Volume 47 Issue 2 （Summer 2018)

本期共有八篇文章，这里简单介绍文章的内容，其中第一篇研究的是有政府经验的外部董事能创造价值吗?，第二篇研究的是金融机构网络和银行贷款的认证价值，第三篇研究的是新进入银行承销费用的决定因素:来自日本IPO承销市场的证据；第四篇研究的是共同基金选股技巧:估值与流动性驱动交易的新证据，第五篇研究的是股东选择董事是否会影响股息政策?第六篇研究的是政府干预对企业投资配置和效率的影响:来自中国的证据。第七篇研究的是销售低于价值?为什么收购要约会产生负溢价，第八篇研究的是企业竞争与首席执行官更替:美国铁路监管放松的证据。

1 Do Outside Directors with Government Experience Create Value? Jun‐Koo Kang，Le Zhang

2 Financial Institutions Network and the Certification Value of Bank Loans Christophe J. Godlewski，Bulat Sanditov

3 Determinants of Underwriting Fees by New Entrant Banks: Evidence from the Japanese IPO Underwriting Market Keiichiro Koda，Kazuo Yamada

4 Mutual Fund Stock‐Picking Skill: New Evidence from Valuation‐ versus Liquidity‐Motivated Trading Martin Rohleder，Dominik Schulte，Janik Syryca，Marco Wilkens

5 Do Co‐Opted Directors Influence Dividend Policy?Pornsit Jiraporn，Sang Mook Lee

6 The Impact of Government Intervention on Corporate Investment Allocations and Efficiency: Evidence from China Ying Hao，Jing Lu

7 Sold Below Value? Why Takeover Offers Can Have Negative Premiums Utz Weitzel，Gerhard Kling

8 Firm Competition and CEO Turnover: Evidence from US Railroad Deregulation Felipe Aldunate