Legislative Bargaining and Coalition Formation

The finite horizon version of D. P. Baron and J. Ferejohn's [1989, Amer. Polit. Sci. Rev.83, 1181-1206] legislative bargaining model is investigated. With three or more periods, a continuum of divisions is supportable as subgame perfect equilib- ria. There exist equilibria where coalitions larger than a minimal winning coalition receive strictly positive shares. With sufficiently patient players and a sufficiently long horizon, any interior distribution is supportable as an equilibrium. In contrast, a generic uniqueness result applies when introducing heterogenous time preferences. The unique backwards induction equilibrium in the perturbed game is nonstationary, and neither the original (symmetric) nor the perturbed game provides guidance for equilibrium selection in the infinite game. Journal of Economic Literature Classification Numbers: C73, C78, D72, D78, H49.     

法国公开要约收购制度的最新改革——以2006年《公开要约收购法》为中心

2006年3月31日，依欧盟转化《要约收购指令》之要求，法国颁布了《公开要约收购法》，对现有的公开要约收购制度进行了多方位、深层次的改革。从宏观上看，此次改革主要涉及四个方面，即金融证券管理局监管范围的改革、强制要约收购制度的改革、要约透明机制的改革以及反要约收购防御措施的改革。尽管改革的效果仍有待评估，但法国在此次改革中所体现的提高欧盟范围内企业竞争力的决心和表率作用无疑为欧盟经济一体化注入了新的活力。     

Auction winning,social dynamics and non-compliance in a payment for ecosystem services scheme in Indonesia

Conservation auctions for payment for ecosystem services (PES) are useful to identify the levels of incentives that will cover the opportunity costs of farmers supplying ecosystem services. Although auctions are increasingly used for allocation in PES schemes, the factors that lead to their successful implementation and eventual environmental outcomes are poorly understood in developing countries. We investigated the socio-economic and institutional contexts that led to smallholders' auction winning and eventual compliance using linear mixed-effects models, and post-auction and post-contract surveys. We employed a case study of a conservation contract preceded by a sealed-bid, multiple round, uniform price auction for watershed services from coffee farmers in Lampung, Indonesia. The auction participants presented low education levels, low asset endowments and small plot sizes. The study obtained evidence that farmers with larger plot areas were more likely to win the contracts, suggesting economies of scale. Most farmers considered the auction a fair self-selection mechanism to allocate contracts where allocation was not influenced by power or social rank. Non-compliance was associated with labor availability constraints, short duration of land ownership and existence of previous conservation applications, suggesting lax of capability to invest in applying conservation agriculture. Final bids were however not good predictors of compliance, among other factors, calling into question the potential of auctions to elicit the actual incentive from the farmers. Ensuring that farmers understand the purposes of auctions for effective contract allocation beyond a mere game and identifying farmers that might encounter difficulties fulfilling the contract could increase the likelihood that such a PES scheme would be successful.     

Rhetoric, argument and impression management in hostile takeover defence documents

This exploratory study extends the analysis of narrative disclosures from routine reporting contexts such as annual reports and press releases to non-routine takeover documents where the financial consequences of narrative disclosures can be substantial. Rhetoric and argument in the form of impression management techniques in narrative disclosures are examined. Prior thematic content analysis methods for analysing good and bad news disclosures are adapted to the attacking and defensive themes in the defence documents of target companies subject to hostile takeover bids. The paper examines the incidence, extent and implications of impression management in ten hostile takeover defence documents issued by target companies listed on the London Stock Exchange between 1 January 2006 and 30 June 2008. Three impression management strategies – thematic, visual and rhetorical manipulation – are investigated using content analysis methodologies. The findings of the research indicate that thematic, visual and rhetorical manipulation is evident in hostile takeover defence documents. Attacking and defensive sentences were found to comprise the majority of the defence documents analysed. Such sentences exhibited varying degrees of visual and rhetorical emphasis, which served to award greater or lesser degrees of prominence to the information conveyed by target company management.While exploratory in nature, this paper concludes with suggestions for future more systematic research allowing for greater generalisations from the findings.     

Multiple Bids, Management Opposition, and the Market for Corporate Control

We use regression analysis to disentangle the wealth effect for acquired firm shareholders of management opposition and multiple bids (e.g., multiple bidders and bid revisions). Although multiple bidders and bid revisions occur more frequently for opposed acquisitions, opposition is not associated with incremental acquisition returns for acquisitions with multiple bidders. We also find that management opposition has no significant incremental effect on single bidder acquisitions unless the acquiring firm revises its initial bid. These findings indicate that rather than amplifying acqiuisition returns directly, management opposition instead serves as a negotiating tool to solicit additional bids.     

华裔诺贝尔自然科学奖得主的获奖因素及启示——基于拔尖创新人才培养的思考

8位华裔诺贝尔自然科学奖得主的获奖因素主要包括：兼具中西文化和教育背景,中西思维模式融合,出身名校,师从名师,全部获得博士学位,获奖成果在中青年时期完成,都在世界一流大学或科研机构工作过,工作平台和科研条件非常优越,热爱科学,追求真理,对科学有强烈的好奇心和兴趣,具有强烈的创新意识,敢于挑战传统理论,具有良好的家庭环境和家庭教育.对我国拔尖创新人才培养的启示有：加强中西文化教育,严格研究生导师遴选标准,加强国际学术交流,加强实验室条件建设,注重课外实践活动,提倡学术自由,重视家庭教育.     

国际承包工程运作实务探赜(下)——以水文地质打井为例

（三）用工 承包商可自主地雇聘工程所需之当地或外籍员工。承包商应在监理工程师要求时向其提供工地各种级别雇佣员工和技术人员等的有关情况清单。承包商应遵守当地国家的法律法规、法令，不得进口、经销、提供、拥有烈性酒和毒品等。承包商不得提供、销售或拥有武器、弹药等     

高校教师对延迟退休年龄意愿的实证研究——基于成都市高校教师的调查

通过PPS抽样从成都市随机抽取了九所高校,并就其专任教师对延迟退休年龄的意愿进行了问卷调查,得到影响成都市高校教师退休意愿影响因素的数据,建立了二维选择logistic回归模型。是否延迟退休年龄的主要影响因素为性别、收入、和身体健康状况。对赞成延迟退休教师的意愿退休年龄进行了分布检验,发现其服从正态分布,并预测出赞成延迟退休的男教师意愿退休年龄为64-65岁,女教师的意愿退休年龄为61-62岁。     

中国企业经营致胜之道

本文提出人才、核心业务、经营理念、战略、机制、管理、组织结构、企业精神等 8个因素是影响企业兴衰的主要因素 ,也是企业经营致胜之道。     

Elections as takeover bids: Some agonistics concerning good government

Agency theory has been widely applied to the governance of business corporations and to good advantage. The formal framework of agency theory pertains as well to polities, wherein citizens are the principals and politicians the agents. Where takeover efforts occur irregularly for corporations, they occur at regular intervals through elections for polities. Timothy Besley’s Principled Agents uses the agency theory to argue that electoral competition will generally select competent and public-spirited politicians. This claim follows from his formal framework, but that framework ignores some questionable and unsettled matters that challenge Besley’s relatively roseate view of the qualitative character of electoral selection.