乡土正当性与法律正当性在林权纠纷中的博弈——基于桂南两县一区的实地调查

通过背景梳析,在对林权纠纷中地方政府、国有林场、农户的调查后发现乡土正当性和法律正当性在当地林权纠纷中存在冲突,通过分析得出当前的林权纠纷问题具有普遍性和复杂性的基本特征;从制度经济学的产权角度和农户增收角度来看,农户的土地产权应得到维护。     

论物流业刑事犯罪及法律规制

目前，有关物流行业的法律制度、管理制度的不健全和诸多漏洞，使得物流业刑事犯罪率逐年上升。研讨了物流业犯罪种类，分析犯罪成因，指出强化法治管理，有效遏制物流业刑事犯罪的建议，势必进一步推动物流业健康有序发展。     

中国金融危机法构建的探讨

本次震撼全球的美国金融危机给世人敲响了金融危机不定时爆发的警钟。全球化背景下金融危机的传染性更强、金融风险更大。中国相对脆弱的金融体系需要探索如何防范金融系统性风险,如何健全金融监管体系的制度与法制建设。随着人民币国际化过程深入,制定并颁布《金融危机法》能克服目前金融监管纵向监管体系缺陷,对提高我国金融监管机构应对金融危机能力、稳定金融市场与保增长具有重要意义。     

The legal theory of finance and the financial instability hypothesis: Convergences and possible integration

This article presents the legal theory of finance (LTF) and compares it with the financial instability hypothesis (FIH), identifying points of convergence and divergence. The study aims to contribute to the literature by connecting these theories and provides the following main conclusions. First, the LTF incorporates aspects of the FIH, as the theories share several key elements, particularly the presence of fundamental uncertainty, the constraint of liquidity, and the necessity for governments to act as lenders of last resort. Second, the liquidity concept used in the LTF can be better comprehended with the use of Keynesian and post Keynesian literature on the topic. Third, the LTF aims to advance and update certain aspects of Minsky’s theory, particularly with regard to the globalization of markets, power relations, and the interdependencies of the political economy of finance. The study concludes that the theories are more complementary than divergent and future studies should create an analytical framework that integrates the theories’ most insightful aspects.     

Short interest and stock price crash risk

Using a large sample of U.S. public firms, we find robust evidence that short interest is positively related to one-year ahead stock price crash risk. The evidence is consistent with the view that short sellers are able to detect bad news hoarding by managers. Additional findings show that the positive relation between short interest and future crash risk is more salient for firms with weak governance mechanisms, excessive risk-taking behavior, and high information asymmetry between managers and shareholders. Empirical support is provided showing that the relation between short interest and crash risk is driven by bad news hoarding.     

年轻高管与企业股价崩盘风险：来自“代理冲突观”的证据*

在企业纷纷实施高管年轻化战略的背景下，本文从股价崩盘风险的视角分析和检验了年轻高管风险偏好的经济后果及其作用机理。本文基于“个体认知观”和“代理冲突观”展开理论推演，采用中国沪深A股非金融上市公司的数据，检验发现，年轻高管会显著加剧企业未来的股价崩盘风险，且这种影响主要存在于民营企业，在国有企业并不显著。进一步针对具体作用机制的检验发现，年轻高管在投资决策中选择了更多能迅速提升个人收益的风险性投资项目，但在不能迅速提升个人收益的风险性投资项目上与年长高管没有显著差异。同时，年轻高管对股价崩盘风险的加剧效应仅仅存在于高管在上市公司领取薪酬的样本企业，且更高的独立董事比例能显著抑制年轻高管的股价崩盘风险加剧效应。这表明，年轻高管个体认知层面的风险偏好被其追求个人私利最大化的代理冲突所扭曲，进而为年轻高管风险偏好的“代理冲突观”提供了实证证据。     

Internal conflict and Bank liquidity creation: Evidence from the belt and Road initiative

The Belt and Road Initiative is the most important international economic strategy in the 21st Century initiated by China. In this paper, we conduct the first international study on the effects of the host country’s internal conflict risk of the Belt and Road Initiative on bank liquidity creation, one of the key functions banks provide for the public. We find that the host country’s internal conflict risk negatively affects bank liquidity creation. The results are also economically significant and robust to subsample tests. It also indicates that Chinese firms that will conduct foreign investments in the countries of the Belt and Road Initiative should take the host country’s internal conflict risk into account.     

Prospect Theory,Fairness, and the Escalation of Conflict at a Negotiation Impasse*

We study a bilateral negotiation set-up where, at a bargaining impasse, the disadvantaged party chooses whether to escalate the conflict or not. Escalation is costly for both parties, and it results in a random draw of the winner of the escalated conflict. We derive the behavioral predictions of a simple social utility function, which is convex in disadvantageous inequality, thus connecting the inequity aversion and the prospect theory models. Our causal laboratory evidence is, to a large extent, consistent with the predicted effects. Among other things, the model predicts that the escalation rate is higher when escalation outcomes are riskier, and that the disagreement rate is lower when the cost of escalating the conflict is higher.     

第三方支付相关基础法律问题探讨

第三方支付不是单纯的货币转移支付,而是与商业交易密切相关。互联网支付是典型的"担保支付",第三方为付款人的货币支付和收款人的货物交付进行了担保,有效保证了交易合同的全面履行,付款人支付的货币资金具有反担保保证金性质;预付卡支付和银行卡收单支付都是委托代理支付,预付卡支付第三方收到付款人的货币资金属于保管行为。