The Market's Assessment of the Financial Services Modernization Act of 1999

We examine the impact of the events leading up to and including the passage of the Financial Services Modernization Act (FSMA) of 1999 on the stock returns of banks, brokerage firms, and insurance companies. We find that the impact is positive for all institutions. Bank gains are positively related to size and capitalization. Brokerage firms gain regardless of size, but the gains are inversely related to capitalization and insurance companies gain regardless of size or capital position. The strong positive reaction suggests that the market expects the institutions to benefit from the new opportunities created by the FSMA's passage.     

Do homeowners achieve more household wealth in the long run?

Despite the public’s faith in homeownership as a vehicle for wealth creation, there are surprisingly few empirical studies of the independent impact of homeownership and its duration on household wealth accumulation. This paper provides the first empirical evidence that homeownership, after controlling for other drivers of wealth accumulation, is positively and significantly associated with wealth accumulation over time. Using the Panel Survey of Income Dynamics, it examines the influence of housing tenure choices between 1989 and 2001 on household net wealth levels in 2001 after controlling for initial wealth in 1989, location, income, education, and other family and personal characteristics that might influence the rate of wealth accumulation. Importantly, the models used also control for the tendency of households to accumulate wealth between 1984 and 1989 (five years prior to the studied period). This approach is used to address the possibility that an unobserved variable—the propensity to save or accumulate wealth—may be associated with both the probability and duration of homeownership and the rate of wealth accumulation. All else equal, those who owned homes and owned for longer periods of time had significantly higher household net wealth by 2001. These results are compelling because house price appreciation over the period was near its long-run average while stock gains were above and real rent increases below their long-run averages. Hence, the findings are suggestive of a positive influence of ownership over long periods on net wealth, even during a period when alternative investments produced higher than normal returns and rents grew slowly. This is especially important because the overwhelmingly majority of households do not sell their homes shortly after buying them. In our sample, those who became owners typically owned for 7 years. Furthermore, most households that bought during a period of declining real home values in the early 1990s continued to own their homes for at least eight years and came out well ahead of those who did not own.     

价值、财富与分配"新四说"

目前，学术界在商品价值、社会财富和分配关系的基本理论研究方面仍没有取得共识。为了清晰地使有关价值、财富与分配的各种现象和本质联系都可得到圆满的科学说明，笔者提出“新四说”：各种生产性活劳动创造商品价值——活劳动价值说；全生产要素或经济要素创造社会财富或商品使用价值——全要素财富说；多种产权关系决定按资和按劳等多种分配方式——多产权分配说；按生产要素贡献分配的形式是要素所有者创造价值和财富并据此参与分配，而实质是按生产要素产权分配——按要素贡献的分配形式与实质说(按贡分配形质说)。     

Poverty Traps, Indeterminacy, and the Wealth Distribution

We consider a one-sector growth model in continuous time with a production externality and endogenous labor supply. There is a continuum of households who have identical preferences but differ with respect to their initial wealth. We show that there exist economies such that an indeterminate steady state exists for some wealth distribution but not for others. A second result is that a redistribution of wealth may drive the economy from a steady state with strictly positive output to a poverty trap in which output converges asymptotically to zero. These results indicate that differences in the wealth distribution may be responsible for drastic differences in the long-run standard of living. Journal of Economic Literature Classification Numbers: D31, D50, O41.     

从"兼顾公平"到"更加注重公平"的若干思考

自党的十四大以来,关于效率和公平的提法,经历了“兼顾效率与公平”———“效率优先、兼顾公平”———“更加注重公平”的三大变化。每一个提法都有客观背景,其中“效率优先、兼顾公平”的提法占统治地位12年之久。目前,这一提法已经不符合当前形势的要求,应由“更加注重社会公平”来取代,这是促进社会和谐的要求。     

The REIT Modernization Act of 1999

This article examines two effects of the passage of the REIT Modernization Act (RMA) of 1999: its impacts on REIT shareholder wealth and changes in REIT systematic risk in the period following its passage. The results indicate a modest positive wealth effect associated with the legislative events leading to its enactment. Our estimates of the wealth gain probably underestimate the true wealth gain because of the partially anticipated nature of the legislative process. We also document a significant decline in the systematic risk of REITs subsequent to the passage of the RMA. The evidence suggests that this decline is not attributable to a provision of the RMA that allows REITs to establish taxable subsidiaries.     

Announcement effects of bank mergers in Europe and the US

We investigate the announcement effect of large bank mergers in the European and US stock market. Cumulative abnormal returns are calculated on the basis of the performance vis-à-vis the market and a sector index. Mergers result in small positive abnormal returns. Target banks realize significantly higher returns than bidders. In many respects, there is a difference between the announcement effects of European bank mergers compared to those in the US.     

从疫情看中美关系:表现、原因及对策

在2020年暴发的新冠肺炎疫情中,中美本应借机缓和前期的贸易冲突危机,但美国不仅没有缓和与中国的关系,反而从医疗产品进口、供应链转移、舆论战等方面,加大与中国的分歧,这背后的原因包括:美国对中国的战略打压、借机转移国内矛盾、中美发展模式之争,以及科技竞争加剧等。为此,本文建议中美之间增进相互信任,中国应谨防陷入美国的话语陷阱,专注于解决自身国内问题,以及加强底线思维,做好最坏打算。     

中国上市公司可转债发行动因:“后门权益”VS“代理成本”

本文以中国上市公司2002—2008年发行的可转债为研究样本进行实证研究,发现可转债发行公告的财富效应与该可转债实现转股可能性的预期正相关,具体而言,与发行公司的成长机会、财务困境风险水平正相关,并且与整体股市的状况也紧密相关。进一步结合可转债退市的分析表明,中国上市公司可转债融资是一种典型的后门权益融资。实证研究的结果不支持基于代理成本的动因假说。