Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts

Real estate investment trust (REIT) provides a unique laboratory to study the relation between insider ownership and firm value. One, a REIT has to satisfy special regulations which weaken alternative mechanisms to control agency problems. Empirically, I find a significant and robust nonlinear relation between Tobin's Q and REIT insider ownership that is consistent with the trade-off between the incentive alignment and the entrenchment effect of insider ownership. Two, many REITs are Umbrella Partnership REITs (UPREITs) which have dual ownership structure. They have both common shares and Operating Partnership Units (OP units). Property owners can contribute their properties to the UPREIT in exchange for OP units. Their capital gains taxes remain deferred as long as they hold onto their OP units and the UPREIT does not sell the properties they contributed. OP units owners are locked in with the firm and have incentive to monitor firm management, but their interests diverge from the common shareholders because their tax bases are much lower. Consistent with the trade-off between positive monitoring effect of OP units and tax-induced agency costs, I find that UPREIT's firm value increases with the fraction of OP units, but the effect is significantly weaker for the UPREITs where insiders hold OP units.     

公允价值的困境解析及其对策

公允价值的运用在国外已成为一种趋势,在我国却并不顺利.文章认为公允价值在理论上是可行的,尽管实际运用中,由于使用者的逐利动机、会计准则制度不完善、相关的法律法规不健全及执法不严等,导致在关联交易、非货币交易、债务重组和资产减值中出现了很多问题,但是通过引入全面收益并且建立良好的实施环境,它也就具有了实务上的可行性.     

企业经营的价值构成与战略权衡

企业为顾客所提供的产品或服务的总价值由顾客价值与企业价值构成。相对于同业中的竞争者或历史上的企业自身，如果企业更能创造顾客价值，则可认为企业有当下经营优势；如果企业更能创造顾客价值与企业价值，则可认为企业有持续经营优势。顾客价值与企业价值是企业经营过程中既对立又统一的两个方面。如何跨期考虑顾客价值与企业价值之间的比例关系，是企业应该而且必须做出的战略权衡。     

知识员工雇佣管理模式研究--基于SHRM的分析

本文从战略人力资源管理的视角,综合运用知识资本理论和战略管理理论熏以知识员工异质性为研究的逻辑起点,根据知识员工所拥有知识的战略价值及企业专用性这两个维度,把知识员工分为先锋型、工兵型、卫士型和盟友型等四种类型,然后较深入地分析了各类知识员工的特点,并在此基础上提出了差异化雇佣管理模式。文章最后还就差异化雇佣管理所带来的问题进行了研究,一方面丰富了雇佣关系管理理论的内容,另一方面也为中国的知识型和高科技企业在实践中分层分类雇佣管理知识员工提供了理论依据。     

Corporate Governance and Expected Stock Returns: Evidence from Germany

Recent empirical work shows evidence for higher valuation of firms in countries with a better legal environment. We investigate whether differences in the quality of firm‐level corporate governance also help to explain firm performance in a cross‐section of companies within a single jurisdiction. Constructing a broad corporate governance rating (CGR) for German public firms, we document a positive relationship between governance practices and firm valuation. There is also evidence that expected stock returns are negatively correlated with firm‐level corporate governance, if dividend yields are used as proxies for the cost of capital. An investment strategy that bought high‐CGR firms and shorted low‐CGR firms earned abnormal returns of around 12% on an annual basis during the sample period.     

Measuring financial risks with copulas

This paper is concerned with the statistical modeling of the dependence structure of multivariate financial data using the concept of copulas. We select some special copulas and identify the type of dependency captured by each one. We fit copulas to daily returns and simulate from the fitted models. We compare the effect of the choice of copula on risk measures and assess the variability of one-step-ahead predictions of portfolio losses. We analyze extreme scenarios and fit extreme value copulas to the block maxima and minima from daily returns. The stress scenarios constructed are compared to those obtained using models from the extreme value theory. We illustrate the usefulness of the copula approach using two stock market indexes.     

房地产企业开发经营绩效的影响因素研究

在分析房地产开发经营过程中关键价值活动的基础上，深入研究影响房地产开发经营绩效的四大因素：规划设计、施工质量、营销策划和物业管理的基本内容，以及其指标体系。以大最的数据调查为依据，对四大影响因素与房地产开发经营绩效关系模型的进行分析，为房地产开发企业的经营战略提供积极的指导价值。     

房地产三种评估价格的比较分析

简要的阐述了比准价格、收益价格、积算价格三种房地产评估价格的形成机理及理论依据，并从对一种观点的局限性分析出发，综合运用市场供求理论、均衡理论以及短边原则，对不同市场背景下三种估价方法得出的评估价格进行经济比较分析。     

石油储量价值评价中运销成本级差模型的设计与检验

对石油资源价值评价中的4个成本因素之一——运销成本级差因素进行了讨论。文中分析了运销成本级差因素的组成因子之后．建立对之进行测算的数学模型，并就两个油田的实测数据给出了计算结果。     

基于企业基因重组理论的价值网络构建研究

全球化、信息化带来市场交易成本的急剧下降，并直接导致组织创造价值的方式发生了变化。本文借鉴企业基因和企业基因组的概念，对企业基因重组理论进行了系统地完善和整合。依此理论为基础，本文对能力要素驱动型价值网络的形成、特征和构建策略进行了深入地分析。