商会治理功能与组织边界的经济学分析——基于公共选择的理论框架与中国的经验证据

本文构建了一个由分摊成本、决策成本和拥挤成本构成的综合成本最小化的公共经济学模型,用以分析商会分别提供公共产品、俱乐部产品和混合产品时的组织边界形成机制;考察了行业结构、制度规制和组织能力等因素对商会功能和规模的影响;使用粤、浙两地的问卷调查数据对影响商会治理功能的若干重要因素进行了经验检验并得出了若干启发性的结论。     

欧洲主权债务危机给我国商业银行带来的机遇与挑战

本文对以希腊主权债务问题为代表的新一轮欧洲主权债务危机进行了专题研究,辩证地分析了危机给我国商业银行发展带来的挑战与机遇,并对下一步应采取的措施与转变等提出了相应的政策性建议。     

Underwriter reputation,earnings management and the long‐run performance of initial public offerings

This study contributes to the extant literature on the nature of earnings management surrounding initial public offerings (IPOs) by investigating the role of underwriter reputation. We argue that prestigious underwriters will protect their reputation by carefully monitoring and certifying financial information on IPO firms, thereby limiting any potential earnings manipulation. As a result, those IPO firms that are associated with more prestigious underwriters are likely to exhibit substantially less‐aggressive earnings management. Conversely, we find the existence of a negative relationship between earnings management and the post‐offer performance of an IPO firm’s stocks only for those firms associated with less‐prestigious underwriters.     

AMBITIONS AND OPPORTUNITIES FOR ASSESSING MILITARY PERFORMANCE IN CRISIS RESPONSE OPERATIONS

This paper addresses the issue of measuring armed forces’ performance in crisis response operations. By means of interviews (17 respondents) and a large scale survey (1,253 respondents) field and general officers of the Netherlands Armed Forces (NAF) have been questioned on perceived organisational success in crisis response operations. The Dutch officers assess the NAF's performance positively. A number of senior officers are hesitant about the usefulness of measuring the performance of crisis response operations. According to them the context in which the operations are being executed is too complex. Most interviewees, however, are convinced that measuring performance is useful and should be improved. These military leaders express a strong need for criteria to assess their performance on the job.     

Tax and the Crisis*

Did taxation play any role in precipitating the financial crisis? Are there lessons to be drawn for future tax reform priorities? This paper reviews the main channels by which tax effects might have been felt and which may require forceful attention. These include in particular the large tax biases favouring debt finance and, in some countries, investment in housing. The complexities of national tax codes, and the international interaction between them, have, moreover, encouraged the use of complicated financial instruments and international tax planning, reducing transparency. Tax distortions did not cause the crisis – in the sense that there are no obvious tax changes likely to have triggered it – but they may well have contributed by leading to higher leverage and more complexity than would otherwise have been the case. Most of these distortions have long been a source of concern, but dealing with them may be more important than previously supposed.     

The Efficacy of Regulation Fair Disclosure

This paper examines the impact of Securities and Exchange Commission's Regulation Fair Disclosure (FD) on information leakage around voluntary management disclosures. We find a positive correlation between stock returns two days before and after the voluntary disclosure in the pre‐Regulation FD period, but not in the post‐Regulation FD period. After Regulation FD is implemented, pre‐announcement abnormal return as a percentage of total return decreases by 26.1% (21.4%) for large firms with good (bad) news, suggesting that the amount of information leakage reduces for these firms. These findings provide support for the premise and the intended purpose of the regulation for large firms.     

Financial globalization, financial crises and contagion

Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. non-financial sectors since the mid-1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we show that financial integration leads to a sharp rise in net credit in the most financially developed country and to large asset price spillovers of country-specific shocks to bank capital. The impacts of these shocks on asset prices are amplified by bank capital requirements based on mark-to-market.     

无缝隙全覆盖是实现基本公共服务均等化的第一步——宝鸡实践对西部地区完善社会保障体系的启示

陕西省宝鸡市基本建立起一整套相对完善和相互衔接的社会保障制度框架,在制度层面上实现了所有应该享受社会保障人群的无缝隙、全覆盖,有力地促进了全市经济快速发展和社会和谐进步,为西部欠发达地区建立和完善社会保障体系探索了有益的经验。     

流动性冲击的传导机制

流动性可以从市场流动性、融资流动性、资产负债表流动性和流动性需求四个维度来分析。四个维度的相互作用形成了流动性传导的五种机制——借款者的资产负债效应、信贷紧缩效应、对金融机构的挤兑效应、信用传染效应和对不确定性的规避效应。五种传导机制使单个流动性冲击演变为系统性的流动性冲击,将证券市场的流动性冲击传导到其他金融市场,并相互强化形成了流动性的循环。为了防止或减少流动性危机对经济金融的影响,既要提高单个金融机构应对流动性冲击的能力,也要改善金融市场的基础设施。必要时中央银行应向市场注入流动性以增强市场信心。