我国房地产交易中存在的道德风险及其治理

本文用信息经济学理论分析了我国房地产交易中开发商、中介机构可能存在的道德风险及其带来的负面影响,在此基础上,分别从开发商、政府、购房者以及中介机构四个角度提出了治理房地产交易中道德风险的方法和措施。     

Ex post participation constraint in a principal–agent model with adverse selection and moral hazard

This paper analyzes optimal contracting when an agent has private information before contracting and exerts hidden effort that stochastically affects the output. Additionally, the contract is constrained to satisfy the agentʼs ex post participation. We highlight three features of this model. First, the agent faces countervailing incentives. Second, the separation of types is never optimal. Third, the optimal constant bonus rewarding success is distorted downward below its efficient level.     

Moral hazard and adverse selection in the originate-to-distribute model of bank credit

Bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model. We show that the borrowers whose loans are sold in the secondary market underperform their peers by about 9% per year (risk-adjusted) over the three-year period following the initial sale of their loans. Therefore, either banks are originating and selling loans of lower quality borrowers based on unobservable private information (adverse selection), and/or loan sales lead to diminished bank monitoring that affects borrowers negatively (moral hazard). We propose regulatory restrictions on loan sales, increased disclosure, and a loan trading exchange/clearinghouse as mechanisms to alleviate these problems.     

How do Scores of DIT and MJT Differ? A Critical Assessment of the Use of Alternative Moral Development Scales in Studies of Business Ethics

The construct of Cognitive Moral Development (CMD) has drawn much attention in the study of business ethics for over two decades. The Defining Issues Test (DIT) has made a significant contribution to the literature as an easy-to-administer CMD instrument, and the Moral Judgment Test (MJT), an alternative scale, has also been used widely especially in Europe. The two scales differ in their approaches to measuring CMD, focusing on stage preference (DIT) and stage consistency (MJT), yet empirical comparisons have been scarce. The present research empirically compares the two scales in terms of their correspondence with ethical ideology as a reference scale, and it demonstrates a clear distinction between the DIT and the MJT. Although they both aim to measure CMD, their dissimilar approaches lead to distinctly different implications.     

银行危机救助策略的分析

银行危机的救助策略一直是理论界关注的焦点。本文通过构建一个两期模型,以银行危机是否会引发货币危机为评判标准,探讨政府在面对商业银行清偿能力危机时救助与不救助的抉择。经研究发现:当商业银行的不良资产率高,或商业银行在经济中起重要作用,抑或产出的价格弹性较小时,为了避免货币危机的发生,政府应该出手对商业银行提供救助。在相反的情况时,固定汇率制度下,政府为了维护其固定汇率的信誉应该出手对商业银行提供救助;浮动或管理浮动汇率制度下,考虑到商业银行的道德风险问题,政府应该不予以救助。     

Cash holdings and business group membership

This study examines the cash policies of business group members (i.e., affiliates). Using a panel dataset of private Belgian affiliates and comparable non-affiliated firms, the empirical results show that business group affiliates hold significantly smaller amounts of cash as compared to non-affiliated firms. This finding is consistent with the notion that affiliates can afford to keep lower cash reserves because these firms can access the internal capital market of the group. The analysis also combines affiliate level and group level data to evaluate cash drivers and shows that groups in financial distress reduce cash holdings in affiliates. However, affiliates that are more important for the group's reputation and operations maintain cash levels comparable to affiliates belonging to financially healthy groups.     

Excessive risk exposure: A question of ethical decision-making

This commentary essay reflects on the article titled “When an irresistible force meets an immovable object: The interplay of agency and structure in the UK financial crisis” (Ashby et al., this issue). Specifically, managers took on excessive risk that ultimately contributed to financial crisis. This essay discusses whether the decision to accept excessive risk falls under ethical decision-making, including the degree of moral intensity as possibly perceived by risk and financial managers. The components for determining moral intensity include (1) magnitude of consequences, (2) social consensus, (3) probability of effect, (4) temporal immediacy, (5) proximity, and (6) concentration of effect.     

非正式机制在预防犯罪中的应用

我国重视采取正式机制来预防犯罪，却忽视了非正式机制预防犯罪的重要作用，与此相应的是犯罪愈来愈成为难以解决的社会问题。单纯依靠正式机制很难有效地抑制犯罪行为的发生，而非正式机制在这方面则有着难以估量的作用。在犯罪预防中应重视对非正式机制的运用，主要从加强传统文化教育、注重利用媒体介质、加强道德教育等方面入手。     

浅析“以权利为基准的道德辩护”

伴随着公民社会的建立与发展,人们在公共交往过程中越来越多地将＂权利＂作为基准为自身的观点和利益提供道德辩护。然而,由于将＂权利＂作为核心道德标准在中国公共领域时间还很短,引起公众对＂以权利为基准的道德辩护＂的诸多误解。通过逻辑分析与案例分析相结合的方法,试图澄清＂以权利为基准的道德辩护＂的理论边际和辩护结构;并且,在回应种种对＂以权利为基准的道德辩护＂的质疑的同时,论证该道德辩护方式的有效性与兼容性。     

公关人员应如何理解和实践公民道德规范

本从公关人员的角度，详细地阐述了公关人员遵守公民道德规范的重要性，并重点论述了公关人员具体应如何理解和实践20字规范，为公关人员开展工作、提高自身道德素质指出具体的方向。