[PDF] Essays On Government Regulation And Government Governance Structure eBook

Author : Bo Zhao
Publisher : Open Dissertation Press
Page : 122 pages
File Size : 26,18 MB
Release : 2017-01-26
Category : Business & Economics
ISBN : 9781361042595

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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 :
Page : pages
File Size : 22,50 MB
Release : 2017-01-26
Category :
ISBN : 9781361042601

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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
Page : 432 pages
File Size : 37,73 MB
Release : 2012-06-26
Category : Political Science
ISBN : 0773587225

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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 : Jonathan Phares
Publisher :
Page : 0 pages
File Size : 16,15 MB
Release : 2021
Category :
ISBN :

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Supply chains, and the firms within them, change their behaviors in response to industry conditions so they can provide efficiency, effectiveness, strategic enablement, and customer utility. Social and economic policies enacted to promote social welfare by correcting market failures can alter these conditions. While these policies may serve their intended purposes, they may also create unintended consequences that may make managing logistics, operations, and supply chains more challenging. This dissertation contributes to the nascent body of knowledge concerning the intended and unintended consequences of policy on supply chain management by examining three unique contextual settings using different methodologies and levels of analysis. In the first essay, I examine the impacts of relationship-focused regulations on supply chain collaboration. Using a grounded theory approach, I theorize new barriers to collaboration unique to this regulatory context using data from multiple interviews with executives from suppliers and distributors in the beer industry supply chain. I find that regulations meant to promote social welfare by constraining the flow of alcohol to consumer also constrain choice in supply chain relationships that negatively affect supply chain collaboration. In the second essay, I examine how capacity-limiting structural regulation in healthcare, specifically certificate of need (CON) laws, interacts with case complexity to affect hospital operational performance. Using a hybrid estimation approach to analyze a unique data set collected from multiple sources, I tested a conceptual model developed using the structure-conduct-performance (SCP) framework and the complex adaptive systems (CAS) perspective. I find that indicate that CON does reduce costs but also worsens quality. I also find that these relationships are intensified by case complexity. In the third essay, I examine whether nuclear verdicts over $10 million resulting from harm caused by large truck crashes result in improved industry-level motor carrier safety performance. Drawing on institutional theory to hypothesize the effects of nuclear verdicts on safety performance and insurance spending. I test these hypotheses using autoregressive distributed lag time series econometric models. I find that nuclear verdicts may result in improvements in industry safety but may also result in increased insurance spending. Collectively, these essays demonstrate multiple perspectives of how policies can affect supply chain behaviors and performance at the individual-, firm-, and industry-level that may be undesirable or unexpected. Findings from these essays offer important insights for researchers, practitioners, and policymakers.

Author : Gráinne de Búrca
Publisher : Bloomsbury Publishing
Page : 444 pages
File Size : 15,75 MB
Release : 2006-04-26
Category : Law
ISBN : 1847310400

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New approaches to governance have attracted significant scholarly attention in recent years. Commentators on both sides of the Atlantic have identified, charted and evaluated the rise and spread of forms of governance, forms which seem to differ from previous regulatory and legal paradigms. In Europe, the emergence of the Open Method of Coordination has provided a focal point for new governance studies. In the US, scholarship on issues such as collaborative problem-solving, democratic experimentalism, and problem-solving courts exemplify the interest in similar developments. This book covers diverse policy sectors and subjects, including the environment, education, anti-discrimination, food safety and many others. While some chapters concentrate on the operation of new governance mechanisms in a federal and multilevel context and others look at the relationship between public and private mechanisms and settings, what all the contributors share in common is the pursuit of effective mechanisms for addressing complex social problems, and the challenges they raise for our understanding of law and constitutionalism, and of legal and constitutional values.

Author : Alexander Hamilton
Publisher : Read Books Ltd
Page : 420 pages
File Size : 36,92 MB
Release : 2018-08-20
Category : History
ISBN : 1528785878

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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 : James N. Rosenau
Publisher : Cambridge University Press
Page : 328 pages
File Size : 13,7 MB
Release : 1992-03-26
Category : Law
ISBN : 9780521405782

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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 : Jerry Brito
Publisher : Mercatus Center at George Mason University
Page : 128 pages
File Size : 43,27 MB
Release : 2012-08-13
Category : Law
ISBN : 0983607737

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Federal regulations affect nearly every area of our lives and interest in them is increasing. However, many people have no idea how regulations are developed or how they have an impact on our lives. Regulation: A Primer by Susan Dudley and Jerry Brito provides an accessible overview of regulatory theory, analysis, and practice. The Primer examines the constitutional underpinnings of federal regulation and discusses who writes and enforces regulation and how they do it. Published by the Mercatus Center at George Mason University, it also provides insights into the different varieties of regulation and how to analyze whether a regulatory proposal makes citizens better or worse off. Each chapter discusses key aspects of regulation and provides further readings for those interested in exploring these topics in more detail.