BOT投资方式分析

BOT是国际上一种新兴的投资方式，它既缓解了东道国政府基础设施急需建设和资金困难的矛盾，同时也带动了资本输入国国民经济、科学技术和管理水平的提高。主要对BOT投资方式的含义、法律特征、法律性质以及我国BOT投资立法的完善问题进行分析，以期引起人们对BOT投资方式及其立法的更多思考。     

The choice and timing of foreign direct investment under uncertainty

This paper sheds new light on why timing and entry mode should be considered simultaneously in the international investment literature. We derive the profit levels at which it is optimal to switch from exporting to setting up a wholly owned subsidiary, creating a joint venture, or licensing production to a local firm. The preferred entry mode depends on uncertainty about future profits, tax differentials between the home and the foreign country, the cost advantages of local firms, institutional requirements, and the degree of cooperation between partners in a joint venture.     

Risk and Capital Structure in the Regulated Firm

This paper studies the role of capital structure in a regulated firm. We show that it affects the prices set by the regulator, the expected price being lower the higher the proportion of debt finance. However, when debt is increased beyond a certain level, the benefit of lower expected prices is offset by their increased variability. We also study the socially preferred capital structure. This is such that consumers carry some risk, in the form of higher prices in adverse economic conditions.     

Event History Data and Making a History out of Cross-Sectional Data

At the turn of 20th century social scientists have built up a large stock of cross-sectional data-sets to study social change. However, scholars more and more collect event history data containing the exact timing of events. Comparing the (dis)advantages event history data are to be preferred. However, for research on value change the event history approach is inapplicable, since it is not possible to ask the timing of a value change retrospectively. I will illustrate that value change (i.e. cohort differences) can be studied adequately with cross-sectional data, if information about the historical context is added. For this purpose I test Inglehart's value change thesis.Interestingly, there are also topics in which cross-sectional data-sets are unnecessarily being used. Using research on secularization as an example, I show that the event-history approach can be used to answer the question whether the decreasing number of religious people concerns a cohort-effect. However, whatever data-set is being used, to study cohort differences, one should always give a theoretical answer to the key-question: what exactly makes cohorts different     

International portfolio reallocation: Diversification benefits and European monetary union

We investigate the determinants of bilateral international equity and bond portfolio reallocation across a large cross-section of countries spanning over two sample periods: 1997-2001 and 1997-2005. We find that the strongest drivers are the marginal diversification benefits arising from the pure asset component and the initial degree of underweight. This evidence suggests that global portfolio reallocations over the asset boom and bust period were determined by optimal diversification considerations. We also find that due to economic and monetary union (EMU) the weight assigned by euro area investors to investment in euro area countries increased significantly in equity and fixed income portfolios, with a trade diverting effect against the British bond market.     

A Jump-diffusion Model for Exchange Rates in a Target Zone

We propose a simple jump-diffusion model for an exchange rate target zone. The model captures most stylized facts from the existing target zone models while remaining analytically tractable. The model is based on a modified two-limit version of the C OX , I NGERSOLL and R OSS (1985) model. In the model the exchange rate is kept within the band because the variance decreases as the exchange rate approaches the upper or lower limits of the band. We also consider an extension of the model with parity adjustments, which are modeled as Poisson jumps. Estimation of the model is by GMM based on conditional moments. We derive prices of currency options in our model, assuming that realignment jump risk is idiosyncratic. Throughout, we apply the theory to EMS exchange rate data. We show that, after the EMS crisis of 1993, currencies remain in an implicit target zone which is narrower than the officially announced target zones.     

Integrating Environmental,Social and Governance (ESG) Disclosure for a Sustainable Development: An Australian Study

Addressing environmental, social and governance (ESG) issues has become a critical part of business strategy. This article explores the extent of ESG reporting of metal and mining sector companies listed in the Australian Securities Exchange to determine the nature of ESG indicators in use in the sector. The current study argues that stakeholder engagement is the key to enhance company environmental policy and sustainable development. According to the results of this study, ESG reporting motives are highly influenced by reporting regulations. Given the diversity in reporting of ESG, comparability of ESG strategic performance is problematic. This study contributes towards developing an ESG disclosure index, which companies could use as a legitimacy tool that external stakeholders could use to reliably measure and compare the ESG performance of companies. It also reveals there is an increased demand for more empirical research on integration of sustainability into strategic planning process. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment     

GAME THEORETIC MODELS OF MIXED OLIGOPOLY

Abstract. In this paper we review various models that have been proposed for the study of mixed oligopoly, that is markets in which private and public firm compete on equal basis using only market instruments.     

从区位商视角论证构建城镇群的意义——以珠三角、大珠三角和泛珠三角区域为例

随着全球化和区域经济一体化的迅速发展,通过构建城镇群等城市联盟增强区域整体实力已成为提升城市竞争力积极有效的手段。从二十世纪九十年代初期起,先后形成的珠三角、大珠三角和泛珠三角城镇群,通过城市间的资源互补和优势扩散,带动区域整体水平,取得了跨越式发展。本文通过对珠三角、大珠三角和泛珠三角地区不同层次下各城市及区域主要产业就业人口区位商的计算比较,揭示了珠三角区域在制造业方面,大珠三角区域在生产性服务业方面及泛珠三角区域在生活性服务业方面的竞争优势,体现了不同层次城镇群内各行业的竞争发展趋势,由此验证了建立不同层次城镇群的必要性和竞争优势,为区域合作的政策措施提供一定的理论依据。