The REIT Modernization Act of 1999

This article examines two effects of the passage of the REIT Modernization Act (RMA) of 1999: its impacts on REIT shareholder wealth and changes in REIT systematic risk in the period following its passage. The results indicate a modest positive wealth effect associated with the legislative events leading to its enactment. Our estimates of the wealth gain probably underestimate the true wealth gain because of the partially anticipated nature of the legislative process. We also document a significant decline in the systematic risk of REITs subsequent to the passage of the RMA. The evidence suggests that this decline is not attributable to a provision of the RMA that allows REITs to establish taxable subsidiaries.     

Announcement effects of bank mergers in Europe and the US

We investigate the announcement effect of large bank mergers in the European and US stock market. Cumulative abnormal returns are calculated on the basis of the performance vis-à-vis the market and a sector index. Mergers result in small positive abnormal returns. Target banks realize significantly higher returns than bidders. In many respects, there is a difference between the announcement effects of European bank mergers compared to those in the US.     

从疫情看中美关系:表现、原因及对策

在2020年暴发的新冠肺炎疫情中,中美本应借机缓和前期的贸易冲突危机,但美国不仅没有缓和与中国的关系,反而从医疗产品进口、供应链转移、舆论战等方面,加大与中国的分歧,这背后的原因包括:美国对中国的战略打压、借机转移国内矛盾、中美发展模式之争,以及科技竞争加剧等。为此,本文建议中美之间增进相互信任,中国应谨防陷入美国的话语陷阱,专注于解决自身国内问题,以及加强底线思维,做好最坏打算。     

中国上市公司可转债发行动因:“后门权益”VS“代理成本”

本文以中国上市公司2002—2008年发行的可转债为研究样本进行实证研究,发现可转债发行公告的财富效应与该可转债实现转股可能性的预期正相关,具体而言,与发行公司的成长机会、财务困境风险水平正相关,并且与整体股市的状况也紧密相关。进一步结合可转债退市的分析表明,中国上市公司可转债融资是一种典型的后门权益融资。实证研究的结果不支持基于代理成本的动因假说。     

企业家人力资本结构与地区居民富裕程度差异研究

本文比较了全国29个省区企业家人力资本结构与居民富裕程度的关系。分析后发现,通过将企业家人力资本纳入到解释地区居民富裕程度差异的分析框架后,可以改进传统相关研究中人力资本被低估的状况。企业家人力资本的丰裕程度与我国地区居民的富裕程度呈显著正相关。进一步研究发现,企业家人力资本结构中的民营企业家丰度对地区居民的富裕程度有重要影响,用财富存量指标作为对可支配收入这一流量指标的补充可以在一定程度上矫正区际企业家流动对地区居民富裕程度估计的误差,增强这一研究的现实解释力。在相近的经济发展水平下,民营企业家人力资本丰度相对国有和外资企业家人力资本丰度更高的地区,居民的实际富裕程度也更高。因此,落后地区要提升居民的富裕程度,缩小与发达地区的贫富差距,需重视企业家人力资本,尤其要关注民营企业家群体的培育,并努力提升开放经济的质量和水平。     

社会互动、相对财富关注及股市参与

已有的研究表明,社会互动推动了家庭的股市参与。依据社会互动推动家庭股市参与不同机制的理论基础和预测,本文对不同的具体机制进行了研究,我们发现在局部品支出比例高、收入分布集中度高的区(村),社会互动推动股市参与的作用更显著,这与外部习惯模型及相对财富关注模型的理论预测一致,事前对局部稀缺品的关注使得家庭的股市参与存在外部性。社会互动推动股市参与其他机制的理论预测则未得到数据的支持。     

股权结构的内生性：从我国基于控股股东的内部资本市场得到的证据

上市公司IPO时的股权结构是如何形成的?与先前文献只从业绩考察股权结构内生性不同的是,本文从基于控股股东的内部资本市场及其背后的利益动机出发,认为控股股东与上市公司IPO前的业务关联性、组织形式和产权性质等特征形成的内部资本市场,是上市公司IPO股权结构形成的主要影响因素。本文对1999—2004年IPO公司的研究有力地支持了上述假设。并且,股票发行制度改革前(国有企业、地方政府控制)相对于改革后(非国有企业、中央政府控制),其股权结构的形成更容易受政府干预和政策变化的影响,但很少受IPO前公司业绩的影响。这说明股票发行制度的改革确实有助于减少政府不合理干预,真正实现企业根据自身情况自主选择股权结构。     

The need for an alternative to shareholder value creation? The Ethomed student experience

This article aims to highlight the need for a radical break with the methodological individualism that dominates the fields of economics and management, especially finance. It advocates the need to try to understand the issues and methods that are required to coordinate economic action in order to meet social needs.The article questions methodological individualism and the dominant role played by shareholders. Is it possible to promote social welfare simply by considering it to be a result of a shareholder value maximization point of view? If not, this implies not only understanding fully the challenges that we face but also being innovative regarding the way in which we coordinate the actions that are necessary to meet these challenges head on, and perhaps promoting another character as a substitute for the shareholder.     

Information transmission between large shareholders and stock volatility

Does information transmission between large shareholders exacerbate stock volatility or reduce stock volatility? In this study, based on the common shareholding data in the Chinese stock market from 2007 to 2017, we establish the shareholder’s coshareholding network, and use the weighted network clustering coefficient to measure the information transmission speed. Moreover, we investigate the impact of information transmission speed on stock volatility. The empirical results show that a nonlinear U-shaped relationship exists between information transmission speed and stock volatility. The findings are robust to the inclusion of other determinants of stock volatility identified in the literature. Finally, we verify the existence of private information interaction in the coshareholding network.