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Ebook Ownership Structure, Share Transferability, and Corporate Risk Taking: Evidence from China

Submitted by puput on Sat, 08/14/2010 - 04:56

A central theme in property rights studies is how constraints on shareholders’ property rights will shape shareholder’s incentive and, hence their firm value maximizing behavior. In this paper, exploiting the unique ownership characteristics of Chinese listed state-owned enterprises (SOEs) and family firms for the period 1998 to 2008, we empirically explore the effect of cash flow rights and transferable rights on corporate risk choices in corporate investment decisions.

As argued by Alchian (1969), “the capitalization of future effects into present values, combined with the ability to capture that market wealth by selling to a second party, provides an effective stimulus to the control of actions that affect present capital values.” Capitalizing future profits and realizing the benefits through capital market provides a different reward or punishment for present actions than is the case in the absence of capitalization and realization possibilities. If the stockholders’ rights to capture profits are restricted, the absence of property rights to capitalize future events into present market values and realizing the benefits by exiting through market will distort the shareholders’ behavior and thus, they will have less incentive to be concerned with potential capital value effects.

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Ebook Report on the Financial Crisis

Submitted by puput on Fri, 09/04/2009 - 02:41

The chain of events that led to the crisis has now been identified: the turmoil that erupted in summer 2007 followed a period of exceptional growth in the distribution of credit, financed through extensive use of leverage within the financial system. Banks following the “originate-to-distribute” model sold their loans on financial markets in a totally unregulated manner through structured investment vehicles (SIVs) and other off balance sheet vehicles. Short-term investors financed the SIVs, which held long-term claims of varying quality. After several years of benign macroeconomic conditions and plentiful market liquidity, investors became less and less cautious about the mounting risks associated with these increasingly complex new financial products, which were nevertheless receiving high ratings from credit rating agencies (CRAs), implying low risks to investors, financial firms and other users.

Rising defaults by subprime mortgage borrowers in the USA caused liquidity to dry up on these markets. This impacted interbank relations more broadly through a crisis of confidence, inflicting heavy losses on banks and ultimately triggering a global financial crisis. Central banks were and remain forced to make repeated injections of liquidity to restore confidence.

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Ebook Experiential Learning, New Venture Creation, Strategic Entrepreneurship, Knowledge and Competency in the University Context

Submitted by wulan on Sat, 04/10/2010 - 06:40

In this paper, our aim is to explore the role of experiential entrepreneurial learning in the provision of university entrepreneurship education while students engage in parallel in actually creating a new venture. Our chosen focus is particularly salient given contemporary debates about the effectiveness of entrepreneurship education (Henry et al, 2003), evaluation of programmes and the alignment of objectives with learning outcomes (Hytti, 2001; Hytti and Kuopusjärvi, 2004a, b) and, therefore, the importance of providing solid „entrepreneurial outcomes (Hannon, 2007; Pittaway and Cope, 2007b; Pittaway and Hannon, 2008).

We build upon prior studies that have argued the case for a „learning by doing and learning from doing approach (Thompson, 2008) or even an explicitly new-venture-based-learning experiential pedagogy (Gibson et al, 2009) in order to discuss the practical and theoretical rationale for delivering the most experiential and high-impact enterprise education possible.

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