ÔDing ChenÕs detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance.Õ Ð Andrew Johnston, University of Sheffield, UK ÔIn this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in ChinaÕs stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China.Õ Ð Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this ÔChina puzzleÕ by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investorsÕ speculation. Indeed, there is probably nowhere better to look than ChinaÕs stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.
This book presents the analysis and design of fiber-reinforced polymer (FRP) bridge decks, which have been increasingly implemented in rehabilitation projects and new construction due to their reduced weight, lower maintenance costs, and enhanced durability. It compiles the necessary information, based primarily on research by the authors, to facilitate the development of standards and guidelines for using FRP decks in bridge designs. The book combines analytical models, numerical analyses, and experimental investigations, which can be applied to various design formulations. It also, for the first time, offers a complete set of design guidelines.
This book comprises selected papers from the First International Conference on Convective Flow Boiling. The purpose of the conference is to examine state-of-science and recent developments in technology of flow boiling, i.e., boiling systems which are affected by convective flows.
The true measure of any society is how it treats its children, who are in turn that society’s future. Making use of data from the longitudinal Chinese Family Panel Studies survey, the authors of this timely study provide a multi-faceted description and analysis of China’s younger generations. They assess the economic, physical, and social-emotional well-being as well as the cognitive performance and educational attainment of China's children and youth. They pay special attention to the significance of family and community contexts, including the impact of parental absence on millions of left-behind children. Throughout the volume, the authors delineate various forms of disparities, especially the structural inequalities maintained by the Chinese Party-state and the vulnerabilities of children and youth in fragile families and communities. They also analyze the social attitudes and values of Chinese youth. Having grown up in a period of sustained prosperity and greater individual choice, the younger Chinese cohorts are more independent in spirit, more open-minded socially, and significantly less deferential to authority than older cohorts. There is growing recognition in China of the importance of investing in children’s future and of helping the less advantaged. Substantial improvements in child and youth well-being have been achieved in a time of growing economic prosperity. Strong political commitment is needed to sustain existing efforts and to overcome the many obstacles that remain. This book will be of considerable interest to researchers of Chinese society and development.
This book illustrates the decline of the state-encouraged revival and legitimization of private enterprises in 1980s China. Chen argues that the rapid growth of private enterprises strengthened the fiscal power of the state, leading the Chinese government to take an increasingly interventionist stance.
The text presents and discusses some of the most influential papers in Matrix Computation authored by Gene H. Golub, one of the founding fathers of the field. The collection of 21 papers is divided into five main areas: iterative methods for linear systems, solution of least squares problems, matrix factorizations and applications, orthogonal polynomials and quadrature, and eigenvalue problems. Commentaries for each area are provided by leading experts: Anne Greenbaum, Ake Bjorck, Nicholas Higham, Walter Gautschi, and G. W. (Pete) Stewart. Comments on each paper are also included by the original authors, providing the reader with historical information on how the paper came to be written and under what circumstances the collaboration was undertaken. Including a brief biography and facsimiles of the original papers, this text will be of great interest to students and researchers in numerical analysis and scientific computation.
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