Economic incentives for the self-regulation of the release of price-sensitive information

Companies, as primary disseminators of information, and financial institutions, as major recipients, have economic incentives to self-regulate the transmission and usage of price-sensitive information. These include increased (lost) reputation costs and adverse share price penalties arising from poor management of information disclosure. The economic motivation for self-regulation is seen as conceptually linked to but distinct from legislative changes. Self-regulation has the strong support of economic efficiency arguments, whereas recent additional new legislative changes do not. This article examines a major corporate and institutional response to the new regulatory climate—to internalize part of the regulatory process during their regular relationship communications. Relationships between the case companies and institutions already exist for transaction purposes. They are used as a convenient and low-cost means to pursue self-regulation and to avoid errors of price-sensitive information release. This self-regulatory process is illustrated using case material. It is clear from the response pattern presented that the development of a self-regulatory framework by the parties has been an iterative one. The corporate and institutional systems that have been evolving seem to be significantly influenced by the regulatory trends. The regulatory changes appear to have played a role in increasing market costs incurred by those companies with poor stock market communication practices. The article ends by arguing that new proposals to change in the formal regulatory system should recognize that further legislation is unlikely to improve the poor prosecution record. Nevertheless, legislative changes can combine with and buttress the self-regulation process to create an effective regulatory system.     

专利许可中价格限制的反垄断法分析

专利许可中的价格限制是许可人对被许可人实施许可专利而制造的专利产品销售价格的限制。专利许可中的价格限制可能对竞争产生影响,多数国家的反垄断法对这一行为表现出不同形式的关注。但多数坚持合理原则,即在界定相关市场的基础上,详细分析诸多涉案因素,综合衡量限制竞争与相关效率之利弊,做出最终判断。我国在制定相应指南时,应在坚持合理原则的基础上,强化指南的可操作性,寻求立法一般规定的具体化,形成有针对性的特殊规则,对初次销售价格限制与转售价格限制做区别对待,并在宏观上恰当协调和衔接价格法、专利法与反垄断法的相关规定。     

人口年龄结构如何影响住房财富效应？——基于家庭微观视角的分析

人口年龄结构变动与高房价均为我国当前经济社会的重要特征，研究人口年龄结构对住房财富效应的影响对于房价调控、释放居民消费潜力具有较大的现实意义。基于中国家庭追踪调查(CFPS)数据，实证检验人口年龄结构对住房财富效应的影响，结果发现：老年抚养比和幼年抚养比升高显著增强了住房财富效应，且幼年抚养比升高对住房财富效应的影响更大；进一步，老年抚养比和幼年抚养比对拥有大产权房产家庭和低房价收入比家庭的住房财富效应有显著正向影响，但对拥有小产权房产家庭和高房价收入比家庭的影响不显著；并且，幼年抚养比对家庭住房财富效应的正向影响在高房价地区更为显著，老年抚养比对其的正向影响则在低房价区域更显著。     

时间价格指数和空间价格指数的比较与协调

价格指数在经济政策尤其是价格政策制定中发挥着重要作用。从时空维度上看,价格指数一般可分为时间价格指数和空间价格指数,二者都属于价格统计的范畴,在编制要素、编制流程、组织管理模式、加权处理方式、质量调整方法等方面具有一致性。但是,时间价格指数和空间价格指数也存在显著的差异性,主要体现在理论内涵、指数性质、测度目标、计算公式、规格品价格调查范围、权重数据来源、规格品选择方案和对数据的要求等方面。推动时间价格指数与空间价格指数的协调,有助于建立一致、统一的价格统计体系,形成反映地区价格水平及变动的完整图谱。为此,实践上应积极探索ICP与CPI统计体系的整合,增加二者在居民消费品基本支出分类上的直接匹配度。     

藏族习惯法中的赔命价刍议

藏族是一个有着悠久历史和灿烂文化的民族,在长期的历史发展中,形成了独有的民族心理素质、民族情感、风俗习惯、政教合一的政治制度和自成体系的习惯法规。这些政治、经济和文化等方面的特征,随着民主改革和社会的进步而逐渐被削弱。但旧习惯法中的赔命价仍直接或间接地影响着国家法律的贯彻执行,产生了一系列执法活动中的矛盾和冲突。这就要求司法人员在执法过程中,采取一些特殊的政策和规定,以便妥善解决与藏族习惯法中的赔命价现象有关的特殊问题。     

Does price really converge among provinces in Canada？ A study using unit root tests for cross-sectional panels

This paper examines price convergences across different provinces in Canada using 1983-2006 data. We adopt the new panel unit root tests for analysis that can correct for cross-sectional correlation. Our findings are contrary to previous studies and we conclude that intra-national price convergence does not occur. We also briefly discuss the reasons for the absence of convergence within Canada.     

Reforming Indian agriculture and the rise of farmer's protest in India: Tracing the discourse and the way ahead

The Indian government unveiled new farm legislation on September 27, 2020, with the goal of empowering the farming community. According to the government, new farm regulations will reduce the reliance of indigenous farmers on the mandi (market yard) system, which is now in place and is quite exploitative and full of middlemen and legal cartels. The regulations made contract farming lawful with the intention of luring private sector investment in bolstering agricultural supply chains and infrastructure to give farmers better pricing. But these rules are referred to as repressive and anti-farmer by the farming community. Farmers believe that eliminating the mandi system will eliminate the minimum support price (MSP) mechanism and that contract farming will ultimately be damaging, enticing major corporations and private investors to bind them to unfair contracts that will result in exploitation. Farmers' demonstrations have begun as a result in the former territory of the green revolution. In order to determine if the new farm regulations introduced by the central government are indeed beneficial to the rural community or not, the article followed the debate among many academics, policy makers, economists, researchers, stakeholders, and politicians (the government's spokesman). The article's main focus is on analysing the farmers' demand for the new farm rules to be repealed and the economic justification for their opposition. Additionally, it contends that new farm rules will encourage capitalistic farming and endanger the viability of farming communities, particularly small and marginal farms (S&M).     

森林旅游资源经营权市场化的若干问题思考

森林旅游是现今生态旅游的重要方面,我国森林旅游经过十多年的发展,已初具规模,但由于受到经营机制的限制,森林旅游业,尤其是地方性的森林旅游业发展出现了重重阻碍。从森林旅游资源经营权市场化,即所有权与经营权分离的可行性和必要性着手,对经营权市场化过程中涉及的双方权利义务、资源定价、法律程序等问题进行了有益的探讨。     

掠夺性定价立法问题研究

反掠夺性定价立法的基本目的是保护消费者和促进消费者福利 ,认定掠夺性定价的规则应有利于这个基本目的的实现和更容易操作 ,高于成本的掠夺性定价也应被禁止。在此基础上 ,文章对我国的有关掠夺性定价立法进行了反思并提出了相关建议     

阿米巴经营与市场型企业

京瓷公司阿米巴经营取得了极大的成功,其原因在于构建了独特的组织形式与运行机制,即在阿米巴的组织基础上,通过核算机制引入了市场价格,再利用其独特的权威机制来克服企业内部价格机制的不足。这样,使得企业的外部激励内部化,低能激励高能化,从而提高了企业对市场的反应速度与企业的竞争力。我们称这种引入市场机制的企业为市场型企业,但我们也发现,随着企业的增大,企业内部的价格机制就越难以发挥作用,故阿米巴经营也有它的局限性。