Information regulation: Do the victims of externalities pay attention?

Individuals living in metropolitan areas are exposed to a large number of industrial risks. Information regulation is a new tool to manage such risks. We ask if large-scale information initiatives directed at the general public can affect individual risk perceptions. The answer is affirmative. Using the publication of the Toxics Release Inventory as a case study, we find a decline in predicted property values when new information on pollution became available, indicating that homebuyers adjusted their risk perceptions upward. The response, however, is limited to sources of toxic emissions that are located at a moderate distance from the properties in our sample.      

信息技术与课程整合的探索

本文从信息技术发展的角度出发，阐述了信息技术与课程整合的本质内涵及其目标，并结合案例探讨了信息技术与课程整合的模式。     

论事实信息所载利益的法律保护--以诸个具体案例为视角

信息产业迅猛发展催发了事实信息经济价值的觉醒。为了适应需要，各国纷纷立法对事实信息所载利益进行法律保护。本文在对事实信息内涵界定的基础上首先考察了著作权视野下的事实信息，并从垄断性和独创性两个方面分析了著作权不保护事实信息的法理原因。随后分四个方面，即反不正当竞争法、民法、新闻发现权、信息库权利论述了保护事实信息所载利益的现有立法和理论。     

Teledemocracy from the top

Teledemocracy, the use of new communications and information technology to widen the scope of the public's political participation, is a hot topic. Over the past few years a number of wide-scale teledemocratic experiments have taken place, for example in New Zealand, the State of Washington, and Hawaii, and the idea is being increasingly discussed in the scholarly as well as popular literature.¹ The reasoning behind, and justification for, teledemocracy has been expounded before.² This Comment, however, attacks the problem from a new perspective - where do politicians fit into such a system, and why should they nurture its development?     

中国软件产业发展道路的探索

作为信息产业核心的软件产业，对全球经济的影响愈加明显，已成为新世纪全球的第一大产业。中国软件产业要实现可持续发展、真正走向成熟，就要积极借鉴国外软件产业的成功经验，结合中国的实际情况，制订长远的发展战略，走适合自己的发展道路。     

Information Asymmetry and Voluntary SFAS 157 Fair Value Disclosures by Bank Holding Companies During the 2007 Financial Crisis

We hand‐collect SFAS 157 voluntary fair value disclosures of 18 bank holding companies. The SEC's Division of Corporate Finance likely targeted these entities in 2008 through their “Dear CFO” letters in which they requested specific, additional disclosure items. We collect disclosures that match the SEC recommendations and create eight common factor disclosure variables to examine the effect of such disclosures on information asymmetry. We find that disclosure variables about the use of broker quotes or prices from pricing services and the use of market indices and illiquidity adjustments are related to lower information asymmetry. However, disclosure variables about valuation techniques and asset‐backed securities are related to greater information asymmetry. We also document that disclosure complexity, and disclosure tone (uncertainty and litigious) is related to greater information asymmetry. These findings are consistent with criticism that corporate disclosures are voluminous; management may obfuscate unfavorable information which in turn increases market participants’ assessment of uncertainty associated with the fair value measures. We caveat that the setting of the financial crisis and a small sample size may limit the ability to generalize these inferences to other time periods or other financial firms.     

信息可靠度、过度自信对股票市场的影响--基于实验经济学的研究

信息对股票市场的影响不仅取决于信息本身,还取决于个体投资者对信息的感知。文章基于实验经济学研究方法,构造实验室股票交易市场,引入不同可靠度的股评信息,观察个体过度自信水平,研究客观股评信息可靠度和主观过度自信对股票市场的交叉影响。研究结果表明相对于没有股评信息的控制组,高可靠度和低可靠度的股评信息实验组均表现出显著更低的市场价格泡沫,且股评信息可靠度越高,市场价格越趋近于理性水平;此外,市场交易活跃程度在有股评信息的组显著高于控制组,但高低可靠度两组的交易活跃程度并无显著差异。在引入过度自信和信息可靠度的交叉项后,文章发现仅在高可靠度的股评信息实验组中,过度自信表现出对泡沫和交易活跃程度显著的正向影响。这意味着高过度自信的个体更加倾向于相信自己的私人信息,而忽略外界高可靠度的信息,从而相对于理性情况而言,交易行为出现更大的偏差,产生更大的泡沫。     

融资融券制度提高还是降低了股价非同步性?

股价非同步性是评判资本市场定价效率的重要维度。文章借助融资融券制度分批试点这一准自然实验,采用双重差分方法 (DID)研究了其对标的公司股价非同步性的影响。基于2006-2015年A股上市公司数据的实证检验表明,相比于标的之外的公司,标的公司在融资融券制度实施以后,股价非同步性不仅没有上升反而显著下降。不过,随着融资融券制度的不断完善和标的公司的逐渐增加,这一消极影响正在减弱。考虑到融资和融券业务同时放开的特殊背景,文章进一步对融资和融券交易进行分离,结果发现,尽管融券业务能够提升股价非同步性,但规模占据主导地位的融资业务却降低了股价非同步性,由此导致融资融券制度最终表现为负面效应。此外,公司较差的初始信息环境也是融资融券制度失效的重要原因。文章的上述发现对于理解和完善融资融券制度具有一定的参考价值。     

利用信息技术打造中国银行业的竞争力

信息技术是国际竞争的战略制高点和国际经济分工地位的决定性力量,是银行业提升竞争力的关键所在。要进一步推动我国的金融改革,使中国的银行业在国际竞争中走在前列,信息技术是必须解决的问题。     

中小企业商业性信用担保风险的检测及控制研究

在我国中小企业商业性信用担保市场发展的初期,出现了尚未经历繁荣,便陷入危机的局面,根本原因在于信息不对称以及担保后控制力不足的问题。本文通过建立联盟担保机制模型,解决上述问题,为我国担保市场的发展提供新的思路。