A股市场新版停牌制度实施效果的实证研究

论文使用沪深A股市场2008年10月1日-2011年11月1日的停复牌和交易数据,通过事件研究法分析了不同类型停牌的异常收益率,以信息释放和价格发现效率为标准评价新版停牌制度.研究表明：例行停牌信息含量偏少且阻碍了交易的连续性;异常波动停牌有效地降低了股票的平均异常收益率,但坏消息复牌后价格调整速度相对较慢;重大事项停牌存在严重的“消息泄露”,仅能起到事后警示的作用,同时坏消息复牌后的价格发现效率较低,重大事项停牌并不理想.     

DETERMINANTS OF PUBLIC PENSION PLAN INVESTMENT RETURN. The role of fund value maximization and public choice theory

Public pension plans are a major type of institutional owner during the new era of investor capitalism, yet little is known about them. Based upon fund value maximization (FVM) and public choice theory (PCT), we develop hypotheses on the determinants of plan performance as measured by plan annual investment return. FVM espouses that the plan's fund or investment portfolio will be invested to maximize return for a given level of risk, while PCT holds that agency costs are significant in the public sector, and will have a negative effect on plan return. Using biennial pension plan data for 1992–96 for several hundred plans, we found that fund value maximization has a much greater influence on plan performance, but that plan performance is also subject to agency costs associated with public choice theory.     

公共部门目标管理的优缺点评析

目标管理最先在国外企业管理中应用,并取得了成功。自从二十世纪七十年代后期被引入中国以来,不断被时代赋予更丰富的内涵,目前,已成为我国企业管理的主要模式,后来更被引用到公共管理部门。     

The Cosmopolitan Grassroots City as Megaphone: Reconstructing Public Spaces through Urban Activism in Jakarta

Discussions on social movements in Asian cities are inseparable from the abundance of public rallies in the region. In this article, I look at the case of Thamrin‐Sudirman, the main thoroughfare in Jakarta, Indonesia, to uncover how physical urban spaces constituting part of the city as living systems broaden the reach of social movements' agendas. The study involved continuous observation at rallies, interviews with social movement leaders and participants, and a look at simultaneous public rallies in various cities. This article analyzes the sites of public rallies as ‘megaphones’, based on the patterns of issues featured in the rallies, the groups participating, and the nodes and paths that they constructed. Two key dimensions of the megaphone are: (1) the symbolic and historical significance of the sites of rallies; (2) the relationship between the space and the media. Particular sites in cities become places where information is gathered, distributed and transferred through the media, facilitating a network among cities. This article concludes that cities are agents of political actions that amplify ideas and spread them across the globe. The urban centers' megaphonic function results from the synergy between the public space in the built environment and the public sphere, and is reflective of the recentering of the city.     

Making tax and social security decisions: lean and deskilling in the UK Civil Service

Lean working has had a significant impact on the work skills of civil servants. This study examines the impact of lean specifically focusing on ‘decision‐makers’, those civil servants engaged in deciding tax and social security claims. Using qualitative data from trade union members and stewards in two major government departments, this study found significant evidence of deskilling often in the face of dealing with potentially complex legal and factual issues. Using Mashaw's framework of administrative justice, the article argues that management's use of lean was evidence of an accelerated shift to a managerial model of administering tax and benefits where the administrative processes of decision‐making become paramount at the expense of the quality of the decisions made.     

Theorizing the organization and management of non-governmental development organizations

This article uses a case study of public recruitment in Nepal as the vehicle for a discussion of the value of three current public management models: an anticorruption model, a psychometric selection model and the new public management (NPM) model. The political context of Nepal and the role and functions of the Public Service Commission (PSC) are described. The article argues that, in contrast to current NPM doctrine, preserving the current remit of the PSC as a central agency responsible for recruitment is necessary to preserve the integrity of recruitment, which is an important element in an anticorruption strategy. The article also reviews the case for selective introduction of psychometric methods of selection. The article implies an increased importance for public recruitment in development thinking, and argues for the vital role of Service Commissions in limiting corruption. While recognizing the reality of the problems which the NPM model was developed to tackle, the article provides evidence for rejecting its claim to universality.     

Organizational differences in managerial compensation and benefits in Chinese firms

More than two decades of economic reforms have brought profound changes in human resource management practices in both the state and non-state sectors in China. This study focuses on the impact of organizational factors on compensation and benefits for Chinese managers in state-owned enterprises (SOEs), publicly listed firms (PLFs), and foreign-invested enterprises (FIEs). The empirical investigation of 465 firms located in three major Chinese cities, Shanghai, Nanjing and Guangzhou, provides evidence that organizational factors, such as ownership, firm size, firm age, location and industrial sector, have significant impacts on the variances in Chinese managers' compensation levels, compensation structures and benefits. The trends in the development of compensation and benefits for Chinese managers are also discussed as the Chinese economy moves closer to a more globalized, highly dynamic economy after China's accession to the World Trade Organization in 2001.     

财政学中的国家观:分歧与比较——对当前财政基础理论的一点反思

当前的公共财政体系理应具备公共性,是毋庸置疑的。但学界却在如何理解财政的公共性问题上莫衷一是,通过分析和比较之后可以发现,不同观点的分歧与其背后的国家观有着某种必然的联系,而且貌似冲突和抵牾的国家观,其实代表了不同层次的理论抽象。一方面,我们需要根据被研究的问题进行取舍;另一方面,整个财政学理论体系不应该也不可能只建立在某一特定层次的国家观之上。而公共性之所以是财政与生俱来的本质属性,是因为国家作为一个行动主体的行为目标和模式使然,所以当我们从理论层面把握公共性的概念和实质之时,不能只局限于市场经济国家,需要放宽研究视野,至少必须正视中国以往的历史经验和基本规律。     

Estimating multimodal public transport mode shares in Athens,Greece

We analyze market shares for each public transport mode in total public transport ridership for the multimodal public transportation system of Athens, Greece. This analysis provides useful information for making investment decisions concerning the public transport infrastructure and for allocating subsidies. Due to the non-stationary properties of the data, cointegration techniques are applied to investigate the long run equilibrium relationships. Error Correction Models are implemented to estimate short run dynamics as well as the speed of adjustment from the short to the long run. Results suggest that fare and GDP are the main determinants of the public transport mode shares both in the short and in the long run. Findings also indicate the role of total ridership fluctuations in explaining variations in public transport mode shares.     

Evidence of the impacts of public e-procurement: The Portuguese experience

This paper analyses public e-procurement implementation and emphasizes its main difficulties and impacts in relation to the type of public organizations. The primary impacts and changes in the Portuguese public sector are analyzed within the new legal framework, which adopts mandatory e-procurement for any open, restricted or negotiated procedure. In this sense, two surveys carried out in consecutive years were conducted to assess the implementation difficulties and impact of e-procurement in the Portuguese public sector.The major value of this research is that it presents and discusses, for the first time, evidences about difficulties and impacts on the mandatory adoption of public e-procurement, based on the case of Portugal. The results show that the entities’ administrative level influences the e-procurement implementation, which is influenced by the innovation adoption process.