Facebook posting activity and the selective amplification of earnings disclosures

This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however; it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.     

Premium setting and bank behavior in a voluntary deposit insurance scheme

This study analyzes the effect of premium rates on banks’ incentives to join a deposit insurance scheme and their incentives to invest in risky projects under a voluntary deposit insurance scheme. We find that in order to maximize social welfare, the insurance agency must either set the premium rate to be low so as to attract all banks to join the insurance scheme, or not to have the deposit insurance at all. However, the low premium rate in the voluntary scheme does not balance the budget of the deposit insurance. We also show that in the compulsory deposit insurance scheme, however, it is possible to impose an optimal premium rate that can balance the insurance agency’s budget and achieve the highest social welfare. The results also present the dominance of the compulsory scheme over the voluntary scheme in terms of maximizing social welfare and balancing the budget.

Austrian economics and the analysis of labor markets

Theory and policy relating to labor markets is dominated by the mainstream labor market model, although a less well-known, socioeconomic version can also be identified. The mainstream model is methodologically flawed and forced, thereby, to relegate any (serious) investigation of labor market institutions and/or social structures to the margins of its analysis. The socioeconomic account is not so much methodologically flawed, as methodologically ambivalent. While this ambivalence does not actually prevent the investigation of institutions and/or social structures, it does promote ambiguity whenever we inquire into the precise nature of the interaction between them and labor markets. Insights from Austrian economics, when used in collaboration with critical realist methodology, can play a part in augmenting the socioeconomic account, generating a totally new approach to the analysis of labor markets.

股票市场驱动并购研究述评

并购动机理论是并购研究的中心问题之一.从行为金融的角度出发,学者们提出了股票市场驱动并购(SMDA)的并购动机理论模型,这个模型回答了诸如"谁收购谁"、"现金收购还是换股收购"、 "并购浪潮怎么产生"等等问题.本文比较全面地总结了SMDA的理论模型和实证研究两个方面的成果,并做了简要的评述.     

Constitutional coordination in unstable party systems: the Brazilian constitution of 1988

Constitutional assemblies are a common feature of many democratic transitions. However, the goal of coordinating constitutional choice would seem nearly impossible when assemblies are comprised of highly fragmented and volatile political parties. Building on Knight’s bargaining model, this article argues that the main challenge to coordination in unstable party systems is the procedural disequilibrium that results from incomplete information over breakdown payoffs. The likelihood of compromise in such circumstances is a function of the ideologies that frame constitutional choice and inform coalition-building. Thus, unstable party systems are not chaotic, although they may be deeply conflict-laden. These issues are illustrated empirically via the Brazilian Constitution of 1988, which demonstrates the possibilities for a stable constitutional order emerging from a fragmented and volatile party system.

The Negligence Rule in the Presence of Judicial Corruption and Social Norms

This paper investigates the phenomenon of judicial corruption and incorporates it into Polinsky, A. M. (1980). Strict liability vs. negligence in a market setting. American Economic Review, 70, 363–367 framework so as to analyze the efficiency of the negligence rule. By shedding light on the role of social norms in regard to the phenomenon of judicial corruption, this analysis provides implications for policy. First, more prevalent corruption at the status quo tends to intensify the extent of the corruption itself and, as a result, the effectiveness of the government’s corruption enforcement is greatly lessened. This implies that an excessively lenient policy of corruption may result in an uncontrollable consequence; once corruption becomes rampant, it is costly to bring it down. Of great importance, in the presence of such a corruption effect, the social optimum cannot be achieved based on the negligence rule and the equivalence between the strict liability and negligence rule fails. Secondly, the attitude of the society toward a corrupt judge plays a crucial role in governing the effectiveness of an efficient wage arrangement. If the society can fully accept a corrupt judge, corruption will never be controlled even with the incentive wage scheme.

企业社会责任与和谐社会构建

党的十六届四中全会提出构建"和谐社会"的目标,具有划时代的意义。企业社会责任是促进社会发展,构筑和谐社会的基础,企业社会责任使社会走向和谐。本文在和谐社会的哲学思考基础上,指出企业社会责任与构建和谐社会之间的关系,提出了企业参与构建和谐社会的主要措施。     

宗族文化与企业并购收益

基于2005年全国1%人口调查、2010和2012年“北京大学中国家庭和个人跟踪调查”(CFPS)数据,本文以姓氏集中度代理宗族文化强度,研究并购双方所在地区宗族文化差异对企业并购收益的影响,发现宗族文化差异越大企业并购收益越高.进一步研究表明宗族文化不会显著影响地区内个体的思维方式或价值观念,但宗族的排外性使强宗族文化地区企业掌握了独有的社会关系网络和社会资本,收购强宗族文化地区企业有助于外地企业进入地方社会网络,吸收地方社会资本,增加市场竞争优势.基于这一现象构建投资策略,收益远超市场表现.本文研究结果对构建投资策略、企业并购决策具有价值.     

我国金融市场基础设施管理:现状、难点和立法路径

随着我国金融市场的纵深化发展,金融市场基础设施因其基础服务、系统性风险管理、辅助监管以及助力金融市场开放和营商环境完善等作用而日益受到重视,并成为现代金融治理和推动金融现代化的重要内容。但我国金融市场基础设施在运行和管理过程中却存在监管分散、制度空白、支持宏观审慎监管不力等情况,各方在相关概念和标准、统筹监管、恢复与处置安排等方面难以形成法律共识。为更好发挥金融市场基础设施作用,完善制度环境,我国应从金融市场基础设施的相关概念入手,明确其稳健运行所需的保障手段,完善统筹监管框架,有效衔接其他相关法律,并通过分步走的方式填补制度空白,提高立法层级。     

我国数字经济发展战略与路径研究--基于国际经验的考察

当前我国经济正处于增速放缓、结构升级及经济发展动力转换的新常态阶段。寻找新的经济增长点和新动能是经济新常态时期的重要任务和目标,而发展数字经济则是目前最优的经济发展模式。2017年数字经济被写入政府工作报告,预示着数字经济作为继农业经济和工业经济发展模式之后的又一新型社会经济发展形态,已成为新常态下中国经济发展的新动能,也是推动我国供给侧结构性改革的重要抓手。但数字经济模式属于新型经济发展模式,目前尚无一个完整的发展参考体系,需要我国自寻探究发展道路。由此,本文在研究数字经济内涵及其战略意义的基础上,基于我国数字经济发展现状和国外发展战略提出了我国数字经济的具体发展路径。