Land Tenure in the Changing Peri‐Urban Areas of Ethiopia: The Case of Bahir Dar City

Ethiopia's urban expansion and development strategy has been based on the acquisition of land by government from adjacent peri‐urban areas. The land in the peri‐urban areas is predominantly agricultural in nature, and it has been held by local farmers or landholders. This article aims to examine the nature of urban expansion and development from the perspective of the land rights of the local peri‐urban landholders. To achieve this purpose, it has employed a case‐study approach. As urban territory extends into adjacent peri‐urban areas, the land rights of local landholders are expected to be automatically cancelled and transferred to people who can pay for a lease. This shows that very little attention is paid to the land rights of local landholders in peri‐urban areas in the process of urban expansion and development. Therefore, it is not difficult to imagine that local landholders in those areas have a prevailing sense of insecurity about their land.     

The role of mutual funds in the sustainable energy sector

The integration of renewable energy criteria in mutual fund investment decisions could channel private resources into the funding of environmentally related projects implemented by firms contributing to sustainable development. This paper examines the performance of European renewable energy funds that invest globally by comparing their risk‐adjusted returns with those achieved by black energy and conventional mutual funds. It uses Carhart's model on a sample of 81 renewable energy funds, 125 black energy funds, and 4,337 conventional mutual funds. The results indicate that 32.1% of renewable mutual funds—most of which adopt energy producers, renewable energy technology, and energy efficiency‐focused criteria—perform significantly better than the S&P Clean Energy market benchmark, this percentage being affected by the different states of the economy. However, none of them are able to beat the fossil fuel energy (S&P Global 1200 Energy Index) or conventional market benchmarks (S&P Global 1200 Index). Furthermore, 37.04% of renewable energy funds significantly underperform the S&P Global 1200 benchmark. Therefore, the investment in renewable energy funds has a financial cost for investors in relation to conventional fund investors.     

Uncovering the hidden transaction costs of market power: A property rights approach to strategic positioning

A central construct in competitive strategy research is market power, the ability to raise price above marginal cost. Positioning research focuses on attempts to build, protect, and exercise market power. However, this approach contains hidden assumptions about transaction costs. Parties made worse off by the exercise of market power can negotiate, bargain, form coalitions, and otherwise contract around the focal firm's attempts to appropriate monopoly profits—depending on transaction costs. We build on property rights economics to explain how transaction costs affect positioning and offer propositions about successful positioning in an environment with transaction costs.     

我国上市公司投资者公共关系研究

我国股票发行制度的变革,使原来的以核准制转变为注册制,由此掀开了公开发行股票募集资金的发展序幕,上市公司要募集资金就要重视投资者的利益,合理的处理上市公司投资者、债权人以及股东之间的关系。     

中小企业融资瓶颈及对策分析

中小企业融资难是世界级难题,为此我国政府应该力求信贷改革;同时中小企业也要优化融资环境,提高信用等级,拓宽融资渠道,募集更多的资金。     

关联交易非关联化问题治理研究

关联交易非关联化的典型表现是以不违规的交易形式掩盖其违规的实质,使关联方交易更加隐蔽,由此逃避了关联交易规范的约束,最终扰乱资本市场。加强上市公司关联交易的监管,对于保护投资者的合法权益、维护资本市场的繁荣与稳定具有十分重要的意义。本文通过对正常情况下关联交易与非关联交易的对比,分析关联交易转为非关联化原因,并从会计法规角度提出治理措施,以期对加强我国关联交易的管理提供参考。     

Impact of Chinese Agribusiness Entrepreneurs on the Local Land Market in the Russian Far East

Chinese originally migrated to the Russian Far East (RFE) to fill a labor shortage on collective farms. In more recent decades, some Chinese migrants have chosen to lease land from Russian farmers to manage their own farms. Rising soybean prices and the trade war between China and the United States have increased demand for land capable of producing soybeans. Thus, Chinese farmers in the RFE compete for land with Russians. The Chinese also contribute positively to local food security by increasing food availability and accessibility. This study uses an econometric model to analyze the impact of Chinese on local land markets in the RFE. Financial support for Russian farmers by the government depresses their demand for land; rising soybean prices and the employment of Chinese farm workers by Russian farmers encourage farm expansion, resulting in higher land prices. Selling farm produce to Chinese merchants increases the amount of land owned, cultivated, and rented by Russian farmers.     

中国农村信用社合作发展策略

农村信用社改革事关农民、农业和农村经济发展的大局。近年来,农村信用社的改革逐步加快,并取得了积极成效,但农村信用社在制度安排、经营管理模式、经营环境、金融监管等方面仍存在许多问题,需要对其进行改革。而农村信用社改革的成功与否直接影响到符合市场经济体系发展要求的农村金融体系的构建和农村经济发展水平的提升,认真研究解决好农村信用社改革问题具有重要的理论和实际意义。而本文针对我们农村信用社现在的发展现状,找出其不足,并针对这些问题提出了相应的对策和建议。     

我国航运企业的融资模式分析

随着WTO的加入,我国航运企业面临着激烈而残酷的挑战。目前我国已有不少航运企业通过公司上市、金融租赁等融资方式,在国际国内资本市场成功地筹集到所需资金。航运企业作为资本密集型行业,比其他行业更需要拓宽融资渠道,以适应国际市场的发展。     

上海市土地使用权出让机制改革研究——基于拍卖理论和上海市土地市场的实证检验

2007年上海市规定住宅用地挂牌出让的现场竞价规则由公开叫价改为一次性书面报价,旨在降低上海市住宅用地的价格.本文在价值相容和可显示信息的假设下,分别建立两阶段升价拍卖模型和混合拍卖模型,刻画改革前后的挂牌机制,指出:竞标者的均衡策略可解释土地挂牌出让中开发商集中在现场竞价阶段内出价,且更倾向在混合拍卖中隐藏信息的行为;当竞价过程中更易于显示信息时,混合拍卖的期望收入低于两阶段升价拍卖,这表明混合拍卖方式能够降低土地价格.上海市的土地交易数据也证明了这一结论.     

A SURVEY OF THE ECONOMICS OF FAIR TRADE

Fair Trade has spread in developing countries as an initiative aimed at lifting poor smallholder farmers out of poverty by providing them with premium prices, availability of credit, and improved community development and social goods. Fair Trade is also viewed as a niche market for high value products in a context of globalization and trade liberalization policies that affect smallholder farmers in developing countries. This paper provides an overview of the potential effects of Fair Trade, both theoretical and empirical, on small‐scale producers in developing countries. Our review discusses the empirical evidence on prices and income, as well as the importance of limited market access and productivity. We discuss evidence on labor markets and human capital investments as well.     

构建专利技术展示交易网络平台技术探析

随着市场经济不断深入发展,以专利为主的技术交易市场日趋活跃,通过技术转让、许可获取创新技术、提高自主创新能力已成为市场主体应对市场竞争的重要手段。但是,当前专利实施与产业化状况形势严峻,技术交易市场发展滞后、技术交易成本高昂、欺诈蒙骗缺乏诚信现象严重,严重阻碍了专利技术的交易、转让、许可,影响了市场主体创造、运用知识产权的积极性,因此有必要搭建一个高诚信、低成本的常设专利技术转移、交易、实施转化网络平台,利用该平台展示推介专利项目及寻找投资商,提高专利转化率。     

Value at Risk in the Suburbs: Eminent Domain and the Geographical Politics of the US Foreclosure Crisis

Several US counties and local governments have recently considered a novel solution to the foreclosure crisis. They plan to use eminent domain to compel the owners of mortgage debt—and specifically of private‐label mortgage‐backed securities—to sell the debt to the government at a price reflecting the loan's market value. The government would then restructure the debt and resell it to new investors. The plans are striking because—in contrast to both development‐driven eminent domain and the federal subprime bank bailout—they would force investors to assume asset devaluation and increased long‐term risk. Notably, the plans have emerged as an instance of financialization‐focused politics in suburbs and suburban cities of color, specifically majority‐black and ‐Latino/a suburbs. Local support for the plans, we argue, is rooted in the long‐term disinvestment of these ‘suburbs of exception', which became targets of subprime lending and eventually sites where the ‘financial exception' has been localized. But these demographic shifts, fragmentation and fiscal pressures have at the same time created a suburban political terrain in which the plans have gained their strongest political support.     

分税制下的地方政府行为激励与房地产市场改革

本文分析了分税制下地方政府介入房地产市场的原因和影响;指出地方政府领导在财政收支压力和政治晋升压力的作用下,通过深度介入房地产市场获得经济发展的资金来源以缓解财政压力,进而获取政治晋升的机会;揭示了地方政府介入房地产市场对经济社会发展造成的一系列深层次矛盾,并最终拉动了房价的上涨。要改变这种局面需要为地方政府建立稳定可靠的收入来源,并对当前的土地出让制度进行深入改革。     

Usufructuary Mortgages in Rural South Asian Economies

A bstract . A section of the informal credit market in an agrarian society is explored, namely the usufructuary land mortgage , a type of money-lending contract that is common in rural economies of South Asia. In this type of transaction, the lender charges no explicit interest on the loan, but since the mortgagee is free to utilize the land for his own cultivation , net income from the land is, in effect, an implicit form of interest payment. Issues relating to the determination of the rate of interest and the oft-found phenomenon of undervaluation of the collateral are discussed. A model is provided that shows the proper relationship between undervaluation of collaterals and the high implicit usufruct rates of interest. This relationship can only be understood by defining the opportunity cost of money in terms of purchasing new land. It is shown that, for any rate of default less than 100%, return from money lending is lower than return from land purchase under certain circumstances. It is then argued that undervaluation of collateral may be a mechanism to compensate the lender for the opportunity cost of his funds.     

Directed Credit? The Loan Market in High‐Growth Japan

Observers routinely claim that the Japanese government of the high-growth 1960s and 1970s rationed and ultimately directed credit. It barred domestic competitors to banks, insulated the domestic capital market from international competitive pressure, and capped loan interest rates. In the resulting credit shortage, it promoted industrial policy by rationing credit.
As much as the government purported to ration and to direct credit, it apparently accomplished nothing of the sort. It did not block domestic rivals to banks successfully, did not insulate the market from international forces, and did not set maximum interest rates that bound. Using evidence on loans to all 1,000-odd firms listed on Section 1 of the Tokyo Stock Exchange from 1968 to 1982, we find that observed interest rates reflected borrower risk and mortgageable assets and that banks did not use low-interest deposits to circumvent any interest caps. Instead, the loan market seems to have cleared at the nominal rates.
We follow our empirical inquiry with a case study of the industry to which the government tried hardest to direct credit: ocean shipping. We find no evidence of credit rationing. Despite the government programs to allocate capital, nonconformist firms funded their projects readily outside authorized avenues. Indeed, they funded them so readily that the nonconformists grew with spectacular speed and earned their investors enormous returns.     

PE投资基金杠杆收购融资博弈分析

近年来,随着我国经济的快速发展,本土私募股权投资基金的规模日益壮大。但是,由于我国相关法律法规的限制以及市场信用体系还不够完善,本土PE投资基金与外资PE投资基金相比尚存在一定的差距,而杠杆收购作为一种新的融资模式,能在一定程度上缓解PE投资机构的资金短缺问题。本文通过构建信号传递博弈模型,在对杠杆收购两个利益主体之间的博弈关系分析中可以看出,债券利率水平高低对PE投资机构杠杆收购能否取得成功将起到重要的作用。     

改革和完善农村征地斜度及其科益机制

在我国农村征地中的利益失衡问题,影响了经济发展和社会和谐。这一现象的表层原因很多,包括土地所有制的缺陷,征地农民、用地单位和地方政府的不平等地位,以及定价机制不合理等;而深层原因就是征地制度及其利益机制有缺陷和不完善。因此,要通过明确征地各方的法律地位、严格界定公共利益范围、转换政府职能、按市场机制定价及合理分配补偿资金、健全法律调解和诉讼制度等途径,改革和完善农村的征地制度及其利益机制。     

A simple macroeconomic model with extreme financial frictions

We develop a simple macroeconomic model with extreme financial frictions (no credit markets) and show that poverty traps can emerge even in the absence of leverage. In our model, farmers produce fruit by renting land from landlords. Crops are exposed to aggregate shocks (weather risk). To guarantee themselves a positive consumption level even after a bad crop, farmers store fruit as precautionary savings and adjust their scale of activity to the level of these savings. The land that is not rented to farmers is cultivated by landlords, who are less productive. We show that there is a unique Markov competitive equilibrium, in which the rental price of land increases with the level of farmers’ savings. A decline in savings, caused by a bad crop, may bring the economy into a ”poverty trap”, even in the absence of any leverage. Fluctuations of output are caused by productivity shocks and amplified by fluctuations in the level of activity of farmers. The simplicity of our model allows us to study analytically why the long run behavior of the economy may differ markedly from the one predicted by the steady state paradigm. Specifically, we show that when the risk-adjusted productivity of farmers is high and the elasticity of the land supply is low, using the steady state paradigm leads to serious mis-estimations of the long run average state of the economy.     

Quotas,Productivity, and Prices: The Case of Anchovy Fishing

I exploit a 2009 reform that introduced individual fishing quotas (catch shares) for Peruvian anchovy—the largest fishery in the world—to assess the causal impact of production quotas on within‐firm productivity and market prices. Unique features of the data allow me to create two alternative counterfactuals: (i) anchovy fishing operations in a region of the country that was mandated to implement quotas with a delay, and (ii) variation in quota allocations across ships. I find that quotas do not increase within‐asset or within‐firm productivity in quantities. Instead, a 200% increase in anchovy prices benefits extraction firms through higher revenues, consistent with two mechanisms enacted by individual fishing quotas: more orderly industry operations reducing excess supply and an increase in bargaining power of extraction firms with respect to fish‐processing. Several market characteristics across geographies differentially affect market prices after the quota regime. Supplementary evidence on fewer operational infractions, higher product quality, and a lower banking delinquency observed during the quota regime suggests the existence of efficiency gains rather than purely rent transfers.