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English Abstract: The author proposes a new type of asset-backed security, called Exchange Traded Pieced Loan (ETPL), designed to address a variety of major issues for savers, lenders, borrowers, authorities and other stakeholders in China's markets for investment and credit. An ETPL's...
Persistent link: https://www.econbiz.de/10013053830
The purpose of this paper is to analyze the impact of corporate governance on technical efficiency. We use the Translog stochastic production function to derive technical efficiency. Four empirical results are observed: (1) Technical efficiency has a negative relationship with the following two...
Persistent link: https://www.econbiz.de/10008555939
role of informational intermediaries. While this prohibition helps control the financial risks posed by the RGFS, it … represents the traditional philosophy of command and control, with inadequate attention paid to the important economic function …
Persistent link: https://www.econbiz.de/10012864610
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consolidate the control of the company. With the exception of the Supor case, no acquirer has made a partial bid to fulfill the … the Japanese model through formal legislation …
Persistent link: https://www.econbiz.de/10012839118
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This paper attempts to analyze corporate tax evasion in a principal-agent framework. We assume that the firm's profit is positively related to managerial effort and that the executive compensation is profit-based. In addition, we consider the situation where the manager might underreport the...
Persistent link: https://www.econbiz.de/10009216313
The English version of this paper is at: http://ssrn.com/abstract=878672 Chinese Abstract:...
Persistent link: https://www.econbiz.de/10014143728
funds to achieve the optimal investment. In this study, I construct a theoretical financial constraint model based on … cash flow sensitivity (a measure for the degree of financial constraints). Using the regime switching regression model …, this study empirically tests the proposition derived from the above theoretical financial constraint model. The empirical …
Persistent link: https://www.econbiz.de/10013016839