俄罗斯科技型初创企业:值得关注的中俄科技合作伙伴

在实施以创新为核心的国家发展战略的背景下,俄罗斯涌现出一批致力于前沿科技研发及高科技产品的科技型初创企业。这些科技型初创企业发展的主要原因在于俄罗斯政府的作用:出台法律法规,鼓励科研单位和高校创办企业;搭建平台,推动重点领域科技研发;拓展资助渠道,为创新项目提供定制化金融服务;实施专项计划,重点支持应用研究的发展;启动知识产权私有化,推动智力成果的实际应用;等等。该类企业大多具有2个突出特点:在创始人或项目参与者中,年轻人比重较大;主要从事信息通讯、生物医药、节能和能源、航天技术等战略性技术领域的研发。通过研究俄罗斯科技型初创企业的发展原因及突出特点,对中俄在高技术和创新领域的合作提出了具体建议。     

Stock liquidity and stock prices crash-risk: Evidence from India

In this paper, we examine the role of stock liquidity as a governance mechanism to discipline managers for withholding bad news (stock price crash-risk). This topic is useful to emerging markets because the dominance of controlling owners limits the monitoring of internal governance. Stock liquidity can be altered by the financial market regulations, thereby improving firm-level governance. In empirical analysis, we show that stock liquidity decreases stock price crash-risk. We identify two possible mechanisms through which stock liquidity reduces stock price crash-risk: the threat of intervention and price informativeness.     

Press freedom and jumps in stock prices

Press freedom varies substantially across countries. In a free environment, any news immediately becomes public knowledge through mediums including various electronic media and published materials. However, in an unfree environment, (economic) agents would have more discretionary powers to disclose good news immediately, while hiding bad news or releasing bad news slowly. We argue that this discretion affects stock prices and that stock markets in countries with a free press should be better processors of economic information. Using an equilibrium asset-pricing model in an economy under jump diffusion, we decompose the moments of the returns of international stock markets into a diffusive risk and a jump risk part. Using stock market data for a balanced panel of 50 countries, our results suggest that in countries with a free press, the better processing of bad news leads to more frequent negative jumps in stock prices. As a result, stock markets in those countries are characterized by higher volatility, driven by higher jump risk and more negative return asymmetry. The results are robust to the inclusion of various controls for governance and other country- or market-specific characteristics. We interpret these as good stock market characteristics because a free press improves welfare and increases economic growth.     

Is brand alliance always beneficial to firms?

In this research, we develop a fresh analytical model to examine the impact of brand quality on the firms’ performances when two firms selling substitute products form a brand alliance. Our results indicate that when two products have equal brand qualities, brand alliance is always a beneficial strategy for two firms to employ. However, when two products have different brand qualities, brand quality differential shows a positive relationship with the profit of the firm with the low-quality brand but demonstrates a negative relationship with the profit of the firm with the high-quality brand in the brand alliance. Our results also show that brand quality differential has a greater effect on the profit of the firm with the high-quality brand than on that of the firm with the low-quality brand. In addition, we find that brand alliance becomes much more valuable to the firm with the high-quality brand when the brand quality differential decreases, but the value of brand alliance has a concave relationship with the profit of the firm with the low-quality brand when the brand quality differential increases.     

The logo matters: the effect of the logo type on the attitude towards co-products

ABSTRACT

This study investigates the effect of the type of logo used to promote co-products. In the case of an added logo, the logos of the constituent brands are lined up next to each other. An integrative logo is composed of the elements of both original brand logos. A novel logo does not contain any elements of the original brand logos. We found that the use of an integrative logo results in more favourable perceptions of brand cooperation, higher perceptions of co-product quality, more positive feelings and a more favourable attitude towards the co-product compared to the use of an added or novel logo. For a novel logo of co-products, consumers reported feelings of irritation and frustration and a less favourable attitude compared to an added logo.     

Obstacles to achieving cross-border tourism governance: A multi-scalar approach focusing on the German-Czech borderlands

This paper aims to identify distinctive obstacles to the establishment of tourism destination governance in both transnational and within-country borderlands. Analysis of the German-Czech borderlands, a region also incorporating within-country borders between three German federal states, indicates the multi-scalar and political contestations of cross-border tourism collaboration. Local tourism projects are generally successful, both on a transnational German-Czech level and between the German states of Bavaria, Saxony and Thuringia. However, structural cross-border destination management does not exist because of (transnational) multi-scalar institutional alignment problems and (internal) tourism-specific destination-level power contestations. Understanding destination management processes in borderlands, therefore, requires: (i) explicit multi-scalar analysis; (ii) recognition of both transnational and within-country contexts; (iii) more cross-pollination between tourism planning and cross-border governance research.     

Financial constraints and asset pricing: comprehensive evidence from London Stock Exchange

This study provides comprehensive evidence on the pricing of financial constraints (FC) risk on London Stock Exchange during the period 1988–2013. Utilizing a large number of proxies for FC, we find that investors are not compensated with higher premia for holding shares of financially constrained firms. To the contrary, in most of the cases, the most constrained firms significantly underperform, both statistically and economically, the least constrained ones. Focussing on the Whited–Wu index to construct a zero-cost FC factor that goes long the most constrained firms and sells short the least constrained ones, we find that this factor carries a significantly negative premium and it is priced in the cross-section over and above the commonly used risk factors.     

Liquidity commonality in order-driven trading: evidence from the Athens Stock Exchange

We examine the presence of liquidity commonality in the order-driven Athens Stock Exchange (ASE). Unlike the majority of liquidity commonality studies that focus on the bid–ask spread, our analysis extends deeper in the Limit Order Book, providing insight on the price impact of both small and large trades. We utilize a 6-month FTSE/ATHEX-20 intraday data set to estimate the liquidity factor model of Chordia et al. (2000). To this end, we conduct single-equation analysis as well as panel data analysis with the use of two-way clustered errors, correcting for simultaneous firm and time correlations. Moreover, we apply standard principal component analysis on stock liquidities to extract the marketwide liquidity component. We find that liquidity commonality is low at the bid–ask spread, whereas it increases deeper in the book; consequently, large traders face liquidity risks associated with both individual stock and marketwide illiquidity. Moreover, our empirical evidence hints that liquidity commonality is asynchronous, suggesting that the ASE trading process includes various levels of information speed. Our analysis contributes to the understanding of liquidity commonality in order-driven trading, especially in emerging markets like the ASE where trading activity is limited and information speed is low.     

Relationship between oil,stock prices and exchange rates: A vine copula based GARCH method

In this paper, we apply a vine copula approach to investigate the dynamic relationship between energy, stock and currency markets. Dependence modeling using vine copulas offers a greater flexibility and permits the modeling of complex dependency patterns for high-dimensional distributions. Using a sample of more than 10 years of daily return observations of the WTI crude oil, the Dow Jones Industrial average stock index and the trade weighted US dollar index returns, we find evidence of a significant and symmetric relationship between these variables. Considering different sample periods show that the dynamic of the relationship between returns is not constant over time. Our results indicate also that the dependence structure is highly affected by the financial crisis and Great Recession, over 2007–2009. Finally, there is evidence to suggest that the application of the vine copula model improves the accuracy of VaR estimates, compared to traditional approaches.     

定向增发、资产注入与股市波动——股权分置改革后的股市脆弱性模型推导及其政策含义

股权分置改革的完成并不能消除上市公司大股东与中小股东之间的利益冲突。在全流通时期,大股东理性参与上市公司的定向增发、资产注入及其后的股份减持很可能诱致股市的过度波动。对这种股市过度波动所引致的股市脆弱性机理我们进行了模型推导和因子分析。分析表明,牛市中,大股东参与定向增发、资产注入会导致牛市的助涨。而当熊市来临时,大股东会停止资产注入并减持股份,进而起到熊市助跌的作用。针对由此引起的股市脆弱性,监管部门应采取相应的监管措施。