欧共体合并控制改革探析

2001年至2004年间,欧盟对合并控制制度进行了影响深远的改革.改革的导火线是欧盟委员会发表的<绿皮书>和欧洲初审法院连续撤销欧盟委员会的三项禁止企业合并的决定;改革的根本原因在于合并控制制度本身存在的问题.作为改革的成果,2004年欧盟委员会颁布了新的<合并条例>、<横向合并审查指南>和<合并调查最佳实践指南>三部法律条文,重组了执法部门竞争总司.欧盟合并控制制度改革的经验,可为我国合并控制立法借鉴.     

The EU and Turkey—Economic Effects of Turkey’s Full Membership

Since October 2005 the EU and Turkey have been negotiating the accession of Turkey to the EU. In June 2006 they reached agreement on the provisional closure of the “science and research” chapter, a matter which was relatively easy to handle. Thirty-four chapters remain to be negotiated, indicating that the path to Turkey’s full membership will be a long one. What are the main economic challenges facing both Turkey and the EU?     

The Agency Problems Embedded in Firm’s Equity Investment

We find that agency problems are embedded in firm’s excess and abnormal equity investments that are mainly dictated by controlling shareholder’s motives and ethical choices manifested in ownership and board structure. The excess equity investment is gauged with respect to industry average. The abnormal equity investment is specifically referred to the number of nominal investment companies that are fully controlled by the controlling owners while subject to little governance. Our empirical evidences of 345 Taiwanese non-financial listed firms show that firm’s excess and abnormal equity investments are negatively correlated with controlling shareholder’s cash flow rights while are positively correlated with the control–cash flow deviation, and board affiliation. The results are supportive of the positive incentive hypothesis and the negative entrenchment hypothesis put forth by La Porta et al. (2002, Journal of Finance 57, 1147–1171) and Claessen et al. (2002, Journal of Finance 57, 2741–2742). The negative relation between equity investment and firm’s value further supports the agency postulation that corporate excess and abnormal equity investments represent a leeway for controlling shareholder to exploit wealth of minority shareholders. This study potentially contributes to the literature of business ethics by portraying an empirically testable linkage from controlling owner’s ethical choices to his actions and therefore firm’s value. Yin-Hua Yeh, Ph.D., is Professor and Director of the Graduate Institute of Finance at Fu-Jen Catholic University (FJU) in Taiwan. He is also the Director of the Center for Corporate Governance and Business Ethics at FJU. His main research and teaching areas are corporate governance, corporate finance, and merger and acquisition. Tsun-Siou Lee, Ph.D., is Professor of Finance at National Taiwan University. His main research and teaching areas are corporate governance, futures and options, and financial innovation. Pei-Gi Shu, Ph.D., is Professor of Business Administration at Fu-Jen Catholic University in Taiwan. He is also the Vice Dean of Management College at FJU. His main research and teaching areas are mutual funds and behavioral finance.     

Compatibility Under Differentiated Duopoly with Network Externalities

This paper investigates a firm’s equilibrium behavior under product compatibility, product differentiation, and the network effect. We find that a firm with a higher degree of compatibility has a greater competitive disadvantage due to its higher spillover effect with other firms. A firm under Cournot competition can increase its demand and profit by decreasing consumers’ subjective belief about the degree of differentiation between products, when the firm’s product compatibility and/or relative production cost is sufficiently small. When the relative production cost satisfies certain conditions, the principle of maximum differentiation exists. However, the principle of minimum differentiation never exists. Furthermore, when firms can freely determine their own compatibility, each firm will choose the lowest degree of compatibility, in contrast to the social optimum in which both firms choose the highest degree of compatibility. A social dilemma occurs.     

The EU’s Medium-term Financial Perspective and Turkey’s Potential Slice of the Cake

The issue of Turkey’s membership in the EU remains controversial, and the arguments for and against are not only economic. Nevertheless, the potential economic impact of Turkish membership does play an important role. How much financial support is Turkey presently receiving under existing pre-accession programmes and what changes could be expected in the case of full membership?     

The new EU merger regulation: Implications for EU‐U.S. merger strategies

This article examines the implications of the new EU merger regulation (EU 139/2004) on international merger strategies. Important changes in the new regulation on both a substantive and procedural level are analyzed in the comparative context of EU and U.S. merger‐control policies. In particular, the article evaluates whether the “substantial impediment to effective competition” (SIEC) test in the new regulation implies convergence with the U.S. “substantial lessening of competition” (SLC) benchmark. In this context, the article develops scenarios for convergence between EU and U.S. merger‐control policies. The EU merger process has emerged against a background of significant political and institutional development in the European Union, and this is an important explanatory element in the development of competition policy in general and for the new merger regulation in particular. It also has implications for merger strategies examined at the end of the article. © 2006 Wiley Periodicals, Inc.     

Eight months later — Has the Eurozone been stabilised or will EMU fall apart?

Eight months ago, as the risk of sovereign default in Greece fi rst emerged, the Intereconomics Forum invited a number of contributors to examine the options available to EU policymakers. As the threats to European Monetary Union resurface now, six of the same authors return in this issue’s Forum to reassess the situation, in particular with regard to the EU’s recent policy responses to the ongoing crisis. Whereas both optimists and pessimists could support their views with strong arguments eight months ago, the EU’s current predicament has shifted the prevailing sentiment strongly toward the pessimistic view. From the Irish bailout to the precarious status of Portugal, not to mention the potentially disastrous situation looming in Spain, our contributors are uncertain whether EU policymakers are up to the challenge of defending the euro. As evidence of this, several point to the EU Council’s October decision to establish a permanent crisis resolution mechanism to ensure an orderly state insolvency procedure, which did little to calm markets. Nonetheless, most of these economists still see ways for the EU to escape the crisis without being forced to abandon the common currency.     

Market Constellations and Macroeconomic Policymaking: Institutional Impacts on Economic Performance

The following article presents a broad outline of a market participation theory of economic policy and attempts to determine how macroeconomic demand management can be used to influence market constellations. On that basis it then inquires into how far macroeconomic governance can be used to explain the different growth and employment performances of selected EU countries.

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The author gratefully acknowledges the financial support of the Hans B?ckler foundation. This paper is part of a larger project on “Employment systems in international comparison”. The author’s thanks also go to Andrew Watt, Hansj?rg Herr and Carol Hogg for fruitful comments. However, the usual caveats apply.     

Challenges facing European labour markets: Is a skill upgrade the appropriate instrument?

The financial and economic crisis shattered the Lisbon Strategy’s attempt to increase the EU’s employment rate to 70% among 15–64 year olds by 2010. The new Europe 2020 strategy envisages a 75% adult employment rate by 2020; however, this goal also seems unrealistic in light of the economic crisis which has caused the EU’s employment rate to drop significantly below 70%. A crucial question now is whether a skill upgrade of the European labour force would help to increase the employment rate, especially among youth. This Forum explores the relationship between education and employment throughout the EU.     

EU accession: Negotiating “environmental dumping”?

“Environmental dumping” is a concern frequently raised in discussions on the potential risks involved in the eastern enlargement of the European Union¹ (EU).² There is a general concern that the Central and Eastern European accession countries may be neither willing nor able to fully apply the EU’s environmental acquis communautaire, the body of Community environmental legislation, once they have joined the EU. As a result, these countries would benefit from a competitive advantage when selling their goods on the Internal Market. This article asks whether, and in which specific cases, such concerns may be justified.     

Andersen and the Market for Lemons in Audit Reports

Previous accounting ethics research berates auditors for ethical lapses that contribute to the failure of Andersen (e.g., Duska, R.: 2005, Journal of Business Ethics 57, 17–29; Staubus, G.: 2005, Journal of Business Ethics 57, 5–15; however, some of the blame must also fall on regulatory and professional bodies that exist to mitigate auditors’ ethical lapses. In this paper, we consider the ethical and economic context that existed and facilitated Andersen’s failure. Our analysis is grounded in Akerlof’s (1970, Quarterly Journal of Economics August, 488–500) Theory of the Market for Lemons and we characterize the market for audit reports as a market for lemons. Consistent with Akerlof’s model, we consider the appropriateness of the countervailing mechanisms that existed at the time of Andersen’s demise that appeared to have effectively failed in counteracting Andersen’s ethical shortcomings. Finally, we assess the appropriateness of the remedies proposed by the Sarbanes–Oxley Act of 2002 (SOA) to ensure that similar ethical lapses will not occur in the future. Our analysis indicates that the SOA regulatory reforms should counteract some of the necessary conditions of the Lemons Model, and thereby mitigate the likelihood of audit failures. However, we contend that the effectiveness of the SOA critically depends upon the focus and attention of the␣Public Companies Accounting Oversight Board (PCAOB) towards assessing the ethical climates of public accounting firms. Assessments by the PCAOB of public accounting firm’s ethical climate are needed to sufficiently ensure that public accounting firms effectively promote and maintain audit quality in situations where unconscious bias or economic incentives may erode the public accounting firm’s independence.     

Fiscal policy and the recession: The case of Greece

This paper presents an analysis of the implications of Greece’s intense and long-lasting fiscal and external imbalances for the potential efficacy of a discretionary fiscal policy response to the current recession. It argues that, given recent developments in interest rate spreads and the credit markets’ increased sensitivity to risk, the interest rates applicable to the entire amount of Greece’s external debt would tend to be higher with a fiscal expansion than without one. Moreover, it deduces from a simple model that the leakages associated with increased interest payments to foreign creditors could well cancel out any positive multiplier effects generated by a fiscal expansion, resulting in a failure to stimulate growth. The implications of this finding for policy is that Greece should continue to avoid the adoption of a fiscal stimulus package, not only out of respect to its fiscal obligations as an EU member but, ultimately, because such a package would be ineffective as an economic recovery tool. While the analysis focuses on the Greek economy, it may be of relevance to other EU economies suffering from serious macroeconomic imbalances.     

Response modes in negotiation

Negotiators may respond to each other’s offers and demands in different ways. Whereas many negotiation experiments present participants with numerical information about offers and counteroffers (e.g., “I propose 6–8–2”; numerical response mode), real life negotiations often involve affective and evaluative statements (e.g., “I didn’t like your last offer, but I would be happy to explore alternatives”; affective response mode). The present research explores the differential consequences of responding in affective as opposed to numerical terms. Specifically, we predicted and found that affective responses increase the impact of social and contextual cues on negotiation behavior. Three studies demonstrate that the impact of other’s toughness (Experiment 1), other’s respectability (Experiment 2), and other’s appearance (Experiment 3) on a negotiator’s demands and concessions is greater when the other provides affective rather than numerical feedback.     

The Effects of Management’s Preannouncement Strategies on Investors’ Judgments of the Trustworthiness of Management

This paper examines the role of management’s earnings preannouncements on judgments about its trustworthiness by nonprofessional investors. We predict that management’s preannouncement decision and the resulting direction (e.g., favorable vs. unfavorable) of the earnings surprise influence investors’ ethical judgments about management’s trustworthiness; these judgments, in turn, are associated with investors’ other investment related judgments. We test our predictions in an experiment in which MBA students make investment-related judgments under four different preannouncement strategies. Consistent with our predictions, the results of our study show that managers’ preannouncement decisions are significantly associated with investors’ evaluations of management’s trustworthiness. Specifically, holding the size of the earnings surprise constant, we find that judgments of management’s trustworthiness are damaged more following (a) a negative as opposed to a positive earnings surprise, and (b) the release of a preannouncement compared to when management does not issue a preannouncement. Also consistent with our predictions, we find that evaluations of management’s trustworthiness are significantly and positively associated with judgments of the attractiveness of the firm’s equity as an investment. Based on our findings, we encourage further research to explore whether managers understand the trust implications associated with their preannouncement decisions and the extent to which this understanding influences their disclosure decisions. Anna M. Cianci is an Assistant Professor in the Accounting Department at Drexel University. She received her Ph.D. from Duke University in Accounting. Her primary research interests are judgement and decision making issues in financial accounting and auditing. Steve Kaplan is a Professor of Accounting at Arizona State University, where he has been a member of the faculty since 1981. He received his Ph.D. from the University of Illinois. He␣has published widely in journals such as The Accounting Review, Journal of Accounting Research, Journal of Accounting and Public Policy, Business Ethics Quarterly and Journal of Business Ethics. He is the Previous editor of Behavioral Research in Accounting, a section journal of the American Accounting Association. His primary research interests are behavioral issues, judgment and decision making, and ethics     

New business formation in a rapidly growing economy: the Irish experience

The extraordinary growth of the Irish economy since the mid-1990s—the ‘Celtic Tiger’—has attracted a great deal of interest, commentary and research. Indeed, many countries look to Ireland as an economic development role model, and it has been suggested that Ireland might provide key lessons for other EU members as they seek to achieve the objectives set out in the Lisbon Agenda. Much of the discussion of Ireland’s growth has focused on its possible triggers: the long-term consequences of the late 1980s fiscal stabilisation, EU structural funds, education, wage moderation and devaluation of the Irish punt. The industrial policy perspective has highlighted the importance of inflows of foreign direct investment, but a notable absence from the discourse on the ‘Celtic Tiger’ has been any mention of the role of new business venture creation and entrepreneurship. In this paper we use unpublished Irish VAT data for the years 1988–2004 to provide the first detailed look at national trends in business birth and death rates in Ireland over the ‘take-off’ period. We also use sub-national VAT data to shed light on spatial trends in new venture creation. Our overall conclusions are that new business formation made no detectable contribution to the acceleration of Ireland’s growth in the late 1990s, although we do find evidence of spatial convergence in per capita business stocks.     

Women’s Careers at the Start of the 21st Century: Patterns and Paradoxes

In this article we assess the extant literature on women’s careers appearing in selected career, management and psychology journals from 1990 to the present to determine what is currently known about the state of women’s careers at the dawn of the 21st century. Based on this review, we identify four patterns that cumulatively contribute to the current state of the literature on women’s careers: women’s careers are embedded in women’s larger-life contexts, families and careers are central to women’s lives, women’s career paths reflect a wide range and variety of patterns, and human and social capital are critical factors for women’s careers. We also identify paradoxes that highlight the disconnection between organizational practice and scholarly research associated with each of the identified patterns. Our overall conclusion is that male-defined constructions of work and career success continue to dominate organizational research and practice. We provide direction for a research agenda on women’s careers that addresses the development of integrative career theories relevant for women’s contemporary lives in hopes of providing fresh avenues for conceptualizing career success for women. Propositions are identified for more strongly connecting career scholarship to organizational practice in support of women’s continued career advancement.     

Ten Years of Public Interest Disclosure Legislation in the UK: Are Whistleblowers Adequately Protected?

Purpose The purpose of this article is to assess the operation of the UK’s Public Interest Disclosure Act 1998 (PIDA 1998) during its first 10 years and to consider its implications for the whistleblowing process. Method The article sets the legislation into context by discussing the common law background. It then gives detailed consideration to the statutory provisions and how they have been interpreted by the courts and tribunals. Results In assessing the impact of the legislation’s approach to whistleblowing both in the UK and elsewhere, the author draws upon empirical research. Conclusion The author concludes that PIDA 1998 has not adequately protected whistleblowers and makes 12 recommendations for change. Despite the European Commission’s acknowledgement that whistleblowers can play a part in the fight against corruption, the author notes that common standards for their protection still seem a long way off.     

Entrepreneurship and Risk Aversion

Evans and Jovanovic (1989, Journal of Political Economy 97(4), 808–827) find that wealth is an important determinant of business startups due to liquidity constraints. However, Cressy (2000, Economic Letters 66, 235–240) argues that if risk aversion is a negative function of wealth, Evans and Jovanovic’s empirical results could be spurious and the positive effect of wealth could be due to the omission of risk aversion in the regression equation. In other words, according to Cressy, one’s wealth does not have any effect on business startups once the degree of risk aversion is accounted for. This paper attempts to investigate the validity of Cressy’s conjecture. We empirically examine the effect of wealth on the transition into self-employment, while allowing for the effect of risk aversion. Our empirical findings show that Evans and Jovanovic’s (1989) results are robust, i.e., wealth has a positive effect on business startups even allowing for the confounding effects of risk aversion.     

我国企业非市场行为影响因素的实证研究

Drawing upon the resource dependence theory, this paper examines the determinants of nonmarket behaviors in the Chinese context. Using survey data of 175 top managers in China, we test 13 firm and environment characteristics likely influencing nonmarket behaviors. Results show that a firm’s economic resources, top management orientation, and uncertainty in the nonmarket environment are significantly related to Chinese firms’ nonmarket behaviors. Translated and revised from Zhongguo gongye jingji 中国工业经济 (China Industrial Economy), 2007, (5): 104–112