资本市场开放对企业债务违约风险的影响研究——基于“陆港通”样本的双重差分分析

随着我国资本市场的逐步开放,与债务违约相关的问题也受到了社会各界人士的关注,而资本市场开放对企业经营风险存在双刃效应。本文运用2011~2020年A股上市公司样本,将“陆港通”政策的出台作为外生冲击,进行多期DID分析检验,得出资本市场开放能够显著降低企业债务违约风险;进一步研究发现,上述效应主要通过缓解融资约束与提升信息披露质量两个途径实现。本文从资本市场开放的实体效应视角,为企业违约风险的解决提供了一定的经验证据和政策建议。     

The Evolution of “Competition”: Lessons for 21st Century Telecommunications Policy

For over a century, assessments of competition or the lack thereof have been central to how public policy treats the telecommunications industry. This centrality continues today. Yet, numerous foundational questions about this concept persist. In this paper, we chronicle how the definition of “competition” has evolved in economics and has been applied in the communications arena. The academic literature on competition hits an important inflection point in the mid-20th century with the development of “workable competition”: a term that is equated to “effective competition.” We find that while the concept of “effective competition” is central to policy formation at the FCC, the Commission’s own applications of “effective competition” are inconsistent. Given the centrality of this concept, and its inconsistent applications to date, we draw upon the seminal contributions to the development of the notion of “effective competition” to offer a modern definition suitable for application in 21st century communications markets.     

Race,ethnicity, and telecommunications policy issues of access and representation: Centering communities of color and their concerns

This paper examines how and why activist groups representing marginalized communities of color are increasingly engaging in communications technology policy issues, particularly in relation to issues of digital access and representation. It explores three distinct but related case studies to disentangle the issues and concerns of a range of communities of color, and the challenges and opportunities for their advocates in navigating the highly technical communications technology policy arena: the first case study, which centers on the NAACP's original opposition to net neutrality, reveals the primacy of issues surrounding the “digital divide” to populations of color, and the difficulties of engaging in technical conversations surrounding Internet governance when issues of access persist. Meanwhile, the second case reviews the campaign by Free Press to promote set-top box liberalization as an issue of representation and diversity to both policymakers and citizens. The final case, which examines the work of the Tribal International Carrier to build an alternative internet service network for Native populations, highlights the precarity which organizations must strategically navigate in order to mitigate the influence of both the state and large corporations over Internet policy issues in order to both serve and represent their constituents. In all, this paper presents and extends upon a novel approach to communications policy research, foregrounding the need to integrate critical race frameworks and, relatedly, to center the breadth, depth, and lived experiences of communities of color, which can therein facilitate more inclusive digital media and communication environments and policy structures.     

Revenue maximizing with return policy when buyers have uncertain valuations

This paper examines the optimal mechanism design problem when buyers have uncertain valuations. This uncertainty can only be resolved after the actual transactions take place and upon incurring significant post-purchase cost. We focus on two different settings regarding how the seller values a returned object (salvage value). We first study the case where the salvage value is exogenously determined. We find that the revenue maximizing mechanism is deterministic and “separable”. We illustrate that the optimal revenue can be implemented by a mechanism with a “no-questions-asked” return policy. In addition, we show that “linear return policies” are suboptimal when the hazard rates of initial estimates are monotone. We next examine the case where the salvage value is endogenously determined. We demonstrate that “separability” no longer holds and the “recall” of buyers is necessary in the optimal mechanism.     

Is business lobbying in the European Union context-dependent? Evidence from the policy field of radio spectrum

This paper investigates contextual factors which impact on how business lobbying is carried out in radio spectrum policy in the European Union (EU). Based on the empirical evidence collected by means of ten expert interviews, the following considerations are drawn: first, the European Commission (hereafter “the Commission”) weighs highly information provided by corporate stakeholders which is in line with the EU objective to promote EU-wide coordinated use of radio spectrum. Second, the way the Council of the EU (hereafter “the Council”) is lobbied at EU level is unclear because of lack of transparency in the Council. Third, radio spectrum policy issues require niche expertise to be addressed because of high degree of complexity. Fourth, radio spectrum policy issues are characterised by low degree of salience as they are too technical for the wider public. Although centred on the EU context, the issues raised in this study, such as lack of transparency and civil society underrepresentation, are not unique to the EU system. In this respect, comparative studies between the EU and other institutional contexts may contribute to a better understanding of variation in business lobbying.     

Next Generation Access (NGA) supply side interventions—An international comparison

Over the last years, technical and economic developments towards the deployment of Next Generation (Access) Networks have triggered discussions under which circumstances investments into physical infrastructure are economically viable. In many countries the discussion has arisen regarding conditions under which private investment will/will not be undertaken and whether or not in such cases public policy measures should support deployment. This could come in different ways—from incentivizing private investments to deploying new “state-owned” networks. Public policy can have an impact for example by intervening into a competitive market. The paper tries to provide answers as to “why” such interventions and supply side policies are undertaken (thereby referring to the central role that broadband infrastructures have for the economy) and “how” such interventions take place, for example an analysis of the public policy interventions to drive Next Generation Access Network deployment. The article thereby derives policy patterns that have occurred in different regions of the world.     

Perspectives on regional innovation policy – From new economic geography towards the IMP approach

The European Union has the aim of becoming the world's most competitive and knowledge-based economy, which entails investments in industry agglomeration. However, these investments have had limited impact. This conceptual paper problematizes the new economic geography terminology used in policy and, more specifically, the way that the key concepts of “industry agglomeration,” “social capital,” “knowledge,” and “innovation” are conceptualized. By adding the perspective of the industrial network or industrial marketing and purchasing (IMP) approach, this paper contributes to a more nuanced understanding of how to facilitate innovation within regional policy. Since the IMP approach offers an organizational-level perspective, including such a perspective will help make the EU's policies more practically applicable. We propose that regional policy should pay more attention to the socio-material resource interaction between the actors involved in the cluster initiatives. This would shift the focus away from creating spillover effects of knowledge towards viewing knowledge as a performative construct that is inseparable from the specific resource interaction in which it is embedded. Also, the definition of innovation within policy could benefit from being reconceptualized as the processual use within producer–user relationships.     

The Impact of the Entry of Biosimilars: Evidence from Europe

Biologics represent a substantial and growing share of the U.S. drug market. Traditional “small molecule” generics quickly erode the price and share of the branded product upon entry, however only a few biosimilars have been approved in the US since 2015, thereby largely preserving biologics from competition. We analyze European markets, which have had biosimilar competition since 2006. Using our own survey, we analyze how market features and public policies predict biosimilar entry, price, and penetration, finding significant heterogeneity across countries and products. Effective buyer institutions are associated with increased biosimilar penetration. Our estimates can inform ongoing policy discussions.     

Leadership with 5G in Europe: Two contrasting images of the future,with policy and regulatory implications

European policy makers have shown a keen interest in the success of 5G because ubiquitous and high capacity electronic communication infrastructure is recognized as a cornerstone of economic development and productivity growth. The second generation, GSM, is considered the leading example, reaching its peak of deployment in 2015 with 3.83 billion subscribers served by over 700 operators in 219 countries and territories.With 5G rapidly shaping up in the R&D and standardization environments, and a call for leadership with 5G in Europe by policy makers, it is timely to investigate what lessons can be learned from the success of 2G that can be applied to 5G. More broadly, this calls for research into the commonalities and differences between successive generations of mobile technology, their introduction and the market adoption that followed. This also calls for an investigation into the possibility of multiple futures of 5G and how that impacts the opportunity for leadership. As one future may be more desirable than the other, depending on the perspective of the actor involved, a policy debate will be required to determine the most desirable future. As well as a discussion of the policy and regulatory actions required to enable a particular future.Hence, the two-part research question being addressed in this paper is: What explains the success of 2G-GSM and how can it be applied to create success with 5G in the European Union?To respond to the research question this paper first identifies the leadership lessons to be drawn from the success of 2G-GSM in relation to its successors 3G and 4G. Secondly, the contribution describes two stylized images of possible futures of 5G, called “Evolution” and “Revolution”, as input to the policy debate on the options for leadership with 5G. These images reflect two extremes in terms of possible futures of 5G. “Evolution” follows the pattern of previous generations and current trends. “Revolution” represents a clear break with these trends and a path towards leadership with 5G, as it exploits the opportunities of standardized APIs for service creation, being enabled by network virtualization as an architectural foundation of 5G. These open and uniformly applied APIs allow the market entry of a multitude of virtual mobile network operators (VMNOs) serving particular industry verticals or economic sectors with tailored feature sets and qualities of services. They allow a market momentum to be built that constitutes leadership with 5G in Europe.     

„Collaborative Governance“ – ein neues Konzept für die Regulierung der europäischen Strom- und Gasmärkte?

Current British and American publications about the liberalization of electricity and gas markets demand a paradigm shift in the regulation of energy networks. These publications can be subsumed under the scientific debate about “collaborative governance” in the USA. They call for an integration of network users and consumers into the regulatory process. Their philosophy resembles the philosophy of the negotiated third party access in Germany from 1998 till 2005. Their regulatory strategy might be more effective than the actual European “command and control” strategy in establishing competitive energy markets. This article examines and evaluates these publications and their regulatory strategy.     

Integrated Value Chain Development: Evidence from Bangladesh

Agricultural productivity and farmer welfare in developing countries is constrained by a multitude of market imperfections. Value chain development (VCD) is receiving much attention as a market-based policy instrument that can potentially address multiple of these constraints simultaneously. This paper provides a conceptualization of VCD and discusses how VCD can be used as a policy instrument. As an illustration, the paper describes the VCD project “SAFAL,” which uses an integrated approach to directly intervene in aquaculture, horticulture, and dairy value chains in South-West Bangladesh. The strategy is to first identify a demand downstream in the value chain and then to identify and reduce the constraints experienced by value chain actors upstream to meet this demand. Using a matched difference-in-difference methodology, this paper estimates farm household participation in SAFAL increases farm income and shortens the hungry season.     

The evolving 5G case study in United States unilateral spectrum planning and policy

This paper tracks increasingly aggressive initiatives by the United States government to reallocate spectrum on an expedited and unilateral basis well before conclusion of inter-governmental coordination. Rather than embrace the customary commitment to achieve consensus on global spectrum allocations at the International Telecommunication Union (“ITU”), the Federal Communications Commission (“FCC”) has auctioned off large blocks of frequencies for the next generation (“5G”) of wireless services.The FCC might have framed its first 5G auction, reassigning Ultra High Frequency (“UHF”) spectrum, as a one-time deviation from compliance with long standing, intergovernmental coordination procedures. These frequencies have ideal signal propagation characteristics and the Commission could use financial incentives—unavailable in most nations—to expedite “repacking” by incumbent broadcasters willing to move, share or abandon spectrum in exchange for ample financial compensation. However, the FCC has continued to auction off 5G spectrum on grounds that it must find ways to abate an acute shortage of wireless bandwidth and doing so will regain or maintain global leadership in wireless technologies. This paper offers a critical rebuke to unilateral spectrum management, because the short-term benefits expected by the U. S. government likely will be offset by countervailing harms to 5G manufacturers, carriers and consumers. The paper tracks fractious preparation for the ITU's 2019 World Radio Conference by the U.S. delegation and the mixed record achieved there. Additionally, the paper explains how injecting trade, industrial policy and national security issues at the ITU can trigger more delays and disputes, including possible retaliation by nations displeased with U.S. efforts to subvert traditional technology optimization goals.A worst case scenario has the ITU deadlocked and unable to reach closure on “mission critical” spectrum planning issues at World Radio Conferences, convened every four years. The paper concludes that costs and likely challenges to the efficacy and legitimacy of the ITU will reduce the benefits accruing from the FCC's unilateral, spectrum planning campaign.     

Rice production in Thailand seen through a policy analysis matrix

This paper uses a policy analysis matrix, PAM, to study the comparative advantage of rice production in comparison with two legume crops in northeastern Thailand. After explaining the structure of PAM and some relevant parameters useful for policy analysis, it demonstrates how PAM can be constructed most compactly and logically using empirical data. It then conducts some sensitivity analyses to study the effects of price changes and externality on the comparative advantage of rice against its competitive crops.     

Building a Measurement Model for Market Visioning Competence and Its Proposed Antecedents: Organizational Encouragement of Divergent Thinking,Divergent Thinking Attitudes,and Ideational Behavior

The overall question that this research seeks to answer is the following: Are there individual and/or organizational resources related to “divergent thinking” that enhance or inhibit the firm's market visioning competence in the case of radical innovation? In order to answer this question, in this paper, the key focus is on the realm of potential divergent thinking‐related resources that the firm may possess and access to aid in the creation and development of an effective market visioning competence. In particular, individual‐level factors related to divergent thinking capabilities and, at the organizational level, encouragement of such capabilities, are investigated. Specifically, we propose that two organizational‐level factors related to organizational encouragement of divergent thinking (“encouraging ideas” and “encouraging diversity”), two individual‐level divergent thinking attitudes factors (“openness” and “ability to move from divergent thinking to convergent thinking efficiently and effectively”), one individual‐level ideational behavior factor (“ability to generate new ideas”), and a further individual cognitive factor (“need for cognition”) have direct impacts on market visioning competence. Scales are then developed and tested for measuring these potential antecedents, and they are included in a measurement model with market visioning competence to enable further research.     

The framing of innovation among European research funding actors: Assessing the potential for ‘responsible research and innovation’ in the food and health domain

Responsible Research and Innovation (RRI) has recently emerged as a new framework for science and technology governance. The concept articulates the need for mutual exchange by which societal actors become responsive to each other early on in the process of innovation, with a view to facilitate ethically acceptable and sustainable innovation. There is relatively limited evidence to explore the extent to which the process of research and innovation under the terms of RRI is realised in practice, particularly in the context of food and health research. Although research to date has been examining innovation from the point of view of inputs and outputs—R&D funding and patents—we propose to examine the cognitive framing of innovation that shapes decisions of those who constitute a part of the innovation chain. This paper explores how the concept of innovation is understood and used in policy implementation, with a particular focus upon ‘food and health’ science and research policy and funding. Our analysis is based on 55 interviews of various actors engaged in research funding decision-making across eight European countries. Three themes emerged from the analysis: concept of innovation; conditions for innovation; and drivers of innovation; through these themes, the cognitive framing was drawn out. The cognitive framing suggests that innovation in the food and health domain is perceived to be focused on biosciences and marketable applications to the neglect of social sciences and broader public interest; that the “innovation network” is primarily viewed as centred around scientific/technical and industrial actors; and that the demand-pull dynamic is relevant to innovation in the area of food and health, despite having been relegated in contemporary thinking and policies around innovation. These findings point to the inadequate consideration of the normative issues—how problems are to be defined and addressed—among national research funders in the food and health domain, and indicate a gap between the ideas of innovation under the terms of RRI and innovation as conceptualised by those involved in its governance.     

Food price surges and poverty in urban Colombia: New evidence from household survey data

The present study simulates the impacts of price surges in 2006–2008 on poverty in the main Colombian cities drawing upon household survey data. It is found that the price surges increased both extreme and moderate poverty in urban areas, but the magnitude of poverty rise was not homogeneous across geographical locations or in terms of household characteristics, such as, education or gender of the household head. As a policy option we suggest “geographical targeting” or “demographic targeting” that will select and support poor households by locations or socio-demographic characteristics guided by the degree of household vulnerability to food price shocks.     

Taxation and Durable Goods Monopoly*

This paper studies the role of taxation in durable good markets with dynamic monopolies. By conditioning the marginal tax rate on the volume of trade, the regulator can provide incentives for the monopolist to accelerate trade. When marginal cost pricing generates a loss for the monopolist, strategic delay cannot be avoided under regulatory budget constraint and the effects of tax policy depend on the monopolist's ability to commit. In the context of binary consumer types, we find a tax policy involving “back-loaded subsidy” that achieves the second-best outcome with commitment. In contrast, without commitment, a “front-loaded subsidy” improves welfare.     

The next stage of U.S. communications policy: The emerging embedded infosphere

The United States needs to reimagine the basic principles of its telecommunications and information policy to fit an emerging society in which networking and intelligence are embedded into an increasing number of everyday things which constantly monitor and measure our lives. This emerging environment is an always-on, ubiquitous, integrated system comprised of the Internet of Things, Big Data, Artificial Intelligence/Intelligent Systems and the Intercloud, which act together as a single system, referred to here as the “Embedded Infosphere” (EI). This development is driving the latest stage – the third – in the evolution of U.S. communications policy.Each of the components of the EI presents unique challenges, but the greater concern is all of them acting in concert. These developments bring into focus many topics that have been outside the traditional communications policy envelope, and exceed the portfolios of existing agencies and institutions. This article envisions a new “EI policy space,” grounded in established societal values, and built on the experience of the previous stages.There are appropriate policy responses to each of the challenges, but these responses need to be seen in a holistic perspective, as they are all interconnected. Many of the issues such as privacy, security, consumer protection, and data stewardship are common across several elements. The larger goal is to establish a framework for an integrated policy structure which can address unpredictable emergent conditions, while allowing markets to flourish without unduly burdensome regulations, restrictions or uncertainties.This articles suggests a high-level analytical framework of criteria against which proposed EI policies can be measured. While there may be no “perfect” policies, some may be better (or worse) than others. It also offers a political process designed to incorporate the concept of the EI into national policy thinking. This approach should be implemented through a series of steps and should provide flexibility for development. The initial step is a process by which the EI can be acknowledged, its development analyzed, and the national interests institutionalized. The U.S. Senate has already initiated this process with the pending “DIGIT” Act, designed to bring together the core federal stakeholders and open a policy discourse which will be expanded over time to other key stakeholders. This should lead to the development of a national EI strategy.Since the EI is progressively global, the article suggests how both the normative and regulatory dimensions can be approached in the global context. It raises the possibility of a restructured ICANN “Empowered Community” as a possible venue for developing policies and recommendations in this area. It notes that since global unanimity is unlikely, non-governmental regimes will likely develop to address the unresolved policy interstices.     

Who are the producers and consumers? Value chains and food policy effects in the wheat sector in Pakistan

We develop a disaggregated Nominal Rate of Assistance (NRA) methodology to disentangle the welfare impacts of policies for various interest groups along the value chain (to disaggregate effects within the “producer” and “consumer” umbrellas). We apply our value chain NRA methodology to the case of Pakistan’s wheat price and trade policy. We analyze the welfare implications for various agents in the wheat-flour value chain from 2000 to 2013, a period characterized by major global price volatility and by regular adjustments of domestic policies. We find that the wheat policy has generally benefitted flour consumers and wheat traders at the expense of wheat farmers, with limited effects on flour millers. Our findings illustrate that the welfare implications of policies can be quite different within the “producer” and “consumer” umbrellas, which has potentially important implications for economic and political economy analyses and for the design of policies that aim to target the poorest groups along value chains.     

The external knowledge sourcing process in multinational corporations

Research summary: We study the processes through which multinational corporations (MNCs) identify and make use of external sources of knowledge. Based on a seven‐year longitudinal study of one MNC's overseas scouting unit, we show how a simple one‐directional “channelling” process gradually gave way to three higher value‐added processes, labelled “translating,” “matchmaking,” and “transforming.” Building on these insights, we develop an integrative framework, defining the conditions under which each of the four processes is likely to transpire, and showing how the stock of social capital held by the scouting unit allows it to perform increasingly high value‐added activities over time. Implications for the MNC, external knowledge sourcing, and boundary‐spanning literatures are discussed. Managerial summary: Over the years, many multinational corporations (MNCs) have created overseas “scouting” units to tap into new ideas and opportunities in leading‐edge markets, but with mixed outcomes. In this study, we describe the development of a European telecom firm's scouting unit in Silicon Valley during the 2000s, focusing on the specific approaches used by the scouting managers to build effective connections between Silicon Valley start‐ups and the firm's business units back in Europe. We identify four distinct approaches for different types of opportunities, and we observe a clear sequencing of effort over time as the scouting managers built the necessary capabilities and credibility. Copyright © 2015 John Wiley & Sons, Ltd.