Common Institutional Ownership and Earnings Management*

This study examines the relation between earnings management and block ownership of same‐industry peer firms by a common set of institutional investors (common institutional ownership). This relation is important given the tremendous growth of common institutional ownership and the significant influence of blockholders on financial reporting. We hypothesize that common institutional ownership mitigates earnings management by enhancing institutions' monitoring efficiency and by encouraging institutions to internalize the negative externality of a firm's earnings management on peer firms' investments. Consistent with our hypothesis, we find that higher common institutional ownership is related to less earnings management. Analyses of a quasi‐natural experiment based on financial institution mergers show that this negative relation is unlikely to be driven by the endogeneity of common institutional ownership. Cross‐sectional tests provide evidence that the negative relation is stronger among firms for which common institutional ownership is likely to generate a greater reduction in institutions' information acquisition and processing costs, and among firms whose severe financial misstatements are more likely to distort co‐owned peer firms' investments, supporting both mechanisms underlying our hypothesis. Our findings inform the ongoing debate on the costs and benefits of common institutional ownership by highlighting an important benefit: the enhanced monitoring of financial reporting.     

“大跃进”时期毛泽东的心理分析

“大跃进”是毛泽东领导和发动的 ,当时 ,毛泽东主要是基于这样三种心理 :(一 )日近黄昏 ,急于求成 ,希望凭着自己的伟力 ,尽快使中国强大起来 ;(二 )太自信而我行我素 ,以为有决心 ,就没有办不到的事情 ;(三 )为了完成夙愿 ,即年轻时代的“新村”计划。文章对以上三种心理进行了展开和分析。     

从人民公社的导入看重大乡村政策的出台方式

人民公社的导入是当代中国乡村最深刻的制度变迁过程,也是1958年国家对乡村出台的重大政策.人民公社的导入是在官僚体制内中央向地方放权的情况下,中央领导与地方中层官员互动的结果,这一政策出台方式潜藏了巨大的风险.     

后公社时期的国家权力与农村社会:研究回顾与展望

围绕后公社时期的国家权力与农村社会，学界在乡村精英研究、农村基层组织研究、国家与农村社会研究三个方面进行了探索。要改变目前的研究现状，可能的进路应是进行整合性、多学科和互动关系的研究。唯有吸取建国后中国共产党国家权力与农村社会关系发展的经验，才能建构一种良性、协调的互动关系。     

毛泽东邓小平解决“三农”问题的价值取向和路径选择

毛泽东和邓小平把马列主义同中国的具体实际相结合,为丰富和发展马列主义中关于“三农”的理论做出了创造性的贡献。他们在解决“三农”问题的价值取向和路径选择上的差异,则表现出前后相继的历史联系。     

The guided tour a sociological approach

In an exploratory study of guides and based on data derived from research combining observation and extended interviews, the relationship between guides, drivers, and their passengers is examined. The evidence suggests that the guiding role is not yet institutionalized, and remains open to interpretation by guides and passengers alike. The role of guiding involves a number of subsidiary and sometimes conflicting sub-roles, of which the information-giving function is emphasized by guides themselves, in their drive for professional status. Guides are found to develop manipulative and dramaturgical skills to satisfy their passengers' quest for a unique touristic experience. The mediation of the guide as “culture-broker” eases and may make more meaningful the contrived and artificial relationship between tourists and their hosts.     

论日本农村的第三部门

第三部门是为社会提供准公共物品和服务的社会团体或经济组织.在日本经济高速增长时期,第三部门以国土综合开发为契机,取得了空前的发展;在经济发展减速直至长期低迷,第三部门的数量增长开始放缓,但在日本的农村和农业领域则呈现出不衰的势头.我们认为：这是第三部门自身所具有的机能与日本对农村、农业过度保护的产物,是抑制农业产业衰退和遏制农村人口过疏的措施之一.但由于第三部门内部缺陷的存在,将其定位于过度性社会经济组织更具有现实意义.     

从公社的生命力窥社会的自调性

公社，作为一种社会组织形式，总是召见于国家产生前的社会形态的各个历史时期之中，只不过存在着名称、表现形式及性质的差异。国家产生后，公社仍作为次要组织形式保留着残迹。公社旺盛的生命力与其本身特点、社会需要及人为因素密不可分。而从公社－社会的一个组织形式因子的发展中，可窥出社会是一个有记忆、有规律、具有自调能力的有机体。     

信息、承诺与激励——理解中国农业生产激励变迁中的国家角色

平均化的分配方式和退出权的剥夺导致人民公社内部的作物生产激励不足。但由国家管制政策引起的作物生产激励问题经常被研究者所忽略。文章发展了信息分权基础上的国家承诺分析框架,由于工业化目标,国家通过建立人民公社以降低治理成本,其中,人民公社承担了收集、处理作物种植信息并提取相应农业剩余的职能,从而导致人民公社面临严重的外部激励问题。20世纪70年代末期,财政困境促使国家放松对农业部门的组织化治理,允许以家户为单位的作物生产方法。这事实上放松了对作物生产的信息控制,由信息分权引起的国家承诺具有可信性,有效地增加了农民权利的安全性及其生产激励,构成农业部门生产效率改善的重要源泉。