The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.     

Aggregate Dividend Behavior and Permanent Earnings Hypothesis

The study examines the aggregate dividend behavior of U.S. corporations based on the permanent earnings hypothesis. Using annual data of aggregate earnings and dividends from 1871–1993, I find that although managers change dividends proportional to permanent earnings changes, they make revisions with a larger percentage change in dividends than in permanent earnings. The results from the post‐war data show that firms follow a partial adjustment policy with a long‐term dividend payout target in mind and make revisions with a delay. The quarterly data analysis yields results similar to those of the post‐war annual data.     

Managers’ Escalation Behavior in Equity Investment Decisions and the Role of Corporate Governance

The aim of this study is to investigate the relationship between free cash flows and escalation behavior in the long-term stock buying decisions for the firms listed in Taiwan. The main findings include: (1) Managers tend to exhibit the escalation behavior in the long-term equity investment. (2) There is a positive association between the level of free cash flows and the magnitude of managers’ behavioral escalation. (3) The corporate governance mechanisms play a contributory role in mitigating the escalation behavior. The evidence is robust across subsamples for electronic versus non-electronic industries, growth versus value firms, and loss versus gain firms.     

股权再融资与企业现金分红

股权再融资往往意味着企业存在大量的融资需求,而实践中普遍存在的股权再融资后立即现金分红的现象有悖于募集资金的优序使用原则。基于此,本文从管理层自利视角出发,在对企业股权再融资后现金分红的行为偏好检验的基础上,进一步选取管理层薪酬增长率和企业股权质押活动作为管理层自利程度的代理变量,探索企业股权再融资后现金分红倾向的边界条件,为该行为背后的代理动机提供证明。基于2007~2017年所有A股上市公司样本,研究发现,企业的确存在股权再融资后立即现金分红的行为倾向;而较低的管理层薪酬增长率和企业股权质押活动会加剧企业股权融资对现金分红的促进作用。进一步研究发现,企业股权再融资活动会给现金分红带来消极的市场反应。上述研究结果表明,管理层自利是股权再融资的重要推动因素,而这一行为会给企业利益造成损害。     

大股东侵占行为及其限制途径研究

当公司股权相对集中时,大股东会利用对公司的控制权侵占中小股东的利益。大股东侵占具有多种表现形式,在我国股市中现金股利也成为大股东侵占的一种重要形式。在股权分置的条件下,“一股独大”和股权制衡均不能有效解决大股东侵占问题,保护中小投资者利益是限制大股东侵占的另一种途径。     

Will elders provide for their grandchildren? Unconditional cash transfers and educational expenditures in Bolivia

We take advantage of repeated cross‐sectional household surveys and a sharp discontinuity created by the introduction of an unconditional cash transfer to elders in Bolivia, to evaluate its impact on educational expenditures on children within a household. We find positive and significant impacts of the program at the aggregate level. We also find that the program has stronger effects on indigenous populations as well as on female and rural populations. Our results are robust to a series of falsification tests, survey structure, model specification, and estimation methods.     

所有权结构、股价波动异步性与上市公司现金持有价值

股价中包含了较多的企业特质信息或者信息噪声都可能导致企业股价异步性现象。股权集中程度越高,其股价吸收企业特质信息的效率越低。借鉴Faulkender和Wang(2006)以及Dittar和Mahrt-Smith(2007)提出的衡量现金持有价值的方法,本文系统检验了2003～2006年我国A股上市企业的股价异步性与资金效率的关系。实证检验发现,其他情形相同的情况下,股价异步性与现金持有价值呈显著正相关关系,然而这种显著的正相关关系主要体现在股权分散的企业和非国有企业中。可见,所有权结构安排和股权性质是影响股价信息含量以及股价在资本配置过程中的发挥基础性作用的决定因素。     

经济全球化、中国收入分配与“人口红利陷阱”

文章从经济全球化影响中国收入分配的各个层面入手,通过数理推导和实证分析探讨了贸易全球化、生产与投资的全球化、金融深化、科技进步、教育水平等对中国国内收入分配的影响。结果发现,贸易全球化短期内会加剧中国的收入差距,原因可归结为人口红利陷阱,但长期内将有助于缩小中国的收入差距;生产与投资的全球化也会扩大收入差距,而金融发展与深化对中国收入分配差距的影响最大;技术进步、受教育程度提高和劳动力由低阶部门向高阶部门的转移则能在一定程度上缓解收入差距过大。