Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.     

COMMERCIAL ART MUSIC

A commercial environment is clearly good for contemporary popular music but can ‘art’ music flourish in such an environment? In the past art music has prospered on a commercial basis and there are advantages in exposing art to commerce. For example, commercial patronage is likely to be more diverse and allow more room for experimentation than a single patron or subsidising body. Moreover, commerce encourages two‐way communication between artist and audience.     

What do interest rates reveal about the functioning of real business cycle models?

This paper begins by documenting the extent to which the predictions of standard Real Business Cycle (RBC) models are incompatible with observed movements in real interest rates. The main finding of the paper is that extending the baseline model to include habit persistence in consumption and adjustment costs to capital significantly improves the model's empirical performance. In our evaluation of the model's performance, we take special care of estimating and testing predictions of the model using both moments drawn directly from the data and moments calculated after identifying shocks to the stochastic trend.     

证券法上的民事责任功能研究

我国证券市场在短短十几年的时间内,在募集资金、推动国有大中型企业改制、优化资源配置等方面发挥了不可替代的重要作用.但不容乐观的是伴随着证券市场的发展各种违法违规现象在不断发生.尽管我国对证券违法行为明令禁止,并对严重的违法行为加以行政处罚甚至刑事制裁,然而证券市场上的违法行为仍然禁而不止.究其原因,除了管理层对证券市场发展的总体政策摇摆不定,监管者对违法行为处理不力等因素外,证券法上未建立完善的民事责任制度是重要的原因.本文从证券法上的民事责任功能的探讨入手,阐述了证券法上的民事责任具有的功能是证券刑事责任、行政责任所不能替代的原因,进而论证了建立完善的证券民事责任的必要性.     

从欧盟《电子垃圾处理法》的出台看国际贸易技术壁垒

世界贸易组织成立后，国际贸易中的保护措施发生了较大的变化。其中关于技术方面的贸易保护措施日益引起各国的高度重视。最近通过的欧盟《电子垃圾处理法》就是其中的一例。笔者在此主要讨论了该法的由来、对中国电子行业产生的影响及其带来的启示。     

建筑工程管理中全过程造价控制对策研究

随着社会经济和科学技术的发展,建筑工程如雨后春笋般涌现出来,规模也呈现出不断扩大的趋势.在对建筑工程进行管理的过程当中,工程造价是一个十分重要的因素,但是,要想在建筑工程当中对工程的造价进行良好的控制是十分不容易的,并且工程造价贯穿于施工的全过程.因此,要对工程造价进行全面良好的控制.     

自然保护地自然资源资产产权制度现状辨析

“建立以国家公园为主体的自然保护地体系”是党的十九大所提出的国家公园体制建设的新方向。实现自然保护地的有效保护管理是其重要内容，关键在于通过改革形成科学、合理的自然资源资产产权制度，而厘清自然资源资产产权制度的现状则是进行改革的前提。首先，对现行法律进行系统梳理，明确法律所认定的自然保护地中的自然资源类型。其次，从自然资源的产权种类及所有权改变、用益物权流转三方面总结了自然保护地自然资源资产的产权制度现状。再者，从各类自然保护地申报设立的条件和环保督查中反映出来的问题两方面入手分析了自然保护地的自然资源保护管理现状，从国家公园体制试点采取的措施出发分析了目前的改革探索，并提炼出自然保护地自然资源资产产权制度存在的四大问题，即自然资源资产产权的界定和要求较局限、自然资源所有权行使人虚位、公权与私权的利益协调机制不健全、改革探索中物权途径面临制度障碍。最后，从自然资源资产产权制度设计的角度提出了改革的4个方向。     

Diversification, convex preferences and non-empty core in the Choquet expected utility model

Summary. We show, in the Choquet expected utility model, that preference for diversification, that is, convex preferences, is equivalent to a concave utility index and a convex capacity. We then introduce a weaker notion of diversification, namely “sure diversification.” We show that this implies that the core of the capacity is non-empty. The converse holds under concavity of the utility index, which is itself equivalent to the notion of comonotone diversification, that we introduce. In an Anscombe-Aumann setting, preference for diversification is equivalent to convexity of the capacity and preference for sure diversification is equivalent to non-empty core. In the expected utility model, all these notions of diversification are equivalent and are represented by the concavity of the utility index. Received: July 27, 1999; revised version: November 7, 2000     

一种项目采购模式的博弈分析

本文试图用经济学理论 (主要是博弈与信息经济学的理论 )来分析目前工程项目建设中采用的一种工程设备、材料的采购模式。文章首先提出这种模式的内容与特征 ,然后就制度内各参与方 (主要为业主、承包商、供货商 )之间的博弈进行分析 ,分不完全信息博弈、完全信息博弈两种情况来分析这种采购制度下达到的均衡。