight by the IRS and, ultimately, increase owner tax bills. Government officials and leagues remained silent on team value impacts but outside analysts argued they would rise by 5%. We model this policy change and investigate it empirically. Supporters in Congress were absolutely correct that owner tax payments should increase but outside analysts underestimated team value increases by half. No wonder Major League Baseball and the National Football League favored the revision. (JEL D21, G38, H25, L83)     

OVERINVESTMENT IN TEAM SPORTS LEAGUES: A CONTEST THEORY MODEL

This paper applies contest theory to provide an integrated framework of a team sports league and analyzes the competitive interaction between clubs. We show that dissipation of the league revenue arises from 'overinvestment' in playing talent as a direct consequence of the ruinous competitive interaction between clubs. This overinvestment problem increases if the discriminatory power of the contest function increases, revenue-sharing decreases, and the size of an additional exogenous prize increases. We further show that clubs invest more when they play in an open league compared with a closed league. Moreover, the overinvestment problem within open leagues increases with the revenue differential between leagues.     

区域一体化进程中的产业发展协作问题及其治理机制优化

伴随我国区域一体化进程的加速,地区间产业发展的协作意识逐渐增强,但受体制环境以及地方政府单体利益追求等因素的制约,不可避免地会存在一定程度的盲目竞争和重复建设,迫切需要优化区域治理机制,增进区域协作。文章以长三角地区为实证对象,在揭示其一体化趋势的基础上,综合运用多种定量方法详细分析了长三角地区的产业发展协作问题,并提出了推进产业协作的治理路径和策略。     

CORPORATE GOVERNANCE AND VOUCHER BUY-OUTS IN RUSSIA

This paper examines the issues which may create pressures and incentives to introduce efficiency-enhancing governance structures in enterprises which are privatized through voucher schemes in Russia. These pressures emphasize the need to view buy-outs created on privatization as transitory organizational forms with a three-stage process being suggested as the most feasible for developing governance mechanisms which produce efficiency gains, The paper uses illustrative case studies of the first major enterprises to experience post-privatization ownership changes.     

FOREIGN DIRECT INVESTMENT IN A TWO‐TIER OLIGOPOLY: COORDINATION,VERTICAL INTEGRATION,AND WELFARE*

We study foreign direct investment (FDI) by two independent investors/entrants into a two‐tiered oligopolistic industry. An FDI subsidy at a single stage of production can be sufficient to resolve the coordination problem facing investors thereby inducing entry at both stages. However, due to linkage offsetting, FDI at both stages may yield lower domestic welfare than FDI at a single stage. Vertical integration not only solves the coordination problem, it also eliminates double marginalization. But since the integrated multinational does not sell the intermediate to local firms, its entry generates no vertical linkages and can yield lower welfare than FDI by independent firms.     

产业集群治理的逻辑与机制

产业集群治理是基于网络结构的共同治理,关系、互动与协同构成了产业集群治理的三维逻辑。产业集群的治理机制主要有社会机制和激励约束机制,社会机制是产业集群的自我调节机制,包括信任、声誉、宏观文化和联合制裁,激励约束机制是产业集群治理的微观机制,是以集群剩余为核心的制衡机制。     

中国农村基层治理与公共物品提供

在发展中国家,寻求最有效的社区治理方式已经成为农村发展的关键。因此,就各种治理方式进行实证评价已经刻不容缓。20世纪90年代初以来,中国农村有成千上万个村子进行了村民选举,这无疑为研究民主对农村基层公共物品提供的影响提供了良机。基于最近一次农村调查,本文就两种基层治理方式进行了比较,研究结果表明村民选举有助于增加村的收入,且主要靠企业上缴的税收。但是,私有化增加了向企业征税的难度。单靠选举不一定能增加村财务支出中公共投资的比例。只有真正实现决策权分担以后,公共支出中用于公共投资的比例才会增加。     

SOCIAL COOPERATIVES AND WORK INTEGRATION IN ITALY

ABSTRACT * : The paper presents and analyses the birth and evolution of social cooperatives for work integration in Italy. Born spontaneously in response to the failure of policies for the employment of disadvantaged workers, this particular entrepreneurial form was recognized and regulated in 1991 by enactment of a special law. The paper sets out the main results of recent research studies, results which enable quantification of the phenomenon and illustration of its principal features, as well as providing preliminary information on the effectiveness of this type of cooperative in the integration of disadvantaged workers into the internal or open labour market and on the variables that influence their results. The paper therefore highlights both the advantages and the drawbacks of these initiatives. Overcoming these drawbacks seems to be conditional on recognition of social cooperatives for work integration as instruments of employment policy.     

REGULATORY INSTITUTIONS AND GOVERNANCE TRANSFORMATIONS IN LIBERALISING ELECTRICITY INDUSTRIES

ABSTRACT ** :  The European liberalising electricity industries are still heavily regulated. A prominent form of regulation is directed at the energy companies' forms of governance. European and national regulations prohibit the vertically integrated structures that characterised these companies for almost a century. Detailed rules on unbundling, independence of the transmission and distribution system operators, and network access influence to a large extent the type of new governance structures that are adopted. This paper takes the institutional organisation of regulation into account to explain the regulatory influence on governance changes at the level of the firm. Examples of the Dutch and French electricity industries illustrate that the new forms of governance are heavily influenced by the institutional organisation of regulation.     

京津冀一体化中的产业升级与整合

进入"十一五"时期,京津冀都市圈在国家发展战略中的地位发生了重大变化.目前,京津冀区域一体化正处于要素一体化阶段,面临着在区域范围内实现产业集聚、扩散、整合、链接以及产业结构优化升级的紧迫任务.从京津冀三地的发展阶段、产业结构、产业层次和资源禀赋等各方面看,推进区域产业合作、加快产业升级具有强劲的驱动力与现实基础.     

CORPORATE GOVERNANCE AND THE GOVERNANCE OF KNOWLEDGE: RETHINKING THE RELATIONSHIP IN TERMS OF CORPORATE COHERENCE

Abstract

Corporate governance and the governance of knowledge were for a long time distinct fields of analysis. Reasons for this incompatibility are linked to the restricted vision of corporate governance supported by shareholder value which essentially refers to information rather than knowledge. In this paper, we argue that other visions of corporate governance exist which are also closer to knowledge dynamics and knowledge governance problems. We elaborate thus on the possible reconciliation between corporate governance and the governance of knowledge. We sustain that each key actor (the manager and the investor) embodies a piece of diversified and localized knowledge related to his/her specific domain and field of experience, and these different modules of knowledge have to be recombined by an appropriate mode of corporate governance that stimulates corporate development. In this perspective, the reconciliation really appears essential since managers, by defining and selecting innovative processes, and investors, by determining the money that is invested to sustain these processes, both take part in the creation and governance of new knowledge by the firm. We show that this reconciliation can be based on the notion of corporate coherence of the cognitive firm that allows replacing the conventional conflicting vision of corporate governance by a new vision based on cooperation between managers and investors that collectively contribute to corporate development and coherence.     

GATE REVENUE SHARING AND LUXURY TAXES IN PROFESSIONAL SPORTS

This paper examines the impact of gate revenue sharing and luxury taxes on professional sports leagues within the context of a less restrictive demand function than those used in prior models. In contrast to previous studies, the analysis finds that the increased sharing of revenues may enhance competitive balance. Consistent with other models, the analysis finds that player salaries will diminish as the percentage of shared gate receipts rises. The analysis also explores several variations of luxury taxes. All have the effect of lowering salaries. The impact on league balance depends on how the tax is implemented and on how its proceeds are distributed. As with salary caps, enforcement problems exist with the tax.     

公司治理与掏空

本文采用非平衡面板数据模型检验了公司治理机制对控股股东掏空的影响。研究发现,独立董事对控股股东的掏空无监督效果;股权集中加剧了控股股东的掏空;股权制衡对控股股东的掏空无影响;管理者持股与基金持股均能抑制控股股东的掏空;国家控制没有加剧控股股东的掏空;企业集团控制加剧了控股股东的掏空;信息披露透明度和投资者保护均显著影响了控股股东的掏空;产品市场竞争是抑制控股股东掏空的有效机制。     

INSTITUTIONAL INVESTORS,CORPORATE GOVERNANCE AND FIRM PERFORMANCE IN JAPAN

Since the beginning of the 2000s, institutional investors in Japan have become active in strengthening corporate governance, with the aim of achieving long‐term corporate value. The present paper examines the relationship between institutional investors and corporate governance, and also the relationship between institutional investors' shareholdings and firm performance. The results suggest that corporate governance has been enhanced by institutional investors. However, it is found that there is not a statistically significant difference between institutional investors' shareholdings and firm performance.     

中国大都市区管治:现状、问题与建议

在经济快速发展和城市化快速推进时期,中国大都市区迅速生成,成为区域经济发展与城市化的主体空问,对构建适宜的大都市区管治体系也提出了日益迫切的要求.通过分析当前中国大都市区管治的现状和存在的主要问题,在区分中西体制背景不同的基础上有选择地借鉴国际经验,紧密结合中国的实际为大都市区管治的改革提出了有关政策建议.     

REVENUE DIVERGENCE AND COMPETITIVE BALANCE IN A DIVISIONAL SPORTS LEAGUE

The North American model of resource allocation in professional sports leagues is adapted for English (association) football. Comparisons are drawn between the equilibrium allocations of playing talent under objective functions of profit maximisation and win percent maximisation subject to a financial constraint. Empirical revenue functions are reported for 1926–1999. These indicate a shift in the composition of demand favouring big‐city teams and an increase in the sensitivity of revenue to performance. An analysis of match results in the FA Cup suggests an increase in competitive imbalance between teams at different levels of the league's divisional hierarchy, as the theory suggests.     

CORPORATE GOVERNANCE IN JAPAN AND THE UK: CODES,THEORY AND PRACTICE

We reflect on the evolution of corporate governance and the role of institutional investors in enhancing governance in Japan and the UK. Japan places emphasis on stakeholder capitalism, whereas the UK places emphasis on shareholder capitalism. Nonetheless, in both countries, institutional investors have exerted significant influence on the evolution of corporate governance. Institutional investors in the UK have more power over company management than their Japanese counterparts, although it is alleged that these powers are not exercised to their best potential in either country.