7. The pollution sub-system

In dealing with the assumptions and behaviour of the World 3 pollution sub-system, what is “physically measurable” is described and assessed. Thus there is a contrast between this and much of the actual discussion of disamenities in The Limits to Growth. What are avoided in this sub-system are the difficulties that are encountered in the modelling of social conditions and responses.     

资本大咖们谈如何做好产业投资

要把投资眼光放在未来 鼎信长城集团董事长章华指出,眼下中国正在鼓励直接投资以及去企业的杠杆,这为股权行业带来了新的发展机遇.未来几年做私募基金、产业基金的机构,不是面临趋势向下的格局,而是面临趋势大发展的格局.     

用资本的力量推进产业升级提速

2015年3月17日，由青州市政府主办，青州市金融办、展腾投资集团、青州家家富现代农业集团承办，国际融资杂志独家战略支持的“赴澳上市融资（青州）研讨会暨青州家家富现代农业集团赴澳上市新闻发布会”在山东青州举行。     

京津冀协同发展:发挥金融资本作用 推动产业升级

京津冀区域规划作为国家的经济发展战略,必须要让投融资机构发挥先行作用,助推京津冀的发展．促进产业布局的调整。同时要加强金融改革与创新．让金融更好地服务三地实体经济发展     

The St. Petersburg paradox and capital asset pricing

Durand (J Finance 12:348–363, 1957) shows that the classical St. Petersburg paradox can apply to the valuation of a firm whose dividends grow at a constant rate forever. To capture a more realistic pattern of dividends, we model the dividend growth rate as a mean reverting process, and then use the capital asset pricing model to derive the risk-adjusted present value. The model generates an equivalent St. Petersburg game. The long-run growth rate of the payoffs (dividends) is dominant in driving the value of the game (firm), and the condition under which the value is finite is less restrictive than that of the standard game.     

苹果公司资本历程

按照中国法律及会计制度以及目前的上市惯例,当年的苹果公司不可能在今天中国创业板上市。因为按照中国会计准则的口径,苹果公司还不满三个完整的＂会计年度＂,连报送公开发行申请文件的资格都没有!如今苹果公司的现金持有量却超过了美国财政部。真是富可敌国,而且还是大国     

资本市场发展与我国产业结构升级研究

当前,我国经济发展在总量规模扩张的同时,也正面临着严峻的结构性调整,产业结构升级愈来愈成为经济增长的关键。本文从资本市场的视角讨论了产业结构升级的运行机制,并根据1994-2005年我国资本市场和产业结构有关经济数据,对资本市场融资与产业结构升级的关系进行了实证分析,证明随着资本市场规模日益壮大,对我国一、二、三产业的发展和结构变迁起到促进作用。最后,对我国资本市场存在的不足提出了相关的政策建议。     

资本的年代——2011年度中国CFO春季高峰论坛特别报道

近代史大师、英国剑桥大学著名史学家艾瑞克?霍布斯鲍姆以其蜚声全球的《十九世纪三部曲》(《革命的年代》、《资本的年代》和《极端的年代》),描绘了一幅漫长的19世纪(大约1776～1914年)里横空出世的资本主义如何对世界格局的深刻影响和重新塑造的波澜壮阔的史诗画卷。     

达内的资本运作之路

2014年4月3日．中国最大的IT职业教育达内科技集团宣布成功登陆美国纳斯达克证券交易所。这也是三年之后,中概教育股再度发起冲刺美国资本市场的信号。达内集团也成为第一家在美国上市的中国IT职业教育公司．这对中国职业教育的未来发展具有重要意义     

Dynamic capital structure and the contingent capital option

The financial crisis has emphasized the difficulties for financial companies to raise funds through conventional liabilities. In this environment, hybrid securities are becoming popular. In this paper we study the optimal capital structure of a company issuing a particular type of hybrid security: perpetual contingent capital, i.e., debt that converts into equity under some conditions. A two-period model with endogenous bankruptcy for a company with equity, straight debt and contingent capital is analyzed. We investigate the instrument under different conversion rules: automatic or optimally chosen by equity holders. We show that contingent capital reduces the coupon of straight debt and expected bankruptcy costs but can require a high spread. A trigger imposed by the regulatory authority in terms of par value of debt may induce a little use of contingent capital with an increase of bankruptcy costs.     

The U.S. current account deficit and the expected share of world output

We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which the current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries—more modest than the growth over the past 20 years—the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. A test of current account sustainability suggests that the U.S. is not keeping on a long-run sustainable path. A direct test of our model finds that the dynamics of the U.S. current account—the increasing deficits over the past decade—are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G-7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender—though not the only legitimate contender—for explaining the U.S. current account deficit.     

The design of internal control and capital structure

We study the design of internal control and capital structure.We pose the question, When is control allocated only to shareholdersand when is it allocated to other stakeholders, such as debtholders,or the management team? We show that shareholders (debtholders)get control when the firm's cash flow is relatively sensitive(insensitive) to managerial effort. Our theory implies thatthe signs of the correlations between endogenous variables whenshareholders have absolute control are reversed when debtholdershave veto power. In particular, debt level and firm value arenegatively (positively) correlated when debtholders have vetopower (shareholders have absolute control).     

International capital flows and U.S. interest rates

Foreign purchases of U.S. government bonds have an economically large and statistically significant impact on long-term interest rates. While the dramatic reductions in both long-term inflation expectations and the volatility of long rates contributed much to the decline of long rates in the 1990s, more recently foreign flows have become important. Controlling for various factors, we estimate that absent the substantial foreign inflows into U.S. government bonds the 10-year Treasury yield would be 80 basis points higher. Our results are robust to a number of alternative specifications.     

The myth of Japan's low-cost capital

The low rate at which U.S. companies are investing in manufacturing and the resulting decline in America's competitive position has been a topic of grave concern for more than a decade. During that time, critics have offered many excuses for this shortsighted investment behavior. Yet one excuse has steadily gained adherents and is becoming something of an article of faith--that is, that capital in the United States is more expensive than in other countries, particularly Japan. It is both a popular and appealing argument. Yet authors W. Carl Kester and Timothy A. Luehrman, professors at the Harvard Business School, warn that this argument is not only false but also dangerous. They assert that the empirical evidence does not support the claim that the U.S. manufacturing sector has persistently faced significantly higher average capital costs than the Japanese manufacturing sector. The authors argue that differences in capital costs have been isolated and temporary, not broad and persistent. To prove their point, Kester and Luehrman critically dissect both the common wisdom and the academic studies on the topic. They conclude that in the new global economy, all companies--Japanese, American, European, and others--must compete for the same capital. Some will succeed in obtaining it on temporarily favorable terms, not because they are Japanese but because they are efficiently organized and governed. But as long as an alleged international cost-of-capital gap is their excuse, U.S. managers run the risk of retaliating counterproductively against U.S. trading partners or doing nothing at all inside corporations. In short, managers should stop complaining about how much capital costs and worry more about how to manage it after it's been raised.     

The capital structure of multinational corporations: Canadian versus U.S. evidence

Contrary to the U.S. evidence, we show that Canadian multinational corporations (MNCs) display higher leverage than domestic firms (DCs). This higher leverage is due to lower agency costs of debt associated with MNCs' U.S. operations. We also find that the Canadian firms with international bond market access have higher leverage than firms without such access. Comparison with a U.S. matched sample shows that the sensitivity of leverage to firm-specific factors differs between the two countries, especially for the MNCs samples. Our evidence indicates that capital structures of MNCs are a complex interaction of both home and host country factors and differences in leverage determinants across countries.     

资本英雄芬克之崛起

资本市场需要大英雄。基金管理公司黑岩的第一把手劳伦斯·芬克(LarryFink)已经成为华尔街的第一大英雄或是说新霸主     

草根经济的资本梦想

从产品市场走到资本市场,从实业家到金融家,从梦想到现实还有多远     

Money and capital

The effects of money (anticipated inflation) on capital formation is a classic issue in macroeconomics. Previous papers adopt reduced-form approaches, putting money in the utility function, or imposing cash in advance, but using otherwise frictionless models. We follow instead a literature that tries to be explicit about the frictions making money essential. This introduces new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportunities, and bargaining. These elements matter quantitatively and numerical results differ from findings in the reduced-form literature. The analysis also reduces a gap between microfounded monetary economics and mainstream macro.