世行提出全球经济复苏路线

在世界经济增长速度显著下降之际，世界银行发表了《全球发展金融》年度报告。此报告更新了对全球经济前景的展望，探讨了制定全球复苏路线图所必需采取的方法。在发布会上，世界银行发展预测局国际金融主管曼索尔·戴拉米（Mansoor Dailami）和发展预测局局长汉斯·蒂莫对报告做了解读     

国际财经

正世行三年来首次上调全球增长预期世界银行当地时间1月14日发布最新一期《全球经济展望》报告,三年来首次上调全球经济增长预期。世行表示,在发达经济体的复苏和发展中国家经济继续上行的带动下,世界经济今年预计将逐步走强,但其将今年中国经济增速预测从此前的8%下调至7.7%。世行在报告中估十,     

世界银行下调今年全球经济增长预期

世界银行6月10日发布最新一期《全球经济展望》报告,将今年全球经济增长预期小幅下调,认为发展中国家的增长前景令人失望,高收入经济体将保持良好增长势头。世行敦促发展中国家加倍努力推进国内结构性改革。报告预测,2014年全球经济增速为2．8％,低于世行今年1月预测的5．2％,但高于2013年2．4％的增速。报告认为,全球经济增连将在2015年和2016年分别回升至5．4％和5．5％。     

戴维·马尔帕斯:2020全球经济将温和增长

1月8日,世界银行发布的最新一期《全球经济展望》报告预测,在债务增加和生产率增长放慢的情况下,2020年全球经济增速将加快至2.5%,预计2019年的经济增速为2.4%。在经历了自全球金融危机以来显疲软的表现之后,世界经济2020年有望整体呈现温和反弹态势。     

宏观·国际

世行:全球经济今年缓速增长世界银行在其最新的《全球经济展望》报告中称,今年全球经济将缓速增长,尽管欧元区经济继续收缩,但发达经济体面临的增长风险已经缓解,增长趋     

权威机构眼中的2013-2014 全球经济增速将放缓

6月12日,世界银行发布了最新一期《全球经济展望》报告,对全球经济2013及2014年的发展情况进行了预估和研判。报告认为2013年世界经济增长步伐将更加平稳,但增速会放缓。相对之前的资料,报告对不同地区的预期经济增长速度进行了调整。2013年全球经济增速为2.2%,低于     

世界银行称全球经济处于转折点

世界银行发布的《全球经济展望》报告称,世界经济预计2014年会逐步走强,经过五年的全球金融危机后,发展中国家和高收入经济体的增长率看来终于逐渐走出谷底。     

世行调高全球经济预测欧债为最大障碍

世界银行10日上午在网上发布的最新《2010年全球经济展望》预测,全球GDP2010年和2011年均会在2.9%～3.3%的范围内增长,中国经济在这两年的增速则分     

世界银行的“泡沫”警告

世界银行日前发表的《2010年全球经济展望》警告,金融危机最糟糕的阶段虽可能已经过去,但全球经济复苏依然脆弱,同时世界必须警惕陷入再次衰退和出现新一轮资产泡沫的可能。报告预计,此次金融危机的影响将改变未来10年的金融和增长前景。     

发展中国家将面临资金短缺——世界银行发布《2010年全球经济展望》

2010年1月25日,世界银行发布了《2010年全球经济展望》(以下简称报告)。报告称,随着财政刺激措施的影响逐步减弱,全球经济复苏进程也将在今年下半年放缓步伐。金融市场仍然举步维艰,私营部门需求滞后,失业率居高不下。报告警告说,虽然金融危机最糟糕的     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.