Ethnicity in housing markets: Buyers,sellers and agents

This paper examines how ethnicity related to cultural differences arising from ethnic background affects housing market transactions in the Atlanta metro area. Using both the US Census and Wikipedia approaches to infer ethnicity from individuals' names, we find that the interplay of buyer, seller, and agent ethnicity composition affects interaction in the housing market. Sellers working with listing agents in the same ethnic group set higher listing prices and enjoy higher selling prices and quicker sales. Agents working with same ethnicity buyers yield higher prices and liquidity. Even though sellers only communicate with buyers through their agents, houses sold by sellers to buyers of same ethnicity have higher prices and sell faster. And while the ethnic mix of agents and their clients matter, the ethnic mix of agents in the transaction does not.     

Time-varying connectedness of metropolitan housing markets

We construct a time-varying measure of connectedness for 382 U.S. metropolitan housing markets using monthly house price data from 1975 to the present. Housing connectedness in the long run is found to be much stronger than the instantaneous connectedness, both of which exhibit notable variation over time and across metropolitan areas. Unlike stock market connectedness, housing market connectedness leads the business cycle; it helps predict the likelihood of future recessions.     

机构投资者影响下独立董事治理效率变化研究

本文采用面板数据模型（Panel Data）及混和截面数据模型（Pooling Data）考察了机构投资者对独立董事治理效率的实际影响.发现引入机构投资者后,独立董事治理效率发生显著的提升,而且在机构投资者长期持股的样本中,机构投资者持股比例与后一期独立董事比例显著正相关,从而证实了机构投资者在促进独立董事制度建设上的积极作用.本文研究结果的政策意义在于可以通过发展机构投资者,从而将建立独立董事制度的强制性要求变为市场效率的自觉要求,并且由此提高独立董事制度运行效率的新思路.     

Independent boards and the institutional investors that prefer them: Drivers of institutional investor heterogeneity in governance preferences

Institutional investors report that they prefer to invest in firms with greater board independence despite the fact that researchers have been unable to demonstrate a link between board independence and firm performance. We investigate whether differences among institutional investors affect these preferences. We find that trading strategies have some effect but that mutual funds—facing the strongest institutional pressures—have significantly stronger preferences for firms with greater board independence than do other types of institutional investors. This suggests that institutional investor preferences for independent boards are at least partially driven by institutional pressures rather than anticipated reductions in agency costs. Copyright © 2013 John Wiley & Sons, Ltd.     

The capitalization of metro rail access in urban housing markets

Increasing access to public transportation (including metro rail) can help alleviate traffic congestion and address climate and environmental priorities. Living close to a metro line may be especially important in terms of providing improved commuting options. However, proximity to metro lines can also be associated with negative externalities, such as noise and crime, that may make living near a station less desirable. One way to assess the net value that residents place on metro rail access is to examine how proximity to metro lines is capitalized into house prices. Using a hedonic spatial difference-in-differences model, we analyze the impact of proximity to the stations on the Gold and Expo Lines in Los Angeles, California, on nearby house prices. Our findings suggest that the capitalization effect is heterogeneous. Some residents value living near new metro stations, while others do not. Overall, our results provide evidence that the value residents place on metro rail access varies based on their income levels and other demographics.     

Managing liquidity in research‐intensive firms: signaling and cash flow effects of patents and alliance activities

The effective holding and management of liquid assets is critical to success in research‐intensive industries. The primary output of invention is new knowledge. However, because of its ‘sticky’ characteristics, knowledge may not easily diffuse to external shareholders, leading to knowledge asymmetries between managers/employees and external suppliers of capital. Many valuable R&D projects may thus fail to attract external financing, limiting a firm's ability to invest in R&D. In this study, we examine how the cash flow and signaling properties of a firm's patents and certain aspects of its alliance strategy can attenuate such problems. Specifically, we suggest that a firm's R&D investments positively predict the level of its liquid asset holdings. This is due to the fact that invention‐induced knowledge asymmetries increase the firm's cost of accessing external liquid capital. However, holding cash entails opportunity costs. In this regard, we also find that patent production and certain alliance activities provide important signaling mechanisms, which reduce knowledge asymmetries between the firm and capital markets, and consequently lower the firm's need to hold liquid assets. Empirical tests were conducted using a sample of 108 U.S‐based biotechnology firms. Copyright © 2009 John Wiley & Sons, Ltd.     

投资者保护视角下的管理层收购新理论

效率提高说和财富转移说是解释管理层收购的既有理论假说，它们存在彼此对立、分割和没有对转型国家的管理层收购(MBO)实践及其新特点给出解释两大缺陷，为弥补既有理论的不足，本文提出了一个新的理论框架，解释了投资者保护与管理层收购绩效源泉的关系，指出提高投资者保护水平是促生效率型管理层收购的关键。     

企业内部控制研究述评：基于投资者保护的视角

投资者保护是我国资本市场繁荣的重要保障。投资者保护一方面作为企业内部控制的环境变量,会促进企业完善内部控制系统;另一方面投资者保护又是企业内部控制的结果变量,反映了企业内部控制运行效果。文章基于投资者保护的视角,从理论基础、内控质量评价、投资者保护以及内控质量与投资者保护的关系等四个方面综述了企业内部控制与投资者保护的国内外研究成果,分析了其研究不足,并从理论创新、投资者保护框架、公司价值与研究视角等进行了研究展望。     

制度的数学模型与制度设计的两个基本准则

本文根据制度的一般定义，建立了制度描述的一个数学模型，即制度可用行为集中的一条封闭曲线来描述，在此基础上，论述了制度边界的存在及其数学描述，根据对待制度边界的态度，区分了积极型和保守型两类经济系统。提出了制度设计和制度安排应遵循的两个基本准则，即制度应在行为集X中明确区分出可行集与不可行集，制度设计应尽量减小制度边界，使之趋近于零。     

城乡劳动力市场一体化的条件：基于制度变迁的视角

城乡劳动力市场由分割走向一体化是重大的制度变迁过程,其实质是政府、企业、城乡劳动力多方的利益博弈过程。从制度变迁的角度看,城乡劳动力市场一体化的条件在于外部利润的存在以及各利益集团的成本-收益比较。要加快城乡劳动力市场一体化进程,必须从这些条件的影响因素着手。     

我国中低收入家庭住宅负担能力分析及政策建议

中低收入家庭的住房问题日益成为人们关注的焦点。我国中低收入人口所占比重大，经济收入低，面对当前的房地产市场的发展状况，如何解决中低收入家庭的住房问题成为政府首要任务，影响着整个社会经济发展与和谐稳定。文章结合历史数据，对我国中低收入家庭住宅负担能力进行了定性和定量分析，分析其供需现状矛盾以及产生原因，提出政策建议     

国有企业产权改革的规则

本文认为国有企业的产权改革是社会财富重新分配和产权界定的过程，目前规范这一过程的规则是政府规则和市场规则。这两种规则都存在一定的局限性，政府规则的随意性带来了严重的腐败和政府行为的不可预见；市场规则则使得国有企业的产权改革遭遇到了前所未有的抵触，而且追求帕累托效率的市场规则忽视了公平，交易费用的概念也不适用于分析基础性的制度变迁。我们认为，应该用宪政规则来规范国有企业的产权改革，它兼顾了公平并且内在的具有解决利益冲突的能力。     

The effects of mergers in markets for differentiated products

Several authors have studied conditions in which price-increasing forces associated with mergers in ahomogenous oligopoly might be offset by price-decreasing forces associated with rationalization of production. Analogously, in the case of mergers between producers ofdifferentiated products, economies of scope are a possible price-decreasing force. The interrelationship of demands can be another one. Edgeworth showed the possible strength of this latter force in demonstrating that the imposition of taxes on substitute products can cause the prices of all of them to fall. That paradoxical result is directly relevant since effects of mergers are shown to be equivalent to those of properly chosen taxes. Nevertheless, it is shown that the Edgeworth phenomenon does not carry over to mergers i.e., demand forces on their own are not sufficient for mergers to lead to reductions in all prices — although some price reductions are possible. The paper also develops conditions for all prices to rise after a merger. General conjectural variation models in both price and quantity are considered. Finally, it is shown that mergers cannot increase welfare in linear models with Bertrand or Cournot competition. The implications of the results for merger policy are briefly discussed.     

家族企业所有者间控制权配置选择与演进

本文在现有研究基础上，引入家族性利他主义规则制度变量，探讨了投资者权益司法保护与家族性利他主义规则两类制度变量对家族企业所有者间控制权配置选择的影响。本文研究表明，两类制度变量约束下的投资者权益保护状况越好。则所有者间控制权或。股权配置可能的分散程度就越大。司法保护制度变量的状态决定了控制权或股权的分散配置是否能够突破家族的界限。并且上述结论对中国家族企业的未来演进具有现实的含义。     

Imbrications of institutional logics: the case of an e‐government initiative in Greece

This paper examines critically whether e‐government initiatives can be conceived of as representing a shift from a bureaucratic to a citizen‐centric institutional logic. We draw upon a longitudinal study of a Greek e‐government initiative that introduced one‐stop shops for the delivery of government services. Based on institutional theory, we provide a framework that illustrates the domains of institutional change that accompany e‐government projects and show how such institutional change can be understood as complex imbrications of contrasting institutional logics rather than one institutional logic displacing another. We argue that imbricated logics may have many unintended consequences which are not simply the outcome of either of the logics but are emergent from the imbrication.     

On the incidence of commissions in auction markets

We analyze the welfare consequences of an increase in the commissions charged by intermediaries in auction markets. Commissions are similar to taxes imposed on buyers and sellers, and standard economics suggests that both sellers and buyers are made worse off by the tax. However, we show that when the buyers' participation constraint binds and when sellers set optimal reservation prices, the level of commissions correlates to participation and reservation prices in such a way that participating buyers strictly gain from higher commissions.     

电力企业实施人才第一战略的思考

从建设"一强三优"的现代公司出发,阐述了人才的内涵与基本特征,并提出了电力企业实施人才第一战略的机制、制度建议.