Foreign entrant survival and foreign market share: Canadian companies' experience in united states medical sector markets

We show that successful foreign market entry is related to the extent of foreign presence in an industry at the time of entry. Survival of 31 Canadian-based businesses that entered 24 U.S. medical sector markets between 1968 and 1989 tended to be somewhat longer in product markets in which foreign-based businesses held a moderate market share when the Canadian businesses entered than in low and high foreign share product markets. The result controls several other industry and business-level factors, including industry concentration, entry year, corporate size, related diversification, entry mode, and service sector status.     

Two-Rate Property Tax Effects on Land Development

Economists have long understood that the conventional property tax causes the housing stock to be smaller than it would be in the presence of a nondistortionary tax such as a land or site value tax. This article brings together the results from models of housing development timing and structural density with the results of a modern model of a graded property tax in an urban setting. The combination of results is used to investigate the effects of a communitys movement from a property tax to a two-rate tax system where land is taxed at a higher rate than structures. The conditions under which increasing reliance on a land or site value tax will increase housing structural density and speed of development are identified and examined. Policy implications are drawn.     

市场时机与中国上市公司投资行为——基于股权融资渠道的实证检验

文章选取中国A股市场2004-2009年面板数据,实证检验了中国市场时机影响公司投资的股权融资渠道,并深入分析了市场时机影响上市公司投资的机理过程及经济后果。结果表明,中国资本市场存在显著市场时机影响公司投资的股权融资渠道,通过分析市场时机对公司投资—现金流敏感度的影响,发现股权融资渠道在缓解融资约束公司投资不足的同时也造成了非融资约束公司的过度投资。最后,实证检验表明,市场时机对上市公司投资效率的影响显著为负。     

A multivariate nonparametric test for return and volatility timing

This paper develops a novel approach to simultaneously test for market timing in stock index returns and volatility. The tests are based on the estimation of a system of regression equations with indicator variables and provide detailed information about the statistical significance of alternative market timing components.     

对特殊监管区域出入境检验检疫监管规定的分析与探讨

由于出入境检验检疫机构对海关特殊监管区域进行监管的依据陈旧单一,与特殊监管区域的发展现状并不匹配,并且已经越来越不能满足特殊监管区域监管工作的实际需要。在上述情况下,质检总局下发了《关于对〈特殊监管区域检验检疫监督管理办法〉(征求意见稿)征求意见的函》,向检验检疫系统内征求对该办法的修改意见和建议。笔者通过认真分析检验检疫机构对特殊监管区域监督管理方面的历史沿革和利弊,提出了自己的一些见解和观点,希望能够对该办法的修订有所帮助并使检验检疫机构对特殊监管区域的监管工作能做到与时俱进,更加符合实际的业务需求。     

基于创新资源配置的风险投资退出行为研究

风险投资通过对自有创新资源的配置可实现在顺利退出的同时降低对企业的道德风险。本文以2009-2015年在创业板上市具有风险投资事件的企业为研究样本,通过多重统计检验及回归分析,研究风险投资退出行为对企业产生的经济影响及创新资源配置的决策依据。从财务角度考察发现,风险投资在锁定期后的套现减持会导致企业经营绩效出现显著性下滑;从创新资源配置的源头分析,风投机构的退出时机和退出速度主要受到资源投入量和配置策略的影响;整体来看,绩效在企业获得的风险投资资金规模越大时表现更稳定,而风险投资联合规模越大时,企业绩效下降的幅度越大。因此,风投机构应对创新资源投入量和配置策略进行统筹规划,以实现风投机构和风险企业的最优效益。     

资本流动性、并购模式选择与并购绩效——择时视角的上市公司并购决策机制与效应研究

流动性有多层次含义,分别是货币市场、股票市场、实体资产等主体特性的重要表征,也是公司并购择时决策的重要影响因素。文章采用2004-2012年中国上市公司股权收购样本,运用多层次流动性变量,以单变量分组差异检验与多变量回归分析相结合的方法,系统研究了多层次流动性对并购决策与并购绩效的影响机制与效应。研究发现不同层次流动性对并购特征与并购绩效产生了差异化影响：流动性差异化影响公司的并购模式决策,从而影响并购绩效;同时流动性也直接影响并购绩效,货币市场流动性以及股票市场流动性对并购绩效产生正向影响,而个股流动性程度对并购绩效产生负向影响。     

Leverage and strategic preemption: Lessons from entry plans and incumbent investments

This paper empirically investigates the effect of leverage on strategic preemption. Using new data on entry plans and incumbent investments from the American casino industry, I find that high leverage prevents incumbents from responding to entry threats. Facing the same set of entry plans, low-leverage incumbents expand physical capacity (by 30%), whereas high-leverage incumbents do not. This difference in investment matters because capacity installations preempt eventual entry. Stock market reactions to withdrawn plans imply that effective preemption increases incumbent firm value by 5%. My findings suggest that leverage matters for industry composition, not just firm-level investment.