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Author: Bo Zhao Publisher: Open Dissertation Press ISBN: 9781361042595 Category : Business & Economics Languages : en Pages : 122
Book Description
This dissertation, "Essays on Government Regulation and Government Governance Structure" by Bo, Zhao, 赵博, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two independent studies. The first study works on the effect of government regulation on financial markets. The second study analyses the multitask nature of government regulation in a regionally decentralized authoritarian regime. The first study examines the influences of the 1934 US Securities and Exchange Act on stock markets. The Securities and Exchange Acts of 1933/1934 are the first nationwide public laws of financial regulation in the world. By imposing mandatory information disclosure requirements, these laws are implemented with the aims of reducing speculation and manipulation of stock prices. Subsequent financial regulations all over the world follow the principles embedded in these two laws. However, 80 years later, the effects of these laws on financial markets are still under debate and continue to have deep implications on law and financial development at a global scale. In this study I examine the impact of the 1934 Act in reducing stock idiosyncratic volatility. Monthly firm-level idiosyncratic volatility series for NYSE/AMEX listed firms in the period of 1926 - 1970 are constructed from daily CRSP stock data; voluntary disclosed accounting data from "Moody's Manual of Investments 1934" are manually collected as a proxy of firms' disclosure quality before the law. The comparisons of the firm-level idiosyncratic volatilities before and after the enactment of the Acts show systematic evidence indicating that the Acts significantly reduce idiosyncratic volatility. Moreover, the firms that disclose much less the key accounting information before the implementation of the Acts, have experienced more reductions in volatility and are thus more deeply affected by the Acts than others. In addition, these firms are associated with further reductions in bid-ask spreads and additional improvements in liquidity after the enactment of the Acts. My findings suggest that one of the mechanisms, through which the Acts affect the market, have been identified. The second study explores the governance structure of government in a regionally decentralized authoritarian regime. The organizational form of Chinese central-local government is characterized by regionally decentralized authoritarianism (RDA) (Xu (2011)). This system is a combination of political centralization and economic regional decentralization. Political centralization implies that subnational officials' careers are determined by their superiors instead of constituencies; regional decentralization indicates that subnational governments are empowered to engage in regional development. At the early stage of economic reform, economic growth became the most important task. By utilizing yardstick competition reward based on economic performance, China's central government is successful in incentivizing local government officials to promote economic growth. However, unlike private enterprises, which concentrate on maximizing profits, government agencies are bound to pursue multiple goals. The multitask nature of government has become increasingly prominent and has created serious problems in China. By extending the Holmstrom and Milgrom (1991) multitask principal-agent model to a multitask-multiagent model, I explain under which conditions yardstick competition would fail in motivating local officials, and show that the optimal linear contract designed under a RDA regime is not capable of solving problems generat
Author: Bo Zhao Publisher: Open Dissertation Press ISBN: 9781361042595 Category : Business & Economics Languages : en Pages : 122
Book Description
This dissertation, "Essays on Government Regulation and Government Governance Structure" by Bo, Zhao, 赵博, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two independent studies. The first study works on the effect of government regulation on financial markets. The second study analyses the multitask nature of government regulation in a regionally decentralized authoritarian regime. The first study examines the influences of the 1934 US Securities and Exchange Act on stock markets. The Securities and Exchange Acts of 1933/1934 are the first nationwide public laws of financial regulation in the world. By imposing mandatory information disclosure requirements, these laws are implemented with the aims of reducing speculation and manipulation of stock prices. Subsequent financial regulations all over the world follow the principles embedded in these two laws. However, 80 years later, the effects of these laws on financial markets are still under debate and continue to have deep implications on law and financial development at a global scale. In this study I examine the impact of the 1934 Act in reducing stock idiosyncratic volatility. Monthly firm-level idiosyncratic volatility series for NYSE/AMEX listed firms in the period of 1926 - 1970 are constructed from daily CRSP stock data; voluntary disclosed accounting data from "Moody's Manual of Investments 1934" are manually collected as a proxy of firms' disclosure quality before the law. The comparisons of the firm-level idiosyncratic volatilities before and after the enactment of the Acts show systematic evidence indicating that the Acts significantly reduce idiosyncratic volatility. Moreover, the firms that disclose much less the key accounting information before the implementation of the Acts, have experienced more reductions in volatility and are thus more deeply affected by the Acts than others. In addition, these firms are associated with further reductions in bid-ask spreads and additional improvements in liquidity after the enactment of the Acts. My findings suggest that one of the mechanisms, through which the Acts affect the market, have been identified. The second study explores the governance structure of government in a regionally decentralized authoritarian regime. The organizational form of Chinese central-local government is characterized by regionally decentralized authoritarianism (RDA) (Xu (2011)). This system is a combination of political centralization and economic regional decentralization. Political centralization implies that subnational officials' careers are determined by their superiors instead of constituencies; regional decentralization indicates that subnational governments are empowered to engage in regional development. At the early stage of economic reform, economic growth became the most important task. By utilizing yardstick competition reward based on economic performance, China's central government is successful in incentivizing local government officials to promote economic growth. However, unlike private enterprises, which concentrate on maximizing profits, government agencies are bound to pursue multiple goals. The multitask nature of government has become increasingly prominent and has created serious problems in China. By extending the Holmstrom and Milgrom (1991) multitask principal-agent model to a multitask-multiagent model, I explain under which conditions yardstick competition would fail in motivating local officials, and show that the optimal linear contract designed under a RDA regime is not capable of solving problems generat
Author: Bo Zhao Publisher: ISBN: 9781361042601 Category : Languages : en Pages :
Book Description
This dissertation, "Essays on Government Regulation and Government Governance Structure" by Bo, Zhao, 赵博, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two independent studies. The first study works on the effect of government regulation on financial markets. The second study analyses the multitask nature of government regulation in a regionally decentralized authoritarian regime. The first study examines the influences of the 1934 US Securities and Exchange Act on stock markets. The Securities and Exchange Acts of 1933/1934 are the first nationwide public laws of financial regulation in the world. By imposing mandatory information disclosure requirements, these laws are implemented with the aims of reducing speculation and manipulation of stock prices. Subsequent financial regulations all over the world follow the principles embedded in these two laws. However, 80 years later, the effects of these laws on financial markets are still under debate and continue to have deep implications on law and financial development at a global scale. In this study I examine the impact of the 1934 Act in reducing stock idiosyncratic volatility. Monthly firm-level idiosyncratic volatility series for NYSE/AMEX listed firms in the period of 1926 - 1970 are constructed from daily CRSP stock data; voluntary disclosed accounting data from "Moody''s Manual of Investments 1934" are manually collected as a proxy of firms'' disclosure quality before the law. The comparisons of the firm-level idiosyncratic volatilities before and after the enactment of the Acts show systematic evidence indicating that the Acts significantly reduce idiosyncratic volatility. Moreover, the firms that disclose much less the key accounting information before the implementation of the Acts, have experienced more reductions in volatility and are thus more deeply affected by the Acts than others. In addition, these firms are associated with further reductions in bid-ask spreads and additional improvements in liquidity after the enactment of the Acts. My findings suggest that one of the mechanisms, through which the Acts affect the market, have been identified. The second study explores the governance structure of government in a regionally decentralized authoritarian regime. The organizational form of Chinese central-local government is characterized by regionally decentralized authoritarianism (RDA) (Xu (2011)). This system is a combination of political centralization and economic regional decentralization. Political centralization implies that subnational officials'' careers are determined by their superiors instead of constituencies; regional decentralization indicates that subnational governments are empowered to engage in regional development. At the early stage of economic reform, economic growth became the most important task. By utilizing yardstick competition reward based on economic performance, China''s central government is successful in incentivizing local government officials to promote economic growth. However, unlike private enterprises, which concentrate on maximizing profits, government agencies are bound to pursue multiple goals. The multitask nature of government has become increasingly prominent and has created serious problems in China. By extending the Holmstrom and Milgrom (1991) multitask principal-agent model to a multitask-multiagent model, I explain under which conditions yardstick competition would fail in motivating local officials, and show that the optimal linear contract designed under a RDA regime is not capable of solving problems generat
Author: Herman Bakvis Publisher: McGill-Queen's Press - MQUP ISBN: 0773587225 Category : Political Science Languages : en Pages : 432
Book Description
With the direct participation of partisan political staff in governance, the onset of permanent election campaigns heavily dependent on negative advertising, and the expectation that the public service will not only merely implement but enthusiastically support the agenda of the elected government, we are experiencing a new form of political governance. The late Peter Aucoin (1943-2011) has argued that traditional norms of impartial loyalty have been displaced by partisanship on the part of civil servants and that the political executive is keen on directly controlling all aspects of communication and interaction between government and citizens. The arrival of "New Political Governance" has a direct bearing on the long-standing tension between the need of ensuring democratic control over bureaucracy, while also allowing the public service sufficient flexibility to exercise discretion, judgment, and professional expertise when implementing and managing programs. Through a series of essays using Aucoin's "New Political Governance" framework, leading scholars in the field address the manner in which this tension and its conflicts have played out over the past decade in different domains. Contributors examine themes including accountability, democracy, public management and reform, the paradoxes of electoral democracy, and the dilemmas of democratic governance. Contributors include: Mark Jarvis (University of Victoria), Herman Bakvis (University of Victoria), B. Guy Peters (University of Pittsburg), Donald Savoie (Université de Moncton), Allan Tupper (University of British Columbia), Lori Turnbull (Dalhousie), David E. Smith (University of Saskatchewan), C.E.S. Franks (Queen's), R. Kenneth Carty (University of British Columbia), Lisa Young (University of Calgary), Jennifer Smith (Dalhousie), Gerald Baier (University of British Columbia), Fred Fletcher (York University), André Blais (Université de Montréal), Evert Lindquist (University of Victoria), Ken Rasmussen (University of Regina), Jonathan Boston (Victoria University), John Halligan (University of Canberra), Grace Skogstad (University of Toronto), Jenn Wallner (University of Ottawa), Cosmo Howard (University of Victoria), Susan Phillips (Carleton University), Paul Thomas (University of Manitoba), Ralph Heintzman (University of Ottawa), Luc Juillet (University of Ottawa), G. Bruce Doern (Carleton), Kenneth Kernaghan (Brock).
Author: Alexander Hamilton Publisher: Read Books Ltd ISBN: 1528785878 Category : History Languages : en Pages : 420
Book Description
Classic Books Library presents this brand new edition of “The Federalist Papers”, a collection of separate essays and articles compiled in 1788 by Alexander Hamilton. Following the United States Declaration of Independence in 1776, the governing doctrines and policies of the States lacked cohesion. “The Federalist”, as it was previously known, was constructed by American statesman Alexander Hamilton, and was intended to catalyse the ratification of the United States Constitution. Hamilton recruited fellow statesmen James Madison Jr., and John Jay to write papers for the compendium, and the three are known as some of the Founding Fathers of the United States. Alexander Hamilton (c. 1755–1804) was an American lawyer, journalist and highly influential government official. He also served as a Senior Officer in the Army between 1799-1800 and founded the Federalist Party, the system that governed the nation’s finances. His contributions to the Constitution and leadership made a significant and lasting impact on the early development of the nation of the United States.
Author: Christopher Pollitt Publisher: Oxford University Press, USA ISBN: 9781280815027 Category : Business & Economics Languages : en Pages : 314
Book Description
In this major new contribution to a rapidly expanding field, the authors offer an integrated analysis of the wave of management reforms which have swept through so many countries in the last twenty years. The reform trajectories of ten countries are compared, and key differences of approach discussed. Unlike some previous works, this volume affords balanced coverage to the 'New Public Management' (NPM) and the 'non-NPM' or 'reluctant NPM' countries, since it covers Australia, Canada, Finland, France, Germany, the Netherlands, New Zealand, Sweden, the UK and the USA. Unusually, it also includes a preliminary analysis of attempts to improve management within the European Commission.
Author: James N. Rosenau Publisher: Cambridge University Press ISBN: 9780521405782 Category : Law Languages : en Pages : 328
Book Description
A world government capable of controlling nation-states has never evolved, but governance does underlie order among states and gives direction to problems arising from global interdependence. This book examines the ideological bases and behavioural patterns of this governance without government.
Author: Bo Zhao
Author: Bo Zhao
Author: Bo Zhao
Author: Dan Levin
Author: Herman Bakvis
Author: Joseph Priestley
Author: Herbert Spencer
Author: Alexander Hamilton
Author: Christopher Pollitt
Author: Jules Backman
Author: James N. Rosenau