Tunneling, overlapping owner and investor protection： Evidence from merger and acquisition in Asia

Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders＇ protection from expropriation. They consequently reduce the private benefits of controlling shareholders （La Porta, 1999）. This study aims to investigate tunneling in the context merger and acquisition （M＆A） and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder＇s firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.     

FDI与我国经济增长之间的关系研究

本文通过研究FDI这一重要变量,探讨FDI与GDP我国经济增长之间的相互作用机制。利用现有的统计数据,对20世纪80年代以来的FDI与我国GDP增长的关系进行统计分析,从而对我国有有效改善投资环境与制定和实施正确的FDI政策提供参考和借鉴。     

Auditor Switching and Investors＇ Reliance on Earnings： Evidence From Bursa Malaysia

This study provides some insights of investors＇ view on auditor independence focusing on auditor switching. Hence, the purpose of this study is to examine the effect of appointing a new auditor on investors＇ reliability on reported earnings in financial accounts. Analyses are based on a matched-pair sample of 162 listed companies in the Bursa Malaysia for the year 2011. The results of the ordinary least squares （OLS） regression show that earnings response coefficients for auditor switching companies are significantly higher than for non-auditor switching companies. The results provide support for the contention that investors place greater reliability on the financial accounts audited by newly appointed auditors. This finding is consistent with the Malaysian audit market where long audit tenure is a common practice and auditor switching is considered rare. Findings provide support for the long discussed issue of the importance of auditor rotation in maintaining auditor independence.     

Financial Market of Montenegro： Evidence of Crisis and Beyond

The financial sector has played a small role in the restructuring of the manufacturing sector in transition economies, and in some cases, financial liberalization may have undermined real sector development. However, stable and stimulating business environment is crucial for economic development. The aim of this paper is to show the main changes that have been implemented in Montenegro so far, and guidelines for changes in the financial market in Montenegro, for further harmonization in accordance with the requirements of European Union （EU） accession. Also, the ability of governments of transition economies to enforce contracts and to achieve fiscal and monetary responsibility is of great importance for economic and financial development. By adopting the new Constitution of Montenegro, in the field of regulation of the financial system, there have been significant changes, recognizing the Central Bank as an institution responsible for financial stability. The authors will give a review of the actual state of the financial market in Montenegro, as well as recommendations for further changes in order to create a favorable climate for entrepreneurship and to strengthen the overall financial system.     

Usefulness and Effectiveness of Related Party Transactions （RPTs） Disclosure： Empirical Evidence From Italy

Related party transactions （RPTs） can be used by corporate insiders （e.g., managers, controlling shareholders） to expropriate corporate outsiders （e.g., minority shareholders）. We argue that effective disclosure of RPTs can eliminate or at least reduce expropriation phenomena by letting corporate outsiders assess the fairness of the transactions and identify the underlying conflicts of interest. We consider a sample of large RPTs carried out by listed corporations in Italy, a country that has been affected by significant corporate scandals in recent years. In particular, we analyse the content of several compulsory informative documents, required by CONSOB （the Italian Securities and Exchange Commission）, concerning large RPTs. The focus of our content analysis is on the ＂warnings＂ sections of these documents that should convey clear and comprehensive information on potential risks and conflicts of interest. Our empirical results show that, while the ＂warnings＂ sections of the studied documents generally contain all the information required by existing rules, the depth of the information provided is often unlikely to be sufficient to communicate the implications of the RPTs. Thus, readers may not find the disclosed information adequate to evaluate the fairness of the transactions. Moreover, visual representations are rarely used in the informative documents. The use of such representations could allow companies to convey the structures and features of complex RPTs in a simpler and more direct way.     

河北省居民消费与经济增长的协整分析

<正>居民消费与经济增长之间的关系一直是宏观经济学的研究重点。传统经济理论认为,居民消费是国民收入的重要组成部分,提高居民消费是提高国民收入、拉动经济的重要途径之一。但无论是从经济理论,还是从近期的实证研究来看,越来越多的学者在认为居民消费对经济增长有促进作用的同时,在居民消费对经济增     

陕西省货运周转量与经济增长关系的协整研究

根据Granger因果关系检验的结果,从长期看,陕西省工业总产值与货运周转量之间没有明确的因果关系。协整(contegration)理论是20世纪80年代产生的建模理论。它从分析时间序列的非平稳性入手,探求非平稳变量间蕴含的长期均衡关系。所谓协整,是指多个非平稳经济变量的某种线性组合是平稳的。     

Self-Dealing Among Convergence and Path-Dependency Opportunities： An Empirical Analysis of Regulatory From Six European Countries

Self-dealing refers to all kinds of transactions and operations diverting value from a company to corporate controllers. In order to tackle self-dealing, academics and regulators have emphasised the legal tools. However, there is a divergence between those supporting the existence of a benchmark model towards which to converge （convergence hypothesis） and those underscoring the importance of socio-economic factors on the efficacy of governance rules （path-dependency view）. The aim of this paper is to join in the convergence vs. path-dependency debate by focusing on the efficiency of mandatory rules and investigating their effectiveness. Considering the current market integration, the traditional cost-benefit analysis has been extended in order to embrace costs specifically associated to the issue of domestic rules in a global scenario. This analysis supports the convergence view and encourages at least a partial and gradual adjustment of national legislations towards the prevailing Anglo-Saxon model. In order to test this hypothesis, an examination of the self-dealing regulatory （on conflict of interests and self-dealing） adopted in some Western （Germany, Italy, and the United Kingdom （UK）） and Eastern （Czech Republic, Hungary, and Poland） European countries has been conducted.