The Decline and Fall of Joint Ventures: How JVs Became Unpopular and Why That Could Change

The peak year for joint venture formation was 1995, which saw almost 5,700 new ventures. Since then, however, JV activity has gone into a sharp decline, with 2004 setting a new 10‐year low of just over 700 new deals, and many executives have completely dismissed joint ventures as a vehicle for growth. But is this the right conclusion? Perhaps for some companies. But for most, the answer may be to use the lessons from past failures to improve their ability to negotiate and manage joint ventures. This article offers five main pieces of advice: ? Don't rely too much on experience from negotiating acquisitions. JVs require a more balanced, less competitive negotiating style that can help set the tone for a good relationship. ? Don't allow the contract to dominate the relationship. If JV agreements are crafted more with the aim of building trust and achieving a shared understanding than designing explicit provisions for all contingencies, the parties will have stronger incentives to seek business solutions instead of legal remedies. ? Weigh carefully the value of commitment versus the value of flexibility. Although the ability to exit a bad deal clearly has option value, there may be greater value from the stability achieved by locking oneself into a relationship. ? Resist the urge for certainty in termination clauses. A “process‐oriented” approach will typically be more fair, resulting in smoother negotiations and a better working relationship, than an “outcome‐oriented” approach. ? Recognize when a JV has outlived its useful life, and do something about it before value is destroyed.     

股权制衡与内部控制有效性——基于2008—2010年酿酒类上市公司的案例分析

基于中国特殊的公司治理环境,早前研究内部控制主要集中在概念框架、影响因素辨析以及公司治理失效案例的研究,然这些研究鲜有将股权制衡作为重要因素之一加以考虑。本文通过对三家酿酒类上市公司的案例分析,从控股(制衡)股东性质、股权制衡效果等角度剖析了提高中国上市公司内部控制有效性的机理路径。研究结果表明:在实际控制人为国有时,引入非国有制衡股东能达到较优的内部控制状态,而引入国有制衡股东仅微弱地优于无制衡股东的高度集中的内部控制状态,且两者并不明显。     

制度环境和权益资本成本——来自中国省际数据的比较研究

本文以中国237家非金融上市公司2004~2007年组成的平衡面板数据(共948个观察值)为研究样本,在控制相关变量的基础上,应用一系列GLS从政府关系、法律制度环境、金融市场发育程度和产品市场发育程度四个维度实证检验制度环境如何影响公司权益资本成本。实证结果表明,制度环境是影响权益资本成本的重要因素。具体而言:(1)政府关系与权益资本成本显著负相关;(2)法律制度环境与权益资本成本显著负相关;(3)金融市场发育程度与权益资本成本显著负相关;(4)产品市场发育程度与权益资本成本显著负相关。     

Restructuring and Firm Value: The Effects of Profitability and Restructuring Purpose

This study extends prior research on the information content of restructuring charges. We find that the relationship between restructuring activities and returns during the restructuring charge year is different for loss firms than for profit firms. Restructurings that are primarily intended to either eliminate personnel or exit a line of business are positively associated with returns of the loss firms, suggesting that investors view these activities as value-increasing. In contrast, common stock returns of profit firms exhibit a nonpositive association with restructuring charges. Overall, our results point to the role of the context and the content of the restructuring announcement in the market's assessment of the value relevance of restructuring charges reported in the financial statements.     

The Impact of Improvements in Institutional Oversight on IFRS Accrual Quality in Europe

This study examines the impact of improvements in institutional oversight specifically for compliance with International Financial Reporting Standards on accrual quality in Europe. The sample comprises 9339 firm‐year observations from a treatment sample of three European countries that had either non‐existent or relatively weak institutional oversight systems at the start of the sample period 2006–2010 but improved oversight systems thereafter, and a benchmark sample of six other European countries that had institutional oversight systems from the start of this sample period. After controlling for legal system, rule of law and other variables, we find incremental improvement in accrual quality in the treatment sample relative to the benchmark sample from the pre‐enforcement period 2006–2007 to the enforcement period 2008–2010. The results suggest that institutional oversight has an incrementally positive impact on accrual quality over and above that attributable to legal system, rule of law and other variables. The results are robust to different measures of accrual quality, alternative enforcement proxy and alternative samples.     

重构金融服务民营企业可持续模式路径研究——基于漳州市视角

为掌握了解当前民营企业融资"难点""堵点""痛点"问题,2019年3月,中国人民银行漳州市中心支行对辖区多家银行业金融机构和民营企业开展融资问题专题调查。本文在此次调查研究的基础上,通过深入剖析漳州市金融支持民营企业情况、民营企业融资改善及存在的问题,提出重构金融服务民营企业可持续融资模式的路径。     

期货业亏损的制度性解释

近年来期货业保持稳步发展,但是期货经纪行业却一直不景气,徘徊在亏损的边缘.期货业的这种制度性亏损不能仅从市场竞争的角度来分析,而需要从期货市场的全局来研究.本文从会员制交易所、期货公司法律定位及业务范围、交易编码制度、结算体系等角度分析了期货业不平衡的利益分配格局的成因,并在此基础上对改革期货业的利益分配结构提出了建议.     

宏观审慎监管组织体制的构建路径研究

确定宏观审慎监管机构并建立相应的组织体制,是实施宏观审慎监管的基础。但宏观审慎监管组织体制构建面临着多重挑战:宏观审慎监管当局如何处理与其他经济决策、监管部门的相互关系;如何保证对外沟通、运作透明又能保护敏感信息、稳定市场;是坚持基于规则做出监管决策还是使用斟酌裁量的方法。本文总结分析了世界主要国家宏观审慎监管组织体制构建的三条路径:中央银行承担宏观审慎监管职责,由中央银行行长负责宏观审慎监管决策;在中央银行的框架下,设立专门的委员会,将宏观审慎监管职责赋予委员会;在中央银行之外设立负责宏观审慎监管委员会(或理事会),中央银行和金融监管部门作为该委员会的成员,参与宏观审慎监管政策的制定。本文在此基础上结合中国国情,分析了中国宏观审慎监管组织体制的构建路径,并提出了相关建议。     

金融生态的法律制度研究: 基于新制度经济学的分析

在建设金融生态中,完善法律制度是改进金融生态的重中之重。运用新制度经济学的相关理论阐释金融生态环境建设的核心是法律制度建设,对我国的金融生态状况从微观、宏观经济方面进行深入分析,探讨当前我国金融生态环境在法律制度方面存在的诸多问题,并就如何在我国建立起符合市场经济要求的金融法律制度提出一些建设性的看法。     

中国保险制度变迁机理研究

在二元结构条件下,制度安排主要由国家依据国家效用函数来"创造".渐进改革的金融支持需要决定了保险制度较长时期实行国有产权垄断,而社会经济条件的发展决定了我国保险制度由绝对垄断向多元变迁的必然性,并最终实现国有产权垄断的退出.     

基于非正式经济的莆田系制度创业研究

以社会学新制度主义为理论基础,分别从微观创业、中观集体认同、宏观制度三个维度研究了制度与集体认同在非正式经济中对创业机会识别和利用所产生的影响,并以莆田系为案例探讨了中国民办医疗行业的制度创业特征,解析莆田系从追求正当性到合法性的发展过程.从案例研究及理论创新表明:通过集体认同理论揭示了在缺乏正式制度供给的条件下,非正式经济创业者如何创造并接近要素和产品市场的过程和原因.     

机构投资者的代理风险及其约束机制

机构投资者的代理风险是客观存在的.报酬合约、声誉激励、法律条款和机构投资者之间的必要竞争等都是机构投资者道德风险行为的有效制约手段,这些相互补充的机制使得机构投资者将其败德行为收敛在社会投资人可接受的范围内,机构投资者因而能够获得委托人源源不断的资金支持.     

民营金融市场准入问题研究

在经济体制向市场经济转变过程中，金融结构与经济结构出现了极度的不适应，四大国有商业银行1998年开始的大城市战略导致了县级以下区域经济的金融服务真空，严重阻碍了民营经济的进一步发展，完善金融结构，开启民营金融的市场准入闸门，对与我国新世纪金融制度改革和促进我国民营经济的发展具有重要意义。     

存款保险研究新进展:定价和制度效应

存款保险制度的主要作用是应对挤兑风险,加强公众对银行体系的信心。通过对现有关于存款保险定价和存款保险制度效应的文献进行梳理发现：基于期权定价法的存款保险定价方法虽较少在实践层面应用,但促进了存款保险制度的完善;存款保险制度受金融环境、制度设计及银行自身等影响而产生不同的效应,良性的制度运转与金融体系的完善相辅相成。未来的研究将着重考虑中小银行费率的厘定及存款保险制度与金融安全网之间的协同作用。     

Institutional characteristics and capital structure: A cross-national comparison

The main objective of this paper is to investigate whether differences in institutional characteristics result in different capital structure determination among countries. First, we analyze the institutional setting in Greece compared with that of other countries. Second, we provide survey information about the determinants of capital structure in Greece and compare our findings with those of similar surveys in the United States and Europe based on Graham and Harvey [Graham, J., & Harvey, C. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60, 187–243], Bancel and Mittoo [Bancel, F., & Mittoo, U. (2004). Cross-country determinants of capital structure choice: A survey of European firms. Financial Management, 33(4), 103–133 Winter 2004] and Brounen, de Jong and Koedijk [Brounen, D., de Jong A., & Koedijk, K. (2006). Capital structure policies in Europe: Survey evidence. Journal of Banking and Finance, 30, 1409–1442] respectively. Greek firms seem to follow an own-business policy and seem to care more about the disadvantages of debt than try to exploit its advantages. Financial distress considerations, market timing and competitiveness are important factors, whereas agency costs of equity, pecking order and the signalling theory do not seem to apply. Conclusions are relatively similar with those of other countries, though specific differences that can be attributed to the different institutional settings do exist. In general however, we conclude that differences in institutional characteristics do not seem to affect the way of thinking of financial managers when they decide on capital structure issues.     

农村信贷联络员研究：一个新制度经济学的分析框架

在当前我国农村金融市场存在严重信息不对称的背景下,农村金融机构探索出了农村信贷联络员制度。该制度搭建了农户与农村金融机构的桥梁,较好的解决了农村金融市场供给与需求的信息矛盾。如何从经济学理论上解释农村信贷联络员制度的起源和发展,是农村金融服务制度研究的一个新视角。本文试图从新制度经济学视角构建一个理论分析框架,深入剖析贵州省农村信贷联络员制度的起源和发展,为推广该制度提供理论基础。     

eInformation: A Clinical Study of Investor Discussion and Sentiment

We examine the information flow for four stocks over seven months to trace the relationship between on-line discussion, news activity, and stock price movements. On-line discussions support numerous unsubstantiated rumors, substantial on-point exchanges, and quick dissemination of imminent and recently released information. Applying language-processing routines to message board postings and news, we create sentiment and disagreement measures or "eInformation." We analyze the determinants of sentiment and disagreement, and trace links between news, eInformation, and stock returns. This intensive clinical study of on-line discussions suggests mechanisms individual investors and groups can use to analyze and digest company information.     

A Study of Large Institutional Investor Trading Behavior Around Leveraged Buyouts

This study analyzes a segment of large institutional investors by focusing on their trading behavior around leveraged buyouts (LBO) during 1984–1992. Over 1,000 LBO-related transactions from the portfolios of the fifty largest life insurance companies in the U.S. form the data sample. The results indicate that large LBOs dominate the portfolios in both number and size of transactions. The average purchase occurs about four months prior to the initial LBO restructuring announcement, and the average disposal occurs about three-quarters into the life of the LBO event. About 25% of the portfolio is liquidated prior to the initial announcement, and only 4% of the purchases result after the initial announcement. Less than 6% of the transactions involve LBOs that are ultimately canceled. Finally, the sample of large institutional investors demonstrate an ability to predict the maximum share price to within 93%, and they earn a premium of about 15% over randomly-selected LBO-related portfolios. Overall, the results indicate that these large institutional investors demonstrated a superior ability in timing their LBO-related transactions.     

Institutional Investors and Information Asymmetry: An Event Study of Self-Tender Offers

Our research compares the asymmetric information costs of firms with low levels of institutional ownership to those with high levels. We use self‐tender offers as an information event. Our results show that higher institutional ownership, particularly a higher number of institutional investors, is associated with a lower degree of informed trading. These results persist even after we control for differences in trading activity among our sample firms.