丝绸之路经济带企业跨境融资的逆向选择和道德风险

丝绸之路经济带属于跨国经济带,为该经济带上各企业对接金融机构进行融资提供了良好的机遇。丝绸之路经济带融资需求巨大,各国出台各种优惠政策来吸引资金,从而充分发挥在丝绸之路经济带建设中的金融支持作用。通过丝绸之路经济带企业跨境融资中的逆向选择和道德风险研究,结果表明,必须通过不断建设和完善丝绸之路经济带信用体系,建立并完善企业的互联网信息共享体系,加强丝绸之路经济带中各国跨境融资企业的融资信息披露,优化丝绸之路经济带跨境企业融资模式等方面措施来减少其逆向选择和道德风险。     

Equity and Adverse Selection

We introduce concerns with inequity into the canonical adverse selection model. We find that aversion to ex post inequity is not constraining for the principal if the two agents are identical ex ante, but generally is constraining when the agents differ ex ante. Constraining equity concerns can lead to output levels that are either above or below standard levels, and can result in only one agent experiencing systematic inequity in equilibrium.     

联合风险投资的道德风险与逆向选择

本文首先分析了联合风险投资的优点,然后运用信息经济学的理论与方法,从信息不对称角度分析了联合风险投资融资与投资过程中的逆向选择与道德风险问题,最后提出了解决此类问题的理论上的对策建议。     

逆向选择、道德风险与中国农村流通体系建设

流通是经济社会发展的血液,但是中国农村的流通秩序不规范一直困扰着农村的经济发展。流通企业经营困难现象普遍存在,逆向选择盛行。对于农村流通企业的逆向选择问题,中国政府应加大信息成本的投入,建立流通企业信用数据库;建立农村消费者的投诉受理机制;发展电子商务、提升农村物流的发展水平;完善农村商品的售后服务体系;提高流通企业规模化经营的程度。     

Group Identity and the Moral Hazard Problem: Experimental Evidence

We experimentally examine how real group identity of parties (a principal and an agent) facing a moral hazard problem may attenuate the problem and thereby implement the efficient outcome. We find that, the frequency of the efficient outcome is significantly higher when both parties share the same identity than when they do not. However, when we induce a substantially weaker form of identity or increase an outside‐option payoff offered to the principal, the frequency of the efficient outcome diminishes considerably, even when the parties’ identities align perfectly. Our results have important implications for the design of nonpecuniary contract enforcement devices.     

Financing constraints and ODI margins: Evidence from China

Using a novel firm-level dataset on China, this paper examines the effects of financing constraints on enterprises’ outward direct investment (ODI) from the perspective of binary margins of ODI. The main findings of the paper are threefold. First, financing constraints show a negative effect on enterprises’ ODI for both the intensive and extensive margins, with a more significant effect on the extensive margin. Second, the negative effect is mostly significant in the energy industry, while it is not significant in non-energy industries. Finally, financing constraints show a negative effect on state-owned enterprises for both margins, while the effect is less significant for non-state-owned enterprises. The findings in the paper have policy implications for understanding and promoting ODI in emerging economies.     

Equity block transfers in transition economies: Evidence from Poland

This paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants of equity block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be remarkably low and comparable with those for the most developed economies. Shareholders expect to benefit from intensified monitoring and from corporate restructuring resulting from block acquisitions. Still, shareholders are wary of expropriation stemming from the extraction of private benefits of control by block holders. The opportunities to extract such benefits depend on relative power of investors.     

Foreign Equity Ownership and Information Asymmetry: Evidence from Japan

Using a large sample of Japanese firms, we investigate whether the level of foreign ownership in a firm is inversely related to information asymmetry between firm (managers) and market (outside investors). Since information asymmetry is not directly observable and, thus, is difficult to measure empirically, our analysis focuses on the link between foreign shareholding and a measurable consequence of information asymmetry; that is, the timing and magnitude of intertemporal return‐earnings associations. The empirical results support our hypothesis, and subsequent tests based on residual foreign ownership show that the relation between foreign ownership and information asymmetry is robust to the addition of various control variables such as market capitalization and cross‐corporate holdings. We also show that foreign investors tend to avoid stocks with high cross‐corporate holdings. Overall, our results suggest that foreign (institutional) investors are likely to be efficient processors of public information and are attracted to Japanese firms with low information asymmetry.     

Equity in Financing Primary and Secondary Education

Abstract . Per pupil educational costs for Kansas counties are analyzed according to degree to which the county is rural. The loss or gain due to migration of educated young people is then added into the costs. Those costs are then compared to ability to pay according to a number of indicators in each category of the county. The impact of various forms of taxation to support schools is analyzed. Rural counties spend more per pupil and pay higher per capita property taxes. The differences in cost between rural and urban areas is even greater when the effects of migration are included. Household incomes tend to be lower in more rural counties. The effects of a court-ordered change in school finance will increase the inequalities between rural and urban areas. It is contended that reliance on the property tax contributes highly to this inequality.     

Accounting Accruals and Stock Returns: Evidence from European Equity Markets

Abstract

In this paper, I show a generalisation of the negative relation of traditional accruals and percent accruals with future returns in 11 of 16 European countries. Positive abnormal returns from hedge portfolios on both accrual measures summarise the economic significance of this generalisation. The magnitude of returns obtained from traditional accruals is higher than that obtained from percent accruals, contrary to existing evidence from the U.S. capital market. The magnitude of the accrual effect on stock returns based on both accrual measures is stronger in countries with higher individualism, lower uncertainty avoidance, higher equity-market development, higher equity-market liquidity, lower transaction costs, higher analyst coverage, lower analyst optimism, and lower ownership concentration. In markets where minorities have legal protection against expropriation by corporate insiders and where accrual accounting is permitted, the accrual effect based only on percent accruals is positive. Earnings opacity does not appear to exhibit a significant influence. Overall, the evidence suggests that cross-country differences in culture, equity-market setting, analysts' research output, investor protection, and ownership structure play an important role in explaining variation on the magnitude of the accrual anomaly in Europe.     

Observable Contracts as Commitments: Interdependent Contracts and Moral Hazard

A large literature examines the use of observable and unrenegotiable agency contracts as commitments. These analyses generally impose an ad hoc restriction that contracts cannot be contingent on one another. I relax this restriction and obtain a folk theorem. Unlike earlier folk theorems in this area, the present result applies to agency relationships that have hidden-action problems. Using an example, I also demonstrate that there are settings in which interdependent contracts support a strictly larger set of equilibrium outcomes than do independent contracts. The result highlights the critical need for careful thought about restrictions placed on the set of feasible contracts.     

Negative Spillovers Across Partnerships for Responsible Innovation: Evidence from the 2014 Ebola Outbreak

Humanity faces ongoing and contemporaneous grand challenges. Occasionally, abrupt shocks escalate a grand challenge’s salience over others. Prior research has advocated forming partnerships to address grand challenges via responsible innovation. Yet, it remains unclear how temporal changes in the salience of a grand challenge impact innovation performances of partnerships. We address this research gap by bridging the literature on issue salience, responsible innovation and interorganizational relationships. We argue that shocks either aid or harm the performance of partnerships for responsible innovation depending on whether their domains are directly or indirectly affected. The Ebola outbreak in 2014 sets the empirical context to test our theory. We find that while the innovation performance of Ebola partnerships formed after the outbreak rose eleven-fold, the performance of partnerships treating Influenza fell by 84.9 per cent. Our theory and findings have immediate implications for today’s COVID-19 outbreak, cautioning against salience shifts among concurrent grand challenges.     

管理者过度自信与权益资本成本——来自我国证券市场的经验证据

以深圳证券市场A股上市公司为样本,研究了管理者过度自信与权益资本成本之间的关系。研究发现,高管层过度自信的心理特征是通过影响企业的投资行为造成过度投资,进而影响到投资与融资现金流之间的敏感性,导致激进融资,使企业权益资本成本增加。     

竞技体育中道德与体育制度公正的研究

结合竞技体育运动中出现的体育伦理现象,从德性的静态逻辑和动态认知过程出发,剖析竞技体育制度与德性道德之间"义和利"的契合。     

银企关系中的道德风险分析

道德风险问题历来是银企关系中的主要问题之一。在微观经济中，产生这种道德风险的根源在于政府与银行的借贷政策的预算软约束，以及缺乏竞争性的、集权的金融制度。事实上，在这一体制条件下，银行居于债权人位置却不能对企业的道德风险行为实行有效地控制，进而恶化企业的治理结构。不仅如此，银企关系中的道德风险还破坏了经济运行的微观基础，导致银行危机和经济动荡。     

股权激励、约束机制与业绩相关性——来自中国上市公司的经验证据

本文以我国2006年1月1日到2010年12月31日实施股权激励的沪深上市公司为样本,考虑股权激励本身的约束、内部公司治理背景以及外部监管等与股权激励有关的约束机制,研究股权激励、约束机制与业绩之间的相关性。研究发现:(1)上市公司管理层股权激励与公司业绩显著正相关,实施股权激励有利于提高公司业绩;(2)约束水平综合值与公司业绩正相关,说明约束机制对管理层越有效,越有利于提高公司业绩;(3)目前,股权激励与约束机制尚未有效配合,未能出现共同提高业绩的协同效应。     

Patents, Thickets and the Financing of Early-Stage Firms: Evidence from the Software Industry

Legal changes in the patentability of software since the mid 1990s have resulted in a substantial increase in the number of patents on software inventions. We focus here on the impact of transactions costs associated with patent "thickets" on new entrants' interactions with the capital markets. Using data on the financing of entrants into 27 narrowly defined software markets, we show that start-up software companies operating in markets characterized by denser patent thickets saw their initial acquisition of VC funding delayed relative to firms in markets less affected by patents after the mid 1990s. The relationship between patent thickets and subsequent financing activity such as IPO or acquisition is more complex, but there is weak evidence that firms without patents became less likely to go public if they operated in a market characterized by patent thickets. Firms with patents are more likely to be funded or experience a liquidity event. However, the application for a patent appears to matter more than its grant.     

中国上市公司流通股本成本研究

本研究用Fama和French(1999)方法,针对中国股票市场的特有问题进行相应的调整,动态测算了1990-2002期间我国上市公司的流通股价值内部报酬率与成本内部报酬率。研究发现,样本期内,上市公司总体上为流通股股东提供的基准回报率(或盈亏平衡回报率)在逐步降低。这意味着公司管理层所能观察到的有效贴现率(effectivediscountrate)在不断下降。投资决策的“门槛”的不断降低,是上市公司未能给投资者创造价值的重要原因。     

风险投资运行中道德风险的防范与控制

本文主要分析了风险投资中道德风险产生的原因及表现形式，并通过对国外风险投资道德风险控制的制度设计的研究，得到了关于我国风险投资发展的一些相关启示。