The Friday Effect in European Securitized Real Estate Index Returns

This study extends research on the day-of-the-week effect towards European real estate indices. We examine this anomaly for several European securitized real estate index returns between 1990 and 2003. Although the countries under analysis have unique country-specific patterns, we find that eight out of eleven European countries exhibit abnormally high Friday returns. Moreover, two different Europe indices also exhibit the Friday anomaly. The anomaly is robust with respect to extreme observations, alternative specifications and several well-known calendar effects.     

Contagion or Competition: Going Concern Audit Opinions for Real Estate Firms

We examine whether intra–industry information transfers from going–concern audit opinion announcements create contagion or competitive stock price reactions for other real estate firms operating in the same line of business. Using returns from publicly-traded land subdivision/development firms and Real Estate Investment Trusts, we find modest evidence supporting a competitive effect among rival firms as a result of another real estate firm announcing the receipt of a Going Concern Opinion (GCO) from its independent auditors.     

Board Members and Company Value

This essay surveys research about the value of individual members of boards of directors. When directors join or exit corporate boards, company stock prices respond, often in magnitudes of 1% of firm value or more. Related research shows that when a significant event impacts the stock price of one company, the effects are transmitted to other companies that share board members in common with the primary company. Share price reactions are sensitive to variables such as a director’s occupation, independence, and professional qualifications. Together, this evidence suggests that a well-functioning market for directors might already exist, making direct regulation unnecessary and possibly counter-productive.     

A multilateral approach to examining the comovements among major world equity markets

This study investigates the comovement in stock indices among major developed markets, where Morgan Stanley Capital International (MSCI) indices are employed for the purposes of the study. We employ a model that accommodates multilateral international impacts on equity index movements. The empirical results reveal the existence of significant international transmission effects among these major world markets, both in terms of returns and volatility, and mostly in a positive direction. The U.S. market, as expected, is the leading market in the sense that it has the most pervasive and significant impact on all markets across continents. However, the U.S. market exhibits a different relationship with European markets from that with Asia-Pacific markets. The evidence also suggests that strong regional transmission effects exist. A further investigation using the extended model reveals that the linkages between U.S. and European markets are driven by positive global common forces and by negative international competitive effects. On the other hand, the U.S. and Asian markets are linked through positive global common forces and positive international contagion effects. The United States, Canada, and the U.K. are the three markets that still demonstrate contagion influence over countries outside its own region. The Asia-Pacific markets are more susceptible to contagion effects. Finally, it is interesting to find that Japanese market performance became more contagious toward other markets during the Asian financial crisis period.     

薪酬合约的激励有效性研究:一个理论综述

薪酬激励是组织中最常用的激励手段之一，薪酬合约的激励效果直接影响组织效率。本文尝试用激励理论系统阐述各类薪酬合约的激励有效性条件，为这方面研究梳理出一个统一的理论框架。     

政府职能转型与媒介效应述评——以电子政务为例

在由计划经济向市场经济转型过程中,我国政府职能正加速向“服务型”政府转变。适应媒介融合发展的趋势,电子政务在各级政府部门方兴未艾。媒介产业日益融合的今天,电子政务立足于互联网平台,涵盖了微信、微博、各类手机APP等多种媒体形式。完善的电子政务服务有利于提升公众对政府的信任和公共服务的满意度。当前电子政务媒介效应经验评价方法主要有层次分析法（AHP）、结构方程法（SEM）、因子分析和DEA方法,但这些方法在指标体系选择和测评方法的适应性方面还存在不足,努力构建普遍适应的、数据可获取性强的电子政务媒介评价方法体系是今后该领域研究的方向。     

Monetary policy and stock valuation: structural VAR identification and size effects

This paper examines the relationship between the US monetary policy and stock valuation using a structural VAR framework that allows for the simultaneous interaction between the federal funds rate and stock market developments based on the assumption of long-run monetary neutrality. The results confirm a strong, negative and significant monetary policy tightening effect on real stock prices. Furthermore, we provide evidence consistent with a delayed response of small stocks to monetary policy shocks relative to large stocks.     

Liquidity operations during the financial crisis 2008/09: evidence from the relations between Korean won onshore and offshore markets

This paper addresses the interrelation of onshore and offshore markets before and after the Bank of Korea intervened in 2008/09. During the financial crisis, Korea faced a liquidity crunch and leveraged its high level of reserves to conduct swap agreements in late 2008. To analyse how the reforms affected the mean and volatility spillover in between the spot and NDF markets, an extended GARCH model is used. The main findings of this paper are that prior to the financial crisis, the spot market dominated the offshore market. This changed after South Korea addressed the won’s liquidity crunch at the height of the crisis. Mean and volatility spillover between the markets diminished and the price gap narrowed. In addition to the empirical results, the paper also underlines the significance of liquidity and robust capital requirements for central banks.     

旅游业乘数研究辨正

乘数效应是研究旅游业经济影响中广泛使用的一种方法.但"旅游业乘数"是一个伪命题,现有的模型、计算方法是不可靠的,广泛引用的数据也不可信.本文分析了旅游业乘数研究的不足,并提出了几点建议.     

公共选择视角:论组织制度的宽放效应

在组织中,因利益、文化、能力等差异形成的不同利益群体,为博弈各自最大利益所实现的群体共同利益点是所有利益中最小共同点,它是组织为实现一定政治、经济利益目标所确定的最低约束标准和必须实施的强制性要求,是组织中最大范围内的最小认同.当组织为实现更高目标而将制度向某些群体行为倾斜时,不同利益需要群体将与组织倾斜制度不能在最大范围内实现最小认同,使得制度或成本极高或效率极低或极不公平,导致制度出现宽放效应.