Evolving Weak-Form Informational Efficiency of Indian Stock Market

This empirical study deals with the changing weak-form informational efficiency of Indian stock market in recent years. The data cover daily information on BSE-100 index for a period of nine years from January 4, 1993 to December 31, 2001. In order to assess the evolving weak-form efficiency over time, entire data period is partitioned into 18 sub-periods and spectral shape tests are carried out separately in each sub-period. Based on empirical results it is seen that the extent of informational efficiency (weak form) of Indian stock market fluctuated substantially from sub-period to sub-period. The market was considerably inefficient during each sub-period till June 1996, achieved high level of efficiency during July 1996 to December 1999 and showed efficiency at relatively lower level thereafter except little aberration during 2000.

     

企业资源与并购绩效——一个非线性分析视角

本文以2005～2007年发生并购的171家A股并购上市公司为样本,利用多元自适应回归样条非参数回归方法就企业资源与并购后的绩效、绩效改善程度间的非线性关系进行实证考察。研究结果表明,并购企业人力资本对并购后的绩效存在总体为正的显著的阈值作用;物质资本不仅对并购后的绩效及绩效改善程度存在阈值作用,还通过与股权集中度的显著负向交互作用影响并购后的绩效及绩效改善程度。此结论为并购绩效实现过程中不同资源要素的非线性贡献机制以及大股东对企业资源的掠夺行为提供了证据。     

中国股票市场的渐进有效性研究

本文研究了中国股市是否弱式有效。不同于传统的检验方法 ,本文的实证分析运用了特别适合于转轨经济体中新兴股市的渐进有效性检验 ,该方法采用时变系数的AR( 2 )自回归模型 ,同时考虑到“波动集群”的异方差影响 ,更能清晰地反映出市场有效性的动态演进过程。加之分年度检验的结果 ,我们有把握认定中国股市从 1 997年开始呈现弱式有效。     

Indian Geopolitics,the United States and Evolving Correlates of Power in Asia

India has been poorly understood and often neglected by the United States. Its emerging role and geopolitical importance in the evolving correlates of power in Asia has been underestimated and overlooked by America until recently. The following article traces the changing dynamics of India's geopolitical posture to better inform our understanding of where India is headed as an international actor before assessing India's current place in the evolving strategic environment in Asia. It also asserts that the key to India's future geopolitical disposition is to be found in how the idea of India evolves as a concept. The outcome of the competition between Indian secular and Hindu fundamentalist ideologies will play a key role in how India's internal dynamics and international posture evolve.     

基于效率视角的企业社会责任业绩评价研究

企业社会责任业绩评价是当前会计领域研究的一个焦点问题。很多学者纷纷涉入这个领域进行研究,并提出了许多有代表性的方法。通过分析这些方法的优缺点,并结合我国的实际,指出这些方法在我国应用存在诸多的问题,同时从效率视角提出了评价企业社会责任业绩的新框架。     

中国区域能源效率趋同性研究:基于空间经济学视角

文章首先采用基于投入导向的规模报酬不变的超效率DEA模型测算了1991-2008年中国各地区的能源效率,然后进行了地区能源效率的空间相关性分析,并基于空间计量分析方法对能源效率的趋同性进行了实证检验,同时还探寻了造成能源效率地区差异的影响因素。结果表明,我国区域能源效率之间的正相关性逐渐增强,能源效率分布呈空间集聚趋势;在样本期内,我国能源效率存在绝对β趋同特征,且条件β趋同迹象也很明显,产业结构、工业化水平、政府行为和FDI等因素是造成能源效率地区差异的重要原因。     

国有企业改革：效率与公平的视角

本文概述了中共十四大以来国有企业改革战略的转变历程,评价了国有企业改革在提高经济效率方面的表现,并就国有企业改革在社会公平方面的表现做了分析.本文认为,今后改革的任务是充分重视过去改革的缺陷所造成的各种具体问题,进一步采取必要的措施解决这些问题,而不是改变改革的方向和基本战略.否定和偏离十四大以来形成的改革方向和基本战略.只能退回到传统的国有企业体制,那样将不仅损害经济效率,也损害社会公平.     

Time Varying Efficiency in Indian Sectors: An Event Study on Demonetization

The study examines the level of inefficiency present in three different sectors of India. More specifically, it applies different estimation techniques to measure the level of efficiency across the agriculture, service and manufacturing sectors by choosing twenty stocks from each of them. Since there are multiple industries belonging to a particular sector, capturing the intra-industry differential in their efficiencies is also crucial. Presence of long range dependence and the time-varying efficiency across the industries belonging to different sectors have been tested. Then, the impact of recent macroeconomic event of Demonetization on these industries have been explored using six event windows. The results confirm that the impact of this event on the industry returns are mostly negative and significant. However, the magnitude of impact varies across industries depending on the level of demand uncertainty and their cash dependence. Finally, the robustness of our findings has been checked using fixed effect panel regression which further validates the results of the event study.

     

The Issue of Efficiency and the Role of State in New Institutional Economics: A Critical Perspective

ABSTRACT

This article scrutinises and criticises the notion of efficiency and the role of state in the emergence and evolution of institutions and property rights within the tradition of new institutional economics. Specifically, the attempt is to criticise the efficiency view of the formation of property rights and institutions. It is shown that the efficiency concept cannot provide a sufficient rationale for explaining the origins of private property. Additionally, some recent developments of North's thought are critically scrutinised, showing that his theoretical apparatus could be conceived as a paradise for the eclectic. Further, the role of the state in different versions of the theory of property rights – with a special reference to North's treatment of the notion of state – is, also, critically examined. Although North’s work has virtues compared to the ‘naïve model’ of property rights by recognising and addressing the role of the state and the issue of power in the formation of property rights and institutions, he does not succeed in fully accounting for the existence of institutional arrangements, due to his adherence to an individualist framework.     

Size Does Matter: Technical and Scale Efficiency in Indian State Tax Jurisdictions

Data Envelopment Analysis (DEA) is used to measure tax efficiency in 15Indian states from 1980/81 to 1992/93. Tax efficiency is shown to be conditional on state gross domestic product (SDP), agriculture's share in state SDP,and a poverty index. The considerable remaining efficiency differences areattributable to the small size of some tax jurisdiction rather than to technical inefficiency. Multilateral Malmquist tax indices show that six of the states were consistently efficient, while three were consistently inefficient. Tax efficiency grew at an average annual rate of 3.9% until 1986/87, but growth ceased after that date for all but two states.     

Price Discovery and Efficiency of Indian Agricultural Commodity Futures Market: An Empirical Investigation

This study examines the price discovery process and relative efficiency of ten most liquid agricultural commodities’ futures contracts, traded on the largest agricultural commodity exchange of India (National Commodity and Derivative Exchange Limited). Three different common factor methodologies—component share method (Gonzalo and Granger in J Bus Econ Stat 13:27–35, 1995), information share method (Hasbrouck in J Financ 50:1175–1199, 1995), and modified information share method (Lien and Shrestha in J Futures Mark 29:377–395, 2009)—have been employed to determine the extent of price discovery contribution by spot and futures markets. The sample consists of daily data for the period from January 1, 2009 to October 20, 2015. Stationarity and Cointegration test results reveal that spot and futures prices are integrated and cointegrated for all commodities. The price discovery results show that the futures market leads the spot market in case of six commodities, i.e., castor seed, coriander, cottonseed oilcake, soy oil, sugarM and turmeric. Whereas, in the case of four commodities (chana (chickpea), guar seed, jeera, and mustard seed), price discovery takes place in the spot market. Therefore, it could be inferred that futures market is more efficient in price discovery of agricultural commodities. Policymakers could use these results to design futures contracts on other commodities or to plan concrete policies to curb speculation without hampering the efficiency of the agricultural commodity derivatives market.

     

Trade Liberalization and the Efficiency of Firms in Indian Manufacturing

Has the efficiency of firms in India improved since its liberalization in 1991? The authors attempt to answer this question by analyzing the determinants of firm‐level efficiency in six manufacturing sectors in India while focusing on the effects of liberalization and domestic competition. They find that there was an increase in overall efficiency in the post‐reform period in India in five out of the six sectors. While imports do not seem to improve efficiency, liberalization did increase efficiency in four of the sectors.     

从新制度经济学视角观察中国农贷效率

在考察农户行为的基础上,本文以新制度经济学视角研究了农户借贷行为及其效率,认为中国农户依然多是以生存为第一要务的"生存小农",在其生活圈层之中亲情借贷有效率.国家与农户之间依靠行政科层沟通信息,国家推行农贷的意图通过行政科层会产生变异.扶持"生存小农"发展不可能完全由信贷资金完成.     

基于新制度经济学视角的财政支农效率分析

改革开放以来,我国各级财政逐年加大对农业的投入,但是财政支农效率不高却是不争的事实,如何提高财政支农效率一直是学术界及各级政府开展研究的热点问题,这些研究更多的是从实证方面分析财政支农的效率.本文试图从新制度经济学的视角分析制约财政支农效率提高的各种因素,并提出解决的对策和建议.     

Democracy Evolving: A Diversity of Institutional Contradictions Transforming Political Economy

I analyze democracy as an evolving socio-historical process of autonomy, participative governance, social learning, and institutionalization. I discuss a variety of institutional contradictions, ranging from protective versus developmental democracy, socialist versus capitalist democracy, transcendental versus comparative institutionalism, and utilitarian versus pragmatist democracy. I argue that these contradictions are inherent in the agonistic nature of democracy that is transforming political economy along with the antagonistic interests of its members and institutions. I also present a basic synthesis of some dynamic aspects of democracy that enable and enhance social emancipation and transformation.     

网络位置特征与企业投资效率——基于交叉持股网络的视角

利用2004—2013年中国沪深两市涉及交叉持股的A股上市公司的数据,运用社会网络理论和分析方法,实证考察了企业在交叉持股网络中的网络位置特征对其投资效率的影响。结果表明:成员企业的网络中心性越高或占据的结构洞越丰富,其整体投资效率越高;具体表现为,企业所处的网络位置优越,不仅能有效缓解投资不足,而且有助于抑制企业过度投资;相比国有企业,民营企业的网络位置优越对其投资效率的提升作用更为显著;相比成熟企业,处于企业生命周期初期的年轻企业的网络中心性越高或结构洞越丰富,越能有效提升其整体投资效率。