关于中央银行财产在外国法院豁免问题的探讨

国际上对外国中央银行财产的豁免主要有三种做法,一是整体豁免,将外国央行财产规定为非商业财产,一律享有执行豁免;二是规定外国央行财产为其自身利益持有的财产不得被扣押和执行;三是将外国中央银行财产视同普通财产,不享有执行豁免的特殊待遇。我国法院一贯给予外国中央银行财产司法强制措施豁免,但我国的立法规定了此项做法的唯一的例外,即银行所属国政府明示放弃豁免或者指定该财产用于财产保全和执行。     

Are REITs real estate? Evidence from international sector level data

The aim of this study is to examine whether securitized real estate returns reflect direct real estate returns or general stock market returns using international data for the U.S., U.K., and Australia. In contrast to previous research, which has generally relied on overall real estate market indices and neglected the potential long-term dynamics, our econometric evaluation is based on sector level data and caters for both the short-term and long-term dynamics of the assets as well as for the lack of leverage in the direct real estate indices. In addition to the real estate and stock market indices, the analysis includes a number of fundamental variables that are expected to influence real estate and stock returns significantly. We estimate vector error-correction models and investigate the forecast error variance decompositions and impulse responses of the assets. Both the variance decompositions and impulse responses suggest that the long-run REIT market performance is much more closely related to the direct real estate market than to the general stock market. Consequently, REITs and direct real estate should be relatively good substitutes in a long-horizon investment portfolio. The results are of relevance regarding the relationship between public and private markets in general, as the ‘duality’ of the real estate markets offers an opportunity to test whether and how closely securitized asset returns reflect the performance of underlying private assets. The study also includes implications concerning the recent financial crisis.     

Department of environment planning research for 1985/86

Summary

In a previous paper (Land Development Studies, 5, 145–177), the problems of measuring property markets were reviewed. Some of the problems discussed included the quality and quantity of data caused by the small number of transactions as a proportion of total stock of property, secrecy in the property market, and the individual nature of each property. These result in a reliance on subjective analysis of transaction data (to form value estimates) rather than the use of actual transactions to construct rental value indices.

This paper sets out the collection and analysis of data and the subsequent construction of shop rental value indices for the local property market of Nottingham which is situated in the East Midlands region of the UK.

The attempt to construct a long‐term data set (from 1910–86) highlights the problems of data availability and quality of information. It also highlights the problems associated with national and regional location indices which use one rent point within a centre to represent value movements across part or all of that centre. The Nottingham indices indicate a wide divergence of annual growth rates from different rent points within the centre and suggest that single point measurements should therefore be treated with caution.     

汽车限行措施的合法性研究

2008年10月,北京市委市政府颁布出台了汽车限行措施,该措施一直沿用至今并有继续推行的趋势。对此,社会各界褒贬不一,该措施的合法性更是引起了法学界和社会公众的广泛争议。本文从形式合法性和内容合法性两个层面对其加以分析,认为这项措施形式合规,内容合法,不仅不构成对于公民权利的侵犯,反而通过对一部分公民私权利的必要限制,更好地实现、保障和扩大了大多数公民的合法权益。     

对我国利率均衡机制的再思考：—兼对我国利率管制的一种理论解释

本文通过重新认识利率的本质是财产权利借贷的费用,进而分析出利率均衡机制殂成的条件,对我国利率均衡机制中的微观主体进行产权分析,得出我国的利率均衡机制是一种“二重需求”的供需机制,利率管制具有重要性,得出利率市场化的本质是产权问题,最后指出我国利率市场化首先必须纠正这一扭曲的均衡机制,进行产权改革。     

The organisation of innovation: collaboration, cooperation and multifunctional groups in UK and German manufacturing

Marked differences exist between the institutional and socialcontext for innovation in the UK and Germany. The question addressedhere is how these different contexts affect the objectives andorganisation of innovation in UK and German manufacturing. Inparticular, the paper examines the extent to which UK and Germanplants engage in inter-plant collaboration and cooperation andmultifunctional working as part of their innovative activity,and explores the reasons for differences in these patterns ofinvolvement. The investigation is based on a large-scale, comparativesurvey of manufacturing plants in the two countries. In Germany,institutional and social norms are found to encourage collaborativeinter-plant innovation, but aspects of the German skills trainingand industrial relations systems make the adoption of more flexibleinternal systems more difficult. In the UK, by contrast, themore adversarial nature of inter-firm relations makes it moredifficult to establish external collaborations based on mutualtrust, but less restrictive labour market structures make iteasier for UK plants to adopt multifunctional working. Thisis linked to differences in attitudes to the property rightsand transaction cost problems inherent in innovation.     

Domestic and International Equity REIT Joint Ventures: Structuring Corporate Options

We examine a sample of 185 Joint Ventures parented by publicly-traded Equity Real Estate Investment Trusts 1994–2001. These transactions are found to be motivated by a wide variety of corporate strategies. Shareholder returns for REIT parents are significantly positive, which is consistent with wealth effects previously reported for joint ventures formed by non-REIT real estate firms. In a subsample of joint ventures formed to structure partial dispositions of property, however, abnormal returns are significantly negative, which is consistent with the free cash flow theory of Jensen. REIT joint venture experience in Asia has been neutral for value, but may improve in the future if early ventures have created options for more efficient partnerships later.     

Business group affiliation and firm performance in a transition economy: A focus on ownership voids

In a transition economy, how does business group affiliation make a difference in firm performance? Under the broad label of institutional voids, what specific voids can business groups fill? This paper addresses these questions by drawing on insights from property rights theory and an institutional perspective. We argue that ownership voids, as a subset of institutional voids, occur due to the lack of unambiguously specified ownership of state assets in transition economies, and that business groups emerge to serve as the direct owners of state-owned enterprises to replace such voids. Based on a sample of 1,119 publicly-listed Chinese companies, we find that the interaction of business group affiliation and state ownership has a significant and positive effect on firm performance. Our findings point to business group’s substitution role in filling ownership voids in China’s transition economy.     

Long-horizon abnormal performance following rights issues and placings: Additional evidence from the U.K. market

We revisit the long-horizon abnormal performance of U.K. firms following rights issues and placings over the period 1989-1997. We make the following contributions relative to prior research. First, we use, as far as we are aware, a more comprehensive data set of rights issues and placings than hitherto studied for the U.K. market. We thus exploit the fact that issuing new equity predominantly through rights issues is a feature of the U.K. equity market that differs from the U.S. and other markets, where public offers dominate seasoned equity issues. Second, we study both the pre- and post-offer long-horizon performance, complementing previous research that focuses only on announcement-day wealth effects. Third, we apply various metrics and revisit the evidence of long-horizon post-offer underperformance reported in previous research. We find, however, little evidence of long-horizon post-offer underperformance for U.K. firms following issues of equity through rights issues or by placings.     

论"二元互补"的地方主体收入结构

地方政府主体税种与财源的选择,一直是近年来我国财政、税收理论界与实务界关注的重要课题之一。本文在借鉴以美国为代表的市场经济国家及经济转型国家(前苏东国家)经验的基础上,结合我国城市化发展的前景,阐述了这样一个基本观点:在未来的10～15年内,蓬勃发展的城市经济将是我国地方财政收入增长的源泉,城市物业税和使用者收费将组成"二元互补"的地方主体收入结构。