Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

COMMERCIAL ART MUSIC

A commercial environment is clearly good for contemporary popular music but can ‘art’ music flourish in such an environment? In the past art music has prospered on a commercial basis and there are advantages in exposing art to commerce. For example, commercial patronage is likely to be more diverse and allow more room for experimentation than a single patron or subsidising body. Moreover, commerce encourages two‐way communication between artist and audience.     

“楼宇经济”生存环境及发展的实证研究

“楼宇经济”当前成为经济发展的亮点,吸引着许多城市不断推出发展“楼宇经济”的规划。“楼宇经济”是经济、社会发展到一定阶段的产物,是知识与经济相结合、企业经营方式转变的结果,具有集聚性、辐射性、“体制外性”、流动性等特点。“楼宇经济”形成和发展所依靠的不仅仅是建筑,需要有一定的经济、文化沉淀的环境和金融、交通、信息、人才、社会等综合“区域生态”因素的支撑。本文以上海静安区的“楼宇”调研为主要依据,对“楼宇”及“楼宇经济”形成的条件、特点以及完善,进行粗浅的探索。     

一种项目采购模式的博弈分析

本文试图用经济学理论 (主要是博弈与信息经济学的理论 )来分析目前工程项目建设中采用的一种工程设备、材料的采购模式。文章首先提出这种模式的内容与特征 ,然后就制度内各参与方 (主要为业主、承包商、供货商 )之间的博弈进行分析 ,分不完全信息博弈、完全信息博弈两种情况来分析这种采购制度下达到的均衡。     

城市化过程中的土地增值研究——以长春市为例

采用理论与实证相结合的研究方法,分析城市化过程中土地增值的规律、特点、机理以及与城市空间发展的互动机制.研究结果表明:(1)城市化过程中土地增值表现出一定的客观规律性,且具有整体、独立、辐射、共存和不可逆转等特点;(2)城市土地增值主要有投资、用途转变、供求拉动、政策法规引导等形成机制;(3)城市土地增值与城市空间发展...     

Crowdfunding and social influence: an empirical investigation

The literature so far provides no in-depth investigation of the determinants of decisions to contribute to crowdfunding platforms. The present article draws on work measuring the decisions and prosocial behaviours of individuals in relation to public goods, and uses survey data on crowdfunding behaviour. We surveyed an original sample of individuals in France to explore individual decisions and amounts of funding chosen to support a creative project. We show that in non-equity crowdfunding contributing money is associated with altruism. Our findings suggest that the ‘warm glow’ effect influences the level of the contribution; we show also those monetary incentives could ‘crowd out’ the decisions to contribute of crowdfunders. Our study has some implications for business strategy since understanding why people contribute adds to our knowledge about the incentives that might encourage them to increase their contributions, and allows predictions about how changes to how crowdfunding platforms are managed might affect individual incentives to give.     

我国国际资本流入结构的变化:2001—2008

我国加入世界贸易组织以来,流入我国的国际资本结构发生了较大的变化。从资本数量结构来看,资本总量逐年增加,外商直接投资比重下降,间接投资的比重上升;从资本期限结构来说,短期资本总量超过长期资本总量,中长期债务余额比较稳定,而短期债务增速较快,贸易信贷比重逐年增加;国际资本主要来源地没有大的变化;国际资本流入的行业结构中,虽制造业仍占据较大的比重,但服务业所吸收的外资却快速增长,占比越来越大。     

日本的能源政策与能源安全

2004年6月新出台的日本“基本能源政策”强调,进一步寻求能源多样化鼓励使用天然气以减缓气候变化,减少石油在能源结构中的比例以有效减少对中东石油的依赖。核电政策依然是日本能源政策的核心。目前日本已经有52个核反应堆,计划到2010年和2050年,分别再建造4个和6个新的核反应堆。为了实现《京都议定书》规定的二氧化碳减排指标,日本环境省拟对石油、煤炭、天然气和电力的使用,按照碳含量征税。但该计剐目前受到来自各方的反对。2004年2月29日成立的日本石油是然气金属矿产资源机构(JOGMEC)已从即将解散的石油公团手中接管了国家石油储备的全部管理职责。原有的8家国家石油储备公司现已实行私有化。为改善地区和国家能源安全,日本政府迫切希望建立“10 8”能源安全体系和东盟的联合石油储备。同时,还鼓励中东主要石油出口国投资于日本石油的下游业。2004年8月,沙特阿美石油,公司作为沙特国家石油公司已首次投资日本炼油厂。     

Altruism and the Economic Values of Environmental and Social Policies

Altruism is a type of non-use value which can have different definitions depending on the type of goods entering the utility function of the altruists and their expectations about the contributions of others. The purpose of this paper is to measure the trade-offs between different types of altruist values originating from social and environmental policies. Environmental policies are concerned with reducing health effects from a power plant while social policies involve both the attainment of public facilities for education and leisure and an increase in the income of the affected population. The empirical application utilizes a choice experiment technique which allows for valuation of multiple goods. Health effects are decomposed into the values of the risk of becoming ill, the duration of the episodes and the limitations imposed by illness. Altruist values are elicited from a population that is not affected by pollution. Results show that altruism is significant for policies directed to reducing health effects and improving the income level of the affected population, whereas there is egoism for a policy aimed at improving public facilities in the polluted suburb. The value of altruism is significantly influenced by the expectations of net benefits to be received by the affected population.