我国银行业滥用市场支配地位的反垄断法分析

我国银行业的竞争日益激烈,然而又频频出现银行依据自身在特定条件下的优势地位损害消费者利益的行为,这种行为符合《反垄断法》规制的“滥用市场支配地位”的行为。银行业相关市场的构成应考虑产品和地域因素,市场支配地位的认定应结合我国的具体国情,判断滥用行为应正确区分合理正当的商业经营行为与限制、排除竞争的经营行为。     

EU Merger Remedies and Competition Concerns: An Empirical Assessment

The purpose of merger remedies is to relieve the potential competitive detriments as to preserve the efficiencies. The European Community (EC) Merger Remedies Notice requires remedies able to remove the identified competition concerns entirely and proportionately. The scope of each merger remedy package is confined by the competition concern in question. This study analyses, from an empirical point of view, the relationship between competition concerns and merger remedies. It reviews all remedies accepted in Phase II EU merger investigation and categorises them into seven sets according to their nature. Results of the empirical assessment present the frequencies of each remedy type accepted for resolving various competitions concerns and reveal that merger remedy design does vary for different competition concerns. Horizontal effects require divestiture remedies more. Other structural remedies, especially access commitment and supply commitment, have a good chance to be accepted in resolving vertical and conglomerate effects.     

我国基金业的SCP分析：来自1999——2004年数据的实证

我国基金业的市场结构正由寡占型向竞争型转变,这对规范和完善我国基金业的市场行为起到了一定的积极作用.但是,现有的基金业制度在给我国基金公司带来高额利润的同时,并没有给投资者带来相应的投资回报;传统的有效结构假说和共谋假说对我国的基金业均不成立,而修正的有效结构假说能较好地反映我国基金业的市场绩效与市场结构之间的关系.为更好地发展我国基金业,政府应逐步放宽基金市场准入,并改革现有费率制度和基金发行制度;基金公司应提高自身的内部经营效率和投资组合的风险管理水平,从而提高基金业的市场绩效.     

Efficiency in Banking: Empirical Evidence from the Czech Republic

The paper examines the cost efficiency of the Czech-banking system in the 1990s by applying the distribution free approach model. Reported results indicate that foreign banks were on average more efficient than the other banks, although their efficiency was comparable with the ‘good’ small banks’ efficiency in early years of their operation. Based on the estimated results it is argued that early privatisation of state-owned commercial banks and more liberal policy towards foreign banks in the early stage of transition would have enhanced the efficiency in the banking system.     

The Causal Relationship between Stock,Credit Market and Economic Development: An Empirical Evidence for Greece

This paper examines empirically the causal relationship among financial development, credit market and economic growth by using a trivariate autoregressive VAR model in Greece for the examined period 1988:1–2002:12. The results of cointegration analysis suggested that there is one cointegrated vector among the functions of stock market, the banking sector development and economic growth. Granger causality tests have shown that there is a bilateral causal relationship between banking sector development and economic growth and a unidirectional causality between economic growth and stock market development whereas there is no causal relationship between the stock market and banking sector development.     

The Market for Financial Report Audits: Regulation of and Competition for Auditor Independence

The independence of auditors and the quality of financial report audits generally are rarely tested except in circumstances of corporate failure when alleged sub-optimality is present. Often auditors have good defences as to their expertise or competency, but rarely do they have equally convincing defences for the independence of their audit. A major issue for the regulation of auditor independence is that the threats to independence are often subtle and difficult to measure. This paper argues that firms undertaking financial report audits need to be transparent and competitive in respect of auditor independence. Two models that adopt this premise are proposed.     

德国软件业专利申请实证研究

基于德国软件业的产业结构、规模分布和产品种类,对德国软件业专利申请行为进行分析。通过对1990年至2008年德国软件专利数据的动态分析,找出软件企业申请行为与相关法律环境变化的内在联系,得出软件企业专利申请行为与企业规模、性质以及产品种类非常相关的结论。绘制历年德国软件专利申请量和年增长率态势图、专利权人构成及德国软件专利发明点技术分布图,挖掘出德国软件业主要技术领域专利布局最活跃的企业。     

The Impact of Victim Demographics on Case Outcomes in Delinquency Proceedings: An Empirical Test

While the impact of the defendant's sex and race on processing decisions is well researched, less is known about the impact of the victim's sex and race on juvenile court decision making. Using data from the juvenile court in St. Louis, Missouri, this study explores direct and interactive effects of the victim's sex and race on outcome decisions for juvenile offenders. Findings suggest that legal differences account for most of the observed differences in detention, commitment and adjudication among the sample studied.     

Cumulative Disadvantage as an Explanation for Observed Disproportionality within the Juvenile Justice System: An Empirical Test

A number of scholars have attempted to explain disproportionality within the juvenile justice system as a function of cumulative disadvantage. This empirical test of the cumulative disadvantage hypothesis suggests that minorities tend to be most disadvantaged at stages in the process where confinement decisions are made (detention, commitment). Thus, while disadvantage does not appear to aggregate consistently and unidirectionally as the child moves through the system, there is some evidence that disadvantage does aggregate between the detention and adjudication stages, once controls from legal differences are imposed.     

流动性与资产定价：基于中国证券市场IPOs长期表现的实证研究

流动性与资产定价存在着密切的关系,是影响证券预期收益率的一个重要因素.一些研究认为,IPOs长期表现普遍欠佳,这是由于在计算新股及其参照系的收益率时忽略或错误地估计了某些风险因素造成的.根据这一观点,本文基于流动性与资产定价的视角对IPOs长期表现进行了重新的考察.实证结果表明,当考虑了流动性因素对证券收益的影响后,不管是采用事件研究法还是日历时间研究法进行考察,新股原本存在的长期弱势现象都得到显著改善,并在3年考察期结束时出现正值的超额回报.     

神经美学:一个前景与挑战并存的新兴领域

作为一门新兴的交叉学科,神经美学主要采用比较法、神经心理学方法及无损伤的脑成像技术来考察审美欣赏与艺术创造活动的神经机制。已有的神经美学研究大大促进了我们对于审美欣赏与艺术创造的神经基础的了解。未来的研究应该加强对舞蹈、雕刻和文学等艺术类别的研究,并对审美知觉、审美情绪及审美判断等主题进行更为深入细致的研究。同时,还应该加强与心理学、进化学、神经科学等邻近学科的联系,通过整合多学科的研究方法来促进神经美学的大力发展。神经美学是一门年轻的学科,在发展过程中也面临某些问题和挑战。例如研究的结果不一致、缺乏生态效度,研究方法上存在一定的缺陷等。     

障碍与释疑:反垄断法适用于银行业的理论澄清

法律适用的明晰是开展法律规制实践的必要前提。虽然反垄断法的适用障碍表现出法律效力的"自我否定"倾向,但是这种制度设计源于对行业发展规律和合理规则方法的尊重。伴随市场经济的发展和管制行业的开放浪潮,反垄断法适用障碍具有主客观两方面的消弭倾向,其适用范围不断扩张。市场化进程的推进使得作为垄断性行业的银行业逐渐回归市场竞争的发展本质,"新型"的反垄断规制和"传统"的金融规制也会因此产生此消彼长的态势转变。《反垄断法》适用于银行业的实然逻辑在于既有法律规则范畴下的解释合法性、银行业市场发展演变的行业合理性以及我国反垄断规制发展脉络下的可期待性。     

市场需求对钢铁行业产能配置的非对称动态调整机制研究

本文以钢铁行业为例,揭示市场需求对投资和产能配置的作用机制和效应。在构建包含需求动态缺口的理论模型的基础上,本文选择2003年以来钢铁行业的季度数据,运用时变参数模型对需求诱导下产能配置的非对称性调整机制进行了实证检验。研究结果表明,需求引致性投资动态及其非对称周期运动使钢铁产能的形成与退出两阶段呈现出明显的非对称特征;在供需形势频繁转换的情形下产能的自身修正机制作用有限,一旦产能偏离均衡程度超出自身调整机制阈值,将无法通过市场调节向均衡回复,由此产生超乎寻常的试错成本。准确把握上述规律是实现市场在资源配置中起决定性作用的同时,更好地发挥政府作用的前提。     

Technology Competitiveness in Emerging Markets: The Case of the Brazilian Polymer Industry

The Brazilian polymer industry (plastics, rubbers, fibers, adhesives, paints, and varnishes) is the fastest growing segment of the Petrochemical Chain. Since the polymer industry is characterized as science based, the capacity to create technology is vital for its long-range survival in the market. This paper analyzes how Brazilian polymer firms maintain their technological competitiveness, explains the main modes of technology transfer, and evaluates the degree of technological dependence of this industry. The methodology consisted of a database built with data from the Brazilian Patent Office. To confirm the findings, interviews were conducted with staff members from seven Brazilian polymer firms. The data base analysis and the interviews reveal that, in spite of the fact that Research and Development (R&D) and technological innovation have a fundamental role in their competitiveness, the firms are technologically dependent upon foreign suppliers.     

中国经济增长与失业关系的实证研究——有效就业分析与协整检验

从有效就业的视角对我国经济增长与失业之间关系的研究表明,我国企业储备了大量的无效就业人员,有效就业率低,是奥肯定律失效的微观原因。对有效就业与经济增长的协整检验表明:90年代中期以来,我国经济增长和有效就业之间存在长期稳定的均衡关系,表现出协同变化的一致性。Granger检验的结果表明,经济增长与有效就业之间存在双向Grange因果关系:经济增长带来了有效就业的增长;有效就业的增加也促进了经济增长。