Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry

We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs’ stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.     

我国连锁企业的现状和发展趋势

随着外资零售业巨头频频在中国市场抢滩,我国连锁业经受到前所未有的冲击。本文着重分析了当前我国连锁企业存在的基本问题及其急需改进之处,并对我国连锁企业的发展前景进行了展望。     

The effect of ownership structure on firm performance: Additional evidence

This article examines the effect of ownership structure on corporate performance, using stock returns as a measure of performance. Based on the 1988–1992 sample period, we find that the level of insider ownership is positively related to stock returns. This result suggests that as managers' equity ownership increases, their interests coincide more with those of outside shareholders. But we also find that the square of the level of insider ownership is inversely related to stock returns, indicating that excessive insider ownership rather hurts corporate performance probably due to the problem associated with managers' entrenchment. Finally, we find that stock returns are positively related to institutional ownership, indicating that institutional owners are active in monitoring management.     

FISCAL EXPENDITURE AND INDUSTRIAL LAND PRICE IN CHINA: THEORY AND EVIDENCE

This paper aims to discover the mechanism behind the positive correlation between local fiscal expenditure and industrial land price in China, a stylized fact discovered by bivariate and regression analyses. The model shows that if the positive externality of government expenditure on growth is sufficiently high, the local government has an incentive to increase public spending in exchange for the reduced demand for industrial land by charging a higher markup and driving up the industrial land price. Therefore, we observe a positive correlation between the local fiscal expenditure and industrial land price. (JEL D42, H72, R51)     

我国城市供水绩效指标体系演变与发展

近年来,我国城市供水绩效评估工作取得很大进展,城市供水绩效指标体系不断完善与发展。文章梳理了近十年一些学者构建的城市绩效指标体系以及我国城市供水绩效指标体系的最新发展,深入分析了我国城市供水绩效指标体系演变与发展过程中呈现的特点与趋势,最后针对我国城市供水绩效指标体系以后的修订方向提出了建议,为今后此领域的研究工作提供参考。     

租赁企业财务内部控制系统的构建

财务内部控制工作可直接影响到租赁企业经营管理期间的经济效益及服务效益,对提升企业财务风险驾驭能力,实现企业稳定有序发展目标具有重要意义。本文就基于此,对租赁企业财务内部控制系统构建问题及解决措施进行相关概述,旨在充分发挥出财务内部控制系统积极作用,促进租赁企业现代化建设进程。     

国家货币主权的构成与限制问题——兼对美元持续贬值的国际法思考

一个国家货币主权的构成主要包含发行货币的权力、决定和改变币值的权力,调整一国货币或任何其他货币在其境内使用的权力。但各项权力都有例外和其它限制。美国滥发货币导致美元贬值,虽然在国际习惯法上属于货币发行权和定值权的范畴,美国不需要因此而承担国际法上的国家责任,但修改IMF协定或订立新的国际条约,有效地改变长期以来国际习惯法支持的货币发行国货币定值的主权权力,则可建立起对美元和其它国际货币发行国货币行为的必要约束,此举已刻不容缓。     

抵押贷款证券化：道德风险与次级债危机

不可否认,美国抵押贷款证券化运作机制具有一定的优越性,对美国经济发展也有过极大的促进作用。然而,证券化存在的风险和对金融稳定性的影响是一个备受关注的课题,尤其是次级债危机的爆发,使证券化运作中存在的问题逐渐暴露出来。对抵押贷款证券化过程中有关参与主体的行为进行分析,探究整个住房金融市场信用风险被放大的根源,认为美国次级债危机的形成应归因于证券化后放款机构和信用评级机构的道德风险,而利率的上涨只是此次危机的一个诱因。     

四川省农村宅基地问题调查与思考

本文通过对四川省农村宅基地制度进行问卷调查和实地访问,获得了详实的调研资料、数据和典型案例,利用已有的实证和研究成果,对调研资料和数据进行归类、整理.在此基础上总结、归纳出了四川农村宅基地制度出现的问题,揭示其内在原因,并提出了改革和完善我省农村宅基地制度的具体对策和建议.     

雷斯法案修正案对我国林产品企业影响及对策分析

中国是美国林产品市场最大的生产国与供应国之一,美国雷斯法案修正案植物条款的实施,使中国林产品企业面临前所未有的困难和挑战。中国企业只有认真了解该法案,才能找到应对的办法。介绍了雷斯法案出台背景基础法案以及其中修正和新增的有关条款,分析了这些条款将对中国林产品出口企业产生的影响,并提出了中国林产品出口企业应对雷斯法案的策略。