Can Banks Self‐Regulate? Voluntary Agreements,Intrinsic Motivation and Games

This article argues that lessons on how to achieve a sustainable financial system can be learnt from the work done on sustainable commons (on common‐pool resources – CPRs – where there is no ‘tragedy of the commons’). Existing approaches to financial regulation may not give proper attention to available solutions. The article proposes that innovative solutions could be tested using experimental methods commonly used in CPRs: repeat run, feedback driven games.     

Diagnostic Tests of Cross‐section Independence for Limited Dependent Variable Panel Data Models*

This article considers the problem of testing for cross‐section independence in limited dependent variable panel data models. It derives a Lagrangian multiplier (LM) test and shows that in terms of generalized residuals of Gourieroux et al. (1987) it reduces to the LM test of Breusch and Pagan (1980) . Because of the tendency of the LM test to over‐reject in panels with large N (cross‐section dimension), we also consider the application of the cross‐section dependence test (CD) proposed by Pesaran (2004) . In Monte Carlo experiments it emerges that for most combinations of N and T the CD test is correctly sized, whereas the validity of the LM test requires T (time series dimension) to be quite large relative to N. We illustrate the cross‐sectional independence tests with an application to a probit panel data model of roll‐call votes in the US Congress and find that the votes display a significant degree of cross‐section dependence.     

Stock Options and Firm Performance: New Evidence from the French Market

This study investigates the effect of stock option‐based compensation on the short‐term and long‐term performance of French companies. To the best of our knowledge, we provide the first empirical evidence describing the market reaction following initiations and renewals of Employee Stock Option (ESO) plans in France. We find that the French market reacts positively to initiations of ESO plans but does not consider their renewal as relevant information. Our results on the long‐term effect of ESO plans suggest that neither the size nor the value of the grants affect the firm's accounting and market performance. Similarly, corporate performance prior to the grant has no explanatory power of the size or value of the grant. This implies that, over our sample period, the relationship between option‐based compensation and corporate performance in France was inexistent, regardless of the direction considered.     

中小企业政策性融资能力评价研究

中小企业做大做强,资金是经济活动的第一推动力、持续推动力。企业能否获得稳定的资金来源,对经营发展是至关重要的。然而,中小企业由于自身特点和外部环境等原因,商业融资难已经成为阻碍我国中小企业发展的普遍问题。在这样的情况下,中小企业只有准确评价自身的政策性融资能力并通过相应措施使其不断增强,才能令融资困境问题得以有效解决。     

组织变革认知、转业辅导、生涯发展与人力运用关系之研究——以台糖公司为例

为适应多元环境的变化,公营事业转民营已成为一种市场趋势,而变革亦成为公营企业面对民营化情势的一种手段。当组织进行变革时,除应顾及组织业务发展外,亦应提供转业辅导,协助员工重新规划生涯发展方向,以期能有效运用或开发现有人力素质。本研究以台糖公司参加第二专长转业进修班的员工为研究对象,探讨组织变革认知、转业辅导、员工生涯发展与人力运用之间的关系。共回收有效问卷93份,研究结果发现：1．组织变革认知之“改隶成效”对转业辅导之“新知能学习”有显著影响;组织变革认知之“裁撤标准建立”对转业辅导之“训练课程设计”有显著影响。2．转业辅导之“新知能学习”对员工生涯发展之“生涯路径规划”和“生涯信息提供”有显著影响。3．转业辅导之“新知能学习”对人力运用之“人力重置与报偿”有显著影响;转业辅导之“参训动机”对人力运用之“修正绩效评估方案”有显著影响。4．组织变革认知之“裁撤标准建立”对员工生涯发展之“生涯路径规划”与“生涯信息提供”有显著影响。5．组织变革认知之“改隶成效”对人力运用之“人力重置与报偿”有显著影响;组织变革认知之“裁撤标准建立”对人力运用之“修正绩效评估方案”有显著影响。     

Pricing Practices of Resellers in the Airline Industry: Posted Price vs. Name‐Your‐Own‐Price Models

I find that when a reseller with market power serves an airline company and only linear contracts are feasible, the airline prefers that the reseller utilizes the Name‐Your‐Own‐Price (NYOP) (a la Priceline) instead of the Posted Price (PP) (a la Hotwire) model. Essentially, the airline can better extract the surplus of the reseller if power over pricing is in the hands of numerous consumers, each bidding according to her preferences, instead of being concentrated in the hands of the reseller. Introducing two part tariff contracts or competition among resellers eliminates the distinction between the two pricing models. Either form of pricing generates the same outcome as vertical integration of the airline with the downstream market of resellers.     

Individual efficiency and club performance: a panel analysis of professional baseball

This paper investigates whether players' individual‐ and club‐level efficiency has substantial impact on club performance in the Chinese Professional Baseball League (CPBL). Using data from 1990 to 2000, and a stochastic frontier model, we propose a different way to measure club‐level efficiency. Our empirical results indicate that club‐level efficiency is crucial to club performance, measured by the winning percentage. Although the literature shows that some inefficient clubs with abundant resources are still very successful on the diamond, our results confirm that club‐level efficiency has a moderate impact on the success of a baseball club in the CPBL. Copyright © 2010 John Wiley & Sons, Ltd.