The Real and Financial Effects of Property Rights: Evidence from a Natural Experiment

2013 ◽  
Author(s):  
Daniel Berkowitz ◽  
Chen Lin ◽  
Yue (马跃) Ma
Keyword(s):  
Property Rights ◽  
Natural Experiment ◽  
The Real

The Contractual Nature of the City

2016 ◽  
Vol 3 (1) ◽  
Author(s):  
Qian Lu
Keyword(s):  
Property Rights ◽  
Transaction Costs ◽  
Large Volume ◽  
Real World ◽  
Coercive Power ◽  
Specific Location ◽  
The Real ◽  
Contractual Arrangements ◽  
Tax Sharing ◽  
The City

AbstractUrbanization is a process in which separated and dispersed property rights become concentrated in a specific location. This process involves a large volume of contracts to redefine and rearrange various property rights, producing various and high transaction costs. Efficient urbanization implies the reduction of these costs. This paper studies how efficient urbanization reduces transaction costs in the real world, based on a series of contracts rather than the coercive power. Specifically, this paper shows that Jiaolong Co. built a city by being a central contractor, which acquired planning rights by contract, and signed a series of tax sharing contracts with government, farmers, tenants, and business enterprises. These contractual arrangements greatly reduced the transaction costs and promoted the development.

scholarly journals Margin Trading Program, External Profit Pressure and Enterprise Financialization—A Quasi-Natural Experiment Based on Double Difference Model

2022 ◽  
Vol 14 (2) ◽  
pp. 711
Author(s):  
Shuiwen Gao ◽  
Haifeng Gu ◽  
Habiba Halepoto
Keyword(s):  
Natural Experiment ◽  
Dominant Role ◽  
Earnings Forecasts ◽  
Listed Companies ◽  
Double Difference ◽  
Policy Uncertainty ◽  
Real Economy ◽  
The Real ◽  
The Difference ◽  
Trading Program

Based on the urgent need of the real economy to “get away from fictitious to substantial”, this paper constructs a quasi-natural experiment based on the margin trading program gradually implemented in China in 2010 and studies the influence of the margin trading program on the financialization level of the target company by using the difference-in-difference method. The results show that, because of the dominant role of financing transactions in margin trading programs in China’s capital market, financing transactions drive up the share prices of listed companies, which leads to an excessive easing of the financing constraints of listed companies and short-sighted behavior of executives, which has a significant role in promoting enterprise financialization. Moreover, the driving effect is more significant in state-owned enterprises, enterprises with a high degree of financing constraint, and enterprises with a low degree of marketization. Economic policy uncertainty will restrain the positive effect of margin trading programs on enterprise financialization through information and governance mechanisms. In contrast, the “branding” effect caused by the financial connection of senior executives will intensify the positive relationship between margin trading programs on enterprise financialization levels. When considering the intermediary effect, we find that the margin trading program will result in the optimistic deviation of analysts’ earnings forecasts and cause the external profit pressure of enterprises, thus increasing the financialization trend. This study is of great theoretical significance and practical value for evaluating the policy effect of the margin trading program, improving this policy, investigating the influencing factors of enterprise financialization, and promoting the real economy to move from fictitious to substantial.

Vindicatory Action in Protection of Title to Real Property of Legal Persons

10.12737/5501 ◽  
2014 ◽  
Vol 2 (9) ◽  
pp. 53-61
Author(s):  
Павел Стрельников ◽  
Pavel Strelnikov
Keyword(s):  
Real Estate ◽  
Property Rights ◽  
Economic Activities ◽  
Real Property ◽  
Legal Regime ◽  
The Real ◽  
The Real Estate ◽  
Debt Collection ◽  
State Registration ◽  
Legal Entities

The question of the protection of property rights of legal entities in a market economy is of particular importance because it is the basis of their economic activities. Particularly acute this problem gives the specifics of the legal regime of the real estate, which has a significant impact on the choice of the means of protecting the violated rights, questioning the use of some of them. One of the methods of protection is indicated by replevin. The question of vindication as a way to protect the property rights of legal entities in the real estate is very controversial, because often put into question the very possibility of vindication property. The arguments for limiting the use of debt collection as a way to protect the rights of ownership of real estate can be divided into two groups. The first related to the essential characteristics of the real estate. The second is based on the legal regime of property, largely determined by the system of state registration of the respective object and deal with them. Based on an analysis of court decisions the author concludes that the feasibility of vindication by prohibiting the use of illegal property owner and the release of land, buildings, structures and premises in them from his property.

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