Social media and price discovery: The case of cross-listed firms

In this article, we examine whether social media information affects the price-discovery process for cross-listed companies. Using over 29 million overnight tweets mentioning cross-listed companies, we examine the role of social media for a link between the last periods of trading in the US markets and the first periods in the UK market. Our estimates suggest that the size and content of information flows on social networks support the price-discovery process. The interactions between lagged US stock features and overnight tweets significantly affect stock returns and volatility of cross-listed stocks when the UK market opens. These effects weaken and disappear 1 to 3 hr after the opening of the UK market. We also develop a profitable trading strategy based on overnight social media, and the profits remain economically significant after considering transaction costs.     

Temporary migrants and gender housework division among left-behind household members

We examine whether Vietnamese migrant workers induce a shift in gender roles in housework division among the household members left behind. Using two waves of the Vietnamese Household Living Standard Survey (2006–2008), we apply the first-difference method and estimate a simple household fixed effects model with instrumental variables for robustness checking. We find that temporary female migrants are associated with a higher probability of undertaking housework by male members left behind and there is a reduction in the gender gap in terms of time spent on chores. However, we find little evidence for a similar reduction in the gender gap when the household size is altered for other reasons.     

Unveiling the role of entrepreneurial knowledge and cognition as antecedents of entrepreneurial intention: a meta-analytic study

Although entrepreneurial intention has been regarded as one of the most important drivers of creativity, innovation, and performance in firms, a comprehensive framework that integrates the relevant influential factors has yet to be developed. Drawing on the theory of planned behavior and the social cognitive career theory, this study investigates the critical antecedents, mediators, and moderators of entrepreneurial intention. A meta-analytic approach is employed to validate the proposed hypotheses, and 89 primary studies with a total sample size of 51,919 are analyzed. The results indicate the existence of differences in the manner in which entrepreneurial knowledge influences cognitive antecedents in the individuals who participate in new ventures. Furthermore, personal attitude and self-efficacy play a vital role in predicting entrepreneurial intention. Demographic characteristics (such as age, gender, and education background) significantly moderate the relationship between cognitive antecedents and entrepreneurial intention, indicating that men tend to adopt more entrepreneurial behaviors than women, that older individuals with more positive attitudes have a higher propensity to start ventures than younger ones, and that those with higher education attainment tend to have lower self-employment. These findings offer several recommendations. They could provide valuable references for further academic work, which should aim to extend and validate them. The findings are also very beneficial for professional experts tasked with the design of effective programs for enhancing entrepreneurial behavior.

     

短波射频数字化接收机的设计与实现

针对传统中频数字化接收机复杂度高、灵活性差等问题,设计并实现了一种新型短波射频数字化接收机.该接收机由A/D、数字下变频器(DDC)、DSP、D/A、CPLD等几部分组成,实现了短波信号的射频数字化处理.详细介绍了接收机的设计方案,并对常见的调幅(AM)、等幅报(CW)、单边带(ISB)等信号进行了接收测试.在输入电平为-103～0 dB动态范围内,解调输出质量都能达到12 dB左右信纳得(SND).     

首要城市主导产业扩散效应研究：基于京津冀城市群的实证

为拟合京津冀城市群中核心城市的扩散与回流效应，利用2005-2019年京津冀城市群8个城市面板数据，构建以北京、天津为单核心或双核心的城市主导产业对外围城市关联产业以及高产值产业的扩散效应模型，分析得出3个结论：①首都对外围城市的回流效应导致外围城市产业发展低端化，并制约首都高端制造业发挥扩散效应；②首都与区域内中小型城市发展差距大，使第二大城市承接发展转移的中介功能得到提高，并通过与首要城市的连结促进承接发展转移的中介城市产业发展；③回流效应影响主导产业向外关联性拓展，导致外围城市产业发展仍需依托聚集经济，相同产业的大量集聚影响产业多样性，制约产业集群发展。基于此，建议通过提升外围城市公共服务与基础设施水平、加速主导产业升级以及强化第二大城市中介功能，提升城市间产业协作水平。     

Impacts of switching from business households to enterprises on the financial performance

Portuguese Economic Journal - This study aims to elucidate whether switching from business households to enterprises brings higher financial performance than not switching. The study was carried...     

加快推进河北省经济"稳中求进"的思考与建议——2020-2021年河北省经济形势分析会综述

"双循环"新发展格局下,依托资源禀赋和产业优势,加快构筑河北经济高质量发展新动力、新优势,充分释放经济增长潜力,对加快推进经济强省美丽河北建设意义重大.2021年,河北经济稳中有进,"三新"经济表现亮眼,产业结构持续优化,外贸成为经济增长"引爆点".但同时,受经济复苏、政策效应以及国内疫情散点式突发等多重因素影响,河北经济在供应链维稳、工业生产提质、项目投资和需求拉动等方面仍面临较大压力.要抢抓"三件大事"重大机遇正在加速转化为河北发展强大势能的有利契机,进一步创新发展思路,深挖潜力,精准施策,集中发力,在推进经济高质量中展现河北新作为.     

Optimal consumption with reference to past spending maximum

Finance and Stochastics - This paper studies the infinite-horizon optimal consumption problem with a path-dependent reference under exponential utility. The performance is measured by the...