The Real Effects of Financial Sector Interventions during Crises

We assess the importance of supply‐side credit market frictions by studying the impact of bank recapitalization on firm growth in 50 countries during the recent crisis. Our identification strategy exploits the crisis as a shock to credit supply and combines an exogenous measure of firms’ dependence on external financing with policy interventions aimed at restoring bank capital. We find that the growth of financially dependent firms is disproportionately positively affected by bank recapitalization. This effect is quantitatively important and robust to controlling for other policies. These results provide new evidence of the influence of credit market frictions on economic activity.     

我国股东大会决议瑕疵救济探究

我国《公司法》确认了股东大会决议瑕疵救济制度,但其救济体系有一定的滞后和缺陷。缺乏非诉救济途径的规定、决议瑕疵诉讼类型不完善、行使撤销股东大会决议瑕疵的诉权主体范围过于太窄、股东大会决议瑕疵的判决效力界定不明晰。为进一步保护中小股东等利害关系人的合法权益,稳定市场交易秩序,建议引入非诉救济途径,同时完善诉讼救济途径的相关法律规定。     

基于模糊偏好的冲突决策共识模型研究

为了描述冲突中决策者主观判断的模糊性特点,基于冲突分析图模型研究框架,对简单偏好下的冲突决策共识理论进行系统性拓展,构建了模糊偏好下的冲突决策共识模型。将模糊理论中的梯形模糊数引入决策者的偏好设置中,对偏好信息进一步划分,给出模糊共识偏好和模糊非共识偏好的定义;为便于模糊偏好下冲突决策共识稳定解的计算和分析,定义了逻辑稳定性和矩阵稳定性表达;利用构建的冲突决策共识模型分析湄公河流域水资源冲突事件,从而得到最优解决方案。结果表明,该模型能够准确有效地解决模糊偏好下的冲突决策共识问题。     

Mediation as an Ethical Adjunct of Stakeholder Theory

A driving force behind the evolution of the stakeholder concept is the potential of negative outcomes for an organization as the result of conflict between that organization and its stakeholders. Where conflict does arise between an organization and stakeholder how might it be resolved in a manner compatible with stakeholder theory? Applying feminist ethical theory as a theoretical basis for stakeholder theory, mediation provides an appropriate process for resolving such disputes in comparison to traditional adversarial strategies. This paper discusses the attributes of mediation, and its potential benefits as a method to resolve disputes between businesses and their stakeholders.     

Conflict resolution strategies in joint purchase decisions for major household consumer durables: a cross‐cultural investigation

Previous studies on joint purchase decisions have investigated the types of conflict resolution strategies used by spouses, the usage frequency of different conflict resolution strategies, and the effects of demographics and various other variables, on the uses of conflict resolution strategies. Despite efforts to address this largely unexplored area, the role that culture plays in the use of conflict resolution strategies has been significantly ignored. Using a cross‐cultural perspective, this study addresses the gap in our understanding of the joint purchase decisions in the family by examining how husbands and wives of three ethnic groups in Britain – British Whites, Indians and African Blacks – use different conflict resolution strategies while jointly purchasing major household consumer products. The total sample comprised 583 husbands and wives of British White, Indian and African Black origin residing in London and Manchester in Britain. Our results showed that three conflict resolution strategies are used by both husbands and wives: bargaining, assertiveness and playing on an emotion. In addition, disengagement emerged as a strategy for husbands, whereas supplication emerged for wives. The study presented in this paper also provides substantial evidence of differences in the use of conflict resolution strategies by husbands and wives from the three ethnic groups, which greatly improves our knowledge on a cross‐cultural perspective of joint purchase decisions.     

Advances in Drama Theory for Managing Global Hazards and Disasters. Part II: Coping with Global Climate Change and Environmental Catastrophe

We explore issues of group decision making for reducing global environmental risk, with particular reference to the political dynamics surrounding international agreements on tackling climate change. Continuing political delays in deciding to reduce greenhouse gas emissions may make it necessary to resort to high risk and controversial geo-engineering solutions, such as injecting large amounts of sulfur dioxide into the stratosphere, despite the unforeseen, potentially catastrophic consequences that these entail. Advances in drama theory (dt.2) are used to analyze the prospects for agreement on reducing or stabilizing greenhouse gas emissions, following the Bali agreement of December 2007. It is concluded that Western nations and emerging economies are behaving like players in a game of “chicken”, each expecting the other to take on the main burden of emissions reduction. We judge it unlikely that either will play a full part until it is too late for emissions reduction alone to avert environmental catastrophe. At that point, parties will resort to geo-engineering “fixes”, despite the risks. However, all such forecasts are conditional on decisions made and attitudes taken by political leaders and the public. Our analysis serves to pinpoint the relevant decisions and attitudes.     

Macroeconomic Announcements and the Distribution of Price-Endings in the U.S. Treasury Market

We investigate how new information impacts quote clustering in the bond market. We find that clustering, along with quote activity, price volatility and bid-ask spreads, increases sharply in the minutes following releases of macroeconomic news. Each returns to near-normal levels within the hour. Effects are strongest for more liquid on-the-run notes and for the announcements typically associated with substantial information flow. The strong positive comovement of clustering, quote activity, price volatility, and bid-ask spreads supports the conclusion that innovations of these variables are endogenous to the arrival and incorporation of information into prices.     

Capital and resolution policies: The US interbank market

We develop an empirically based simulation study to test two types of policies designed to control systemic risk: preventive policies targeting capital requirements and mitigation policies targeting default resolution. We find that capital buffers reduce both the number of defaults and the resulting losses. The loss reduction benefit increases as the magnitude of adverse shocks becomes higher. We find that a simple branch-breakup resolution strategy reduces the loss borne by the Federal Deposit Insurance Corporation (FDIC). The mitigation effect becomes higher as the fraction of assets resolved through auctions and auction competitiveness increase.     

Too big to fail in banking: What does it mean?

Interest in too big to fail (TBTF) resolutions of insolvent large complex financial firms has intensified in recent years. TBTF resolutions protect some in-the-money counterparties of a targeted insolvent firm from losses that they would suffer if the usual bankruptcy resolution regimes used in resolving other firms in the industry were applied. Although special TBTF resolution regimes may reduce the collateral spill-over costs of the failure, the combined direct and indirect costs from such “bailouts” may be large and often financed in part or in total by taxpayers. Thus, TBTF has become a major public policy issue that has not been resolved in part because of disagreements about definitions and thereby the estimates of the benefits and costs. This paper explores these differences and develops a framework for standardizing the definitions and evaluating the desirability of TBTF resolutions more accurately.     

民行检察工作中检察机关化解社会矛盾能力的新举措

随着社会主义和谐社会的建设和司法制度的改革,各种矛盾逐渐凸显,且矛盾纠纷表现出一些新的特点,作为民行检察部门,不仅要实现法律监督的职能,更应在实施法律监督过程中为化解社会矛盾,促进经济发展和社会稳定发挥积极作用。改变只有＂抗诉＂才能化解社会矛盾的狭隘观点,把执法办案同化解矛盾纠纷相结合,着眼社会稳定和社会和谐,在构建预防和化解社会矛盾体系建设中发挥积极作用。