新经济下的双层股权结构:理论证成、实践经验与中国有效治理路径

新世纪以来选择双层股权结构成为新经济公司的一种新趋势。坚持一股一票的传统公司治理理论主要从公司民主、最优表决权结构和代理成本三个方面反对双层股权结构,认为双层股权结构将降低上市公司价值。股东的共同目标是股东利益最大化而非公司民主;最优表决权治理结构是因公司而异多元化的,一股一票虽普遍然非最优;表决权监督机制非唯一治理成本的约束机制,双层股权结构比一股一票更有助于公司关注长期利益和科技创新。从经验研究来看,双层股权结构与上市公司价值并不存在确定的负相关关系,甚至存在正相关关系。契合新经济公司的双层股权结构有助于在“轻资产、重人力资本”的新经济公司中根据合同而非物质资本进行控制权分配,有助于激励创始股东/管理者进行专属人力资本投资,有助于满足新经济公司的特殊治理结构需要。我国科创板已经引入双层股权结构,为实现中国的有效治理,除目前科创板集中于事前治理外,还应强化事中治理和完善事后治理,最终对双层股权结构进行有效治理实现兴“利”除“弊”。     

On the Origins of the Violent Neighborhood: A Study of the Nature and Predictors of Crime‐Type Differentiation across Chicago Neighborhoods

Little of the literature on crime at the neighborhood level examines whether and why some crime types predominate in a given neighborhood over other types. Many macro‐level theories do make predictions about the sort of crimes that occur in some neighborhoods, although they remain largely untested. This study focuses on one of these theories, differential opportunity, and its predictions about the making of violent neighborhoods. Drawing on various data sources, this inquiry determines whether crime profiles differ across Chicago neighborhoods—that is, whether there is significant variation across neighborhoods on ratio of violent crimes to other crime types. Next, it also investigates whether the structural factors implicated in the differential opportunity perspective distinguish these neighborhoods or only predict the incidence of crime. The results reveal significant differences in the distribution of crimes across neighborhoods, as well as show that certain factors identify neighborhoods that favor violence over other crimes.     

Automation of the Differential Digestion Process of Sexual Assault Evidence,

Sexual assault evidence samples require the use of a specific process known as a differential digestion to separate sperm from nonsperm cells prior to DNA extraction. An automated differential digestion process was developed using a selective degradation technique, which uses DNase I to digest the remaining nonsperm DNA in the sperm fraction. The use of DNase on pristine samples, as well as aged and degraded samples, was assessed to ensure that the quantity and quality of the sperm DNA were not compromised or adversely affected. Samples processed using the selective degradation technique yielded comparable DNA yield and DNA typing data to the conventional differential digestion process. The automated process utilized 96‐well plates for high throughput and incorporated microscope slide preparations for confirmation of sperm. It reduced processing time by about sixfold and was paramount in the elimination of the Oakland Police Department Criminalistics Laboratory's sexual assault kit backlog.     

Differential Online Exposure to Extremist Content and Political Violence: Testing the Relative Strength of Social Learning and Competing Perspectives

The present study applies Social Learning (Differential Association) Theory to the explanation of political violence, focusing on exposure to extremist content through new social media (NSM) and controlling for key variables derived from rival theories. Data are gathered using (a) a paper-and-pencil study among high school students, and (b) a web survey targeting youths between 16 and 24 years old. A total of 6020 respondents form the dataset. Binary logistic regression is used to analyze the data. Results show that even when controlling for background variables, strain variables, personality characteristics, moral values, and peer influences, the statistical association between measures of extremism through NSM (ENSM) and self-reported political violence remains significant and fairly constant. The most persistent effects are found for those measures where individuals actively seek out extremist content on the Internet, as opposed to passive and accidental encounters using NSM. Furthermore, offline differential associations with racist and delinquent peers are also strongly and directly related to self-reported political violence, as are some mechanisms from rival perspectives. This indicates that political violence can only partially be explained by social learning and suggests that the impact of ENSM is mediated by real-world associations and that the offline world has to be taken into account.     

Suicidal Smothering by Rubber Latex Gloves and Handkerchief

Asphyxial deaths are common in forensic practice, being sustained by a variety of mechanisms that cause an oxygen deficiency to the brain. Several classification models have been proposed in the literature, the most recent one being that of the International Network for Forensic Research Group (INFOR). This report describes an unusual case of suffocation where the obstruction of the airways was caused by a gag formed of three latex gloves and a handkerchief. The manner of death (differential diagnosis between homicide and suicide) and the different alternatives of classification are discussed.     

二阶微分方程为全微分方程的充要条件及其求解

给出形如f(x)d~2x/dt~2+g(dx/dt)~n=0(其中f(x),g(x)在公共定义域上连续且f(x)可导)的二阶微分方程为全微分方程的充要条件及其通解结构,以及当n=2时积分因子的找法,再给出了几类可化为d~2x/dt~2+g(dx/dt)~n=2=0型的高阶微分方程,最后举例说明如何运用。     

OFDI如何影响装备制造企业结构性分解的全要素生产率？——基于差异性路径的分析

将全要素生产率结构性分解为三个维度，即技术进步、纯技术效率以及规模效率，这三种形式也可看作是OFDI影响企业全要素生产率提升的差异性路径，基于这三类差异性路径，构建了中国装备制造业OFDI与全要素生产率之间的机制分析框架。借助中国装备制造业上市公司数据，利用倾向得分匹配（PSM）方法从实证角度验证OFDI提升装备制造企业全要素生产率的差异性路径，并检验了OFDI分别对装备制造业下六个细分行业中微观企业全要素生产率的影响效应。结果显示，装备制造业上市公司OFDI显著促进纯技术效率提升，但显著抑制规模效率。且正负向效应都逐年减弱。分样本数据显示，交通运输设备以及计算机通信和其他电子设备制造企业OFDI对纯技术效率和规模效率的影响效应最为显著。     

Interpreting perimortem blast trauma from skeletal remains: Complications and considerations

Blast trauma results from highly variable events that can lead to similar effects in the skeleton. Clinical literature, which largely focuses on soft tissue, provides limited efficacy for interpreting fully skeletonized cases. Interpretation of skeletal blast trauma is hampered by the low number of fully skeletonized case studies and experimental replication studies, which mainly use nonhuman proxies. The purpose of this study is to discuss fracture patterns on two individuals from WWII as a means to better understand and identify fracture patterns associated with blast trauma. Existing clinical and anthropological criteria are reviewed and applied to two World War II cases, both presumed to exhibit blast trauma based on historical contexts. These case studies exhibit combinations of complicated and extensive signs of blunt-force and projectile trauma, reflecting the diversity of skeletal trauma resulting from blast-related events. This analysis emphasizes the arguably impossible task of establishing a diagnosis based on the available literature and lack of prior knowledge about specific losses. Ultimately, analysts must consider the totality of skeletal trauma, combining biomechanical theory and relevant clinical and anthropological literature to arrive at useful yet defensible assessments of trauma. However, refined criteria and additional studies are needed to assess complicated trauma from blast-related events in anthropological contexts.     

Marguerite Q. Warren

Abstract

Marguerite (Rita) Warren is remembered as a respected teacher, committed mentor, and good friend. She is perhaps best known, for the experimental study of the Community Treatment Project (CTP). CTP operationalized the Theory of Interpersonal Maturity (I-Level) to provide differential treatment to delinquent offenders. Rita Warren received her doctorate in clinical psychology at the University of California, Berkeley. With graduate school colleagues, she formulated the I-Level Theory. Her focus on correctional treatment began with research on Navy recruits, followed by work with the California Youth Authority, service to the NIMH's Crime and Delinquency Committee, and participation on the Task Force on Corrections for President Johnson's Commission on Law Enforcement and the Administration of Justice. Academe followed; for 11 years, she was a faculty member at the School of Criminal Justice at the University at Albany. This article is a biography of Rita Warren, focusing primarily upon her career and her research.     

The Effects of Differential Extraction Conditions on the Premature Lysis of Spermatozoa,

The purpose of this study was to determine the effect Proteinase K, sodium dodecyl sulfate (SDS), incubation times, and temperatures had on differential extraction efficiencies and the premature lysis of spermatozoa. The effect was measured using Quantifiler^® Duo and Identifiler? PCR Amplification kits, where the resultant male and female DNA concentrations and their ratios within the nonsperm‐ and sperm fractions (SFs) were determined. Comparisons between expected and observed ratios illustrate the quantity of female DNA in the SF increased when Proteinase K was absent during the initial incubation. Additionally, there is no indication of simultaneous sperm and epithelial cell lysis in the absence of DTT at Proteinase K concentrations ranging from 10 to 300 μg/mL. All other conditions exhibited minimal variation in DNA concentration. Therefore, despite the various protocols used for the differential lysis of cell mixtures encountered in casework, the method is robust and successful at most conditions.