Reforming China's Stock Market: Institutional Change Chinese Style

In this article we examine the dual-track pricing system in China's stock market since its inauguration, a legacy of its economic transition and a major source of institutional predation in the market. We then examine the share structure reform initiated in 2005 that sought to eliminate the distortion this predation had elicited. We interpret the reform push as a process of institutional change and focus on the drivers and theoretical explanations of such changes in China's stock market. We thus advance a model for understanding institutional change, Chinese style. We argue that, initially, the institutional arrangement was constructed by the dynamics of transition – the juxtaposition of the Leninist state and the emerging stock market. This provided huge incentives for state corruption in the emerging market. As the market transition proceeded, the societal and political costs of corruption and market distortion also grew, which produced a crisis that eventually attracted the attention of powerful leaders of the party state. We argue from this case that the broader political context in which specific examples of institutional change occur needs to be examined. Specifically, we argue that powerful agents who are external to given institutional environments can play an important role in institutional change, thus highlighting the political dynamics of an authoritarian state amid systemic transition and global integration.     

South Asian nuclear arms competition: An American perspective∗

The analysis of nuclear arms competition in South Asia forms part of a much larger study of American relations with the region after the Cold War carried out under the auspices of The Asia Society. The nuclear policies of both India and Pakistan enjoy strong domestic political support. While a case can be made that a rudimentary state of nuclear deterrence exists between New Delhi and Islamabad, this may be undermined by deployment on both sides of ballistic missiles.     

A Review of: “Social Decision Making: Social Dilemmas,Social Values,and Ethical Judgments Edited by Roderick M. Kramer,Ann E. Tenbrunsel,and Max H. Bazerman”

ABSTRACT

Our ability to interpret, generalize, and build theory across public service motivation (PSM) studies is limited by lack of knowledge regarding the equivalence of different PSM measures that researchers frequently use. While past research has given considerable attention to validating multidimensional measures of PSM, this study investigates the psychometric properties of the global measures that have been used to provide much of the empirical evidence on PSM. Building on the lessons of other research using global and multidimensional measures, we first discuss the strengths and weaknesses of existing global measures of PSM relative to those of the multidimensional measures. After highlighting the potential merit of global scales, we then provide empirical justification for global scales. Using five different data sets to compare commonly used global measures of PSM, our findings suggest that these different measures are not only highly correlated with each other but also display a similar pattern and strength of relationships with important correlates of PSM. These findings suggest that these measures do tap into the same conceptual space and help validate our continued reliance on empirical studies that have used different measures to build our understanding of PSM.