Reflections on the current fashion for central bank independence

This paper challenges the time-inconsistency case for centralbank independence. It argues that the time-inconsistency literaturenot only seriously confuses the substance of the rules vs discretiondebate, but also posits an implausible view of monetary policy.Most worryingly, the inflationary bias featured prominentlyin the time-inconsistency literature has encouraged the developmentof a dangerously one-sided approach to central bank independencewhich entirely ignores the potential risks involved in maximisingcentral bankers' latitude for discretion. The analysis showsthat a more balanced and symmetric approach to central bankindependence is urgently needed. The views of Maynard Keynesand Milton Friedman are shown to shed some illuminating anddisconcerting light on a fashionable free-lunch promise thatis based on rather shallow theoretical foundations and empiricalevidence.     

跨所有制合作造林的经济问题初探——浙江庆元县国乡合作造林的调查

通过庆元县国乡合作造林的调查分析 ,阐明了跨所有制合作造林产生的历史背景 ,分析了国乡合作造林暴露的问题 ,提出了巩固和发展国乡合作造林的对策与建议。     

不确定法律概念的个案裁量——《工伤保险条例》相关条文之展开

在法律规则体系中,由于自然语言天生的空缺结构,存在大量的不确定概念,类型分为两种：一是价值性不确定法律概念,比如公共利益、公序良俗等,其内涵与外延均不确定;二是经验性不确定法律概念,比如清晨、机动车等,其内涵清晰,但外延高度不确定.《工伤保险条例》中包含三大类不确定法律概念,“工作原因”、“上下班途中”、“突发疾病且抢救无效”,它们介于价值性概念与经验性概念之间,既要用常理对相关客体进行描述,同时又必须进行必要的价值衡量.在司法审查中,可以分别确定真实性标准、合理性标准与完整性标准,通过判决理由部分的法官解释,最终形成最恰当的结果.判断“工作原因”需要真实性标准,即员工所遭受的伤害与工作之间是否存在真实的、紧密的逻辑关联;判断“上下班途中”需要合理性标准,即分析上下班的过程是否在合理时间、处于合理路线,若存在绕道,该绕道是否出于合理缘由等;判断“突发疾病且抢救无效”需要完整性标准,既要考虑“突发疾病”的前因与工作是否存在联系,同时又要结合“抢救无效”这一后果是否客观真实.     

Environmental proactivity of hotel operations: Antecedents and the moderating effect of ownership type

This study examines the relative importance of three influential factors (stakeholder pressure, economic opportunities, and top managers’ personal environmental concern) in shaping managerial attitudes toward adoption of green programs in the hotel industry. The results, based on a sample of 235 top managers of hotels affiliated with three U.S. state hotel associations, suggest that stakeholder pressure is the most dominant predictor of managerial attitudes toward adoption of green programs followed by economic benefits and top managers’ personal environmental concern. In addition, the relationship between managerial attitudes toward adoption of environmental programs and organizational environmental commitment is found to be moderated by the ownership style. The relationship is stronger for independent hotels than for chain-affiliated hotels, indicating a more significant role of managerial discretion in implementing environmental strategies at the independent hotel setting than the chain hotel setting.     

Heterogeneous beliefs and the choice between private restructuring and formal bankruptcy

We present a theory for the puzzling issue regarding why certain firms in financial distress, prefer a costlier formal bankruptcy procedure over direct renegotiations. We show that claimholders’ heterogeneous beliefs about the results of a formal plan and about judicial discretion may lead to such a preference. The proposed model predicts which resolution would be chosen under claimholders’ beliefs about the determinants driving the outcome of a formal procedure, such as the extent to which firm value is affected by bankruptcy, the likelihood of deviation from the absolute priority rule, and the probability of the court adopting a reorganization plan.     

Managerial Ownership and Intellectual Capital Efficiency： Evidence From Poland

This article contributes to the corporate governance and intellectual capital literature and examines the relationship between managerial ownership and intellectual capital efficiency （ICE）. The results were obtained by investigating a sample of 1,057 firm-year observations and 292 companies listed on the Warsaw stock exchange between 2008 and 2013. Since the data span covers six years, panel data analysis （fixed-effects model） is employed. The empirical analysis indicates that managerial ownership is negatively related to human capital efficiency （HCE）, which is partly consistent with some previous studies. As such, it indicates the entrenchment effect of insider ownership. Moreover, the study concludes that these and previous results on the relationship between managerial ownership and IC efficiency are not robust due to ICE measures, which now are employed in research.     

Figuring Out the Fed—Beliefs about Policymakers and Gains from Transparency

In this paper, I use a Markov chain Monte Carlo algorithm to estimate a model of private‐sector behavior that does not feature private‐sector knowledge of the monetary policymaking process and, instead, leaves firms and households uncertain about how monetary policy is set. The private sector entertains two competing views of monetary policymaking, which I estimate. Firms and households use Bayes' law on a rolling data sample to distinguish between those two models. I use this setup to study the evolution of beliefs about the Federal Reserve and the possible gains from transparency.     

Reconceptualizing entrepreneurial orientation

Entrepreneurial orientation (EO)—a firm's strategic posture towards entrepreneurship—has become the predominant construct of interest in strategic entrepreneurship research. Despite the ever‐increasing volume of nomological research on EO, there remain ongoing conversations regarding its ontology. Drawing from measurement theory, we outline an EO reconceptualization addressing the likely prevalence of Type II nomological error in the EO literature stemming from measurement model misspecification. Focusing on the question of whether EO is an attitudinal construct, a behavioral construct, or both, we propose a formative construction of EO viewing the exhibition of entrepreneurial behaviors and of managerial attitude towards risk as jointly necessary dimensions that collectively form the higher‐order EO construct. We present an empirical illustration of our reconceptualization followed by a discussion of future research opportunities. Copyright © 2014 John Wiley & Sons, Ltd.     

Equity‐Based Incentives,Risk Aversion,and Merger‐Related Risk‐Taking Behavior

We find that post‐merger equity risk is negatively related to the sensitivity of CEO wealth to stock return volatility (vega), but is concentrated in CEOs with high proportions of options and options that are more in‐the‐money. The probability of industrial diversification also increases in vega. Additional tests show that the decline in post‐merger equity risk results in a significant decrease in shareholder wealth. This decrease is concentrated among firms with CEOs having the highest delta and the highest delta and vega. Our results suggest that the increased convexity provided by option‐based compensation does not necessarily increase risk‐taking behavior by CEOs.     

高管权力、股权激励行权价格与市场反应

利用2006—2012年间公告股权激励预案的上市公司作为研究样本,分析高管权力对股票期权初始行权价格的影响及产生的市场反应。研究发现：高管权力过大会导致高管人员的自利性行为,高管权力越大则股权的初始行权价格制定得越低;股权激励预案宣告会产生显著为正的市场反应,且行权价格与市场反应显著正相关,即行权价格设定高的公司市场反应越积极,投资者能够通过股权激励方案识别高管的自利行为。