1998年，一场金融危机席卷了亚洲，时隔10年后，美国爆发了次贷危机，而在历史上，大大小小的金融危机总是在不断上演，而林林总总的反思和借鉴也不断在涌现，太多的阐释和建议，真的让人目不暇接，难道就不能简单明了的理解金融危机吗？...

Abstract: In a general auction model in which bidders' signals are affiliated, we characterize the unique separating equilibrium in which the seller can use reserve prices to credibly signal her private ...

摘要：作为国有资产所有者代理人的政府有多重目标：尽量避免国有资产流失，在资产转让中谋求资产的最大收益，提高资源配置的效率，维护公平等，而拍卖机制是实现这些目标的有效机制 关键词：多目标； 拍卖 设计多目标下的国有资产拍卖机制....

Abstract: We examine optimal capital allocation and managerial compensation in a firm with two investment projects (divisions) each run by a risk-neutral manager who can provide (i) (unverifiable) information ...

Abstract: In the twenty years since the Cultural Revolution, China has maintained fast real growth. This occurred despite China having similar problems to other transitional economies, eg loss-making State ...

Abstract: The Chinese regulatory decentralization has evolved since regulation was introduced in the transition process. The quota system is an important instrument in China's regulatory regimes. Stock ...

Abstract: There are two popular views in explaining the differences between China and Eastern Europe. The first view states that China was at a much lower development stage than Eastern Europe and the ...

Abstract:Township-village enterprises (TVEs) were a major engine of China’s rapid rural industrialization in the past three decades. TVEs also played a key role in fostering entrepreneurship and served ...

二十年前因饥饿和恐惧，生活在红色海洋里的东德人推翻横穿德国境内的柏林墙，纷纷越过去寻找生活。而在此之前，任何一个想要从这里逃出去觅食的饥民，都面临着被杀害的前途。写到这里我想到了穿越沼泽的海申仪，除非那些人有着坚强的毅力和上帝赐予的幸运，...

Abstract: We model an organization as a hierarchy of managers erected on top of a technology (here consisting of a collection of plants). In our framework, the role of a manager is to take steps to reduce ...