Reputation deals: A theory of endogenous teams

This paper complements the traditional theory of teams [Fama, 1980; Holmstrom, 1982a, 1982b] by introducing endogenous team formation by agents who are concerned with their reputations and are informed about the types of their potential teammates. Such a constellation leads to a tradeoff between joining a high-productivity type but a low-reputation partner. Gains from trade are analyzed, both, for the case of non-transferable and transferable utility, and the lessons are discussed that can be learned from observing reputation deals. Finally a signaling model of teaming is developed that captures in a fully rational way the process of information acquisition by the agents' strategic opponent: the market.     

Revival of “inward-oriented development”?

Criticism within the Catholic churches of Latin America of the IMF and its approach to the development problems of the sub-continent has been persistently increasing in recent years. The measures imposed by the IMF, especially those following the payments crisis of 1982 have met with growing opposition. The impression that the churches have adopted a Marxist line on this issue is, however, a superficial one which needs to be examined more closely in the context of the dependencia theory and of recent economic developments in Latin America.     

荧光猝灭法间接测定废水中草甘膦

基于革甘膦与微量过量溴的定量反应,及过量部分的溴对罗丹明B的荧光猝灭作用,建立了一种新的荧光猝灭法测定草甘膦的方法。反应均在pH=5.6的醋酸-醋酸钠缓冲溶液中进行。本法激发波长λ_(ex)=500nm(带通滤光片),发射波长λ_(em)=510nm(截止滤光片)。当加入溴的浓度为4×10~(-6)mol/L和8×10~(-6)mol/L时,草甘膦的线性范围分别为0～0.13mg/L和0.13～0.26mg/L。重复10次测定样品结果的相对标准偏差为2.54％,加标回收率在92.4％～100％之间。干扰实验表明,样品中仅Fe~(3+)和三乙胺可产生干扰,这些组分可被阳离子交换树脂和吸附脂分离除掉。本法可直接用于草甘膦生产废水的测定。     

OVERINVESTMENT IN TEAM SPORTS LEAGUES: A CONTEST THEORY MODEL

This paper applies contest theory to provide an integrated framework of a team sports league and analyzes the competitive interaction between clubs. We show that dissipation of the league revenue arises from 'overinvestment' in playing talent as a direct consequence of the ruinous competitive interaction between clubs. This overinvestment problem increases if the discriminatory power of the contest function increases, revenue-sharing decreases, and the size of an additional exogenous prize increases. We further show that clubs invest more when they play in an open league compared with a closed league. Moreover, the overinvestment problem within open leagues increases with the revenue differential between leagues.     

我国上市公司治理结构的现状及其优化

越来越多的人认识到，完善而有效的公司治理结构是建立现代企业制度的核心。十余年来，中国国有企业上市公司（第一大股东为政府）治理结构经历了不断规范、不断完善的发展过程。但是，中国经济尚处于由计划经济向市场经济的转轨过程中，上市公司大部分是由国有企业改制而来，不可避免地有着很多计划经济的残余痕迹；而证券市场还是一个新兴市场，这些都决定了中国上市公司的治理结构有待进一步健全和完善。     

时效性农产品物流供应链及环节优化研究

通过分析农产品物流的内涵、运作特点、现状和存在问题,阐述了农产品物流的供应链概念,在此基础上,建立了农产品物流供应链模式,并对农产品物流供应链的企业环节进行了优化。     

我国证券市场小公司效应的实证研究

小公司效应是研究证券市场有效性的一个重要方面。通过对沪市和深市的实证研究,发现在沪深两市不存在小公司效应,却存在大公司效应;并且两市的大公司效应的具体表现也不相同。出现这种情况是我国投资者的投资理念发生变化、价值投资成为市场主流的结果;同时,深市从2000年10月起停发新股是造成两市大公司效应表现差异的主要原因。