计量经济分析 = Econometric analysis

https://scholar.harvard.edu/files/shleifer/files/ip_corpgov.pdf

Investor Protection and Corporate Governance

All these premises having, as I think, been clearly made out, it is impossible that the rulers now on earth should make any benefit, or derive any the least shadow of authority from that, which is held to be the fountain of all power, Adam's private dominion and paternal jurisdiction; so that he that will not give just occasion to think that all government in the world is the product only of force and violence, and that men live together by no other rules but that of beasts, where the strongest carries it, and so lay a foundation for perpetual disorder and mischief, tumult, sedition and rebellion, (things that the followers of that hypothesis so loudly cry out against) must of necessity find out another rise of government, another original of political power, and another way of designing and knowing the persons that have it, than what Sir Robert Filmer hath taught us.

Two Treatises of Government.

China is an important counterexample to the findings in the law, institutions, finance, and growth literature: neither its legal nor financial system is well developed by existing standards, yet it has one of the fastest growing economies. We examine 3 sectors of the economy: the State Sector (state-owned firms), the Listed Sector (publicly listed firms), and the Private Sector (all other firms with various types of private and local government ownership). The law-finance-growth nexus established by existing literature applies to the State and Listed Sectors: with poor legal protections of minority and outside investors, external markets are weak, and the growth of these firms is slow or negative. However, with arguably poorer applicable legal and financial mechanisms, the Private Sector grows much faster than the State and Listed Sectors, and provides most of the economy's growth. This suggests that there exist effective alternative financing channels and governance mechanisms, such as those based on reputation and relationships, to support this growth.

Law, Finance, and Economic Growth in China

There is a large body of literature that concludes that—when confronted with increased competition—banks rationally choose more risky portfolios. We argue that this literature has had a significant influence on regulators and central bankers. We review the empirical literature and conclude that the evidence is best described as “mixed.” We then show that existing theoretical analyses of this topic are fragile, since there exist fundamental risk-incentive mechanisms that operate in exactly the opposite direction, causing banks to become more risky as their markets become more concentrated. These mechanisms should be essential ingredients of models of bank competition.

The Theory of Bank Risk Taking and Competition Revisited

We relate US portfolio returns, book-to-market values and excess stock returns to different dimensions of socially responsible performance. We find that socially responsible investing (SRI) impacts on stock returns by lowering the book-to-market ratio and not by generating positive alphas. Our result is consistent with the theoretical work suggesting that SRI is reflected in demand differences between SRI and non-SRI stock. It also explains why so few studies are able to establish a link between alpha’s and SRI.

The stocks at stake: Return and risk in socially responsible investment.

Comparing financial systems.

This article aims at providing a framework to assess corporate social responsibility with international banks Currently, it is mainly rating institutions like EIRIS and KLD that provide information about firms’ social conduct and performance However, this is costly information and it is not clear how the rating institutions arrive at their conclusion We develop a framework to assess the social responsibility of internationally operating banks We apply this framework to more than 30 institutions and find significant differences among individual banks, countries, and regions Furthermore, it appears that social responsibility of these banks has significantly improved between 2000 and 2005

Corporate Social Responsibility in the International Banking Industry

The transition towards renewable and sustainable energy is being accompanied by a transformation of communities and neighbourhoods. This transition may have huge ramifications throughout society. Many cities, towns and villages are putting together ambitious visions about how to achieve 100% sustainable energy, energy neutrality, zero carbon emission or zero-impact of their communities. We investigate what is happening at the local community level towards realizing these ambitions from a social perspective. We use the case study approach to answer the following question: how do local community energy initiatives contribute to a decentralized sustainable energy system? We find that especially the development of a shared vision, the level of activities and the type of organisation are important factors of the strength of the ‘local network’.

/pdf/power-to-the-people-local-community-initiatives-and-the-4pegq279gl.pdf

Power to the people: Local community initiatives and the transition to sustainable energy

Finance is grease to the economy. Therefore, we assume that it may affect corporate social responsibility (CSR) and the sustainability of economic development too. This paper discusses the transmission mechanisms between finance and sustainability. We find that there is no simple one-to-one relationship between financial development and sustainable development but there are various – often indirect – linkages. It appears that most of the literature concentrates on the role of public shareholders when it comes to changing corporate policy and performance in a more sustainable direction. However, this focus neglects the potential impact of the credit channel and private equity on a firm’s non-financial policies and performance. These very powerful mechanisms can govern business policies and practices. Therefore, there appears to be much more scope for finance to promote socially and environmentally desirable activities and to discourage detrimental activities than has been acknowledged in the academic literature so far.

Bert Scholtens

Papers

The stocks at stake: Return and risk in socially responsible investment.

Comparing financial systems.

Corporate Social Responsibility in the International Banking Industry

Power to the people: Local community initiatives and the transition to sustainable energy

Finance as a Driver of Corporate Social Responsibility