Raising Capital in an Insurance Oligopoly Market

We consider an oligopoly market where firms offer insurance coverage against a risk characterised by aggregate uncertainty. Firms behave as if they were risk averse for a standard reason of costly external finance. The model consists in a two-stage game where firms choose their internal capital level at stage one and compete on price at stage two. We characterise the subgame perfect Nash equilibria of this game and focus attention on the strategic impact of insurers capital choice. We discuss the model with regard to the insurance industry specificities and regulation.     

《立法法》修正案评析

《立法法》修改是法律体系形成后,立法工作由规模扩张转向质量提升的逻辑结果,也是全面推进依法治国的重要举措。本次修改的主基调是部分修改、微调为主,而立法程序则成为修改的重点。但是,此次修法并未破解立法体制性难题,而且改革的系统性也存在缺陷。     

如何看待体育经济发展中的经济与社会效益

体育经济的经济与社会效益巨大,如何看待体育经济发展中的经济效益与社会效益的关系,是一个具有普遍性意义的问题。本文就如何看待这个问题,简单谈一些自己的看法,并提出,要正确对待体育经济的经济与社会效益,就要做到两者并重、共同发展。并就如何更好的发挥体育的经济与社会效益提出一点自己的看法。     

俄欧关系的现状和展望

俄罗斯和欧盟关系的主要特点是双方互动的非对称性、过分的相互依赖性和利益交织面的扩大。双方虽然都在努办寻找建立长期稳定关系的契合点,但由于价值观分歧严重,在很多领域难以达成互信,因此,双方关系的发展常常一波三折。与此同时,互相依赖、利益交织的事实也使双方在矛盾中不会走向对抗而保持克制。全球金融海啸的爆发、美国对外政策的调整为排除俄欧关系发展的主要障碍提供了机遇。务实合作、实现双方利益的最大化将依然是主导未来欧俄关系发展的主线。     

适应高技术战争需要,加快我军装备物流建设

强大的军事物流体系已经成为高技术战争强有力的支撑。军事物流的能力和水平，已经成为决定战争进程和结果的关键性制约因素。本文从高技术战争的特点和发展趋势出发，提出了高技术战争对军事物流的需求；基于对美军军事物流的分析，对装备物流的基本内涵、装备物流建设的发展战略和需要重视的问题进行了初步的探讨。     

IMF Bank-Restructuring Efficiency Outcomes: Evidence from East Asia

We report new findings on bank efficiency in East Asian countries for the pre- and post-IMF restructuring periods. We find that bank efficiency has improved, but only to the pre-IMF intervention level, and that restructured banks are not more efficient than their unrestructured counterparts. Different restructuring measures have different effects. Bank closures are economically justified, but mergers show short-term efficiency losses. Recapitalization and reprivatization of badly performing banks lead to efficiency improvement, but also increase government ownership. Ease of entry that has allowed for more foreign bank participation results in slightly improved performance of badly performing banks.

Optimal dividend policy and growth option

We analyse the interaction between the dividend policy and the decision on investment in a growth opportunity of a liquidity constrained firm. This leads us to study a mixed singular control/optimal stopping problem for a diffusion that we solve quasi-explicitly by establishing a connection with an optimal stopping problem. We characterize situations where it is optimal to postpone the distribution of dividends in order to invest at a subsequent date in the growth opportunity. We show that uncertainty and liquidity shocks have an ambiguous effect on the investment decision.      

Co-creation of value — towards an expanded paradigm of value creation

Co-creation is the process by which products, services, and experiences are developed jointly by companies and their stakeholders, opening up a whole new world of value. Firms must stop thinking of individuals as mere passive recipients of value, to whom they have traditionally delivered goods, services, and experiences. Instead, firms must seek to engage people as active co-creators of value everywhere in the system.     

Teaming up to Innovate: The Importance of a Joint Knowledge Base

Companies are increasingly discovering the potential of collaborating with others to create innovative products — often across industries — by combining their specializations in a unique way. A pre-condition for the success of these ventures is to build a common knowledge base, usually by duplicating selected parts of the partner’s knowledge. In this article, a case study and a quantitative study seek to elaborate on the unanswered question: Which building blocks constitute a common knowledge base?