Can Banks Self‐Regulate? Voluntary Agreements,Intrinsic Motivation and Games

This article argues that lessons on how to achieve a sustainable financial system can be learnt from the work done on sustainable commons (on common‐pool resources – CPRs – where there is no ‘tragedy of the commons’). Existing approaches to financial regulation may not give proper attention to available solutions. The article proposes that innovative solutions could be tested using experimental methods commonly used in CPRs: repeat run, feedback driven games.     

毛里佐·卡特兰与杰拉德·马特对话

在丛林中长大的你,很难分辨真假对错。LIVING IN THE JUNGLE,YOU ARE DELUDED TO DISTINGUISH THE TRUTH AND LIE.杰拉德·马特:人们至今还没有全面回顾过你的作品。你的作品似乎总是在特定的历史和政治语境中构想,并最终在指向性的框架内展示。这样给人的感觉是,你回避着这种语境之外的创作,不愿意将作品只放到一个展览内全部展示。你什么时候会做一个回顾展?一定要等到寿终正寝之后吗?     

向庆华:寻找客体的静帧

当西伯利亚白鹮穿过数万公里的云层来到湄公河边停歇嬉戏时,它们不知道危险就要降临,一只成年泰国鳄正静候着大自然为它准备的佳肴……再警惕的野猪也没有准确评估独自出行风险的能力,饥饿的狮子和老虎早就垂涎欲滴,并且作好发起攻击的准备,不远处,它的另一个天敌猎豹也悄悄逼近……袋鼠由于上下肢尺寸不一,天生紧张,每过一会儿就会跳跃,以保全自己尚未独立的儿女不会丧命于大象的笨蹄……就在我们看到锦鸡与兔子还有鸭嘴兽和谐相处的画面时,地球的那边,一场无形的杀戮正逐渐酿成悲剧,每年,都会有抹香鲸由于未知原因而搁浅,它们通常都是奋力一射,将自己的身体搁在海绵般的沙滩,再也不看海洋,……     

企业跨国并购研究演进及热点知识图谱分析简

以利用wos数据库检索到的、发表于1997—2013年期间的、关于跨国并购的643篇英文文献为数据源,利用动态网络分析软件Citespace,通过作者共引分析确定了企业跨国并购研究领域中的知名学者,通过文献共引分析确定了企业跨国并购研究的理论基础,并分析理论发展规律。进一步分析得到目前跨国并购研究领域的高频主题词,包括文化、银行跨国并购、汽车产业、进入方式、战略联盟、法律、知识转移、贸易保护、中国企业、中国、学习能力、国家文化等。最后,结合实际,为跨国并购研究的进一步开展提供了参考建议。     

论我国农业区域结构调整

我国农业区域结构中存在结构趋同，比较优势不能发挥，资源环境破坏严重等问题，产生这些问题的主要原因是市场经济不发达，宏观调控体系不健全等。这对全国农业统一大市场的形成，对建立社会主义市场体系是极炒利的。我们必须对我国农业区域结构进行合理调整。     

Existence of a Condorcet Winner When Voters Have Other‐Regarding Preferences

In standard political economy models, voters are “self‐interested” that is, care only about “own” utility. However, the emerging evidence indicates that voters often have “other‐regarding preferences” (ORP), that is, in deciding among alternative policies voters care about their payoffs relative to others. We extend a widely used general equilibrium framework in political economy to allow for voters with ORP, as in Fehr and Schmidt (1999) . In line with the evidence, these preferences allow voters to exhibit “envy” and “altruism,” in addition to the standard concern for “own utility.” We give sufficient conditions for the existence of a Condorcet winner when voters have ORP. This could open the way for an incorporation of ORP in a variety of political economy models. Furthermore, as a corollary, we give more general conditions for the existence of a Condorcet winner when voters have purely selfish preferences.     

Cross‐border mergers and acquisitions: The role of private equity firms

Research summary: We show that private equity ownership (“PE backing”) of the acquirer is a signal of deal quality in cross‐border takeovers. As such, PE‐backed acquirers experience higher announcement returns in cross‐border takeovers, but only if targets are in poor information environments. We show that PE backing is a positive market signal because of PE firms' experience and networks that result from prior deals in target countries. We document that the market correctly anticipates that operating performance of PE‐backed acquirers increases as a result of cross‐border mergers and acquisitions (M&A). Managerial summary: We study cross‐border acquisitions by acquirers that are partially owned by private equity firms (“PE backing”). Cross‐border acquisitions are challenging as acquirers often have little information about targets. We document that investors react positively to cross‐border deals of PE‐backed acquirers—their stock prices increase upon deal announcements. However, this is only the case if targets are in countries with poor information environments. This is because PE backing allows acquirers to access PE firms' deal experience and networks. This makes it easier to identify and evaluate good targets, making it more (less) likely that a deal eventually creates (destroys) value. Consistent with this, we find that earnings of PE‐backed acquirers increase after buying targets in poor information environments. Copyright © 2016 John Wiley & Sons, Ltd.     

Productivity dynamics and the cleansing effect of two recessions: Evidence from the manufacturing sector in Korea

In general, recessions provoke the exit of a greater number of firms from the market. Less productive firms are more likely to exit and release their former resources to the remaining, more productive firms. The present study investigates two recessions in Korea: the Asian financial crisis and the global financial crisis. The main objective of the present study is to analyse the process of creative destruction in a recession, specifically the cleansing effect. We measured total factor productivity using micro‐level manufacturing plant data from 1993 to 2013. We decomposed the source of the changes in total factor productivity to measure the cleansing effect in two large recessions. During the first recession in the 1990s, there was no evidence to support a cleansing effect hypothesis. In contrast, during the second recession in the 2000s, there was evidence of a cleansing effect. In addition, we found differences in market selection criteria in the two recessions; by the second crisis, the market selection criteria had changed to enable a more conducive environment for the creative destruction process.     

论中国经济结构演变的动因及其趋势

改革开放30年来,我国经济取得了突飞猛进的发展,这与我国经济结构多次合理调整有着紧密联系.加入世界贸易组织后,我国经济加快融入国际经济中,一定程度上也对我国国民经济结构提出了更高要求.本文根据当前我国国民经济发展状况,充分考虑世界科技加快发展和国际经济结构重组的趋势,着眼干全面提高国民经济整体素质和效益,增强综合国力和国际竞争力,注重对变化的研究,强调时间与历史、制度变迁等在经济演化中的重要地位,全面考察我国经济结构演变的动因及其趋势.     

The Effects of Executive,Firm, and Board Characteristics on Executive Exit

We estimate a hazard model of the probability of top corporate executives exiting their firms over the period 1996–2010. Our main findings are that: (1) female executives have greater likelihoods of exit than males, (2) the likelihood of exit increases with the independence of the board and decreases with the fraction of the board that is female and the average age of board members, and (3) a higher percentage of independent directors on the board lowers the probability of exit more for females than for males. Further, controlling for exit risk reduces the well‐documented compensation differential between men and women.