Does it matter where you invest? The impact of foreign direct investments on domestic job creation and destruction

This study examines how foreign direct investment (FDI) affects domestic employment by using unique division-level data of Japanese firms. Contrary to most previous studies focusing on the effect of FDI on net employment growth, we decompose it into job creation (JC) and job destruction (JD) for each individual firm. We find that FDI destination plays an important role: FDI to Asia increases JC, whereas FDI to Europe/North America decreases it; furthermore JD decreases, regardless of FDI destination. A frictional search-and-matching model with heterogeneous jobs can explain the differential effects. The model provides additional predictions on JC and JD by job type, which are also empirically confirmed.     

Smartphone-based agricultural extension services and farm incomes: Evidence from Zhejiang Province in China

Smartphone use in rural China has grown rapidly, leading to the fast development of smartphone-based agricultural extension services. However, there is limited research on the income effects of smartphone-based agricultural extension services in rural areas. In this study, we analyze the causal effects of smartphone-based agricultural extension services (“Zhe'yang'shi” WeChat application as an example) on farm incomes in Zhejiang, China, using a staggered difference-in-differences method with panel data from 400 crop farmers. Our results show that adopting smartphone-based agricultural extension services increases farm income from soil testing formula fertilizer fields by 15.39% and total farm income by 16.31%.     

数字正射影像图制作流程及工艺

研究目的：介绍不同遥感数据DOM制作流程及其关键技术，探讨实际作业中应注意的问题及解决方法，提高正射影像图精度及生产效率。研究方法：实验法与比较分析法。研究结果：（1）从正射纠正、融合、镶嵌、色彩调整等方面对比分析，提出了较好的影像处理方法；（2）对于纠正误差，可采用局部纠正和影像替换方法解决。研究结论：整体纠正、Pansharp 变换法、Photoshop工具色彩调整等可以有效提高成果质量，消除误差。     

中国对非援助的出口贸易效应——基于出口增加值的视角

基于Eora26投入产出表数据和全球中国官方金融数据库，本文检验了中国对非援助与中国对非出口增加值的因果关系及机制。研究结果显示：(1)中国对非援助可以显著提升中国对非出口增加值，在进行了一系列的稳健性检验和处理了内生性问题后，该结论依然成立；(2)提高非洲国家的交通和通信设施质量是中国对非援助影响出口增加值的主要机制；(3)中国对非援助的出口增加值效应会随产业分类、援助类型的不同而产生差异；(4)进一步研究表明，非洲接受的DAC发展委员会国家和国际多边组织援助的“碎片化”会削弱中国对非援助的出口增加值的促进作用，这种影响在经济实力和政府治理能力较弱的非洲国家更为明显。本文的结论为中国对非援助的贸易效应提供了进一步的经验支持，并揭示了中国对非援助影响中国对非出口增加值的内在规律。这对于加强中非经贸关系，构建“中非命运共同体”具有重要意义。     

Forecasting models for the Chinese macroeconomy in a data-rich environment: Evidence from large dimensional approximate factor models with mixed-frequency data

Our paper contributes to the nascent literature on forecasting the Chinese macroeconomy in a data-rich environment. We perform a horse race among a large set of traditional models and two classes of factor models with 251 monthly and 34 quarterly macroeconomic variables over the period from January 2002 to June 2018. We find evidence that mixed-frequency factor models provide superior forecasts of the CPI, RPI, investment, and consumption when compared to the simple benchmark. During the Global Financial Crisis period, we find little evidence of superiority of factor models over the simple benchmark AR(p) model.     

反哺还是机会主义利己? ——对IPO阶段企业控股股东支持性关联交易的研究

选取2001-2019年A股IPO企业为研究样本,运用回归分析检验IPO阶段企业控股股东支持性关联交易的性质.研究结果显示,IPO前企业控股股东的支持性关联交易行为并不是着眼于企业长期发展的反哺,而是控股股东的短期机会主义利己行为.同时,盈利水平差、融资约束严重及外部市场法治化程度低的企业控股股东倾向于采用支持性关联交易"反哺"企业,而信息不对称程度并不影响"反哺"决策.进一步分析表明,控股股东更倾向于采取担保类和销售类支持性关联交易,且更倾向于在IPO前一年对上市企业提供爆发式的支持.     

Litigating crashes? Insights from security class actions

Investors tend to litigate large stock price declines, i.e., file ‘stock-drop lawsuits’. However, it is less clear whether the ex-ante threat of security class actions can deter stock price crashes in the first place. To answer this question, we exploit the 1999 ruling of the Ninth Circuit Court of Appeals that discourages security class actions as a quasi-exogenous shock, and find that reducing the threat of security class actions leads to a significant increase in stock price crash risk measured by negative skewness of stock returns. We reveal that the main effect is partially driven by a reduction in the timeliness of bad news disclosure and worsened earnings quality, which is consistent with the view that bad news hoarding serves as the key factor in the formation of a stock price crash. Our overall findings highlight the importance of security class actions in deterring the occurrence of firm-level negative tail events on the financial market.