Oil risk contracts,business conduct and performance patterns: Data panel analysis

Using the economic and financial performance data of international companies for the exploration, and exploration–extraction (E&E) of oil, as well as the patterns of institutional situation and orientation with the government market and national oil companies or NOCs that receive project offers, we analyze the institutional development and behavior patterns by type of E&E contract, following the strategic actor approach, or the so-called agency theory. Additionally, in light of Mexico's energy reform being implemented between 2015 and 2019, we analyzed the types of license contracts compared to those for production and shared profit. Subsequently, it was determined-through panel data methods in the analysis of 17 companies between 2005 and 2015-that global companies present bigger yields and commitments compared to specialized companies, confirmed by their net income and returns on equity or ROE.     

美国奥巴马总统“气候行动计划”解读

2013年6月,美国总统奥巴马在华盛顿乔治城大学发表关于应对气候变化的讲话,发布了"总统气候行动计划",重申到2020年美国实现在2005年基础上减排温室气体17%的承诺,并从减少温室气体排放、应对气候变化的不利影响和领导国际合作三个方面系统阐释了美国联邦政府将采取的一系列举措,这是迄今为止美国政府最全面综合的气候政策。通过分析和梳理该"气候行动计划"推出的背景、主要内容以及美国各界的反应等,指出了该计划的实质和存在的一些问题,包括在实施范围、执行力度、持续性和有效性等方面的局限性。     

Philanthropic giving of China’s hotel firms: The roles of state ownership,corporate misconduct and executive remuneration

This study utilizes value enhancement theory, agency cost theory and crisis management theory to scrutinize the philanthropic giving (PG) of China’s listed hotel companies from 2003 to 2018. The results of dynamic panel regression tests reveal that state ownership (company character), corporate misconduct (crisis management determinant) and executive remuneration (agency cost determinant) are influential factors in hotel firms’ PG, but none of the value enhancement determinants can explain PG. Specifically, state ownership is negatively correlated with PG, reflecting low PG in government dominated hotel firms in China. PG is negatively associated with executive remuneration, indicating that hotel managers care more about self-interest than social responsibility. PG is also positively related to corporate misconduct, suggesting that hotel firms use philanthropy to manage a crisis. Finally, the lagged PG has a positive effect on PG, implying that PG is intended to avoid damage to social image and reputation of China’s hotel firms.     

中国A股市场IPO抑价影响因素的实证研究

IPO抑价是全球资本市场的普遍现象,是一级市场定价效率低下和二级市场交易不规范的具体表现。IPO抑价使得资本市场资源配置效率低,同时也会产生众多金融风险。在中国IPO抑价率过高,普遍达到100%以上,超过了国外成熟市场和很多的新兴市场。在对国内外相关研究进行综述之后,再构建模型引入实证分析,对理论在国内的适用性进行研究进而探寻导致IPO抑价的原因。信息不对称是导致IPO抑价的主要原因,同时承销商声誉、"公司信号"、资本市场"羊群效应"也有一定的影响。     

Intercorporate Ownership,Taxes, and Corporate Payout Choices*

This paper examines whether corporate payout choices (dividends or share repurchases) are associated with intercorporate ownership in a firm. Using the System for Electronic Document Analysis and Retrieval (SEDAR) and the Inter‐Corporate Ownership (ICO) database from Statistics Canada, I find that intercorporate ownership is positively associated with a firm’s propensity to pay dividends and negatively associated with a firm’s propensity to repurchase shares. The findings are robust to the endogeneity of intercorporate ownership and the inclusion of various control variables such as firm size, risk, liquidity, growth, and profitability.     

Towards a ‘new normal’ growth strategy: China in comparative perspective

China’s move towards a new normal has been motivated by domestic factors and accelerated by the decline in export opportunities to developed countries. This decline, combined with the knock-on effects of China’s growth adjustments, is disrupting the favourable external environment that made developing countries’ export-led development strategies viable. This paper concentrates on a rebalancing of developing countries’ growth strategies towards a greater weight of household consumption as a potential alternative and discusses three challenges – market size, domestic purchasing power and balance-of-payments constraints. Concentrating on the latter, it analyses changes in sectoral compositions of consumer demand and patterns of international trade. Results point to the risk that a shift in growth strategy causes an import surge. The paper’s findings indicate the scope and speed of required product innovation that would prevent a rebalancing of growth strategies towards a greater role of consumption from running into balance-of-payments constraints.     

Applying the Principles of Soccer Training to the Design and Delivery of Classes in Introductory Accounting Courses

Accounting instructors face numerous challenges in structuring and teaching accounting classes. This paper describes the experience of redesigning classes in an introductory accounting course to follow the format of team training sessions in the sport of soccer. The soccer format includes six sections: warm‐up, balance/agility/coordination, skill/technique, simplified small game, game, and cooldown. We explain how the activities in each of these sections can be translated into parts of a class session. While adopting this format requires instructors to invest time in preparation and to be flexible and responsive when facilitating classes, informal results indicate that this class format is rewarding for both instructor and students and that it enhances student performance and experience. We suggest that elements of this class format could be successfully adopted for courses in other business subjects, and in nonbusiness disciplines.     

On estimating long-run effects in models with lagged dependent variables

A common procedure in economics is to estimate long-run effects from models with lagged dependent variables. For example, macro panel studies frequently are concerned with estimating the long-run impacts of fiscal policy, international aid, or foreign investment.Our analysis points out the hazards of this practice. We use Monte Carlo experiments to demonstrate that estimating long-run impacts from dynamic models produces unreliable results.Biases can be substantial, sample ranges very wide, and hypothesis tests can be rendered useless in realistic data environments. There are three reasons for this poor performance. First, OLS estimates of the coefficient of a lagged dependent variable are downwardly biased in finite samples. Second, small biases in the estimate of the lagged, dependent variable coefficient are magnified in the calculation of long-run effects. And third, and perhaps most importantly, the statistical distribution associated with estimates of the LRP is complicated, heavy-tailed, and difficult to use for hypothesis testing. While many of the underlying problems have been long-known in the literature, the continued widespread use of the associated empirical procedures suggests that researchers are unaware of the extent and severity of the estimation problems. This study aims to illustrate their practical importance for applied research.     

Why do commercial banks hold government bonds? The case of Japan

We investigate the determinants of the demand for Japanese government bonds (JGBs) by commercial banks in Japan. In particular, by estimating portfolio equations for JGB demand and bank loans, based on a panel data set from the late 1990s to the 2000s, we rigorously test the popular assertion that the long stagnation of the real economy caused a shift in the portfolios of commercial banks from bank lending to JGBs. We find that the popular assertion is not empirically supported. Rather, the portfolio shift from loans to JGBs has been caused by a fall in the ratio of the loan rate to unit lending costs, or the bank’s price–cost margin for lending.     

地方人大中的地域代表现象探析——基于五省市人大代表建议的内容分析

本文试图探析在中国地方人大中是否存在地域性代表及其相关因素。通过收集和分析2017年国内五省市人大收到的近四千条代表建议,发现在地方人大代表的履职行为中,一定范围内存在从整体资源中为选区争取利益的现象。进一步回归分析的结果显示:来自经济发展水平相对较低的地区的代表,更倾向于提出地域性建议;由代表联名提出的建议更可能是地域性建议;担任地方党政领导职务的省市人大代表,在提出建议时更倾向于提出地域性建议。上述实证发现对中国地方人大地域性代表的实现机制提供了初步启发性证据,也有助于丰富我们对非竞选体制下的政治代表性和回应性机制的理解。