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［16］J. Fear, “German Capitalism,” in Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions, ed. T. McCraw (Cambridge, Mass.: Harvard University Press, 1997), 181.
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［17］R. W. Fogel, The Fourth Great Awakening and the Future of Egalitarianism (Chicago: University of Chicago Press, 2000), 112, and the references there.
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［18］T. McCraw, “American Capitalism,” in Creating Modern Capitalism, 320.
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［19］A. Chandler, Scale and Scope: The Dynamics of Industrial Capitalism (Cambridge, Mass.: Belknap Press, 1990), 18.
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［20］R. Chernow, Titan: The Life of John D. Rockefeller (New York: Random House, 1998), 226.
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［21］Chandler, Scale and Scope, 25.
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［22］Chernow, Titan, 288.
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［23］Chandler, Scale and Scope, 25.
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［24］Chernow, Titan, 265.
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［25］David Blau, “A Time Series Analysis of Self-Employment in the United States,” Journal of Political Economy 95, no. 3 (1987): 445-468.
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［26］有关模型参见R. Rajan and L. Zingales, “The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms,” Quarterly Journal of Economics 116 (2001): 805-852。
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［27］Chandler, Scale and Scope, 598.
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［28］L. Stole and J. Zwiebel, “Organizational Design and Technology Choice under Intra-Firm Bargaining,” American Economic Review 86 (1996): 195-223, for a model of overstaffing by the owners to appropriate rents.
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［29］简单地说，垂直集中型企业使用多种激励措施，通过内部的竞争和官僚化的办事程序来降低业务对员工的依赖性，同时又利用晋升机会来避免他们过于懈怠。参见R. Rajan and L. Zingales, “The Firm as a Dedicated Hierarchy”。
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［30］Claudia Goldin and Lawrence Katz, “The Returns to Skill in the United States across the Twentieth Century,” NBER working paper 7126, 1999.
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［31］Dani Rodrik, “Democracies Pay Higher Wages,” NBER working paper 6364, 1998.
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第2章
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［1］有关自由化对收益率的影响，参见 Anusha Chari and Peter Henry, “Does Diversification Drive Stock Price Revaluation?” Stanford research paper no. 1677, 2001; 有关自由化对投资的影响，参见Peter Henry, “Stock Market Liberalization, Economic Reform and Emerging Market Equity Price,” Journal of Finance 55 (2000): 529-564。
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［2］从技术上讲，衍生工具是一些合同，其价值取决于（衍生于）另外一种普通证券的价值。例如，对微软公司股票的买入期权就是一种衍生工具，该期权的持有人有权利（而不是义务）在预先规定的时间里（比如3个月里），以规定的价格（比如50美元）买入微软公司的股票。假如在3个月里，微软公司的股票价格都低于50美元，那持有人就不需要行使该期权。但是假如价格高于50美元，那持有人就要行使期权，并获得行使时实际价格高于50美元的那部分收益。
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［3］这个案例的材料主要来自Peter Tufano，“How Financial Engineering Can Advance Corporate Strategy,” Harvard Business Review 79 (1996), and on Donald Collat and Peter Tufano, “The Privatization of Rhone-Poulenc,” Harvard Business School Case 9-295-049。
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［4］Kenneth Froot, “The Market for Catastrophic Risk: A Clinical Examination,” NBER working paper 8110.
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［5］数据来源于Dun and Bradstreet网站。
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［6］M. Petersen and R. Rajan, “Does Distance Still Matter? The Information Revolution in Small Business Lending,” Journal of Finance, forthcoming (2002).
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［7］Clayton Christensen, The Innovators’ Dilemma: When New Technologies Cause Great Firms to Fail (Boston: Harvard Business School Press, 1997).
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［8］最近的一项研究对比了34个国家在1985～1998年的公司财务报表，发现总体来说美国的会计报表透明度最高。参见Utpal Bhattacharya, Hazem Daouk, Michael Welker, “The World Price of Earnings Opacity,” Indiana University working paper, 2002。
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