US macroeconomic surprises and the emerging-market sovereign CDS market

Our primary aim is to examine whether US macroeconomic surprises affect the slope of the term structure of ‘sovereign credit default swap’ (SCDS) spreads in emerging markets. Our empirical results show that positive (negative) US macroeconomic surprises are likely to reduce (increase) the term structure slope of SCDS spreads in emerging countries. We find that the slope values in emerging markets are positively related to future market returns over 1- and 2-day horizons. Our results provide general support for the future informational role played by SCDS spreads for the national stock market within emerging markets.     

Proxy contests and debt contracting behavior: The interplay of managerial,shareholder and creditor incentives

We evaluate how heterogeneity in the strategic interplay among shareholder, creditor and manager incentives influences debt contracting behavior around proxy contests. We find that, after proxy contests, new loan originations have significantly higher spreads and more stringent non-pricing contracting terms. The effect, however, occurs largely in contest firms where Chief Executive Officers (CEOs) are provided with risk-taking incentives. Further, creditors’ simultaneous equity holdings and credit default swaps (CDS) trading attenuate the impact of proxy contests on debt contracting costs. Finally, proxy contests that culminate in voting and dissident victory experience the largest increase in loan pricing. Overall, our results suggest an increase in the agency cost of debt occurs after proxy contests, particularly when managerial risk-taking incentives are high, and when creditors do not simultaneously hold target firms’ equity or CDS.     

耕地系统健康诊断的理论研究框架构建与解析

研究目的：探索建立耕地系统健康诊断理论方法体系，为准确判别区域耕地系统健康状态和健康水平提供科学依据，为耕地资源可持续利用提供理论支撑。研究方法：归纳演绎法、调查法和定性分析法。研究结果：（1)耕地系统健康是指当构成耕地系统内部因子或系统外部的水平方向因子和垂直方向因子受到干扰时，系统能够维持稳定的生产能力、维持能力和恢复能力。（2)耕地系统健康与突变理论的运行机理具有一定的相似性，突变理论为构建耕地系统健康诊断框架提供了重要的理论工具。当构成耕地系统各因子受到干扰在一定的阈值范围内时，耕地系统将有序运行，则耕地系统处于健康状态。反之，系统的各因子发生突变超出阈值范围，系统处于无序状态，则耕地系统处于非健康状态。（3)基于“要素特征—作用机理—阈值测算—系统诊断—调控策略”的耕地系统健康诊断理论框架体系，是测算区域耕地系统健康水平和诊断健康状态的基本逻辑。研究结论：耕地系统健康问题是因耕地系统构成因子的突变引发，突变理论能够有效解释耕地系统变化机理和健康状态，本文构建的耕地系统健康诊断理论框架体系，完善和丰富了耕地资源保护和可持续理论体系。