笔者主要从事金融理论研究,在一些国外的金融财务论文中常常看到Larry H. P. Lang 的名字,后来才知道是郎咸平先生。出于好奇,本人对郎咸平在全世界最权威的学术刊物上的研究成果做了简单的统计,结果令人惊讶,仅仅在《American Economic Review》(全世界经济类排名第一), 《Journal of Political Economy》 (经济类排名第三), 《Journal of Financial Economics》(金融类排名第一),《Journal of Finance》(金融类排名第二)等四本学术期刊上郎先生就发表了17篇学术论文(附录列出了每篇论文的题目),内容涉及财务,内幕交易,企业行为,股权结构,公司控制等诸多方面。据统计,他在金融类期刊综合引用率第一的《Journal of Financial Economics》上面就一共发表了9篇论文(见表1,表1中不包括他在2002年发表的一篇论文),平均每年被引用38.11次,排名第38位(见表 2),在表2中诺贝尔奖获得者R·莫顿排名25位。
这一数字对外行可能不以为然。然而,学术圈内的人知道这是非常惊人的,因为很多全美前五位商学院的正教授都难以做出如此丰富的学术成果(在国外,一般来说,在这些刊物上发表3篇论文就可以被评为终生教授),此外,据笔者统计,大陆还没有任何金融学家在这些刊物上发表金融论文(实际上大陆目前很少有学者在国外发表金融学术论文)。
从这些著作的题目可以看出,96年以前郎先生主要从事一些基本理论和美国市场的研究。97后他的研究重点转向亚洲和东欧,与世界银行的一些经济学家合作,开展了一系列有关亚洲和东欧公司治理问题的研究,这些杰出的研究成果获得了广泛的认可,如,研究东亚股权结构与控制的论文"The separation of ownership and control in East Asian Corporations",研究东亚大股东对小股东侵占(剥削)的"Disentangling the Incentive and Entrenchment Effects of Large Shareholdings", 研究东亚股利政策与大股东侵占的"Dividends and Expropriation ",这些论文都在国际顶级学术刊物上发表。
Lang Larry, Ofek Eli, Stulz René M, Leverage, investment, and firm growth, J. Financial Economics (40)1 (1996) pp. 3-29
Lang Larry, Poulsen Annette, Stulz René, Asset sales, firm performance, and the agency costs of managerial discretion, J. Financial Economics (37)1 (1994) pp. 3-37
Lang L.H.P., Contagion and competitive intra-industry effects of bankruptcy announcements, Journal Of Financial Economics (32)1 (1992) pp. 45-60
Lang L.H.P., R. Litzenberger "Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypotheses," Journal of Financial Economics 24, 1-9-8-9, p181-191.
Lang L.H.P., A test of the free cash flow hypothesis, Journal Of Financial Economics (29)2 (1991) pp. 315-335
Lang, L.H.P.; Stulz, R.M.; Walkling, R., 1-9-8-9. Managerial performance, Tobin's q, and the gains from successful tender offers. Journal of Financial Economics 24, 137{154.
Gilson, S.C., John, K., Lang, L.H.P Troubled debt restructurings: An empirical study of private reorganization of firms in default Journal Of Financial Economics Vol.27 2 Oct-90 315 353
Faccio, Mara, and Lang, Larry H.P. The ultimate ownership of Western European Corporations Journal Of Financial Economics V64 2002
Claessens Stijn, Djankov Simeon, Lang Larry H.P., The separation of ownership and control in East Asian Corporations, Journal Of Financial Economics (58)1-2 (2000) pp. 81-112
JOURNAL OF FINANCE
Irwin Friend, Larry H. P. Lang An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure JOURNAL OF FINANCE Vol.43 Issue.2 June 1988
Kose John Larry H. P. Lang Insider Trading around Dividend Announcements: Theory and Evidence JOURNAL OF FINANCE Vol.46 Issue4
Kose John Larry H. P. Lang Jeffry Netter ,The Voluntary Restructuring of Large Firms in Response to Performance Decline JOURNAL OF FINANCE Vol.47 Issue.3
K. C. Chan Silverio Foresi Larry H. P. Lang, Does Money Explain Asset Returns? Theory and Empirical Analysis JOURNAL OF FINANCE Vo.51 Issue.1
Claessens Stijn, Simeon Djankov, Joseph Fan, and Larry Lang Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, JOURNAL OF FINANCE 2001
American Economic Review
Mara Faccio , Larry H.P. Lang and Leslie Young Dividends and Expropriation American Economic Review, 2001
Journal of Political Economy
Lang, Larry H. P., Robert H. Litzenberger, and Vicente Madrigal, "Testing Financial Market Equilibrium under Asymmetric Information," Journal of Political Economy, 1992, Vol. 100, 21:317-348.
Lang, Larry H.P. and René M. Stulz, 1994, "Tobin's q, Corporate Diversification, and Firm Performance," Journal of Political Economy, 102, 1248-1280.
Journal of Business
Joseph P. H. Fan and Larry H.P. Lang The Measurement of Relatedness: An Application to Corporate Diversification Journal of Business, Vol. 73, No. 4, October 2000
Journal of Accounting Research(会计类世界排名第一)
K. Butle, Larry H.P. Lang "The Forecast Accuracy of Individual Analysts: Evidence of Systematic Optimism and Pessimism," Journal of Accounting Research 29, 1991, p150-156.
表 1:在Journal of Financial Economics上发表论文次数最多的作者
(摘自Journal of Financial Economics的官方网站:http://jfe.rochester.edu/)
Authors with the Most Papers Published in the JFE, 1974-2000 (3 or more papers)
Ranked by Papers per Co-Author, Where Each of N Co-Authors Receives Credit for 1/N Paper
Rank Author Papers/CoAuthor Papers/Author
表2:引用次数最高的作者(摘自的Journal of Financial Economics官方网站)
Authors with the Most Citations to Their JFE Papers, 1974-2000
Ranked by Citations per Co-Author, Where Each of N Co-Authors Receives Credit for 1/N Citation
Rank Author Cites/Auth/Yr Cites/Year