Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non–US Setting

This study employs Danish data to examine the empirical relationship between the proportion of managerial ownership and two characteristics of accounting earnings: the information content of earnings and the magnitude of discretionary accruals. In previous research concerning American firms, Warfield et al. (1995) document a positive relationship between managerial ownership and the information content of earnings, and a negative relationship between managerial ownership and discretionary accruals. We question the generality of the Warfield et al. result, as the ownership structure found in most other countries, including Denmark, deviates from the US ownership configuration. In fact, Danish data indicate that the information content of earnings is inversely related to managerial ownership.     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.     

对国际贸易中反倾销与应对反倾销的思考

我国现行的职工基本医疗保险实行社会统筹和个人账户相结合的制度 ,其中的个人账户在实际执行过程中暴露了一些问题。本文主张取消职工基本医疗保险的个人账户部分 ,相应实行门诊 (小病 自费的制度 ,即“小病自费 ,大病统筹”。     

Bertrand竞争条件下质量提高型创新技术最优许可研究

基于Bertrand双寡头竞争模型,建立高质量产品生产企业与低质量产品生产企业间的创新技术许可模型,比较了固定费用、提成以及两部制三种许可方式下的许可决策。研究结果表明：（1）创新技术拥有企业不会采用固定费用许可方式进行技术转让;（2）提成许可方式下：当产品质量差异程度较小,且创新技术程度较低时,创新企业选择许可,否则不许可;当产品质量差异程度较大时,创新企业愿意进行提成许可。     

Free‐riding in multi‐party alliances: The role of perceived alliance effectiveness and peers' collaboration in a research consortium

Research summary : Multi‐party alliances rely on partners' willingness to commit and pool their efforts in joint endeavors. However, partners face the dilemma of how much to commit to the alliance. We shed light on this issue by analyzing the relationship between partners' free‐riding—defined as their effort‐withholding—and their perceptions of alliance effectiveness and peers' collaboration. Specifically, we posit a U‐shaped relationship between partners' subjective evaluations of alliance effectiveness and their free‐riding. We also hypothesize a negative relation between partners' perceptions of the collaboration of peer organizations and their free‐riding. Results from a mixed‐method study—combining regression analysis of primary data on a major inter‐organizational research consortium and evidence from two experimental designs—support our hypotheses, bearing implications for the multi‐party alliances literature. Managerial summary : Free‐riding is a major concern in multi‐party alliances such as large research consortia, since the performance of these governance forms hinges on the joint contribution of multiple partners that often operate according to different logics (e.g., universities, firms, and government agencies). We show that, in such alliances, partners' perceptions have relevant implications for their willingness to contribute to the consortium's shared goals. Specifically, we find that partners free‐ride more—that is, contribute less—when they perceive the effectiveness of the overall alliance to be either very low or very high. Partners also gauge their commitment to the alliance on the perception of the effort of their peers—that is, other organizations similar to them. These findings provide managers of multi‐party alliances with additional levers to motivate partners to contribute fairly to such joint endeavor. Copyright © 2015 John Wiley & Sons, Ltd.     

Impact Fees and Real Estate Prices: Evidence from 35 Chinese Cities

Local governments often charge developers impact fees to finance local public goods. This has been practiced in Chinese cities for more than two decades; however, no empirical studies have tested the effect of impact fees on real estate prices. Using a panel data set for 35 large- and medium-sized cities from 1998 to 2008, we find that impact fees lead to a significant increase in real estate prices. For a given city, an increase in impact fees by one yuan leads to an increase of about 5 yuan in the price of newly-built housing; a 1% increase in impact fees leads to an increase of 5 percentage points in the housing price index and 7 percentage points in the land price index.     

从博弈的角度看中小股东解决纠纷的过程--从一个流行模型的残缺谈起

经研究发现 ,张维迎教授在 2 0 0 1年第五版的《博弈论与信息经济学》中所借用的承诺要胁诉讼博弈例子中对诉讼费用的处理有点不妥 ,便作出了适当的调整 ,但却得出了令人沮丧的结论 :承诺要胁诉讼不成立 !继续研究发现只有打破这种败诉风险由当事人承担的机制 ,才能传递出有力量的信号 ,才能做到真正的威胁 ,那就是建立“生死与共”的竞争性的律师定价机制和保费率真正是胜诉率信号的诉讼费用保险机制与最经济的诉讼程序与非诉讼程序、保障其实现的机制和可供的备选机制。本文论证了其合理性     

Shorting costs and profitability of long–short strategies

We examine how the profitability of long–short arbitrage strategies based on anomalies is affected after adjustment for two shorting costs: implicit cost due to unavailability of stocks in the short-leg to sell short and loan fees actually paid to stock lenders. The combined shorting cost amounts to almost 40 percent of long–short gross returns over the sample period from January 2006 to December 2017. After adjustment for these shorting costs, long–short arbitrage profits are thus reduced by almost 40 percent. Even after adjustment for risk, the proportion of shorting costs is also substantial. If other trade-related transaction costs are considered, long–short arbitrage profits would be reduced further. Our results provide explicit evidence that casts doubt on the profitability of long-short arbitrage strategies based on anomalies.     

不同所有制下管理者过度自信与公司债务融资的关系

本文以2002—2008年我国沪深两市A股上市公司为样本,利用OLS回归模型考察了在不同所有制公司中管理者过度自信与债务融资之间的关系。研究结果显示:在不同所有制的上市公司中,管理者过度自信对公司债务融资的影响存在差异。与非国有上市公司相比,国有上市公司的管理者更加过度自信,更倾向于选择债务融资;在债务期限方面,不同所有制公司的过度自信管理者都倾向于使用长期债务,但在国有上市公司中这种倾向表现得更为显著。     

“环保费改税”提高了重污染企业全要素生产率吗？

《环境保护税法》的实施为检验“环保费改税”的效果提供了准自然实验。以2015—2020年沪深A股重污染行业上市公司为样本,采用双重差分模型（DID）检验了“环保费改税”对重污染企业全要素生产率的影响。研究结果表明：“环保费改税”显著提高了税费负担提标地区重污染企业的全要素生产率,整体上支持了“波特假说”;但是,税费负担提标地区重污染企业全要素生产率的提高并非源于“环保费改税”引发的创新补偿效应,而是源于“环保费改税”增加了资源配置效率。上述结果支持了“波特假说”有关“环境规制优化了资源配置效率进而提高企业生产率”的结论。进一步分析发现,“环保费改税”对税费负担提标地区重污染企业全要素生产率的提升效应在民营企业和研发投入强度大的企业中更显著。