新型个人信息保护体系构建研究

大数据时代,传统的以“信息收集”规制为着力点的个人信息保护出现适法性困境,以“知情同意”为框架的机理失灵,个人信息的利用对象从直接个人信息逐渐向间接个人信息过渡,其财产价值凸显,新型个人信息财产权呼之欲出。立法应顺应数字经济的发展,构建合理新型个人信息体系。具体而言:纵向层面,以“宽进+删除权”为具体保护策略;横向层面,在信息主体和信息产业者之间合理配置权利,即信息主体享有个人信息权和个人信息财产权,信息产业者享有信息资产权。     

Drivers of research impact: evidence from the top three finance journals

We study the characteristics of all published papers in the top three finance journals (JF, JFE and RFS), and how these paper characteristics affect the number of citations in Google Scholar and the Web of Science database. First, we find the characteristics in the universalist perspective remain constant while the characteristics in the constructivist and presentation perspectives increase over time. Second, some characteristics are significantly different between the high-impact and the low-impact papers. Third, paper quality, research method, journal placement and paper age are the most important drivers. Last, different drivers play different roles in different journals.     

Corporate social responsibility,vertical product differentiation and international competition

Would a foreign firm’s consumer‐oriented corporate social responsibility (CSR) activities be rewarded by an importing country’s voluntary tariff reduction? The current paper addresses this question in an import‐competing duopoly model with vertical product differentiation. It is shown that the tariff will decrease if the foreign firm switches from a purely profit‐driven firm to a CSR firm. A consumer‐oriented CSR strategy will always hurt the domestic firm’s profit, whereas the relationship between the foreign firm’s profit and CSR sensitivity (the degree to which a firm cares about consumer welfare) is invertedly U‐shaped. When firms’ decisions to switch to CSR are endogeneized, only the foreign firm will become a CSR firm.     

Structural holes and hedge fund return comovement: evidence from network-connected stock hedge funds in China

Using data from a new hedge fund database, we examine the impact of social networks on the return comovement of stock hedge funds in China. We use structural holes in the college alumni networks of managers to measure the managers’ social network positions. We perform an empirical analysis on a sample of 3,012 hedge fund products in China from 2010 to 2017. We find that greater structural holes are associated with higher return comovement. The positive impact of the structural holes on return comovement is not affected by market cycles, a manager's major in college, or his or her abilities.     

乌海铁路货运发展的SWOT分析

文中探讨如何运用SWOT战略分析方法确定乌海地区铁路运输业目前面临的重要外部机会和威胁,以及内部存在的主要优势和劣势,并运用SWOT定量分析模型,对乌海铁路运输业发展做出科学评估,在此基础上明确乌海铁路货运发展战略定位,研究并提出相应的发展策略,从而充分发挥该市的自身优势。     

宏观审慎政策、经济周期与银行风险承担*

本文基于中国227家商业银行2005－2016年非平衡面板数据，实证检验中国宏观审慎政策实施对于银行风险承担的影响。结果表明：宏观审慎政策增强会在一定程度上抑制银行风险承担，而且这种显著的负向关系并不随着银行风险代理变量、经营辐射范围以及是否有外资入股等条件的改变而发生变化。经济周期会对宏观审慎政策的有效性产生非对称性影响，即相比在经济上行时期，在经济下行时期的宏观审慎政策对银行风险承担的抑制作用更强且更为显著。就可能的影响机制而言，本文发现宏观审慎政策通过提高银行盈利能力，从而降低银行风险承担。       

The Effects of Industrial Policy Support on IPO Performance: Evidence from Listed Enterprises of the Chinese SMEs Board

This study examines the effects of industrial policy support on the initial public offering performance of listed enterprises on the Chinese small and medium‐sized enterprises board. We observe that industrial policy support has a positive effect on IPO performance. In addition, we provide evidence that after the financial crisis, the decrease of IPO underpricing resulting from policy support implemented three months before firms going public is less than that deriving from the policy support issued six months prior to listing, whereas the effect of industrial policy support on post‐IPO operating performance has increased after the financial crisis.     

Toward a Typology of Family Firm Corporate Entrepreneurship

Family involvement in business creates idiosyncrasies in firm behavior that promote long‐term, often transgenerational, strategic logics that ostensibly align with the motivations and outcomes of corporate entrepreneurship. Interestingly, extant research provides only minimal insight into the heterogeneous nature of corporate entrepreneurship orientations pursued by family firms. To better understand this heterogeneity, we develop a typology of corporate entrepreneurship in family firms providing a reconciliatory approach to this literary diversity and suggest that the varied corporate entrepreneurship orientations of family firms are impacted by the duality of a family's distinct intention to pursue transgenerational succession and capabilities to acquire external knowledge.