Investor Protection and Corporate Valuation

We present a model of the effects of legal protection of minority shareholders and of cash-flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders and in firms with higher cash-flow ownership by the controlling shareholder.     

巩固拓展脱贫攻坚成果同乡村振兴有效衔接绩效评价研究

在全面打赢脱贫攻坚战后,如何进一步巩固拓展脱贫攻坚取得的成果、有效衔接乡村振兴,成为学界关注的重要内容。构建巩固拓展脱贫攻坚成果同乡村振兴有效衔接绩效评价体系,是有力推进二者衔接的重要基础。本研究以乡村振兴战略规划目标为依据,结合巩固拓展脱贫攻坚成果相关要求及接续发展时期特点,以产业兴旺、生态宜居、乡风文明、治理有效、生活富裕等5个一级指标,农业生产条件等16个二级指标和耕地保有率等38个三级指标构建评价指标体系,并综合运用层次分析、聚类分析和模糊评价相结合的方法构建评估模型,以期为巩固拓展脱贫攻坚成果与乡村振兴接续发展成效的评价研究提供借鉴。     

数字经济对产业结构升级的影响研究——基于创新产出角度的分析

作为经济增长新动能,数字经济已经成为推进共同富裕的重要力量。文章采用熵值法和耦合协调度模型结合莫兰指数模型,构建数字经济−共同富裕评估指标体系,对我国30个省份2013—2021年数字经济与共同富裕的耦合协调机理及时空动态演进展开实证研究。研究显示：（1）我国数字经济与共同富裕发展水平总体上稳步增长,且东部＞中部＞东北＞西部地区;（2）我国数字经济与共同富裕耦合协调水平呈现中部地区高度耦合、其他地区为“拮抗−磨合−高水平耦合”的上升趋势;（3）数字经济与共同富裕耦合协调度在空间上存在正相关演进趋势,表现为“高高”和“低低”的空间集聚分布特征。为发展数字经济以推动共同富裕目标的实现,政府要加强数字化基础设施建设和数字技术培训、促进传统产业转型升级、优化资源配置等。

     

Takeover bids, unconditional offer price and investor protection

In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside shareholders. Why, in an apparently irrational way, do outside shareholders, who may benefit from a price guarantee, not systematically sell their shares? That question emphasizes the outside shareholders' behavior. Using a real option valuation model to evaluate the price guarantee opportunity, we show that an equal treatment rule between controlling and outside shareholders may lead outside shareholders to sell their shares.     

Political Competition in Weak States

In the developing areas, politics is often undemocratic, states lack a monopoly over violence, and politicians play upon cultural identities. To analyze politics in such settings, we develop a model in which politicians compete to build a revenue yielding constituency. Citizens occupy fixed locations and politicians seek to maximize rents. To secure revenues, politicians must incur the costs of providing local public goods and mobilizing security services. Citizens must participate, i.e. pay taxes; but can choose which leader to support. The model enables us to explore the impact of cultural identities and varying notions of military power.     

Intellectual Property Rights in the Asian-Pacific Region: problems, patterns, and policy

This paper explores recent theory and evidence regarding increased protection of intellectual property rights (ZPRs) in Asia. Knowledge has significant public good aspects making optimal provision a problem of trading off universal access against adequate incentives for R&D. Given the ease of evasion of IPR relative to tariffs, attempts to push low and middleincome countries to higher levels of protection may be against their national interests. The Uruguay Round may encounter less than enthusiastic enforcement. Further efforts to refine IPR protection might usefully be focused on flexibility instead of harmonisation.