‘The Tortoise under the couch’: an African woman’s reflections on negotiating insider- outsider positionalities and issues of serendipity on conducting a qualitative research project in Cape Town,South Africa§

Issues of positionality of Black African researchers researching African issues is seldom discussed in methodological literature. In this article, I reflect from an African perspective on issues of insider/outsider positionalities and of serendipity and unexpectedness during my fieldwork which are areas often dominated by writing from the global north and by writers and researchers who do not identify as African people of color and hope that my article will contribute to fill this gap. I share my background, identity, gender and age, and how these might have influenced my approach and interpretation during the process. My qualitative study explored perspectives and subjective experiences of Xhosa speaking adults with epilepsy and their carers in an urban Black township in Cape Town, South Africa. I conclude with the tortoise metaphor to show the cultural relevance thereof, the importance of curiosity and of embracing events of unexpectedness in fieldwork.     

从美国“八爪鱼”案反观中国内幕人之认定标准

围绕我国现行证券法下内幕交易认定主体方面的疑难展开,从司法、立法、执法角度研究分析域外法律实践,认为对内幕人的界定以内涵为首要,外延在其次;内幕人应当采实质界定,即有无知悉内幕信息。而外延的展开,采概括式立法;主体界定应从对内幕信息的占有或知悉的角度展开：即知悉（possess）内幕信息的人,且其知道或应当知道该信息为内幕信息;在直接内幕人的分类下进行细分,以业务合同关系、监督管理关系、亲属及其他密切关系为标准,概括具有典型性的直接内幕人的子分类。信息受领人的范围不限于“第一受领人”。     

Insider ownership and corporate performance: evidence from Germany

In this paper we address the question whether insider ownership affects corporate performance. Evidence from studies dealing with Anglo-Saxon countries is rather inconclusive, especially because results seem to be significantly affected by endogeneity. Economically, this is due to the fact that in these countries insider ownership seems to be mainly driven by management’s compensation contracts. We argue that Germany is different in this regard, as insider ownership is often related to family control, stock-based compensation is less widespread, and the market for corporate control used to be less developed. Starting from this presumption, our data allows an unbiased observation as to whether insider ownership affects firm performance. Using a pooled data set of 648 firm observations for the years 2003 and 1998, we find evidence for a positive and significant relationship between corporate performance—as measured by stock price performance, market-to-book ratio and return on assets—and insider ownership. This relationship seems to be rather robust, even if we account for potential endogeneity by applying a 2SLS regression approach. Furthermore, the results hold for a sub-sample of firms that did not have a stock-based compensation program in place. Moreover, we find outside block ownership as well as more concentrated insider ownership to have a positive impact on corporate performance. Overall, the results indicate that ownership structure might be an important variable explaining the long term value creation in the corporate sector.

Insider Trading With a Random Deadline

We consider a model of strategic trading with asymmetric information of an asset whose value follows a Brownian motion. An insider continuously observes a signal that tracks the evolution of the asset's fundamental value. The value of the asset is publicly revealed at a random time. The equilibrium has two regimes separated by an endogenously determined time T. In [0, T), the insider gradually transfers her information to the market. By time T, all her information has been transferred and the price agrees with the market value of the asset. In the interval [T, ∞), the insider trades large volumes and reveals her information immediately, so market prices track the market value perfectly. Despite this market efficiency, the insider is able to collect strictly positive rents after T.     

女性主义对实证主义的挑战 —综述女性主义方法论之辩

文章梳理了自20世纪60年代第2次女性主义思潮以来，女性主义从认识论和方法论上对实证主义的挑战。这些挑战的目的不是颠覆，而是反思和重新诠释。在认识论上，女性主义的主要关注点有三：谁可以拥有知识，什么可以称为知识，以及知识是什么；在方法论上，则主要讨论了主观性与客观性，局内人与局外人，以及质性研究与量化研究等问题。     

“内部人”与“外部人”的交叉视角的研究尝试——奥斯古德与李安宅1938年在昆明高峣村

1936年李安宅在美国耶鲁大学学习期间，结识了耶鲁大学皮博蒂博物馆（Yale Peabody Museum）馆员奥斯古德（Cornelius Osgood）。两人商讨和制定了在李安宅的河北农村老家和奥斯古德在美国佛蒙特州家乡的乡村，采用“内部人”和“外部人”交叉的视角进行人类学研究的计划。1938年奥斯古德按约前往中国。由于其时正值日本侵略中国之际，原定河北的调查计划无法进行。于是两人在抗战后方——云南昆明的高峣村合作调查。25年后奥斯古德在美国出版了这次人类学调查的成果《Village Life in Old China: A Community Study of Kao Yao, Yunnan》。对于李安宅来说，高峣田野的经历以及他与奥斯古德共同制定的研究计划和思路，对其今后的学术之路产生了较大的影响，他在其后的研究中将内外交叉的研究视角和方法贯彻始终。     

地方保护主义、股权转让方式与控制权私有收益:基于大宗股权协议转让的经验证据

本文以股改之前七年内引发控制权变更的非流通股协议转让事件为样本,区分本地并购与异地并购、相关并购与多元化并购,对实际控制人通过转让控制权攫取私有收益的程度进行研究发现,地方政府实际控制人,以及普遍受到地方政府干预的非政府实际控制人将控制权转让给异地、异行企业时获得的转让溢价更高;支付较高控制权转让溢价的并购方实施内幕交易的程度更严重,获得的累计超额收益更多。     

日本“内部人控制”形成的历史考察：以公司法制度为中心

1951年的《商法修订实施法》、1966年的商法修订及被提高诉讼成本的股东代表诉讼制度,在董事会形式化、友好股东持股份额在股权结构中的高比例化及股东代表诉讼制度的休眠化中发挥了关键作用,是日本公司"内部人控制"得以形成的制度基础。日本政府通过法律对政策的重述实现了对日本微观企业制度演化的影响。     

南非新《内幕交易法》评析

内幕交易是一种典型的证券犯罪 ,世界各国无不予以严厉制裁。南非 1999年生效的新《内幕交易法》是对 1973年首部内幕交易法令的修改补充。新法案在一定程度上有效地克服了旧法的一些缺点 ,就规范金融市场环境而言是一次健康有益的法律改革。但新法案在某些方面存在的缺陷也不容忽视 ,表现为新法案尚未规定披露内部信息的义务 ,也未限定治外法权的适用范围     

制度关联、广义内部人控制与股市泡沫——我国股市泡沫的制度分析

从我国转轨经济的制度背景出发 ,通过股市制度变迁中时间维度的历时性关联与空间维度的共时性关联机制 ,指出由于我国股市制度变迁中政府的行政性干预 ,股市制度安排出现了以政府为核心的政府、中介、上市公司、机构投资者四个层次的广义内部人控制。股市广义内部人控制导致从投资者→国有企业→内部人的单向利益流动机制 ,这种利益的单向流动机制破坏了股市中正常的聚财、用财、生财的双向利益流动机制 ,从而形成了我国股市潜在的体制性泡沫 ,即股票的市场价格过度上涨 ,股票的内在价值不断下跌。最终根据制度变迁的关联关系提出了深化产权改革、通过市场竞争培育真正的市场主体的制度对策。