FROM INSTITUTIONS TO FINANCIAL DEVELOPMENT AND GROWTH: WHAT ARE THE LINKS?

This paper presents an integrated overview of the literature linking institutions, financial development, and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional arrangements in ameliorating/worsening the information frictions and transaction costs that characterize the development of financial markets. The paper then investigates the theoretical mechanisms by which these specific frictions affect economic growth and presents the stock of empirical evidence quantifying the impact of institutions on growth through financial development.     

我国知识产权保护对FDI技术吸收能力的影响

在知识经济时代,有效知识产权保护制度的建立促进了新知识的产生和经济的增长。一方面,知识产权制度通过影响一国引入FDI的流量,进而对技术吸收能力产生一定的影响;另一方面,知识产权制度通过影响一国引入FDI的质量,进而对一国技术吸收能力产生重要影响。     

Drivers of innovation capital disclosure in intellectual capital statements: Evidence from Europe

Innovation is one of the major determinants of competitive success. As a result, there is demand for information on the innovation activities of firms among investors, other stakeholders and the public. Using content analysis, this paper examines the innovation capital disclosure (INCD) characteristics (i.e. disclosure quantity and quality) in the intellectual capital statements (ICS) of 51 European for-profit firms. Additionally, the relationships between INCD characteristics and industry, firm size, region of registered office and the disclosure guidelines adopted are analysed. Our content analysis detects an average of 29.16 items on innovation capital (INC) per ICS. These are mainly qualitative, non-financial and historically orientated. Furthermore, as expected, industry, firm size, region and disclosure guidelines drive the quantity of disclosure. Prior empirical studies of voluntary disclosure in documents other than ICS have also suggested a relationship between firm size and disclosure quality. Interestingly, our results for INCD in ICS do not support this relationship. This provides tentative evidence for a similar qualitative level of innovation capital disclosure across firm size. Furthermore, our findings show mostly homogeneous disclosure patterns across the regions in Europe, suggesting that multinational efforts towards fostering INCD has made the ICS phenomenon more a European than a local phenomenon.     

A comparison of models for pricing interest rate derivative securities

This paper looks at the different approaches and different models that have been developed to value interest rate-dependent securities, providing a survey of pricing procedures which are based on mathematical models of the term structure. It can be viewed as a reference for the different interest rate models with explicit representations, where they exist, for prices of derivative instruments and an an analysis of their respective advantages and disadvantages.     

Expropriation risk and technology

This paper develops a unified framework to analyze the dynamics of firm investment in countries with poor legal enforcement. The firm's technology edge over the government generates endogenous property rights. Industry variation in the technology gap predicts a sectoral pecking-order of expropriations. Long-run investment distortions may be Pareto superior relative to persistent investment at the static optimum. The dynamics of investment and transfers depend on whether incentives (backloading) or efficiency (frontloading) concerns dominate at the initial division of surplus. An increase in government efficiency may reduce its welfare. The model provides a technology-driven rationale for the widespread use of conglomerate structures in emerging market countries.     

论跨国破产的财产清偿问题

跨国公司在快速兴起的同时也面临着跨国破产问题.作为跨国破产问题的一部分,破产财产的清偿问题已成为业界关注的热点问题.本文首先阐述了跨国破产的定义、破产财产的范围及相关原则,随后以雷曼兄弟的破产案件为例,对跨国破产财产清偿原则作了进一步说明.     

论《物权法》中非依法律行为引起的物权变动

法定非依法律行为可以引起物权消极变动的效力,但出于交易安全考虑,事后进行备案宣示登记是必要的,整体结构安排要和积极变动的登记程序相协调.我国物权法实施过程中应明确规定对因非依法律行为引起的物权变动应该进行登记,考虑对类似强制执行、遗赠扶养协议的受遗赠等特殊情况,在立法上作出一些例外规定.同时,对基于非依法律行为引起的物权变动程序应作出一些具体的规定.     

What tenure security? The case for a tripartite view

In the face of advancing urban informality in the developing world there appears to be increasing consensus that tenure security is an important engine driving settlement development. This has, however, not led to a consensus about what tenure security exactly entails. In both theory and policy, the idea of tenure security for low-income settlement dwellers is encountered in three distinct forms: tenure security as perceived by dwellers, tenure security as a legal construct and de facto tenure security. The main argument of this paper is that much controversy that surrounds the debate arises precisely as a consequence of the indiscriminate use of these different kinds of tenure security. To address this problem, a tripartite conceptualization of tenure security that incorporates its three constituent components (perception, de jure, de facto) and clarifies their interrelations is presented.     

Not Only Gender: More on Debating Markets

The paper by Gudeman and Gudeman on the nature of computer-mediated-communication (CMC) is a valuable contribution. This comment argues that they neglected one important aspect affecting CMC, namely ideology, and suggests that the ''Debating Markets'' exchange had long-term negative impacts on Femecon.     

THE INTELLECTUAL FOUNDATION OF THE JOURNAL OF BUSINESS LOGISTICS AND ITS EVOLUTION BETWEEN 1978 AND 2007

Many logistics and supply chain management researchers have so far studied the nature of logistics and supply chain management research in terms of its domain and scope, its epistemological assumptions, and its evolution. However, the knowledge repository on which the scientific research community draws, that is, its intellectual foundation, has not yet been studied. Studying the intellectual foundation of research provides an unbiased and comprehensive picture of the development, dissemination, and utilization of its knowledge. In this article, we identify the most contributive works—in terms of citations received—that have been used in 497 articles published in the Journal of Business Logistics (JBL) between 1978 and 2007. By means of citation and co‐citation analysis, the intellectual structure of research in JBL is revealed and transformations therein are explored. Overall, the most frequently‐cited literature can be classified into six themes: physical distribution; inventory models; customer service; interorganizational relationships; competitive strategy; and empirical methodologies for socio‐scientific research. Furthermore, we determined a development in citation frequencies to these themes: literature related to physical distribution and inventory management declined over the three decades under study, whereas literature related to competitive strategy and empirical methods gained in importance. This development indicates a shift from an operational focus to a prioritization of managerial issues. Moreover, our results demonstrate a shift towards more relational and institutional research in logistics (management), which has been typically linked with the notion of supply chain management since the 1990's.