信息不对称条件下的跨国并购技术外溢效应分析

跨国并购正逐渐成为跨国公司进入中国的新方式。中国企业在选择是否接受跨国并购时,技术外溢效应不容忽视,亦是考核跨国并购的一个指标。而基于信息不对称,研究外资并购的技术溢出效应具有现实意义。     

Sequential legislative lobbying

In this paper, we analyze the equilibrium of a sequential game-theoretical model of lobbying, due to Groseclose and Snyder (Am Polit Sci Rev 90:303–315, 1996), describing a legislature that vote over two alternatives, where two opposing lobbies compete by bidding for legislators’ votes. In this model, the lobbyist moving first suffers from a second mover advantage and will make an offer to a panel of legislators only if it deters any credible counter-reaction from his opponent, i.e., if he anticipates to win the battle. This paper departs from the existing literature in assuming that legislators care about the consequence of their votes rather than their votes per se. Our main focus is on the calculation of the smallest budget that the lobby moving first needs to win the game and on the distribution of this budget across the legislators. We study the impact of the key parameters of the game on these two variables and show the connection of this problem with the combinatorics of sets and notions from cooperative game theory.     

More than just trees: Assessing reforestation success in tropical developing countries

Rural communities in many parts of the tropics are dependent of forests for their livelihoods and for environmental services. Forest resources in the tropics have declined rapidly over the past century and therefore many developing countries in the tropics have reforestation programs. Although reforestation is a long-term process with long-term benefits, existing evaluations of the success of these programs tends to focus on short-term establishment success indicators. This paper presents a review of reforestation assessment that highlights the need to not only consider short-term establishment success, but also longer-term growth and maturation success, environmental success and socio-economic success. In addition, we argue that reforestation assessment should not be based on success indicators alone, but should incorporate the drivers of success, which encompasses an array of biophysical, socio-economic, institutional and project characteristics. This is needed in order to understand the reasons why reforestation projects succeed or fail and therefore to design more successful projects in future. The paper presents a conceptual model for reforestation success assessment that links key groups of success indicators and drivers. This conceptual model provides the basis for a more comprehensive evaluation of reforestation success and the basis for the development of predictive systems-based assessment models. These models will be needed to better guide reforestation project planning and policy design and therefore assist rural communities in tropical developing countries to alleviate poverty and achieve a better quality of life.     

The description of South African corporate communication practitioners that contribute to organisational performance

Public relations are a function that contributes to the greater good of society and the performance of an organisation (0115 and 0125). However, many times the practitioner fails to accomplish this undertaking (0125, 0325 and 0335).     

从民族、民族主义的概念解析民族分离主义

冷战结束后,民族分离主义大规模兴起.民族分离主义成为研究热点,试图从认识民族、民族主义概念的角度来解析什么是民族分离主义.     

薪酬委员会独立性与更高的经理人报酬—业绩敏感度——基于薪酬辩护假说的分析和检验

本文提出并初步实证检验了"薪酬辩护假说"。首先,本文论证提出了薪酬辩护假说,并基于它提出了薪酬辩护假说之子假说——当经理人有着薪酬辩护需求和较强能力影响公司薪酬政策制定时,在薪酬辩护净效用增加的情形下会通过经理人报酬—业绩敏感度的提高来为薪酬做"结果正当性"辩护。本文对此进行了检验,结果发现:在经理人薪酬辩护需求强烈的国有控股上市公司中,相对于经理人没有兼任薪酬委员会委员的企业,经理人兼任薪酬委员会委员的企业经理人报酬—业绩敏感度显著更高,且经理人兼任薪酬委员会委员与更高的报酬—业绩敏感度之关联主要出现在相对薪酬较高、相对业绩较好和公司所在地区市场化程度相对较低的公司之中,这说明经理人报酬—业绩敏感度之提高是出于经理人薪酬辩护之需,是经理人自利行为的表现。本文为经理人的薪酬辩护假说提供了初步的经验证据。需指出的是,虽然本文的假说推断和发现与主流代理理论预期不一致,但本文的研究并不意味着从经济后果来看,经理人兼任薪酬委员会委员的国有控股上市公司代理成本更高。     

银行间回购利率的基准效应研究——我国短期利率“领先-滞后”效应的实证检验

本文以银行间和交易所1日、7日回购利率为研究对象,使用Granger因果检验和误差修正模型,检验了4种利率间的"领先-滞后"关系,发现交易所回购利率的变动显著领先于银行间相应期限的回购品种,银行间回购利率没有起到应有的基准作用。在银行间市场内部,7日回购利率则对1日回购利率存在一定程度的引领性。本文随后检验了两个市场的流动性,认为可以把上交所回购利率的领先关系归因于交易活跃,反映市场真实利率的信息会更快的得以体现。这就有可能领先于虽然交易金额巨大但交易仍不够频繁的银行间回购市场。     

基于非排它性互换合约的管理层激励研究

管理者进行金融衍生品市场的非排它性股权互换交易会降低报酬合约的事后激励强度,并对企业价值和风险产生影响.本文在管理者可同时影响企业风险和企业价值的条件下,构建基于股权互换避险交易的管理者激励薪酬动态博弈模型.结果表明,当管理者投入产出效率高于某临界值时,互换避险的存在不会降低激励合约的强度;否则激励合约强度的减弱程度随...     

Functional outcomes and complications following B-TURP versus HoLEP for the treatment of benign prostatic hyperplasia: a review of the literature and Meta-analysis

Objective: To conduct a systematic review and Meta-analysis of the literature on the efficacy and safety of B-TURP versus HoLEP for the treatment of benign prostatic hyperplasia (BPH) in terms of demographic and clinical baseline characteristics, peri-operative variables, and postoperative outcomes and complications.

Methods: Trials comparing B-TURP and HoLEP were identified systematically using Pubmed, Embase, CNKI, Web of Science and the Cochrane Library. Primary outcomes were the peak urinary flow rate (Q_max), post-void residual volume (PVR) and international prostate symptom score (IPSS). Secondary outcomes were operation time, irrigation duration, catheterization duration, resected tissue and complications.

Results: Four trials assessing B-TURP and HoLEP were considered eligible for Meta-analysis, including three randomized controlled trials (RCTs) and one retrospective study. There was no statistically significant difference between B-TURP and HoLEP in terms of Q_max, IPSS, PVR at 3–6?months follow-up, operation duration, catheterization duration, resected tissue and complications (p?>?0.05). HoLEP was associated with a significantly shorter irrigation time as compared with B-TURP (p?Conclusion: Both B-TURP and HoLEP are safe and minimally invasive techniques that are similar in terms of symptomatic relief, although these findings need further validation in larger RCTs involving larger numbers of patients and over a longer follow-up duration for B-TURP or HoLEP before a new gold standard procedure emerges for surgical treatment of BPH.