Exit Options in Corporate Finance: Liquidity versus Incentives

This paper provides a first study of the optimal design of active monitors'exit options in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal incentives to monitor the issuer may involve restricting the monitor's right to sell her claims on the firm's cash-flow early. But the monitor will then require a liquidity premium for holding such an illiquid claim. In general, therefore, there will be a trade off between incentives and liquidity. The paper highlights a fundamental complementarity between speculative monitoring in financial markets (which increases the informativeness of prices) and active monitoring inside the firm: in financial markets where price discovery is better and securities prices reflect the fundamentals of the issuer better, the incentive cost of greater liquidity may be smaller and active monitoring incentives may be preserved. The paper spells out the conditions under which more or less liquidity is warranted and applies the analysis to shed light on common exit provisions in venture capital financing.     

METROPOLITAN HOUSE PRICES IN SOUTH AFRICA: DO THEY CONVERGE?

The question this paper investigates is whether or not different metropolitan areas each constitute a separate housing market or whether or not there is a single South African housing market. Theory on the Law of One Price suggests that if products or geographic areas belong in the same market, their absolute prices must converge, so that their relative prices are stationary. By using cross-sectional time series data of five metropolitan areas, the paper tests for the Law of One Price by applying the Im, Pesaran and Shin panel unit root test. The paper finds strong evidence of convergence in large middle-segment house prices and weaker support for convergence in medium middle-segment house prices. In addition, the paper finds no evidence for convergence in small middle-segment house prices. This suggests the existence of a national market for large and possibly middle-segment houses in metropolitan areas, but separate metropolitan markets for small middle-segment houses. In addition, the paper estimates the speed of convergence and finds that large middle-segment house prices converge within two to seven quarters, while the speed of convergence for medium middle-segment house prices in three of the five areas is five to eight quarters.     

一种新型高速数字锁相环的研究

本文针对传统方法实现的数字锁相环(DPLL)工作速率低的问题,通过对一种典型的DPLL的分析,找出影响其工作速率的主要因素,研究并提出了一种全新的高速实现方法,并在实验室进行了数据传输位同步提取实验。     

Wage and Price Inflation in Poland in the Period of Transition: The Cointegration Analysis

The paper focuses on the long run relationships between wages, prices and labour productivity in the Polish economy by applying recent developments in the field of multivariate cointegration analysis. We followed modeling strategy which is suggested by Greenslade et al. (1999) and present all stages of the analysis which leads to the fully economically identified system of equations representing long run relationships. The investigation is based on the quarterly data from 1992.1 to 1999.2 which covers the period of transition of the Polish economy from the centrally planned system towards the market one. Basing on the empirical results we can argue that wages (costs) were one of the main forces driving inflation in Poland during that period. Also labor productivity proved to be stimulated by the increase of the real wages. On the other hand the hypothesis concerning the relationship between wages and unemployment was rejected by the data.     

Optimal Patent Protection in a Two-Sector Economy

This article addresses the issue of optimal patent protection in an economy with a downstream and an upstream sector. The key insight is that higher patent protection in the downstream sector raises the incentives of agents to do R&D in that sector but discourages innovation in the upstream sector because of a market size effect. Hence, higher patent protection in the upstream sector accelerates growth whereas higher patent protection in the downstream sector slows it down. If some innovation is socially desirable, optimal patent protection is necessarily higher in the upstream than in the downstream sector.     

试论新制度经济学与中国体制改革的契合

中国正在经历一个制度变迁的时代。新制度经济学对中国体制改革实践有很强的解释力和指导性，它与马克思主义经济学在机理上的相通及其与中国的传统政治文化的契合促进了它在中国的进一步发展。中国正处于一个制度变迁的时代，新旧体制转轨使中国有了对新的经济制度变革理论的强烈需要。新制度经济学适应了这种需求，对中国体制改革实践有很强的解释力和指导性。新制度经济学与马克思主义政治经济学有相通之处，这有利于发展新制度经济学，也有利于中国经济理论的衔接和发展。中国的传统政治文化与新制度经济学理论的契合，既有利于新制度经济学的传播，也有利于中国体制改革的进一步发展。     

企业人力资源动态策略管理

从稀缺性、难以模仿性、不可替代性三个角度论述特殊人力资源是现代企业的核心战略资源,依高层管理者具备的不同管理理念及企业所处的不同发展模式指出对企业的人力资源必须实行动态策略管理,并有针对性地提出人力资源部门的具体设置与运作方式。