Adverse Selection,Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany

This article analyses 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used, covering straight equity, mezzanine and debt‐like securities. Based on the chosen financial securities’ upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors’ deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities.     

Communication,Excess Comovement and Factor Structures

This paper develops a model in which investors communicate before trading in a general equilibrium. Investors repeatedly communicate in a social network but have limited knowledge of the network structure and thus do not fully realize the consequences of their communication and belief updating. As a result, asset returns contain excess comovement and more concentrated factor structures than fundamental values do. The model generates testable empirical predictions that are consistent with the empirical literature on excess comovement in asset returns.     

我国当前运动心理咨询中存在的问题探析

从上个世纪八十年代开始，我国开始关注运动员的心理状态，从1986年的我国第六届全运会第一次设立心理咨询机构，到2007年我国第一批运动心理咨询专家获得认证。我国运动心理咨询领域在这二十几年中得到了一定的发展。但是，相较于国外成熟完善的运动心理咨询体系，我国现有的运动心理咨询还存在一些不足。本文作者通过分析我国目前运动心理咨询中存在的问题，旨在促进我国运动心理咨询的发展，进而更好地提高我国运动员的心理素质，为运动员们在世界性范围内的体育比赛中取得优异成绩做好充足准备。     

论水电勘察设计单位留住人才的有效路径

人才是第一资源,是水电勘察设计单位发展的保证。文章在论述人才重要性的基础上,从薪酬福利、完善培训、以机制留人等方面阐述了水电勘察设计单位留住人才的有效路径,从而为水电勘察设计单位加快发展提供智力支持。     

三级生物质供应链的奖惩与回馈契约协调研究

为了优化生物质能供应链,降低成本,在无扰动因素情况,需求不确定且与价格有关的条件下,研究了由能源公司、基地和农户组成的三级生物质供应链中,奖惩与回馈契约对供应链的协调问题,建立了满足渠道协调的条件和供应链内各级参与者实现互赢的数学模型,最后将其用于数值算例中验证。结果证明契约参数的合理选择可以实现供应链各方利益最大。     

基于多元结构的旅游供应链协调机制研究

根据组织协作观点与步骤选取了合适的协作者、协作要素；摒弃了旧有的供应链的唯一机制，运用包含服务、资料、金钱、知识的多样化机制合理地调整了旅游供应链；鉴于旅行社与政府在调整供应链上存在的不足，给出了微观与宏观相融合的协调机制；在分析当前旅游供应链中常见的折扣价格合约制度后，建立了全新的收入分配体系，目的在于鼓励提供旅游产品的供应者；在分析旅游供应链利得产品驱动模型后，给出了产品的推拉协调一致的模型。     

我国商业银行效率测度分析——基于SFA技术的实证研究

基于2005~2012年22家商业银行的非平衡面板数据,运用超越对数生产函数形式的SFA技术实证分析了所选银行的经济效率值,选取的银行包括国有大型商业银行、地区性商业银行、农村和外资商业银行等类型。为考察所有制对银行效率的影响,以税前利润收入和贷款净额分别作为产出指标建立模型。并对低效率残差项的不同分布假设的精度进行比较,选出最优模型。研究表明:近年来我国商业银行效率整体水平有较大幅度提高;所选银行中,外资银行效率水平最高,地区性商业银行效率值最分散,国有商业银行的效率较集中,普遍位于0.8左右,农村商业银行的效率最低。最后,针对不同所有制银行的特点,提出提高其效率的政策建议。     

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

组织机构代码在社会活动中的应用研究

组织机构统一代码标识制度,是国家实行市场经济体制和开展信息化建设的一项基本制度。文章介绍了组织机构代码的含义、组织机构代码信息在社会活动中的功能作用、应用现状、存在的问题及发展方向。     

Institutionalism and the New Classical Economics

Neoliberalism has transformed markets supplying public goods. Analysis of five real-world Australian markets reveals the eligibility rules for access and ongoing participation, interaction of participants, the role of intermediaries and government, the extent of competition, complex regulatory regimes shaping and controlling these markets, and key market outcomes. Contrary to neoliberalism's free market rhetoric and the view promulgated by mainstream economics, a spectrum of market configurations and governance regimes were found along with participation being highly dependent on technology access and skills, market outcomes inconsistent with policy rhetoric, market interrelationships posing adverse cumulative impacts, and government is strongly interventionist through multiple roles.