创造有限的买方市场

目前买方市场超额供给引起的供求失衡状态已成为我国宏观经济总量调控的主要目标。调整产业结构,克服行政干预和垄断,加强市场研究,改变大量滞销积压和需求不足的局面,是创造有限的买方市场最佳思路。     

Capital market liability of foreignness of IPO firms

This study contributes to the capital market liability of foreignness (CMLOF) literature. Utilizing the context of foreign IPO firms, we investigate how long CMLOF lasts, if CMLOF turns into capital market advantage of foreignness (CMAOF) over time, if the global financial crisis influences CMLOF, and how some firms mitigate CMLOF after IPO. Utilizing an explanatory sequential mixed methods design, we quantitatively analyze 549 foreign IPO firms and qualitatively analyze 1233 units of data and show quantitatively that CMLOF does diminish after one year and turns into CMAOF after 3 years for IPO firms and qualitatively reveal strategies to mitigate CMLOF.     

"五一"车市为何冷清清

眼巴巴看着“五一”消费黄金周渐渐离去，汽车厂商们不由深深地叹了一口气，原本打算好好赚上一把的如意算盘又一次落了空。面对市场这一无形的巨手，他们显得那么的沮丧和无奈……     

Labor market differentials and the expected gain from search

Several recent empirical studies have used the residuals from estimated earnings equations as explanatory variables in models of on-the-job search and quit behavior. It has often been argued that the coefficients on these “market differential” variables are biased downward because estimated residuals overstate the “true” quasi-rent or disincentive to search for alternative employment. This argument—that observed wages include implicit payments for workplace and person-specific characteristics not fully specified in earnings models— ignores an opposing bias associated with the value of being able to reject unattractive wage offers. As a consequence, there is no unambiguous a priori relationship between estimated wage residuals and the theoretical expected gain from search. Some evidence bearing on the relative magnitudes of the two biases is discussed.     

Labor market institutions,firm-specific skills,and trade patterns

This paper studies how a country's labor market institutions, by affecting workers' skill acquisition, can shape its export patterns. I develop an open-economy model in which workers undertake non-contractible activities to acquire firm-specific skills on the job. In the model, labor market protection raises workers' incentives to acquire firm-specific skills relative to general skills, turning labor laws into a source of comparative advantage. In particular, the model shows that countries with more protective labor laws export relatively more in firm-specific skill-intensive sectors at both the intensive and extensive margins. To test the theoretical predictions, I construct sector proxies for the firm-specific and industry-specific skill intensity by estimating returns to firm tenure and industry tenure for different U.S. manufacturing sectors during the 1974–1993 period. By estimating sector-level gravity equations for 84 countries using the Helpman–Melitz–Rubinstein (2008) framework, I find evidence supporting the predicted effects of labor market institutions at both margins of exports.     

Protection of the weak consumer under product liability rules

The author examines how the weak consumer is treated in one of the main areas of consumer protection, namely product liability. One should distinguish between the weak consumer in a physical sense, especially children, elderly or disabled persons, and in an intellectual sense, namely people with insufficient education or illiterates. If the judge in product liability cases uses the model of the average consumer as a standard to determine the defectiveness of a product, weak consumers will be underprotected. The author suggests that, if the product may be used by a set of weak consumers, the producer should provide for adequate safety measures directed at this group. On the other hand, there is a third kind of weak consumer, namely the weak consumer in an economic sense. The raising of producer's liability may result in an increase in prices for products harmful to low income consumers. Therefore, consumer policy should aim at a reduction in social inequalities.

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Schutz des schwachen Verbrauchers im Produkthaftungsrecht

Zusammenfassung Der Autor untersucht die Stellung des schwachen Verbrauchers in einem der zentralen Gebiete des Verbraucherschutzrechts, nämlich der Produkthaftung. Dabei sollte man zwei Typen von Schwäche unterscheiden: einmal in einem physischen Sinne, etwa Kinder, ältere Menschen, Behinderte, dann in einem intellektuellen Sinn, etwa Menschen mit unzureichender Schulbildung, Analphabeten, in gewisser Weise auch der Landessprache nicht mächtige Ausländer. Wenn der Richter in Produkthaftungsstreitigkeiten den Durchschnittsverbraucher als Maßstab zur Bestimmung der Sorgfaltspflicht des Herstellers verwendet, so ist der schwache Verbraucher nur unzureichend geschützt. Der Autor schlägt vor, daß in den Fällen, in denen ein Produkt auch zum Gebrauch einer Gruppe von schwachen Verbrauchern bestimmt ist, der Hersteller hinreichende Schutzmaßnahmen auch und gerade für diese spezifische Verbrauchergruppe unternimmt. Dies mag zu einem Preisanstieg für solche Produkte führen, was gerade den ärmeren Verbrauchern Nachteile bringt. Aus diesem Grunde muß die Verbraucherpolitik soziale Disparitäten beseitigen.

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Santiago Cavanillas Múgica is Professor of Private Law at the University of the Balearic Isles, c/Miguel de los Santos Oliver, 2, E-07012 Palma de Mallorca, Spain.     

Labor market outcomes under digital platform business models in the sharing economy: the case of the taxi services industry

Business Economics - This research investigates the effects of ride-sharing online platforms on the taxi and limousine industry. It also compares and contrasts labor market outcomes between...     

"五一"车市:一半是海水一半是火焰

从“五一”黄金周各地车市的销售情况来看，有些地方出现了销售热潮，部分车型甚至出现了供不应求的现象；而有些地方则依然冷清，市场不见起色。用“一半是海水、一半是火焰”来形容今年“五一”车市是再恰当不过了。     

虚拟经济下劳动的新变异

现在许多对虚拟经济的研究主要集中在金融体系中的虚拟资本,本文试图拓宽研究视野,认为虚拟经济的虚拟性不仅表现在虚拟资本中,而且表现在传统经济增长因素中。在虚拟经济条件下传统增长因素劳动也相应发生了新变异,本文将劳动分为普通劳动和虚拟劳动,虚拟劳动的劳动过程、劳动成果和劳动的定价方式都已经虚拟化,这种虚拟化的劳动是虚拟经济增长的动力所在。     

Futures market equilibrium under Knightian uncertainty

This paper examines the effects of Knightian uncertainty on a commodity futures market within the Newbery‐Stiglitz framework. It is shown that Knightian traders act more conservatively. In a partial trade equilibrium, risk aversion and Knightian uncertainty have qualitatively similar effects on the equilibrium price and the equilibrium trading volume. Full‐trade and no‐trade equilibria are likely to prevail when the producer and the speculator incur different Knightian uncertainty. Herein different impacts of risk aversion and Knightian uncertainty are observed. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:701–718, 2003     

Contextualizing speed and cross-border acquisition performance: Labor market flexibility and efficiency effects

There is general agreement that acquisition integration is decisive for acquisition performance. Despite this consensus, there are heterogeneous results on integration measures, such as integration speed with empirical research supporting the benefits of either fast or slow integration. We argue that the business environment surrounding acquisitions has the potential to reconcile conflicting findings. We develop how institutional factors (i.e., labor market flexibility and efficiency) influence the relationships between speed of human and functional integration on acquisition performance. With a sample of 203 transactions from acquirers from central Europe and Scandinavia, we find human and functional integration speed have divergent effects on acquisition performance. Further, both relationships are moderated by labor market flexibility and efficiency, but in different ways. Implications for research and practice are discussed.     

Subsidiary capability upgrading under emerging market acquirers

This article leverages a case study of a recent Chinese acquisition in the United Kingdom to explore the upgrading of capabilities in the subsidiaries in developed countries acquired by emerging market multinational enterprises (EMNEs). The seemingly implausible upgrading phenomenon is explained by the EMNEs’ complementary assets, their GVC lead firm positions and the unique power relationship between the acquirer and acquired firms, which enable the EMNEs to ‘impel’ upgrading and encourage ‘co-learning’ in their acquired subsidiaries. The contributions to the literature on EMNEs, global value chains, and organizational learning are outlined and discussed.     

Institutional voids,liability of origin,and presence of women in TMT of emerging market multinationals

This study examines the association between the pervasiveness of institutional voids in emerging markets and the inclusion of women in top management teams (TMTs) by emerging market multinational corporations (EMNCs) as a legitimation strategy. Leveraging institutional theory, we argue that EMNCs increase women presence in TMTs as a legitimation strategy to overcome the challenges of stakeholders' skepticism in foreign markets by disassociating themselves from the image of their home markets. Using a subsidiary level dataset of 1047 EMNCs from 26 emerging countries between 2009 and 2018, we find robust evidence indicating that the pervasiveness of institutional voids at home is positively related to the percentage of women in TMT's EMNCs' foreign units. This effect is particularly stronger for firms operating in countries with high institutional gender parity and low level of corruption.     

On the market viability under proportional transaction costs

This paper studies the market viability with proportional transaction costs. Instead of requiring the existence of strictly consistent price systems as in the literature, we show that strictly consistent local martingale systems (SCLMS) can successfully serve as the dual elements such that the market viability can be verified. We introduce two weaker notions of no arbitrage conditions on market models named no unbounded profit with bounded risk (NUPBR) and no local arbitrage with bounded portfolios (NLABPs). In particular, we show that the NUPBR and NLABP conditions in the robust sense are equivalent to the existence of SCLMS for general market models. We also discuss the implications for the utility maximization problem.     

诌议侵权责任法中公平责任之地位

本文对侵权责任法中公平责任之地位进行了论述.     

Inheriting the DNA of emergingness: Strategies of advanced market firms under emerging market ownership

Despite growing concerns about emerging market firms (EMFs)' acquisitions in advanced markets, the influences of emerging market ownership on advanced market firms (AMFs) as targets remain largely underexplored. This study aims to conceptually advance our understanding of the environmental adaptation strategies of AMFs under emerging market ownership, focusing on the strategic implications of the “emergingness” encapsulated in the resource transfer from EMF acquirers to AMF targets. Drawing on the institution-based view and resource-based view, this conceptual piece develops an Institution-Resource-Strategy framework and proposes two types of strategies for AMFs under emerging market ownership, namely arbitrage and avoidance, each comprising three varying tactics. We illustrate our propositions using three cases of Japanese firms under Chinese ownership. This study adds to the literature on internationalizing EMFs, the institution-based view of global strategies, and cross-border mergers and acquisitions and offers managerial implications for emerging and advanced market stakeholders.     

Do indigenous firms incur a liability of localness when operating in their home market? The case of China

Liability of foreignness has been one of the building blocks of theories of multinational enterprises. This paper looks at a parallel issue – the liability of localness that local firms may face as a result of foreign firms’ presence in their country. The results show that local Chinese firms enjoy location-based advantages over their foreign counterparts and these, together with their firm-specific advantages, have significant positive effects on their performance. The superior firm-specific advantages of foreign firms appear to erase the magnitude of such effects and create a significant negative impact on local Chinese firms’ performance, and this effect is heightened by foreign firms’ multinationality advantages. The research suggests that local Chinese firms incur a liability of localness, and the extent of the negative impact of such liability on local firm performance is largely dependent on the relative strength of various advantages that the local and foreign firms possess.     

浅析市场经济体制下市政工程管理

随着市场经济体制建设及工程招投标机制的不断完善,之前各个分散的市政工程市场开始融为一个整体,这就使得市政工程市场的竞争变得更加的激烈.针对市政工程,在强化工程质量意识、落实质量责任制、加强诚信建设及加大信誉对工程公司影响等基础上,努力探索市场经济体制下的市政工程管理新形式,以期对市政工程管理建设的进步起到推动作用.