最优股权结构与保护中小投资者利益

本文分析了股权分置改革后,同股同权同价将解决非流通股股东在股权分置时代通过高溢价融资攫取中小投资者利益的矛盾.本文从理论的角度出发,分析了"一股独大"与制衡的股权结构,指出单纯靠搞股权制衡并不能解决中小投资者利益被侵害的问题,并提出保护中小投资者的利益还是要通过优化公司治理去实现的主要途径.     

Successive Oligopolies,Vertical Downstream Integration and Foreclosure

Vertically integrated firms have repeatedly been accused of abusing a dominant position by refusing to sell the intermediate product to non-integrated downstream producers and thus to practice foreclosure. To evaluate the merit of such an accusation requires an adequate theory of vertical integration which allows to decide whether a refusal to sell follows straightforwardly from profit maximization or is driven by an intent to monopolize. We investigate whether in the case of successive oligopolies vertical integration is profitable for the participating firms and to what extent cross deliveries between integrated and non-integrated firms can be expected to arise. By contrast to the previous literature where at the downstream level Cournot competition has been assumed to prevail between integrated firms and non-integrated downstream producers, we propose a model where integrated firms and non-integrated upstream suppliers meet in Cournot competition and take as given the inverse demand function for both the final and the intermediate product. Game theory is invoked to examine whether an integrated firm will participate in the intermediate market. If marginal costs at the downstream level are constant and identical as between integrated and non-integrated firms, integrated firms will never wish to sell to non-integrated downstream producers they can, however, be expected to buy from non-integrated upstream suppliers. Utilizing theoretical implications regarding pass through of changes in marginal costs we find empirical evidence supporting the applicability of our model to the gasoline industry in Germany. We finally examine to what extent issues of competition policy and public regulation arise.JEL classification: D43, L1, L22, L42, L71*We gratefully acknowledge helpful suggestions from Horst Albach, Alexandra Gross-Schuler, Otto Hass, Michael Niederalt, Felix Schuler, Achim Wambach, Christian Winkler, and unknown referees of the JICT. The usual disclaimer applies.     

Race,sex, and fashion innovativeness: A replication

This article reports a study of differences in self-reported fashion innovativeness, fashion opinion leadership, and spending for new fashions between middle-class blacks and whites of both sexes. The data was obtained by a mail survey from a random sample of 568 consumers from five states. Analysis of covariance with the effects of age and income controlled indicated (1) a strong main effect for sex, with women reporting greater fashion innovativeness, opinion leadership, and spending than men; (2) a weak main effect for race, with blacks reporting greater innovativeness, opinion leadership, and spending than whites. The difference between the sexes was larger than the difference between races, and no interaction effects were observed.     

中交集团：保阳澄湖区美景 建一流京沪高铁

企业简介：中国交通建设股份有限公司成立于2006年10月8日,是经国务院批准,由中国交通建设集团有限公司（国务院国资委监管的中央企业）整体重组改制并独家发起设立的股份有限公司,并于2006年12月15日在香港联合交易所主板挂牌上市交易。中国交通建设股份有限公司主要从事港口、码头、航道、公路、桥梁、铁路、隧道、机场、城市轨道、市政道路等交通基础设施建设,业务遍及世界70多个国家和地区。2009年,     

Race Portrayals in Ghana,Kenya, and South Africa Television Advertisements

ABSTRACT

The current study examines racial portrayals in television advertisements from Ghana, Kenya, and South Africa. Whites are over-represented relative to their actual demographic presence in all three countries, and both Blacks and Whites are depicted as over-employed. In general, however, depictions are not significantly different for either race, though there is a hint that a stereotyped portrayal of Blacks as athletes and/or entertainer may be going global.     

The Effects of Race,Education, and Income on Tipping Behavior

ABSTRACT

The purpose of this study is to find out if African Americans do tip less frequently than Whites and if income and education influence the relationship. Respondents were asked about the frequency of tipping and the reasons for tipping. The results suggest that race was a significant factor in the frequency of tipping servers, bartenders, luggage handlers, taxi drivers, and parking attendants. However, income and education tend to nullify these results. Overall the results suggest that while race may be a factor in some service transactions, much of the race effect be nullified by education and income.     

农民金融素养、农地转入与农地抵押融资——基于陕西、宁夏、山东1947户农户调查数据的实证

探索性构建了要素流动视角下金融素养—农地转入—农地抵押融资的理论框架,阐释了农民金融素养、农地转入与农地抵押融资交易之间的关联机理,采用陕西、宁夏、山东农地经营权抵押贷款试点地区1947户农户调查数据,运用工具变量法实证探究了金融素养对农民农地转入和农地抵押融资交易的影响,并运用中介效应模型实证检验了农地转入在金融素养影响农民农地抵押融资交易关系中的中介作用.研究结果表明,金融素养对农民农地转入参与及其规模、农地抵押融资参与及其规模均发挥显著促进作用.研究还证实,农地转入规模显著促进农民农地抵押融资交易,且在金融素养影响农民农地抵押融资关系中具有部分中介作用.据此提出系统推进农民金融素养培育工程、协调深化农地经营权流转改革和抵押融资改革等政策建议.     

Protecting corporate intellectual property: Legal and technical approaches

The recent FBI v. Apple case has the potential to turn a 227-year-old statute law into a tool for government agencies to gain access to personal and corporate information. Recent events such as ‘Petraeus-gate,’ hacked nude celebrity photos in the cloud, and the use of a search and seizure warrant in the United States seeking customer email contents on an extraterritorial server raise important issues for the supposedly safe storage of data on the World Wide Web. Not only may there be nowhere to hide in cyberspace but nothing in cyberspace may be private. This article explores the legal and technical issues raised by these matters, with emphasis on the court decision In the Matter of a Warrant to Search a Certain E-Mail Account Controlled and Maintained by Microsoft Corporation and the subsequent upholding of that decision.     

“中国式财政分权”与全要素生产率:“竞次”还是“竞优”

本文揭示了“中国式财政分权”制度对区域全要素生产率(TFP)的影响作用是导致了TFP的“竞次”还是“竞优”.理论分析表明,“中国式财政分权”制度通过改变资源配置条件影响技术进步:当地方政府间的竞争通过市场开放、要素流动及基础设施改善的方式实现资源有效配置时,分权制度会促进技术进步,形成地区间“竞优”;当地方政府以分割市场等途径作为竞争手段时,会造成要素扭曲,分权制度则抑制了技术的进步,形成地区间“竞次”.实证结果表明,“中国式财政分权”制度显著改进了中国全要素生产率水平,但也会在一定程度上造成要素市场的扭曲进而不利于技术进步.进一步观察TFP的内部构成后得出,财政分权导致技术进步(TP)与技术效率(TE)呈现较为明显的“竞优”,但全要素生产率“竞优”正在弱化.     

Race,Self-Employment,and Upward Mobility An Illusive American Dream: Response to John Sibley Butler's Review Essay

Small Business Economics -     

Mortgage affordability and entrepreneurship: Evidence from spatial discontinuity in Help-to-Buy equity loans

We exploit a policy change in the UK Help-to-Buy (HTB) equity loan scheme in order to identify the causal link between mortgage affordability and entrepreneurship activity at the local level. We contribute to the literature on the relationship between housing finance and entrepreneurship by demonstrating the impact of government equity loans on entrepreneurship through the release of trapped liquidity. When less equity is required to buy a house, households could use the ‘additional’ liquidity to start a business. We use a spatial discontinuity in treatment methodology to take advantage of the reform of the Help-to-Buy scheme in 2016, which increased the limit of equity loans provided in London. By using data on business population at the postcode sector level, we are able to measure the impact of the new policy by comparing similar areas on the opposite sides of the Greater London Authority boundary. Our results show that an increase in mortgage affordability fosters entrepreneurial activity in affected areas by 20%, resulting in 1 more start-up on average per postcode per year. The new businesses are mainly single-plant micro enterprises in capital intensive sectors with low income volatility.     

It's Not Black and White: Advertising and Race in Cultural Context

ABSTRACT

Studies in the United States have found that matching an advertising model's race to the target audience is an effective marketing strategy. However, race is a cultural construct and little research has been conducted on race and advertising effectiveness outside of the United States. This study, conducted with female consumers in Brazil, found that advertisements were not more effective when the subject and the model were of the same race. To better understand the psychological processes triggered by race, this study explored two related but distinct conditions of identification: similarity and liking. It found that in conditions of boundary permeability between groups, liking is more important than similarity in determining advertising effectiveness in the target sample. A general model is proposed.     

Protecting the Public Interest: Land Agents vs. Loggers on the Eastern Frontier, 1820-1840

America's progression from a frontier society to a settled societytook more than three hundred years. During that time, Americanshad to give up their view of the resources of the public domainas "free goods" and accept the idea of public compensation forappropriation of those resources for private gain. This attitudinalchange took place first on the public lands of Maine and laidthe groundwork for the wood-products industry in the UnitedStates.     

Protecting Innovation Through Patents and Trade Secrets: Evidence for Firms with a Single Innovation

Abstract

This paper analyzes the use and effectiveness of patents and trade secrets designed to protect innovation. While previous studies have usually considered patents and trade secrets as substitutes for one another, we investigate to what extent and in what situations the two protection methods are used jointly. We identify protection strategies for single innovation firms and hence overcome the assignment problem of existing empirical studies, that is, whether firms using both protection methods do so for the same innovation or for different innovations. Employing firm panel data from Germany, we find fairly few differences between the determinants for choosing secrecy and patenting. Single innovators that combine both strategies, 39% of the group, tend to aim at a higher level of innovation and act in a more uncertain technological environment. Firms combining both protection methods yield significantly higher sales with new-to-market innovations, providing some evidence for a complementarity of the two protection methods.     

农村抵押替代融资模式演进逻辑与发展方向——一个基于社会资本的分析框架

在生产组织形式创新背景下,从社会资本视角剖析农村抵押替代融资模式演进逻辑。研究发现:农户社会资本内生于农村社会和农业生产关系,其内涵和形式随着农业生产组织形式创新而变化;社会资本的可抵押性不断增强,其成为抵押替代融资模式演进重要的供给因素;抵押替代融资模式演进是以诱致性制度变迁为主导,并辅以政府强制性制度变迁的创新过程。研究表明:由于供给和需求创新要素的内生性与自发性,抵押替代融资模式具有强大的创新动力与发展潜力;从农业产业化发展的现状和趋势来看,全产业链融资将成为抵押替代融资最优的发展方向。     

Stephen Broadberry. Market Services and the Productivity Race, 1850-2000. British Performance in International Perspective

This important book comprehensively fills a major gap in thehistory of Britain's relative economic decline by analyzingshifts in productivity within the nation's service sector. Muchof the previous work in this area focused on the performanceof industry and agriculture. By the mid-nineteenth century,Britain had a small agricultural sector and USA made major advancesas labor moved out of this low-value-added activity. In Germany,the same process took place but at a much slower     

西部少数民族聚居地区人口新特征及发展趋势——以新疆喀什地区为例

新疆喀什是我国维吾尔族人数最多,比例最高的民族聚居地区,维吾尔族占总人口90.6％.以喀什地区为例,全面分析了少数民族聚居地区人口发展新特征和存在的主要问题,通过建立模型对喀什地区人口发展趋势进行预测,提出了少数民族聚居地区人口发展对策.