纽约股票市场对中国A股市场的影响

首先，本文考察了纽约股市波动对中国A股市场的影响。一般认为，中国的A股市场由于严格的资本控制而免受外国影响。但是，通过月度、每周、每日的样本数据（1992年到2004年），经过季节性调整和汇率变动调整后，我们发现上海和深圳A股市场的变动与美国股票价格指数变动相一致。其次，我们考察国家贝塔值（country beta）在马尔可夫转换误差修正模型中的动态关系。对中国市场来说，国家贝塔值和错误纠正项的重要性紧密相连。在东亚金融危机之前，美国市场对中国A股市场的影响普遍存在，而东亚金融危机产生后，则是通过国家贝塔值来影响中国股市的收益。     

具有网络效应的产品的价格竞争分析

具有网络效应的产品是指消费者在消费这种产品时所获得的效用会随着购买这种产品的其他消费者数量的增加而不断增加的产品。本文通过建立一个有两个厂商的离散动态决策模型，研究在分散决策的市场经济中生产具有网络效应的产品的厂商的价格决策对产品市场占有率的影响，价格决策影响产品市场占有率的动态演化的过程，以及市场均衡的务件和特征，包括产品不占有市场、占有部分市场以及上有今都市场的价格条件。     

对ESOP激励有效性的质疑

本文提出在ESOP实施过程中存在着员工持股股份占企业总股份的比例较低;员工个人持股比例很低的现状,并针对这种现状,质疑“有效员工激励”是否能够实现。本文将结合模型,主要从ESOP是否能增加员工有形动力和是否能增加员工无形动力两个方面来具体阐述自己的观点。     

中国农村土地制度改革模式探索

农村土地制度不仅是中国革命的根本性问题,在相当长时期内,仍将是中国现代化建设的最基础问题,尤其是当前解决"三农"问题的迫切性及中国建立和谐社会目标是否已经构成了土地制度新突破的能量呢?果真如此,那么,条件是否具备?时机是否成熟?本文通过对我国农村土地制度的局限性和存在的问题分析后认为,中国农村土地制度改革已经到了必须进行所有制变革的时候了.而考虑到中国具体实际和改革面临的阻力,笔者提出了改革的战略思路是:第一阶段实行土地股份所有,市场化经营;第二阶段实行农村土地农民个人所有制.     

The survivorship bias, share price effect, and small firm effect in Canadian markets

After controlling for survivorship bias, we examine the relation between average returns, firm size, and price levels for Canadian stocks during the 1975-1994 period. Our findings indicate that there is a significant inverse share price level effect in Canadian markets. When we compare the results of the overall sample with the groups of surviving firms and delisted stocks, the latter group shows strong performance for large-size, high-priced stocks. Evidence that supports an independent size effect is less clear for Canadian stocks. A small size effect exists only among the higher share price denominations, which suggests a confounded size-price effect. Although the delisted group returns are statistically different from those of the survivor and the overall groups, which implies some evidence of survivorship bias, the difference between the survivor group and the overall group is weak at best.     

国有股权治理与经营绩效

最近有关民营与国营企业的治理效率的讨论异常激烈,但较多的争论都是采用规范研究或者案例分析的方法,而国内较多的经济学者较早时候采用实证研究方法得出的结论大都为民营企业治理效率高于国有企业,本文采用中国证券市场运作相对成熟的1999-2003五年间的数据进行实证研究,对国有控股与非国有控股进行实证分析,得出的结论为国有控股企业平均业绩高于民营企业。这里当然有国有上市公司中一部分垄断性企业获取了垄断收益的影响,但是国有上市公司近年来不断提高业绩以及民营企业最近借壳上市后导致上市公司形成巨大亏损的事实都与本文的结论暗合。     

Intercorporate Ownership,Taxes, and Corporate Payout Choices*

This paper examines whether corporate payout choices (dividends or share repurchases) are associated with intercorporate ownership in a firm. Using the System for Electronic Document Analysis and Retrieval (SEDAR) and the Inter‐Corporate Ownership (ICO) database from Statistics Canada, I find that intercorporate ownership is positively associated with a firm’s propensity to pay dividends and negatively associated with a firm’s propensity to repurchase shares. The findings are robust to the endogeneity of intercorporate ownership and the inclusion of various control variables such as firm size, risk, liquidity, growth, and profitability.     

Limited attention,share repurchases,and takeover risk

We hypothesize that announcing open market share repurchases (OMRs) to counter negative valuation shocks reveals repurchasing firms’ lost growth opportunities or underperforming assets to potential bidders, making them more likely to become takeover targets. This also leads their investors to face higher takeover risk, a systematic risk associated with economic fundamentals that drive takeover waves, as proposed by Cremers et al. (2009). Indeed, we find that repurchasing firms tend to face higher takeover probability in the first few years following their OMR announcements, and that the increase in takeover risk can largely explain their post-announcement long-run abnormal returns documented in the literature. The increase in takeover risk is larger for smaller firms, firms with poorer pre-announcement stock performance, and those attracting more attention of market participants. Our results suggest that OMRs, which are used by many firms to counter undervaluation, could make the firms more sensitive to takeover waves and raise their cost of equity capital.     

The impact of IT-enabled customer service systems on service personalization,customer service perceptions,and hotel performance

Customer service is a critical element of a hotel's strategy and an important lever for differentiation of the hotel's offer. Over the last two decades, information systems have contributed to the transformation of customer interactions, enabling an unprecedented scale and scope of service personalization in the tourism industry. This paper reports the results of a mixed method study in a hotel that offers three contributions to the development and refinement of IT-enabled service personalization theory. It explores the role of signifiers in the design of customer service systems, showing that they significantly increase customer preference elicitation during the learning phase of the service personalization process. It then demonstrates that improved preference elicitation translates into higher customer service evaluations and value perceptions of the hotel. Finally, our study shows that IT-enabled service personalization creates financial benefits for the hotel via revenue share-shift from costly intermediated to direct distribution channels.     

Is corporate payout taxation a long run phenomenon? Evidence from international data

This paper examines whether dividend and capital gains taxation influences corporate payout policy using the country level data of 21 countries in panel versions of time series models. We find that dividend relative to capital gains tax penalty is cointegrated with corporate payouts (dividends and share repurchases) i.e. corporate payout taxation may be a long run phenomenon. Further, the cointegrating vector estimates are largely consistent with the traditional view of dividend taxation whereby the tax penalty discourages dividends, while the estimates give limited support to the premise that firms substitute dividends for share repurchases in response to an increase in dividend tax penalty. Long run causality also operates between the tax penalty and payouts in the error correction models. Additionally, dividend tax appears to be more influential than capital gains tax on dividend payout decisions. Lastly, taxation affects dividends more significantly in countries with high investor protection.