中原经济区城市发展效率及其时空分异特征研究

中原经济区是实施区域协调发展国家战略的重要组成部分,基于5省30个地级市的面板数据,构建考虑非期望产出的SBM-DEA超效率模型,测算了中原经济区城市发展效率,探讨了中原经济区城市发展效率的Malmquist-Luenberger指数及其分解特征,研究了总体空间分异状态。结果表明:各个城市发展效率存在明显的异质性,Malmquist-Luenberger指数及其分解值整体不高,发展方式仍未发生根本性转变,资源环境压力过大。中原经济区城市发展效率只在个别年份显现非常弱的集聚分布空间格局,郑州和洛阳等中心城市功能不强,难以通过“涓滴效应”成为带动中原经济区发展的动力源。     

Capital structure and business cycles

This study investigates the relationship between business cycles and capital structure. Specifically, it extends the work of Lemmon et al. (2008) , by incorporating the effect of four different stages of the business cycle – peak, contraction, trough and expansion – on the relative importance of the unobserved permanent component of the capital structure. Results indicate that business cycles play an important role in explaining the unobserved permanent component of leverage ratios after controlling for firm fixed effects. In particular, the model becomes much stronger in explaining the variation in leverage ratios after accounting for business cycle phases.     

Conditional returns to shareholders of bidding firms: an Australian study

This study examines the importance of the self‐selection problem when evaluating returns to bidder firms around announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, which indicates announcements are timed; consequently, in the presence of the sample selection problem, standard ordinary least square estimates are biased. Using a conditional model, the results indicate that after controlling for the self‐selection bias effect, shareholders of bidder firms make normal returns. In sum, failing to account for sample selection bias may lead to erroneous conclusions about a bidder's true economic wealth effects around an announcement event.     

Determining returns to bidding firms’ shareholders using different benchmark methods: an Australian study

This article revisits the determinants of cumulative abnormal returns (CAR) for bidder firm shareholders around takeover bid announcements and in particular, if bidder CAR estimates differ significantly between conditional and unconditional models. The results indicate that CAR estimation is significantly different between the two models. The conditional model is theoretically superior to the traditional unconditional model due to the former controlling for unobservable factors surrounding the bid announcement. This study shows that it is important to account for unobservable factors in growth (organic versus takeover) strategies to infer the true effect of the bidder's characteristics on CAR.     

The power of bad: The negativity bias in Australian consumer sentiment announcements on stock returns

This paper examines the equity market reaction to the monthly release of Australian consumer sentiment news. Our results indicate that consumer sentiment has valuable information content. Further, we document a version of the “negativity effect” (from the psychology literature) in which, upon announcement of bad (good) sentiment news, the equity market experiences a significant negative (no) announcement day effect. Notably, we find that the market recovers from the bad news shock relatively quickly post-announcement. The results are robust to a broad range of additional tests.     

The Long-Term Performance of Corporate Bonds (and Stocks) Following Seasoned Equity Offerings

Previous studies document negative long-term abnormal stockreturns following seasoned equity offering (SEO) issuances andconclude that markets are inefficient. Other studies, however,argue that these results are a manifestation of risk mismeasurement(i.e., the bad-model problem), not market inefficiency. We testthe efficient market hypothesis (EMH) and avoid the bad-modelproblem by examining the long-term performance of our samplefirms' bonds and stocks following their SEOs. Our results areinconsistent with the EMH. We also provide evidence that SEOstransfer wealth from shareholders to bondholders because SEOsreduce default risk.     

发展中加贸易的障碍——倾销与反倾销问题

加拿大与中国都是世界贸易大国,随着中国加入 WTO,两国的贸易地位正趋于平等,因此加拿大与中国之间的贸易存在着巨大的上升空间。此文章分析中加贸易所面临的障碍——倾销与反倾销问题,并提出若干解决此问题的措施。