管理者人本思维的人性基础

本文从管理哲学的高度论述了管理者人本思维的人性基础。论述了人性的三个基本维度、人类生存的基本条件或需要、人性与人的活动领域的匹配三个大问题 ,指出在目前市场经济条件下管理活动中的人本思维应以人的最基本的需要为基础     

On the forecastability of share prices on the Viennese stock exchange

In this paper the Viennese stock exchange data are analysed by using ARMA and GARCH technology. After using AIC and BIC for estimating the linear structure of the time series, to the resulting innovations a GARCH(1,1) model is fit. The resulting residuals are then tested for serial independence and constancy of its distribution to check whether the models are reasonable. Main result is that the residuals of this ARMA-GARCH(1,1)-model are reasonably iid (which is checked by BDS and classical independence tests) for index data and significantly less well-behaved for stock data. Second, there is considerable autocorrelation in the data (especially in the Viennese indices WBK and ATX) which can be exploited even with 1.25% transaction costs (which is checked by a posteriori analysis of a strategy which exploits an underlying time-varying AR(1) model), however, much higher profit can be made with 0.5% transaction costs. Furthermore, the same techniques are applied to US Standard & Poor 500 index and the results for both data sets are compared giving the result that the US-market looks much more mature than the Viennese one.Financial Support by the Institute for Advanced Studies, Vienna, and the Fonds zur Förderung der wissenschaftlichen Forschung, Vienna, Grant P 9176 is gratefully acknowledged. This paper is a slightly abbreviated version of the Research Report No. 135 by the same authors (see References), which contains many detailed plots of the results.     

Corporate governance,environmental regulations,and technological change

This paper investigates the relationship between environmental regulations and innovation by focusing on the automobile industry in a cross-country setting. We provide empirical evidence that the presence of agency problems mitigates the negative effects of environmental regulations on overall R&D activity, which leads to full compensation when the degree of agency problems is sufficiently high. Guiding our empirical analysis, we provide a general model consistent with the structure of existing ownership data. Specifically, we model ownership structure as a combination of two extreme corporate governance types. On the one extreme there are profit maximizers, and on the other extreme there are managers who are only concerned with their private benefits. The model leads to a simple country level ownership indicator and shows that if an economy is dominated by firms with higher agency problems, then pollution tax might even increase overall R&D, while reducing pollution. According to our estimations, such an outcome is possible only for out-of-sample values of the ownership indicator, where the degree of agency problems is extremely high.     

The nexus between competition and efficiency: The European banking industries experience

In this paper, we investigate competition in banking systems in the EU27 as a whole for the period 2004–2010, but also for old members’ banking systems compared with new members’ banking systems and for banking systems from countries member of euro zone compares with banking systems from countries non-member of euro zone. In order to investigate this issue, we estimate a non-structural indicator of banking competition, using the H-statistic indicator that is estimated using bank-level data. Also, we apply two tests of convergence, β- and σ-convergence, for assessing competition evolution during the specified period. We want to fill the gap in the banking literature testing the validity of the Competition–Efficiency Hypothesis, analysing the impact of the banking competition measures on two alternative measures of efficiency, cost and profit efficiency, in the European banking systems in a Granger-causality manner. The results confirm us that in the EU the convergence process occur from the banking systems with higher competition level than the mean score of all countries. The evidence for all groups of countries, except non-euro zone group, where results are not statistically significant, confirm the Competition–Efficiency Hypothesis in terms of cost and profit efficiency.     

风险投资参与对中资企业首次公开发行折价的影响——不同证券市场的比较

本文考察中资企业在不同市场上市时风险投资的参与是否影响首次公开发行折价。研究发现,在大陆中小板和香港主板市场上市的中资企业中,有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,吸引更多的资金流入。在美国市场风险投资的参与对IPO折价则没有显著影响。本文进一步研究发现从业时间短的风险投资机构,其参与投资的公司上市时的历史也较短;风险投资进入企业的时间越长,IPO折价水平也越高。这两个检验都验证了风险投资机构通过IPO折价提早退出投资项目,进一步支持了声誉效应假说。     

浅议公私权制衡理论

权力导致腐败,绝对的权力绝对导致腐败。公权的来源和本质决定了公权的行使不是任意毫无阻碍的,而应受到限制。考虑到执权者的个人素质问题,对公权行为的监管就更为必要。既要避免公权过分干预私权侵犯公民基本人权,又要防止公权在行使中由于方法和程序的不当侵犯人权,同时也要防范由于公权行使的不作为造成的在保障私权方面的公权缺位。用法律确定公权角色,使其既不缺位也不越位。     

"空间失配"假设及对中国城市问题研究的启示

对美国学者在"空间失配"假设方面的研究及其对政策的影响进行了回顾,提出在研究中应重点关注在中国城市就业、城市交通规划、土地利用规划和城市改造拆迁四个方面应用"空间失配"假设的可能性和必要性.     

新环保法实施增大了企业的技术创新投入吗？——基于PSM-DID方法的研究

以2012—2017年A股上市公司为样本,借助双重差分倾向得分匹配法（PSM-DID）研究了新环保法实施这一外生性事件对企业技术创新投入的影响。结果显示,新环保法实施后受影响企业的技术创新投入有所增加,但结果并不显著。进一步探究其原因,发现除新环保法影响可能存在的时滞性特征以外,企业并没有在新环保法实施环境下对企业的资本结构、治理结构和激励方案等影响企业技术创新的重大方面做出及时调整,导致环保法的强制性作用无法快速、有效地影响企业的技术创新。     

规范会计理论与实证会计理论哲学比较

规范会计理论以会计假设为逻辑起点,经过严密的逻辑推理形成一套关于会计“应该是什么”的知识体系,实证会计理论人实际会计行为出发,应用“成本－效益”原则建立各种会计模型,规范会计理论的前提缺乏可验证性,只能神为科学“假说”,而实证会计应用科学方法进行个案研究验证,结论往往受到资料的真实性,代表性和选择资料的倾向性影响,即使正确,也难以形成理论体系。     

Nonparametric fixed effects model for panel data with locally stationary regressors

We develop methods for inference in nonparametric time-varying fixed effects panel data models that allow for locally stationary regressors and for the time series length $T$ and cross-section size $N$ both being large. We first develop a pooled nonparametric profile least squares dummy variable approach to estimate the nonparametric function, and establish the optimal convergence rate and asymptotic normality of the resultant estimator. We then propose a test statistic to check whether the bivariate nonparametric function is time-varying or the time effect is separable, and derive the asymptotic distribution of the proposed test statistic. We present several simulated examples and two real data analyses to illustrate the finite sample performance of the proposed methods.