Modeling Cyclical Asymmetries in European Imports

This paper applies smooth transition models to capture the nonlinear behavior in the imports data of six major European economies and to assess whether such nonlinearities are related to business cycle asymmetries. Two classes of switch between regimes are considered: endogenously determined transition that assumes nonlinearities are generated by idiosyncratic components specific to foreign trade, and exogenous transition based on GDP growth as a more direct indicator of the cyclical state of the economy. The results support the proposition that the dynamics of imports are nonlinear. In Belgium, France, Spain, and the United Kingdom, regimes change over the business cycle, while in Germany and Italy the switch between regimes is endogenous. National characteristics play a role in defining the position of extreme regimes, the smoothness of the transition, and local dynamics within each state.Previous versions of this article have been presented at the 57th International Atlantic Economic Conference (Lisbon, Portugal, March 10–14, 2004) and at the VII Encuentro de Economía Aplicada (Vigo, Spain, June 3–5, 2004). The authors thank the conference participants and an anonymous referee for their comments.     

Stock prices,production and interest rates: Comparison of three European countries with the USA

This paper investigates the relationships between stock returns, changes in production, and changes in interest rates in three European countries: France, Germany, and the United Kingdom. The results obtained using annual data are much more conclusive than those obtained using quarterly data. Stock returns are affected by current changes in interest rates and by future changes in production. The dependence on changes in interest rates seems to be higher than on changes in production. Furthermore, the influence of future changes in production on stock returns diminishes substantially when contemporaneous changes in interest rates are taken into account. With reference to these points, the European markets behave in a similar fashion, but are in sharp contrast with the U.S. market.I am very grateful to Kay Davidson, Patric Hendershott and two anonymous referees for useful comments and suggestions. I am solely responsible for all remaining errors.     

Should business groups be dismantled? The equilibrium costs of efficient internal capital markets

We analyze the relationship between conglomerates’ internal capital markets and the efficiency of economy-wide capital allocation, and we identify a novel cost of conglomeration that arises from an equilibrium framework. Because of financial market imperfections engendered by imperfect investor protection, conglomerates that engage in winner-picking (Stein, 1997 [Internal capital markets and the competition for corporate resources. Journal of Finance 52, 111–133]) find it optimal to allocate scarce capital internally to mediocre projects, even when other firms in the economy have higher-productivity projects that are in need of additional capital. This bias for internal capital allocation can decrease allocative efficiency even when conglomerates have efficient internal capital markets, because a substantial presence of conglomerates might make it harder for other firms in the economy to raise capital. We also argue that the negative externality associated with conglomeration is particularly costly for countries that are at intermediary levels of financial development. In such countries, a high degree of conglomeration, generated, for example, by the control of the corporate sector by family business groups, could decrease the efficiency of the capital market. Our theory generates novel empirical predictions that cannot be derived in models that ignore the equilibrium effects of conglomerates. These predictions are consistent with anecdotal evidence that the presence of business groups in developing countries inhibits the growth of new independent firms because of a lack of finance.     

Competition and cooperation among exchanges: A theory of cross-listing and endogenous listing standards

We analyze firms’ choice of exchange to list equity and exchanges’ choice of listing standards when insiders have private information about firm value, but outsiders can produce (noisy) information at a cost. Exchanges are populated by two kinds of investors, whose numbers vary across exchanges: sophisticated (low information production cost) investors and ordinary (high–cost) investors. While firms are short-lived, exchanges are long-lived, value-maximizing agents whose listing and disclosure standards evolve over time. The listing standards chosen by exchanges affect their “reputation,” since outsiders can partially infer the rigor of these standards from the post-listing performance of firms. We show that, while exchanges use their listing standards as a tool in competing for listings with other exchanges, this will not necessarily lead to a “race to the bottom” in listing standards. Further, a merger between two exchanges may result in a higher listing standard for the combined exchange relative to that of either of the merging exchanges. We develop several other implications for firms’ listing choices and resulting valuation effects, the impact of competition and co-operation among exchanges on listing standards, and the optimal regulation of exchanges.     

R. J. Chambers on Securities and Obscurities: Making a Case for the Reform of the Law of Company Accounts in the 1970s

This study examines the contribution of Raymond J. Chambers to the British inflation accounting debate in the early‐to‐mid 1970s, from the perspective of the reception of his book, Securities and Obscurities: A Case for Reform of the Law of Company Accounts, published in 1973. To structure the empirical narrative, drawing on previously unpublished documents from the R. J. Chambers Archives, we employ Czarniawska and Joerges’ ( 1996 ) notion of the ‘travel of ideas’, and Mumford’s ( 1979 ) observation of the existence of ‘inflation accounting debate cycles’. The result is a narrative that traces the environmental and material circumstances that led to Chambers’ book having a lesser impact on the British inflation debate than one would expect based on the international exposure of his ideas, his influence at the time, and the empirical rigour of his proposal. The purpose of this exercise is to assess how contextual factors, such as the choice of publisher, use of promotional material, and distribution methods, can be as (or more) important than the substance of the proposed ideas, arguments, and solutions.     

Corporate Governance,Social Responsibility,and Data Breaches

We study whether corporate governance and social responsibility are related to data breaches. We find that socially responsible companies with smaller boards and greater financial expertise are less likely to be breached. The financial impact of a breach is visible in the long term. Specifically, data‐breach firms have –3.5% one‐year buy‐and‐hold abnormal returns. Additionally, banks with breaches have significant declines in deposits and nonbanks have significant declines in sales in the long run. Finally, we find that following a data breach, companies are more likely to replace their chief executive officer and chief technology officer as well as improve their governance and social responsibility.     

近30年我国农村宅基地有偿使用研究综述与展望

目的 宅基地有偿使用是我国新一轮宅基地制度改革的重要探索内容之一。宅基地有偿使用是促进宅基地集约、高效利用的重要推手,也是显化宅基地财产属性的重要途径。有关宅基地有偿使用的综述研究,已有学者利用文献分析法和归纳总结法进行分析,但是在文献的时效性、研究热点的可视化等方面存在很多问题。方法 文章通过CiteSpace5.6.R5软件对1992—2020年中国知网上“宅基地有偿使用”的发文量、研究热点和演进趋势进行可视化信息分析,并结合具体文献,对农村宅基地有偿使用研究提出了研究述评与展望。结果 （1）从发文量看,宅基地有偿使用的研究可分为萌芽发展、缓慢发展和快速发展3个阶段。（2）从研究热点看,对宅基地有偿使用的研究主要集中在“宅基地有偿使用费”“一户多宅”“超占多占”和“三权分置”等关键词。（3）从演进趋势看,宅基地制度改革与制度设计、宅基地使用权流转、宅基地管理以及三权分置将成为宅基地有偿使用的研究重点。结论 总体展望看,明确宅基地有偿使用的适用情形,研究宅基地有偿使用收费标准和有偿使用资金管理办法,探索宅基地有偿使用与宅基地资格权认定、宅基地登记确权及有偿退出的衔接机制是未来宅基地有偿使用研究中须着重关注的内容。     

The asset growth effect: Insights from international equity markets

Firms with higher asset growth rates subsequently experience lower stock returns in international equity markets, consistent with the U.S. evidence. This negative effect of asset growth on returns is stronger in more developed capital markets and markets where stocks are more efficiently priced, but is unrelated to country characteristics representing limits to arbitrage, investor protection, and accounting quality. The evidence suggests that the cross-sectional relation between asset growth and stock return is more likely due to an optimal investment effect than due to overinvestment, market timing, or other forms of mispricing.     

Political uncertainty and firms' information environment: Evidence from China

How political uncertainty affects the supply of value relevant information about a firm is an important but unresolved question. Using an emerging market setting where political leaders are expected to exert significant influence on economic activities, we examine the effect of political uncertainty caused by turnovers of local government leaders on a firm’s information environment. We find that during periods of political uncertainty, the total amount of idiosyncratic information about a firm that is available to the market is reduced. The adverse effect on information supply is manifest in firms that are more politically dependent and stronger when uncertainty is more severe. Further, we provide evidence suggesting that firms react to political uncertainty by reducing the amount and the quality of information provided to investors. We find that information intermediaries such as financial analysts and the media have a moderating effect on the information environment as they increase the production of information during periods of political uncertainty. However, these intermediaries do not negate the net loss of information.     

基于DEA的传统农耕地区农业生产效率测度*——以皖北为例

［目的］农业生产效率是衡量农业生产的重要标准,其生产效率测度结果对研究区域农业经济发展具有重要意义。［方法］文章以皖北农耕地区为研究对象,通过采集2017年统计年鉴的相关数据,构建农业生产绩效评价指标体系,并引入虚拟决策单元,运用数据包络分析（DEA）方法,从自评和他评的角度对2017年皖北各县级单元的农业经济生产效率进行测度,并基于结果的迥异进行效率、冗余及空间分异的分析。［结果］皖北地区农业生产整体效率较低,呈现出粗放式的农业生产模式; 各种投入要素配置不尽合理,皆存在不同程度上的冗余,整体上看塑料薄膜冗余最高、化肥施用的冗余最低; 空间分异显著,南北表现为由北向南逐渐降低的“S”型趋势、东西呈现出两端高中间低的扁平状“v”型空间分异特征。［结论］粗放式的农业生产导致了皖北农业生产效率整体较低,应完善生产要素配置,大力推进农业现代化建设,促进皖北地区农业整体性协调发展,提升地区农业生产效率。