法律翻译 | 《法与经济学杂志》第62卷第2期

作者 | 邹依佳中国政法大学

一审 | 孙济民中国人民大学

二审 | 赵逸之北京大学

三审 | 赵逸之北京大学

孙济民中国人民大学

编辑 | 王妮茜新疆农业大学

仲飞宇西安外国语大学

责编 | 扎恩哈尔·阿黑哈提新疆农业大学

The Journal of Law and Economics

Volume 62, Number 2 | 2019

《法与经济学杂志》第62卷第2期

Article

Shareholder Wealth Effects of

Border Adjustment Taxation

边境调整税对股东的影响

Fabio B. Gaertner, Jeffrey L. Hoopes, and

Edward L. Maydew

Following 2 decades of discussion, the border adjustment tax (BAT) briefly emerged as part of proposed US corporate tax reform in early 2017. While heavily debated, little empirical evidence exists regarding the BAT. We take advantage of the period during which the BAT was under strong consideration to examine its effects on shareholder value. We find that high-importing firms (measured using industry, aggregate government industry data, and firm-level shipping-container data) suffer negative returns on days the tax had a greater likelihood of adoption. We also find that firms lobbying for the BAT experience positive returns over that same time period.

经过20年的争论，边境调整税（Border Adjustment Tax，BAT）在2017年初于美国公司税改革提议中昙花一现。尽管几经争辩，但有关BAT的实证痕迹仍不多见。我们针对该时期围绕BAT的激烈讨论，研究了其对股东价值的影响。统计表明，在BAT更可能成真的时期，高进口公司（参考行业与政府汇集行业数据和公司层面运输与集装箱数据）承担了负回报，而参与游说活动以支持BAT的公司都获得了正回报。

（图片来源于网络）

Article

Establishing Economic

Property Rights

by Giving Away an Empire

于帝国资本上建立真正的经济财产

Douglas W. Allen

The first land grant act for a transcontinental railroad and the Homestead Act were both passed in 1862. Each gave away massive federal lands, created incentives to rush construction and settlement, and (at least partly) dissipated land values. I argue that these apparently wealth-reducing actions rationally utilized railroads and settlers to establish meaningful federal ownership over the frontier and allowed for future federal land sales to take place. This paper examines the tenuous US sovereignty in the West, the institutional details of the land grants, and (using newly digitized records) the relationship among railroads, homesteads, and cash sales to test the theory that “giving away an empire” was a rational strategy to establish economic property rights through quick occupation.

1862年两部重要的法案，即第一部关于横贯大铁路的土地出让法案与《宅地法》获得通过。二者均出让了大量联邦土地，以激励土地开发和定居，并（至少在一定程度上）削减了土地价值。笔者认为，这些行动看似下放财富，实则合理利用了铁路和移民，为联邦获得了边疆的真正所有权，并为未来出售联邦土地创造了条件。本文考察了美国在西部原本摇摇欲坠的主权处境、土地处分的制度细节，以及（在新近电子化的历史记录的基础上）铁路、宅基地和现金销售之间的关系，以证明通过快速占领来“建立经济产权”，这一“放弃帝国资本”的策略具有合理性。

Article

Merger Negotiations in the Shadow of

Judicial Appraisal

司法鉴定笼罩下的并购谈判

Audra Boone, Brian Broughman, and

Antonio J. Macias

The recent surge in appraisal litigation has sparked debate over the desirability of appraisal and how this remedy should be structured. Much of this debate is based on untested assertions about appraisal’s ex ante effect on the structure and pricing of takeovers. Systematically investigating this effect, we find evidence that target shareholders receive higher abnormal returns as the strength of the appraisal remedy increases. We find no evidence that bidders offer a lower up-front price as a means to pay off dissenting shareholders after a sale. Furthermore, threat of appraisal does not appear to limit takeover activity or impact the method of payment. Overall, our results suggest that appraisal provides an important ex ante protection for target-firm shareholders.

近来关于鉴定诉讼的增多引发了对其合理性和如何构建该种救济措施的争论。这场争论的主要内容围绕司法鉴定程序对收购的结构和定价造成的事前影响的臆断展开。通过系统性地检视这一影响，我们发现，有证据表明，随着鉴定救济措施力度增强，目标股东会获得更高的异常回报。我们没有发现证据表明，竞购者会以较低的预付价格作为出售后向持异议股东补偿的手段。此外，鉴定的威胁似乎并不限制收购活动，也不影响支付方式。总体结果表明，司法鉴定为目标公司股东提供了重要的事前保护。

Article

Conflicts of Interest on

Committees of Experts:

The Case of Food and

Drug Administration

Drug Advisory Committees

利益冲突下的专家组：

以食品和药品技术咨询委员会为例

James C. Cooper and Joseph Golec

Governments and firms often use committees of experts to help them make complex decisions, but conflicts of interest could bias experts’ recommendations. We focus on whether financial ties to drug companies bias Food and Drug Administration (FDA) drug advisory committee (AC) members’ voting on drug approval recommendations. Using the FDA’s narrow measure of conflicts, we find a consistent but weak positive relation between conflicts and voting for approval. Using a broader measure, we find a significant negative relation. We find stronger evidence that experts’ characteristics, such as expertise level, drive voting. We also show that a congressional act that effectively excludes conflicted AC members resulted in a sharp drop in average AC members’ expertise and an unintended increase in voting for approval. Our results have implications for eliminating financial conflicts from medical decisions, which could reduce the level of expertise of the decision makers and lead to unexpected voting tendencies.

政府和公司常常会组建专家委员会来协助做出复杂的决策，然而利益冲突可能导致专家的建议存在偏见。我们重点研究了与医药公司的经济往来是否会影响美国食品药品监督管理局（Food and Drug Administration, FDA）的药品咨询委员会（drug advisory committee, AC）对新药审批的投票。在FDA定义的狭义冲突标准之下，我们发现利益冲突与审批投票之间存在一致但微弱的正相关关系。而使用更宽泛的衡量标准，我们发现两者之间存在显著的负相关关系。我们发现更强有力的证据能够说明，专家的一些特质，如专业水平会推动投票。我们还表明，一种有效排除存在利益冲突的咨询委员会专家的国会法案能够显著降低咨询委员会成员的专业水平，并意外提升表决的通过率。我们的研究成果表明，这样一种排除利益冲突的国会法案可能会影响决策者专业水平，并导致意料之外的投票倾向，而该研究成果有助于消除此类利益冲突。

（图片来源于网络）

Article

Deterrence and the Optimal Use of

Prison, Parole, and Probation

监狱、假释和缓刑：如何达到最佳威慑

A.Mitchell Polinsky and Paul N. Riskind

In this article we derive the mix of criminal sanctions—choosing among prison, parole, and probation—that achieves any target level of deterrence at lowest cost. We assume that prison has higher disutility and higher cost per unit of time than parole and probation and that potential offenders discount the future disutility of sanctions at a higher rate than the state discounts the future costs of sanctions. Our primary insight is that there is a front-loading advantage of imprisonment due to these differential discount rates. This advantage implies that whenever a sentence includes both a prison term and a parole term, the prison term should be imposed first, and that it may be optimal to employ a prison term even if prison has a higher cost per unit of disutility than parole and probation and even if prison is not needed to achieve the target level of deterrence.

在本文中，我们尝试推演了能以最低的成本达到期望威慑水平的刑事制裁措施的各种组合，这些措施包括徒刑、假释和缓刑。我们预设相比假释和缓刑，徒刑的效用更高，且单位时间的成本也更高，而且潜在罪犯对未来制裁效用的折现率要高于国家对未来制裁成本的折现率。我们的主要观点是，由于折现率不同，徒刑具有前置优势。这一优势意味着，当刑罚同时包括徒刑和假释时，应首先执行徒刑；同时，即使徒刑的单位效用成本高于假释和缓刑，或者并不需要使用徒刑来达到期望的威慑水平，它也可能是最优的选择。

（图片来源于网络）

Article

Do State Laws Protecting

Older Workers from Discrimination

Reduce Age Discrimination

in Hiring?

Evidence from a Field Experiment

保护老年劳动者不受歧视的州法律

是否会减少招聘中的年龄歧视？

——基于实证的分析

David Neumark, Ian Burn, Patrick Button,

and Nanneh Chehras

We conduct a résumé field experiment in all US states to study how state laws protecting older workers from age discrimination affect age discrimination in hiring for retail sales jobs. We relate the difference in callback rates between old and young applicants to states’ variation in age and disability discrimination laws. These laws could boost hiring of older applicants, although they could have the unintended consequence of deterring hiring if they increase termination costs. In our preferred estimates that are weighted to be representative of the workforce, we find evidence that there is less discrimination against older men and women in states where age discrimination law allows larger damages and more limited evidence that there is less discrimination against older women in states where disability discrimination law allows larger damages. Our clearest result is that the laws do not have the unintended consequence of lowering callbacks for older workers.

我们在美国各州进行了一次简历的实地实验，以研究保护老年工人免受年龄歧视的州法律如何影响零售销售职位招聘中的年龄歧视。我们在老年和年轻求职者之间的回调率差异与各州在年龄和残疾歧视法律方面的差异间建立起联系。这些法律可能会促进对老年求职者的聘用，但如果提高了解雇成本，则可能会意外阻碍聘用。在我们首选的加权代表劳动力的估计中，存在证据表明在年龄歧视法允许较大损害赔偿的州，对老年男性和女性的歧视较少；而在残疾歧视法允许较大损害赔偿的州，则有有限证据表明对老年女性的歧视较少。我们的研究成果显然表明，这些法律并没有产生降低老年工人回调率的意外后果。

（图片来源于网络）

原文链接：https://www.journals.uchicago.edu/toc/jle/2019/62/2

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