贝恩资本的印钞机

贝恩资本醉翁之意不在酒，它真正看好的是3COM同华为在中国的合资公司以及在中国市场上强劲的盈利能力。     

Dividend policy of German firms: A panel data analysis of partial adjustment models

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published earnings as (i) published earnings do not correctly reflect performance because German firms retain parts of their earnings to build up legal reserves, (ii) German accounting is conservative, (iii) published earnings are subject to more smoothing than cash flows. Second, to the opposite of UK and US firms, German firms have more flexible dividend policies as they are willing to cut the dividend when profitability is only temporarily down.     

Political and economic processes in the privatization of the Korea telecommunications industry: A case study of Korea Telecom, 1987–2003

The Korean government completed its privatization of Korea Telecom (KT) in May 2002. Privatization was undertaken at a gradual pace at first mainly because the Korean government did not want to hand over its managerial power to the privatized telecommunications service company, although it announced its plan in 1987. However, the inauguration of the World Trade Organization (WTO) system and the Korean economic crisis of 1997 forced the government to accelerate its full privatization plan. During this process, several main players such as the Korean government, transnational corporations, international organizations, and large domestic conglomerates played important roles. The full privatization of KT is the result of the political, social, and economic demands of these players.     

Non-dictatorial extensive social choice

Summary. Different social planners may have different opinions on the well-being of individuals under different social options (Roberts, 1980). If utilities are translation- or ratio-scale measurable, or if the social ranking might be incomplete, or if interplanner comparability is allowed; then there exist non-dictatorial aggregation rules. We propose extensions, intersections, and mixtures of the Pareto, utilitarian, leximin, Kolm-Pollak, and iso-elastic rules.Received: 16 May 2001, Revised: 18 November 2003, JEL Classification Numbers: D63, D71. Correspondence to: Erwin OogheErwin Ooghe, Luc Lauwers: We are extremely grateful to the referee who was willing to review this paper many times. Her/his extensive and in-depth comments had a strong impact. Further thanks are due to Bart Capéau, Marc Fleurbaey, Maurice Salles, Erik Schokkaert, and Alain Trannoy. The first author gratefully acknowledges the financial support by the TMR network Living Standards, Inequality and Taxation (ERBFMRXCT 980248) of the European Communities.     

Statistical analysis of under- and overinvoicing of imports

This paper uses trading partners' data comparisons at three different levels of refinement to verify whether the elimination of an over-valued exchange rate, which itself has been claimed to lead to over-valuation of imports, affects the valuation practice of importers. The advantages of correcting the import and export data of trading partners for eventual discrepancies in the volume of these trade flows is highlighted. Data for Turkey, Pakistan and The Netherlands are used. Turkey devalued in 1970, while Pakistan devalued in 1972. Data availability and the large discrepancy between reported exports to and imports from The Netherlands suggested the analysis of the data for this country.     

Growth empirics with institutional measures for transition countries

This paper investigates the importance of institutions as a determinant of growth and foreign direct investment (FDI) in 25 transition countries for 1990–1998. It introduces some novel institutional measures, performs extensive sensitivity tests, and checks for reverse causation. Estimation results suggest that state institutions in particular are quite robustly important for growth and FDI. The relationship between institutions and growth is likely to be a causation, that between institutions and FDI less so. The significance of macroeconomic stabilization and liberalization is also confirmed, but multicollinearity problems make it impossible to properly judge their importance relative to that of institutions.     

Envy effects on conflict dynamics in supervised work groups

Decisions in Economics and Finance - At the end of the last century, chaos theory principles have helped organizational theorists to analyze several aspects of organizations and to account for...     

The current global financial crisis: Do Asian stock markets show contagion or interdependence effects?

In the framework of the current global economic crisis, a pertinent question is whether the world economies are suffering from contagion or interdependence effects. With its origins in the US sub-prime mortgage market crisis starting at the end of 2007, when a loss of confidence by investors in the value of securitized mortgages resulted in a liquidity crisis, hard-hitting the banking system and rapidly spreading into the financial markets, the effects of the crisis were automatically reflected in the rest of the world economies. These effects become more severe as the rest of the world is facing economic and financial instability. Therefore, the American shock can be seen as the trigger that revealed the other economies’ own financial problems. The main finding of this paper shows that the US stock markets are not generating contagious effects into the Asian stock markets. However, strong evidence of volatility transmission derived from these economies’ interlinkages has been detected.     

THE FUTURE OF PUBLIC ENTERPRISES: PERSPECTIVES FROM THE CANADIAN EXPERIENCE

ABSTRACT: Public enterprises have been an integral part of the involvement of the state in the economy for most of the 20th century. After 1980, privatization has been the dominant trend until the 2008–2010 economic crisis when new nationalizations happened. Ownership is only an element of a complex system of relations between a public enterprise and its institutional environment where the role of the board of directors, the mechanisms of coordination, the role of senior civil servants, etc. come to play. Using the Canadian experience with public enterprises, we suggest in this article that public enterprises could be interesting economic policy instruments in the future as in the past if such an economic policy exists. In other words, privatization did not solve the control issue over many large enterprises. Improved corporate governance should be considered. This article aims at improving the understanding of how by focusing on various aspects of the governance of public enterprises on their potential use and work. In Canada, public enterprises have been used to face the recent global crisis but they also come from a long tradition of intervention in the economy, a tradition closer to the European than the American. After reviewing recent developments in their governance, paths for future research are proposed.