Firm exit,technological progress and trade

The dynamics of export market exit and firm closure have found limited attention in the new heterogeneous-firms trade literature. In fact, several of the predictions on firm survival and exit stemming from this new class of models are at odds with the stylized facts. Empirically, higher productivity firms survive longer, most firm closures are young firms, higher productivity exporters are more likely to continue to export compared to less productive exporters and market exits as well as firm closures are typically preceded by periods of contracting market shares. The present paper shows that the simple inclusion of exogenous economy wide technological progress into the standard Melitz (2003) model generates a tractable dynamic framework that generates endogenous exit decisions of firms in line with the stylized facts. Furthermore, we derive the effects of faster technological progress and trade liberalization on export market exit and firm closure.     

人文学研究状况简说

人文学是一片新近酝酿的思想云霞，她从学术的山林中袅袅而来。人文学是一片逐渐隆起的学科高地，她从高校的学院间涌动而成。人文学是一束古今成集的精神祥光，她与全球化的大格局交相辉映。人文学的博大精深注定不是对象化的学问，出之入之最需要水磨功夫和投身化境。我们不主张学派性、区域性和话语凝固性的研究，化感通变以期通和致化是进入人文学创造的必然过程。在人文学的曙光从地平线上升起之时，我们尽可能把学界的相关研究纳入视野，黄钟大吕自可宝爱，破砖碎石亦有功用，天章云霞堪成集锦，家藏敝帚聊以自珍。要在知通知化，妙于取精用弘，努力捕捉人文学内在的必然联系，庶几烘托作为重点研究领域的开放性学科创新。     

China＇s Outward Direct and Portfolio Investments

This paper analyzes developments and trends related to China's outward direct and financial investments by examining Chinese firms’overseas acquisitions, China's holdings of US Treasury securities, and the recently formally launched Qualified Domestic Institutional Investor programs. Strategies should be developed to reach optimal decisions for both direct and portfolio investments. We argue that China should have a longer‐term view for both direct and portfolio investments, enabling China to become the leader in Asia while maintaining its sustainable growth objective. China should invest heavily in the development of the Asian bond market and the Asian Currency Fund when making both portfolio and direct investment decisions.     

The Effectiveness of Gun Control Laws:

ABSTRACT In the July, 1998 issue of The American Journal of Economics and Sociology Professor Tomislav V. Kovandzic strongly criticized the 1997 work on gun control by Kwon, Scott, Safranski and Bae, which appears in the same journal. A rejoinder by Kwon et al. refuted Kovnanzic's criticisms and the authors stand by their published results. The purpose of this comment is to reconsider some of the points raised by Kovandzic and to consider other issues not raised in the original exchange. The bottom line is that several of the criticisms by Kovandzic are valid and, in fact, other serious econometric problems may plague the original paper by Kwon et al.