Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

Foreign debt and economic growth

This paper empirically examines the relationship between government foreign debt and the growth rate of per capita GDP based on a total sample of 77 countries, as well as sub‐samples of various regions. Cross‐sectional estimates of the coefficient of foreign debt based on the total sample have a negative sign, but are not always statistically significant. Available data from African countries indicate that foreign debt and the growth rate of per capita GDP were negatively related at a high level of significance. For industrialized and Latin American sub‐samples, this relationship is negative but statistically insignificant. The sub‐sample Asian and other developing countries show a positive but insignificant relationship. JEL classification: F34, H6, O23.     

从三因素模型看行为金融学

法玛和法兰奇三因素模型 1953,马科维兹(Markowitz)在一定的经济模型假设下得出了均值一方差的有效市场模型,并初步建立了CAPM的基础;后来,Sharpe(1964年)、Lintner(1965年)和Black(1972年)引入了表征每种证券风险的β值,并提出了著名的CAPM模型.在CAPM模型中,股票的收益率水平用其收益率的期望表示,而其风险则用β值表示.     

百年农民观念变与不变的经济学分析

近百年以来,或因政权变更、或因现代化建设,农村土地资源的占有使用支配等发生变化,附着在其上的观念也发生变化：被剥夺意识强化、宿命等传统意识逐渐淡化和稀释、阶级意识填补了传统意识稀释而留下的空间、工业观念深入人心、传统小农意识之壳中不断增添新内容。而有些制度则没有改变或虽改变却承载的意识不变,附着其上的观念则变化不大：宗族意识、均平意识、宿命意识、循环意识、贵土贱农意识等仍然存在。农民观念的现代化,最重要的是农民生活于其中的经济制度的现代化。不触动农民生活于其中的经济制度,被思想运动清除掉而成为历史的东西将会卷土重来。     

How does knowledge depth moderate the performance of internal and external knowledge sourcing strategies?

Management literature has consistently shown that knowledge is the most important source of competitive advantage for a firm. However, it is still not clear how knowledge can lead to competitive advantage, and how firms can find strategies to leverage their knowledge bases. This study considers the strategic implications of knowledge depth and three knowledge-sourcing strategies: R&D, strategic alliances and acquisitions. The main and interaction effects of these factors were tested in the context of the US technology firms. The results confirmed the strategic role of knowledge and external leveraging strategies. We also found that technology firms with weak knowledge depth should focus on internal R&D to accumulate knowledge in core technology areas, while those with strong knowledge depth should lower internal R&D intensity and shift their strategic resources to inter-firm alliances and acquisitions.     

李嘉图地租理论破产了吗?——农村公共品供给问题再研究

地租是土地问题的核心内容,是研究土地问题的出发点和归宿。笔者梳理了李嘉图地租理论并检视了改革开放以来土地政策成效。李嘉图地租理论分绝对地租和相对(极差)地租,这种理论的实践后果在中国得到了比较好的印证与验证。第一,到底要不要绝对地租,是采取法律手段强制剥夺还是任其自然演化,这就是两种不同的历史选择;第二,相对地租是集中还是分散,各有得失,应如何选择?这些都是问题。笔者借助对李嘉图的地租理论的梳理,对改革开放以来的土地政策加以全面系统地审理,深刻反思土地政策实施所带来的深刻变化。     

工业互联网平台对产业融合影响的实证研究

工业互联网是推进我国经济高质量发展的重要引擎,是制造业转型升级的加速器。工业互联网平台已成为一种新的经济业态和服务载体,并渗透到产业与企业各个层面,深刻影响着制造业产业融合水平。基于2013—2019年省级面板数据,运用面板分位数回归法,分析工业互联网视角下平台经济发展水平与产业融合的关系,揭示工业互联网平台发展水平对产业融合的作用机理,检验制造业升级对平台经济发展水平与产业融合的中介效应。结果表明,工业互联网平台发展对技术融合与生产性服务业和制造业融合的影响不显著,对供应链与价值链融合有显著正向影响。进一步分析发现,制造业升级在工业互联网平台对供应链与价值链融合的影响中具有完全中介效应。研究结果对揭示工业互联网平台、制造业升级和产业融合三者间关系,推动工业互联网平台赋能制造业融合发展具有重要意义。     

Does corporate governance play an important role in BHC performance? Evidence from the U.S.

This study explores the relationship between the operating performance and corporate governance of bank holding companies (BHCs) in the U.S. The modified data envelopment analysis (DEA) is utilized to integrate the five rating indicators of CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity) so as to estimate the BHCs' performance. This study also employs the modified tiered DEA to categorize 68 BHCs into three Tiers. Additionally, the truncated-regression is employed to discuss whether or not the corporate governance would affect the performance of BHCs. The empirical results present the trade-off relationship with CAMEL indicators in the Tier1—Efficient BHCs. Moreover, it has been found that there are negative impacts on BHC's performance from board size, outside directors, the average age of directors and CEO/Chairman duality, while there are positive impacts from the number of committee and Big-4 auditors. The results further prove that corporate governance is important for the operating performance of BHCs.     

加入WTO对铁路企业的影响

世界贸易包括货物贸易、服务贸易和技术贸易(知识产权)三方面内容。我国加入WTO以后,铁路将分三阶段开放货运市场。第一阶段,加入之际,允许外资参股中外合营铁路货运企业,外资比例不超过49％。第二阶段,加入WTO满3年后,允许外资在铁路货运公司中控股。第三阶段,加入WTO满6年后,允许设立外商独资的铁路货运公司,同时承诺开放与铁路货运有关的仓储和货运代理业务。这样铁路企业不