PPP: <Emphasis Type="Italic">Delusion</Emphasis> or <Emphasis Type="Italic">Reality</Emphasis>? Evidence from a Nonlinear Analysis

In this paper we analyze the validity of the purchasing power parity (PPP) in a nonlinear framework using data for 18 bilateral US dollar exchange rates. Following Enders and Ludlow (2002), we use unit root and cointegration tests that do not assume a specific nonlinear adjustment. We find evidence of non-linear mean reversion in deviations from the PPP equilibrium in 11 out of 18 currencies. Additionally, to disentangle the respective contribution of exchange rate and prices to the adjustment toward the long run equilibrium, we estimate a Vector Error Correction Model. According to our empirical analysis, there exists a nonlinear mechanism to correct for deviation from the PPP equilibrium that comes mainly from the exchange rates. This is consistent with theoretical arguments on international goods markets under transaction costs as well as with an emerging strand of empirical literature. These results highlight the importance of neglecting the possibility of nonlinearity in the debate about the PPP and provide empirical evidence that supports the scenario of the PPP hypothesis as a reality.     

“同治”还是“同谋”:机构投资者抱团与 企业违约风险

文章以2009—2020年沪深A股非金融上市公司为研究样本,实证检验了机构投资者抱团对企业违约风险的影响及其内在机理。研究发现,机构投资者抱团可以降低企业违约风险。影响机理的检验证实,机构投资者抱团通过降低信息不对称、缓解融资约束和降低经营风险对企业违约风险产生影响。进一步从信息、资源和风险的视角探讨两者关系的异质性发现,机构投资者抱团对企业违约风险的治理效应主要体现在信息不对称程度较高、资源获取较难和风险较高的样本中。文章的发现有助于深化机构投资者抱团的经济后果与企业违约风险影响因素的研究,也为进一步完善机构投资者的制度设计、持续优化公司的内外部治理结构,防范化解企业违约风险提供了参考依据。     

“满铁”旅馆业实为日本侵华隐秘处所

日本攫取中国东北部分铁路特权后,即设立“南满洲铁道株式会社”,同时依托“满铁”开设大和旅馆,并资助其他旅馆,扩大日本旅馆的覆盖范围.日本利用开设旅馆这种隐秘的手段在中国人中传播“大和精神”、宣传“大东亚共荣”思想,妄图用这种温水煮青蛙的方式使中国东北人民接受日本的统治,进而达到侵略整个中国的野心.这种隐秘手段值得我们研究.     

Study on American television news magazine program gt;

With the heat of 60 minutes, television news magazine program came into people＇s eyes and caused a trend of broadcasting news in a news magazine way. The New York Times has called it ＂one of the most esteemed newsmagazines on American television,＂ News magazine program is one of the most important TV program in deep report. It uses the comprehensive arrangement method of magazine, the television dissemination superiority and the method of comment and telling stories and puts different style and content of the news section of small columns together according to column purpose to complete the whole program, which is broadcasted in the fLxed column and time. Among them, the host plays a prominent role. The form of the program takes advantage of special reports and focuses on collecting dynamic news and in the meantime it overcomes their disadvantages. TV news programs focus more on dramatic plot news events and care more about the subjective judgment by the details of the event selection and the expression of picture language to reflect the view of the reporters. This form of program often let the audience understand the conflict of good and evil, beauty and ugliness and naturally accept the value standard that the reporters want to convev.     

“Post‐Truth,” “Alternative Facts” and “Fakenomics”

South African companies are accused of hoarding profits to accumulate large amounts of “idle” cash, as well as of being the perpetrators of massive illegal capital flight. This paper argues that much of the claimed corporate cash is either offshore or belongs to banks. It reminds that bank deposits increase when companies borrow, not when they retain profits. It shows, too, that measures of massive capital flight actually reflect data errors. Exaggerating, through faulty methodology the extent to which companies have cash or may be involved in illegal capital flight is unhelpful. It exacerbates already‐fraught government‐business relations, and complicates the search for solutions to South Africa's economic problems.     

个性化“杀出重围”

<正>他们热衷表现自己,擅长用个性化的符号交流。他们向往价值观层面的"一拍即合"。用自己的形象代言,也远远代言不了整个现代消费群体。在此起彼伏的转型论调和互联网的喧嚣中,常听到一种声音,就是个性化。你可能不知道"不买房的‘90后’",但不能不知道泡否科技创始人兼CEO——马佳佳。生于"90后""00后"的新生代,他们的回忆里早已没了计划经济的影子,更多的是被各式各样的新社会思潮席卷;他们热衷表现自己,擅长用个性化的符号交流,彼