Vertical Integration and Costly Demand Information in Regulated Network Industries

We study how vertical integration affects the acquisition and transmission of demand information in regulated network industries. Demand information helps to set the access price, incentivize infrastructure investment, and foster competition in the unregulated downstream market. We show that when demand information is costly and private, the optimal access prices are independent of demand levels. Vertical integration then secures greater welfare in new markets where little demand information is available or where infrastructure cost is low, or when investing is highly risky. In the remaining cases, vertical separation is preferable.     

Vertical Contracts and Downstream Entry*

We study the implications of different contractual forms in a market with an incumbent upstream monopolist and free downstream entry. We show that traditional conclusions regarding the desirability of linear contracts radically change when entry in the downstream market is endogenous rather than exogenous. By triggering more entry than two-part tariffs, wholesale price contracts can generate higher aggregate output, consumer surplus, and welfare. In light of this, the upstream monopolist may prefer to trade with wholesale price contracts as well as to give up part of its bargaining power when it is high.     

Emerging Industries and the Burnout of Pioneers*

During the past decade, the public has become fascinated both by the impact of technological change on our daily lives and also by the management of the companies working to create these changes. Perhaps no other issues in current business practice have been discussed so frequently in the mass media. Francisco-Javier Olleros has taken an insightful look at an interesting yet much ignored phenomenon, namely, the frequent demise of firms which pioneer the commercialization of radically new technologies. Against the background of today's high-tech fever, the discussion presented here should help us develop a more realistic and sober view of new, emerging industries and of the merits and limitations of technology-driven competitive strategies.     

纵向研发合作中的投资决策与甄别合同设计

纵向研发合作中,研发产品的收益类型为开发单位的私有信息。本文考虑纵向研发合作中研究单位的单边合作性投资激励问题,建立了信息不对称时的投资决策模型,为研究单位设计了一个根据收益类型的先验概率制定相应的投资策略的信息甄别合同。研究结果表明：信息不对称导致研究单位的投资积极性降低,且投资水平随着风险率递减;当研发产品的收益类型增加或者开发单位的保留收益水平降低时,信息不对称导致的研发合作效率降低程度减少。为了缓解信息不对称导致的投资不足问题,结合信息披露和期权理论设计了一个退出权合同。     

纵向一体化趋势和市场竞争力关系研究--以江苏制造业的实证为例

本文运用I—O(投入产出表)法中Davies—Morris指数法,旨在分析一个产业或企业内纵向一体化的趋势。论文实证检验了江苏省制造业的纵向一体化的状况,估计和分析了江苏制造业的16个产业和各产业前5名的80个企业的纵向一体化趋势,并与其他国家的状况进行比较。     

Race,Compensation and Contract Length in the NBA: 2001–2002*

We study race and pay in the NBA for 2001–2002. For players who were neither free agents nor on rookie scale contracts, there were large, statistically significant ceteris paribus nonwhite shortfalls in salary, total compensation, and contract duration. But for players under the rookie salary scale (first‐round draft picks) and free agents, race effects were small and insignificant. These results suggest discrimination against marginal nonwhite players.     

中国劳动密集型产业竞争力提升出路何在——新《劳动合同法》实施后的调研

本文在企业调研的基础上对新《劳动合同法》实施后劳动密集型产业竞争力的提升问题进行了研究。调研中我们发现新《劳动合同法》并没有增加守法企业的用工成本;工资上涨不是《劳动合同法》实施的结果;《劳动合同法》有助于维护正常的用工秩序;《劳动合同法》实施也没有减少劳动力市场需求。在调研的基础上,我们认为劳动密集型企业升级的路径应是主动将价格优势升级为品牌与渠道优势;注重研发,提升产品档次;注重人才培养,把以人为本的理念落到实处。在经济快速增长的时期,多数企业在快速增长中较少关注创新、品牌与人才;而当经济形势不好时,多数企业就会快速从繁荣到破产。但少数企业家在企业快速增长时期就比较注重自身竞争力的提升,在繁荣时不断提升企业能力,因而在危机时不仅可以渡过难关,甚至可以在危机中发现机遇,在危机中相对提升自身竞争力,在危机过后迎接新一轮增长期。以下两个因素已成为制约劳动密集型产业竞争力提升的障碍:一是中国软实力的不足;二是高水平产业技术工人的匮乏。中国的劳动密集型产业需要发展,更需要升级。可以说,中国的产业将与劳动力素质一起升级;甚至可以说没有劳动力素质的升级,中国的产业升级将仅是镜中花,水中月。在可以预计的时期内,中国劳动密...     

Costly Information Disclosure in Oligopoly

We examine the effect of competition on the incentive of firms to disclose quality to consumers before trade when information disclosure is not costless. We demonstrate that no firm will disclose information in the limit, no matter how small the disclosure cost is; that is, the market outcome converges to complete concealment of information as the number of competing firms becomes larger. Nonetheless, it can be shown that under a mild condition, the equilibrium amount of information disclosure is socially excessive for any number of firms, so discouraging information disclosure by levying a tax may increase social welfare.     

Antitrust in High-Tech Industries

Recent economic growth has been led by high-technology industries (See Jorgenson, Ho & Stiroh (2005) for a summary of the research on the recent acceleration of productivity growth). Many firms in these industries have achieved a dominant market position, thereby attracting the attention of competition authorities, often resulting in major monopolization cases. Unfortunately, this attention has not resulted in improved market outcomes. In this paper, we evaluate the effect of Section 2 Sherman Act cases brought against IBM, AT&T, and Microsoft. We conclude that these cases had limited effect on consumer welfare because they did not stimulate entry or innovation. In these industries, competition authorities cannot expect to promote simply an expansion of output and lower commodity prices; rather they should focus their remedies on promoting innovation—new products that replace or compete with the dominant firm’s products.     

Interconnection in Network Industries

Recent deregulation of telecommunications in the U.S. and elsewhere has highlighted the importance of interconnection in network industries. In this paper, we analyse interconnection in a deregulated network where the participants compete in the final retail market. We consider both the case of a mature industry as well as one where a new entrant challenges the incumbent. In the later case, network externalities allow the incumbent to use the terms of interconnection to maintain its dominant position. Moreover, in either case, competition in the retail market can be undermined by collusion over access prices. We discuss the implications for some of the provisions of the new U.S. Telecommunications Act, specifically mandatory interconnection and reciprocity of tariffs, comparing these to the simple bill and keep rule.     

Strategic Alternatives in Emerging Industries

Managers of firms in emerging industries face major challenges in coping with the day-to-day crises that arise from constantly changing operating conditions. But they also face more subtle strategic challenges that have to be addressed successfully if the firm is ultimately to survive. Rod Macdonald says there are three basic strategic options for these firms, and in this article he provides the analysis to help managers think their way through the difficult choices.     

论高新技术企业信息披露的创新

本文通过对高新技术企业主要特点的分析,提出高新技术企业的信息披露应在披露内容、披露方式、披露时间、披露监管等方面进行创新,并对创新的具体内容进行了分析。     

Market Leadership Volatility in Japanese Industries

The paper computes the extent of marketleadership volatility by industry, and then examinesthe determinants of volatility in Japanesemanufacturing industries. Volatility varies fromindustry to industry, and changes over time in manyindustries. Concentration coexists with lessvolatility, suggesting that the former has a policysignificance. Concentration change has a significantand positive effect. Exports have avolatility-promoting effect, but imports have noeffect. Industry size tends to decrease volatility.The effect of industry growth is not found.Advertising, R&D and distribution channel have nodefinite effect respectively as well.     

对煤炭企业实行主辅分离过程中有关财务管理问题的探讨

随着煤炭企业全面走向市场和企业内部改革的不断深化 ,一些企业已不同程度地将后勤辅助单位从主业中分离出来 ,促其加强管理 ,逐步实现依靠自身求生存的目标。在主辅分离的过程中 ,为保全国有资产 ,财务管理工作应注意处理好以下几个方面的问题。一、分离后的后勤辅助单位的财务管理方式实行主辅分离的目的是为了培育后勤辅助单位自主生存、自我发展的能力 ,又由于其现阶段生存能力差 ,所以应实行内部模拟法人运行机制 ,各主办单位对后勤辅助单位应坚持自主经营 ,以收抵支 ,自负盈亏的原则。后勤辅助单位对内对外提供劳务和出售商品 ,均应按…     

Unobservable Risks in Mortgage Contract Choice

This study proposes a lifetime utility maximization model where borrowers choose optimal mortgage bundles including mortgage type, loan‐to‐value and loan size to maximize their allocation of limited budgets between housing and nonhousing consumptions. The model predicts that the mortgage bundle choices by borrowers of different income and risk attributes explain significant variations in the ex post default risks of the borrowers. The empirical tests using sampled mortgages pooled in nonagency residential mortgage backed securities support the hypothesis that the optimal choice of mortgage bundles reveals hidden risk factors of borrowers, which, if ignored, could lead to misjudgment of ex post default of borrowers.     

合同审计浅探

随着企业体制改革的不断深化,军工企业逐渐脱离了计划经济体制下的单一经费来源、单一研制任务的状态,生产经营活动日趋复杂化。企业在经营活动中,     

制造业生产效率的国际比较

本文通过对劳动生产率工业增加值率、劳动报酬占增加值比重等指标进行国际比较,分析了我国制造业与世界先进水平的差距,并在这外基础上概括出具有相对优势的行业和有双重劣势的行业,国际比较发现,劳动生产率的差距使我国劳动力成本低的优势得不到有效发挥。     

竞争机制与网络产业的规制改革

能否以及如何在铁路运输、电信力、城市公用事业等网络产业引入竞争机制是我国经济体制改革攻坚阶段面临的一个重大而富有挑战性的课题。本文分析了我国网络产业现行体制的弊病以及垄断对其规模经济和范围经济的损害，就该类产业引入竞争机制，弱化其对特定传输网络的依赖，从而通过强化市场机制和厂商内在激励改进其供给效率提出了政策建议。