Disrupting the ‘life-cycle’ of violence in social relations: recommendations for anti-trafficking interventions from an analysis of pathways out of sex work for women in Eastern India

This article argues for the need to change the ways in which anti-human trafficking (AT) non-government organisations (NGOs) and their interventions in India frame and address violence in sex work. The article asserts that AT NGOs need to move beyond their ideological allegiances and infuse their interventions with a better understanding of the lived realities of women who are coerced into sex work. This argument is based on an analysis of women's pathways out of sex work in Eastern India, which include both finding independent routes, and also reliance on AT interventions. The research suggests that AT interventions need to acknowledge the centrality of social relationships in women's lives and experiences of violence. Social relations influence women's entry into sex work, affect their experiences within it, and shape their pathways out of sex work.     

无财产可供执行案件运行机制的规范化探究 ——以构建终局性退出机制为中心

“基本解决执行难”阶段性目标如期实现后,下一阶段的执行工作应当以实现“切实解决执行难”的最终目标为一切工作的指南与导向。“切实解决执行难”对执行工作提出了更高的要求和标准,应当分别通过“权利外观原则、共有财产的区分、财产取得的时间范围、财产的可执行性”、“财产查找能力的提升、财产申报的询问听证、恶意逃避执行行为的制裁措施”等手段明确“无财产可供执行”与“穷尽财产调查措施”的认定标准,构建附期限的终局性退出机制,进一步构建与完善个人破产的相关制度,使实践操作得以具体化、规范化,以期对“切实解决执行难”目标的实现有所助益。     

个股情绪、定向增发与大股东利益输送——来自中国A股上市公司的经验证据

识别市场情绪对企业融资行为的影响是公司金融领域的重要话题,但直接测度个股情绪,并分析其如何影响上市公司定向增发行为的实证研究较为匮乏。本文采用“隔夜收益法”度量我国上市公司的个股情绪,以股票日开盘价和收盘价的截面特征变化直接衡量单只股票的情绪值,并细致区分高涨与低迷情绪、强烈与缓和情绪,考察其对上市公司定向增发过程中的增发时机、增发规模和大股东利益输送行为产生的影响。结果发现：上市公司存在利用个股情绪选择增发时机和增发规模的行为,且个股情绪越强烈,上市公司越倾向于进行定向增发和提高增发规模;上市公司大股东存在利用个股情绪调整增发中认购比例的利益输送行为,且个股情绪乐观时大股东倾向于向外部投资者增发股票、悲观时则倾向于向内部投资者增发股票;高价股、小市值和非国有特征的上市公司利用个股情绪选择增发时机、增发规模的行为更为明显,高价股和非国有特征的上市公司利用个股情绪进行利益输送的行为更为明显。本研究对于识别个股情绪在上市公司定向增发过程中的独特作用,及规范企业融资行为和制定投资策略具有重要的理论和现实意义。     

国有资本从竞争领域有效退出的控制系统

本文构建了包括有关国有资本从竞争领域企业退出的系列法律法规、专门负责退出机构和退出援助等三大要素的控制系统。通过控制系统三要素相互作用和制约 ,使国有资本从竞争领域企业有效退出 ,实现产权结构多元化 ,促进社会主义市场经济体制的实现     

产业过度进入问题研究评述

近些年 ,我国经济理论界对过度进入问题有过许多研究 ,提出了不同的解释和观点 ,多数研究重点集中在过度进入问题的界定、成因和解决对策上。通过对这些研究较系统地评述 ,力求更全面、深入地认识过度进入问题的实质。     

制度性退出障碍下结构调整政策的有效性

当企业的退出存在障碍时,需要政府实施积极的干预,促进要素的自由流动.在国有企业中,由于政府的双重角色,使得在某些情况下,亏损企业的继续营业可能对地方政府更为有利.在淘汰落后生产能力的结构调整政策的执行中,由于地方政府和上级政府之间存在的信息不对称,地方政府从自身利益出发将没有积极性严格执行政策,从而使得调整政策趋于无效.     

Sequential Estimation of Dynamic Discrete Games

This paper studies the estimation of dynamic discrete games of incomplete information. Two main econometric issues appear in the estimation of these models: the indeterminacy problem associated with the existence of multiple equilibria and the computational burden in the solution of the game. We propose a class of pseudo maximum likelihood (PML) estimators that deals with these problems, and we study the asymptotic and finite sample properties of several estimators in this class. We first focus on two‐step PML estimators, which, although they are attractive for their computational simplicity, have some important limitations: they are seriously biased in small samples; they require consistent nonparametric estimators of players' choice probabilities in the first step, which are not always available; and they are asymptotically inefficient. Second, we show that a recursive extension of the two‐step PML, which we call nested pseudo likelihood (NPL), addresses those drawbacks at a relatively small additional computational cost. The NPL estimator is particularly useful in applications where consistent nonparametric estimates of choice probabilities either are not available or are very imprecise, e.g., models with permanent unobserved heterogeneity. Finally, we illustrate these methods in Monte Carlo experiments and in an empirical application to a model of firm entry and exit in oligopoly markets using Chilean data from several retail industries.     

Policy Incentives for Dangerous (But Necessary) Operations

In industries where firms perform dangerous (but necessary) operations, liability costs—due to potential harm to third parties—can be significant. Firms may therefore find it optimal to exit the market, and this may lead to an inefficiently low number of incumbents. A social planner can discourage exit by offering appropriately designed subsidies. Ex ante subsidies defray the costs associated with making operations safer (e.g., funds to subsidize the purchase of safety equipment). Ex post subsidies mitigate the financial damages caused by an accident (e.g., funds to defray the cost of cleaning up a toxic spill). We consider a model where (i) firms have private information about their ability to improve reliability and (ii) reliability investments are unobservable. We demonstrate that when the social value of reliability outweighs the benefit of increased competition, it is optimal to offer ex ante subsidies alone (i.e., to subsidize the cost of making operations safer). Conversely, when the benefits of competition outweigh the benefits of reliability, a combination of ex ante and ex post subsidies is optimal (i.e., not only to subsidize safer operations, but also to share the costs of a potential accident).     

A股市场上大股东减持的时机选择和市场反应研究

利用公开披露的减持公告数据,从短时间窗口考察大股东减持的时机选择能力以及减持披露后的市场反应机制的研究结果显示,减持公告前后累计超额收益(CAR)呈先升后降的倒V形,CAR［-20,-1］和CAR［0,20］分别高达4.12%和-2.61%,大股东在减持中表现出精准的时机选择能力,并获利丰厚,而市场认为减持传达了估值偏高或前景不佳的新信息,对此作出了显著的负面反应。在公告当日,市场对绩差公司、民营控股公司的大股东减持以及大额的减持作出更大的负面反应;在公告后的较长时间内,绩差公司、控股股东的减持负面影响更持久。可见,精准的时机选择能力反映出大股东在交易中的确利用了重要的私有信息,减持前高达4.12%的超额收益为强化监管提供了有力的经验支持。     

吸引民间资本进入北京保障性住房建设的思考

"十二五"时期民间资本将成为保障性住房建设的重要力量,国外发达国家和我国香港地区民间资本在保障性住房的布局、建设、经营和退出领域的成功做法为北京提供了很好的借鉴。北京应着力进行制度、体制和机制创新,科学制订保障性住房总体布局规划,完善配建奖惩制度,拓宽融资渠道。特别是要创新市场运作方式,吸引保险资金进入,运用信托投资基金建设保障性住房;扩大补贴范围,设立定向住房补贴券,提高民间资本经营效率;建立市场退出和政府接盘机制,排解民间资本后顾之忧。