股票全流通经济影响研究进展:述评与启示

股权分置改革后上市公司股票全流通对我国资本市场产生了一系列深远影响,一方面体现为对上市公司治理、企业业绩和信息披露有直接影响,另一方面体现为解禁和减持时产生的股东行为变化和市场反应。本文分别从这两方面对相关文献进行了梳理,并进行了回顾与述评,指出已有研究中的不足,并从股改方案追加补偿承诺、控股股东的长期行为变化、高管薪酬与业绩敏感度变化趋势等方面指出了进一步研究的方向。     

实际控制人性质、政府目标与股权转让溢价——基于大宗股权协议转让的经验证据

本文以2004—2006年大宗股权协议转让公司为研究样本,以股权转让溢价间接测度控制权私有收益,研究了上市公司实际控制人性质对股权转让溢价程度的影响。研究发现政府控股公司的股权转让溢价显著低于非政府控股公司,中央政府控股公司股权转让溢价显著低于地方政府控股公司,没有发现地方政府行政级别与其所控公司的股权转让溢价存在显著关系。这些结论表明不同层级政府实际控制人的目标函数差异及利益选择偏好,是股权转让溢价程度出现横截面差异的重要原因。这些结论为我国现阶段股权分置改革建立起的自由流通交易平台的交易实质提供一个新的解读视角。     

财政分权、劳动保护与劳动收入占比

当前中国劳动收入占比变动与地方政府的政治经济行为决策有着很大的关系,地方政府放松对劳动的保护在相当程度造成了劳动收入在初次分配中的比重持续走低。本文基于省级数据,运用动态面数据的GMM方法着重考察和检验了财政分权驱动下放松劳动保护对劳动收入占比下降的影响,其中一个重要机理是,在财政分权的激励下,地方政府可能放松对劳动的保护并将其作为引资“优惠政策”和争取本地选民的重要手段,而这在一定程度上影响着劳动者应获得的劳动报酬及福利。实证结果表明,财政分权对劳动收入占比产生了显著的负面效应,而财政分权正是通过弱化劳动保护进行传导进而影响到劳动收入占比,因而财政分权能够在很大程度上显著地决定着劳动收入占比的变动,此外,2005年以来所实施的有利于改善劳工保护的系列政策产生了较好的经济效果。最后,本文在此基础上提出了相应的政策建议。     

Testing, hold up and the dynamics of preferences

This paper presents an overlapping generations model with cultural transmission of preferences in an economy in which players face a hold up problem. One of the players, the firm, can use a testing technology which allows him to imperfectly monitor his partner's behaviour. This technology is completely useless with homogeneous preferences. We obtain that in the stable steady state of the economy there is a mixed distribution of preferences where both selfish and other-regarding preferences are present in the population. Moreover, with a good testing technology, the steady state is characterized by the first-best result in the investment decisions. JEL Classification: C78, D23, D63 The authors acknowledge financial support from the Spanish Ministry of Science and Technology project SEC2001-2763. This paper has also benefited from comments of participants in the XXVIII Spanish Symposium of Economic Analysis in Seville (Spain), in the International Workshop on Social and Behavioral Economics in Valencia (Spain), in the 2nd World Congress of the Game Theory Society in Marseille and in the VI Spanish Meeting on Game Theory and Practice in Elche (Spain).     

Sentiment effects on Chinese share prices and savings deposits: The post-2003 experience

This paper examines the importance of sentiment effects on asset allocation decisions in mainland China and beyond. Rising stock market sentiment appears to have negatively and significantly impacted Chinese savings account growth over the 2003–2007 period. Investor sentiment also exerted consistently significant effects on the discounts attached to Chinese B-shares, H-shares and ADRs by foreign investors. Although the sample period is limited by availability of the sentiment data, the indicated effects remain most robust when controlling for relative stock market performance, liquidity levels, expected exchange rate movements, and such ‘indirect’ sentiment measures as market and firm-specific price-earnings ratios.     

Capital account openness and the labour share of income

This paper investigates the relationship between capital accountopenness and the share of labour in national income. Employinga new index of financial openness and a cross-country panelof labour shares available from the United Nations System ofNational Accounts, the author shows a robust negative correlationbetween the degree of openness and the labour share. Althoughthis effect is not present for low income countries, the directnegative relationship holds for all other subsamples and inthe presence of a variety of controls. A plausible explanationis that openness alters the conditions of bargaining betweenlabour and capital. By increasing the bargaining strength ofcapital vis-a-vis labour, increased capital mobility raisesrents accruing to capital. Thus, capital account openness mayreduce labour's share of income in the firm, and thereby, atan economy-wide level, its share of national output.     

Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms

We ask whether a firm's choice of IPO price is informative in the sense that it relates systematically to the firm's other choices and characteristics. We find that both institutional ownership and underwriter reputation increases monotonically with the chosen IPO price level. We also find that the relationship between IPO price and underpricing is U-shaped. In contrast, post-IPO turnover displays an inverted U-shaped relation to IPO price. Moreover, firms choosing a higher (lower) stock price level experience lower (higher) mortality rates. Our results are robust to controls for market liquidity and firm size, and for partial adjustment of IPO prices based on pre-market information.     

基于回归方程的基尼系数分解

提出了基尼系数的一个等价算法：收入份额法,该算法不仅方便基尼系数按组群分解和来源分解,而且可以进行边际效应分析。收入份额法对变量进行基尼系数的回归方程分解,可以直接利用基尼系数按来源分解的结果;同时,截距项、误差项对因变量基尼系数具有重要的影响,本文给出了综合处理截距项、误差项和回归变量关于因变量基尼系数贡献的具体计算公式,最后还给了一个应用实例。     

Does retailer CSR enhance behavioral loyalty? A case for benefit segmentation

We study the effects of consumer perceptions of four types of corporate social responsibility (CSR) activities on their behavioral loyalty toward retailers. The four activities are environmental friendliness, community support, selling locally produced products, and treating employees fairly. Behavioral loyalty is measured by share-of-wallet (SOW). We control for other retailer attributes that drive attitudes and SOW, and examine how the market is segmented in terms of consumer response. We partition the total effect of CSR on SOW into a direct effect and an indirect effect mediated through attitude towards the store. These effects differ by CSR activity and customer segment. The effects on attitude are positive and positive attitude enhances SOW, so the indirect effects on SOW are positive. While we generally find positive total effects, the total effect of one of the CSR activities, environmental friendliness, is significantly negative for one group of consumers. The magnitude of CSR's total impact on SOW is not only statistically significant but also managerially meaningful in an industry where every share point carries a substantial dollar amount. We characterize the customer segments and conclude with implications for how best a retailer can manage its CSR initiatives.     

The practitioners’ path to customer loyalty: Memorable experiences or frictionless experiences?

Managers of CX programs are often faced with a decision between investing more in experience design (memorable CX) or improving experience delivery (frictionless CX). Current measurement approaches in both industry and academia do not provide a useful framework to address this dilemma adequately or directly. Using 6009 brand ratings by 1070 unique respondents, this research evaluates the impact of memorable vs frictionless CX on customer share of wallet, as well as the mediating effects of satisfaction on these relationships. Both memorable and frictionless CX have significant positive effects on customer share of wallet. These effects are partially mediated by satisfaction. There is an interaction between memorable and frictionless CX which suggests that attempts to maximize both have diminishing returns. The relative impact of each type of CX varies significantly by sector. This alternative method for measuring CX and assessing its impact provides incremental insight over common industry approaches.