Learning to bid: The design of auctions under uncertainty and adaptation

We examine auction design in a context where symmetrically informed adaptive agents with common valuations learn to bid for a good. Despite the absence of private valuations, asymmetric information, or risk aversion, bidder strategies do not converge to the Bertrand–Nash equilibrium strategies even in the long run. Deviations from equilibrium strategies depend on uncertainty regarding the value of the good, auction structure, the agents? learning model, and the number of bidders. Although individual agents learn Nash bidding strategies in isolation, the learning of each agent, by flattening the best-reply correspondence of other agents, blocks common learning. These negative externalities are more severe in second-price auctions, auctions with many bidders, and auctions where the good has an uncertain value ex post.     

Does corporate governance play an important role in BHC performance? Evidence from the U.S.

This study explores the relationship between the operating performance and corporate governance of bank holding companies (BHCs) in the U.S. The modified data envelopment analysis (DEA) is utilized to integrate the five rating indicators of CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity) so as to estimate the BHCs' performance. This study also employs the modified tiered DEA to categorize 68 BHCs into three Tiers. Additionally, the truncated-regression is employed to discuss whether or not the corporate governance would affect the performance of BHCs. The empirical results present the trade-off relationship with CAMEL indicators in the Tier1—Efficient BHCs. Moreover, it has been found that there are negative impacts on BHC's performance from board size, outside directors, the average age of directors and CEO/Chairman duality, while there are positive impacts from the number of committee and Big-4 auditors. The results further prove that corporate governance is important for the operating performance of BHCs.     

产业转移中的企业自我选择效应分析——基于区域产业结构理论的演变

对区域产业结构演变的三个层面进行理论分析,将研究视角从传统理论的模式化、新经济地理理论的抽象化转向异质性企业选择的微观化,进而探索影响区域产业转移的微观动力机制,即企业的自我选择效应、集聚效应与扩散效应同时成为影响区域产业结构演变的三种内在力量。结果表明:从企业微观层面看,集聚效应在一定时期内还得继续存在;政府应加大基础设施建设方面的投入,并在产业链整合、市场化等方面给予一定的政策支持以实现产业结构的跨区域整合。     

消减城乡公共产品供给差异的策略——基于政治支持差异假设的探视

本文认为导致城乡公共产品供给差异的根本原因是地方政府官员根据不同主体能够给予的政治支持做出的理性选择。文章强调了政治支持差异对地方官员行为的影响,并把上级政府、城市居民和农村居民的政治支持纳入一个统一的分析框架,分析了地方官员从不同主体获得的政治支持权重大小顺序,给出了其最优策略的均衡条件。如果要实现基本公共产品均等化目标,则需优化政治支持结构。     

基于创业企业成长的创业能力转化机制研究

对已有的关于创业企业成长的理论进行了综述,提出了创业能力是影响创业企业成长的主要因素。在创业能力内涵和维度界定基础上,论述了创业能力整合与创业企业成长的关系。提出了创业能力整合能有效地促进创业企业成长,为创业企业二次生命周期循环提供动力和源泉,给创业企业带来持续的竞争优势。详细论述了创业能力整合与转化过程,分析了创业能力转化的支撑条件和转化机制,为创业企业实现创业能力整合提供方向。     

董事会特征、高管激励与集团绩效——来自中国上市集团公司的经验证据

作为一个多法人联合体,企业集团的治理与单体企业不同.通过实证研究发现,中国上市集团公司的董事会规模并没有对集团绩效产生积极效应,独立董事也未能有效发挥监管职能;董事长与总经理两职合一与集团公司绩效负相关;合理有效的报酬制度与公平透明的股权激励环境有助于集团公司绩效的提高,而股权激励制度有待进一步完善.     

Productivity growth decomposition with FE-IV approach: Rethinking Thai commercial banks after the financial crisis

To cope with the Asian Financial Crisis, Thai commercial banks have gone through a reconstructing period. This study aims to decompose the Total Factor Productivity growth (TFP) for Thai commercial banking industry with an output distance function. With an unbalanced panel dataset, we used the Fixed Effect (FE) model with Instrumental Variables (IV) to estimate the TFP growth empirically. We found the technical inefficiency change and scale effects were the two major contributors to the recent growth, while the input price effect of the premises and equipment was the major preventer of the growth. Moreover, the Thai commercial banking industry produced in decreasing return to scale, and the input–output allocation was not at the profit maximization optimum under the exogenous prices.     

经济增长与环境污染的广义脉冲响应函数分析——以江西省为例

本文选取六类污染指标构建了反映整体污染水平的环境污染综合指数,并基于1987-2008年相关数据,在严格计量检验基础上运用GIRF法、方差分解法考察了江西省经济增长与环境污染之间的长期动态关系.结果表明,环境污染综合指数与经济增长验证了EKC假说,经济增长是污染物增加的重要原因之一;人均GDP对解释各类环境污染排放的预测方差贡献度较大,而污染物排放不是解释经济增长预测方差的重要变量.     

产业集群对区域创新系统的作用路径分析

国内外学者的研究表明,产业集群对区域创新系统的建设有着积极地促进作用,是构建区域创新系统的载体,为区域创新系统提供不竭的动力.文章从产业集群和区域创新系统的基本内涵出发,分析了产业集群与区域创新系统的关联关系,在此基础上系统地探讨了产业集群对区域创新系统的作用路径,为更好的以产业集群促进区域创新系统发展提供一些思路和参考,以推动区域经济的发展.     

提升我国高新技术产业自主创新能力的关税政策研究

自主创新能力正逐渐成为衡量国家科技发展水平的核心问题。从我国的实际情况出发,必须把自主研究和引进、消化吸收国外先进技术相结合。这就需要财政政策、贸易政策、关税政策等方面的积极推动。我国已经出台了支持自主创新的新关税政策,但由于政策比较宏观,有些政策没有给出细则,致使在税收监管和执行过程中出现一些问题,已在一定程度上影响了企业自主创新能力的提升。从我国现行的关税政策出发,以天津市特别是滨海新区的高新技术产业发展为实证,提出了有利于提升我国企业自主创新能力的关税政策调整措施。