More Than Socially Embedded: The Distinctive Character of 'Communal Tenure' Regimes in South Africa and its Implications for Land Policy

This article analyzes debates over tenure reform policy in post-apartheid South Africa, with a particular focus on the controversial Communal Land Rights Act of 2004. Land tenure systems in the 'communal areas' of South Africa are described as dynamic and evolving regimes within which a number of important commonalities and continuities over time are observable. Key underlying principles of pre-colonial land relations are identified, which informed the adaptation and modification of tenure regimes in the colonial era and under policies of segregation and apartheid, and continue to do so today. Exploring the policy implications of this analysis, the article suggests that alternative approaches to that embodied in the Communal Land Rights Act are required. The most appropriate approach is to make socially legitimate occupation and use rights, as they are currently held and practised, the point of departure for both their recognition in law and for the design of institutional frameworks for administering land.     

寻找最佳员工

对许多公司来说,寻找优秀的人才是他们最紧迫的任务之一,这项工作不仅仅局限于母公司境内。如今,全球化的跨国公司是哪里有人才就在哪里找、哪里需要人才就在哪里找。     

逆向竞拍在房地产业采购管理上的应用

本文分析了我国房地产企业在采购中采用逆向竞拍的可能性及其优缺点，并且给出了承建商在逆向竞拍中的可行策略。     

Local Risk,Local Factors,and Asset Prices

Firm location affects firm risk through local factor prices. We find more procyclical factor prices such as wages and real estate prices in areas with more cyclical economies, namely, high “local beta” areas. While procyclical wages provide a natural hedge against aggregate shocks and reduce firm risk, procyclical prices of real estate, which are part of firm assets, increase firm risk. We confirm that firms located in higher local beta areas have lower industry‐adjusted returns and conditional betas, and show that the effect is stronger among firms with low real estate holdings. A production‐based equilibrium model explains these empirical findings.     

Prompting the Benefit of the Doubt: The Joint Effect of Auditor‐Client Social Bonds and Measurement Uncertainty on Audit Adjustments

We design an incentivized experiment to test whether measurement uncertainty elevates the risk that social bonds between auditors and reporters compromise audit adjustments. Results indicate that, when audit evidence is characterized by some residual uncertainty, the adjustments our auditor‐participants require are sensitive to whether auditors have an opportunity to form a modest but friendly social bond with reporters. In contrast, although auditors do not adjust fully even when misstatements are known with certainty, social bonding has no effect in this scenario. Accordingly, our experiment contributes beyond the main effects of social bonding and measurement uncertainty demonstrated in prior research by showing that these forces interact. A practical implication is that regulators and practitioners should consider both the technical and the social challenges facing audits of complex estimates.     

Do Hedge Funds Manipulate Stock Prices?

We provide evidence suggesting that some hedge funds manipulate stock prices on critical reporting dates. Stocks in the top quartile of hedge fund holdings exhibit abnormal returns of 0.30% on the last day of the quarter and a reversal of 0.25% on the following day. A significant part of the return is earned during the last minutes of trading. Analysis of intraday volume and order imbalance provides further evidence consistent with manipulation. These patterns are stronger for funds that have higher incentives to improve their ranking relative to their peers.     

CAN A RULE‐BASED MONETARY POLICY FRAMEWORK WORK IN A DEVELOPING COUNTRY? THE CASE OF YEMEN

Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy framework for Yemen emphasizing a proactive and rule‐based approach with a greater direct focus on price stability in the context of a flexible management of the exchange rate. Although, as in many developing countries, institutional capacity is a concern, adopting a more formal framework could impel the kind of changes that are required to strengthen the ability of the CBY in achieving low and stable rates of inflation over the medium term.     

Globalized Horticulture: The Formation and Global Integration of Export Grape Production in North East Brazil

In horticulture contemporary globalization is associated with (at least) two connected processes – the concentration, centralization and expanding reach of global retailers and the emergence of numerous new sites of export horticulture specializing in fresh fruit and vegetable production aimed at metropolitan markets. Whilst there have been numerous studies about developmental impacts, conditions of labour, and producers' upgrading strategies within this new context, few studies give much, if any, space to explaining and analyzing the processes through which these new regions have come into being. This article provides a detailed account of the emergence and global integration of one of these new sites – the São Francisco valley grape branch in North East Brazil, within the context of the wider regional fruiticulture sector. It focuses on state activities and incentives, the provenance of grape producers and their organizations, and grape branch composition.