An experiment of social learning with endogenous timing

In this paper, we experimentally investigate a social learning model with endogenous timing. Specifically, we focus on a model, in which two subjects are supposed to make a binary decision. One alternative is a safe action with a fixed payoff, while the other alternative is a risky action. The subjects can make their decisions in three stages. The safe action is reversible, but the risky action is not. A subject who delays his decision can observe the decision of the other subject in the earlier stages, and as a result, acquire more information. We show that players do delay their decisions in order to obtain more information. Furthermore, they delay especially when their private information does not particularly support the risky action. We also find evidence which suggests that risk aversion plays an important role in timing decisions, often leading to ex post inefficient outcomes.     

论信息技术对企业组织结构的影响

信息技术的应用改变了企业的经济环境 ,改善了企业的经营手段 ,同时也推动了企业组织结构的革新。文章分析了信息技术对企业组织结构的影响 ,探讨了企业组织结构的变化趋势。     

Are Gold and Government Bond Safe‐Haven Assets? An Extremal Quantile Regression Analysis

This study reexamines gold and government bonds as potential safe‐haven assets (SHAs) during market turmoil from daily data in 16 international markets over the past 20 years. We apply the extremal quantile regression model by Chernozhukov and Chernozhukov and Fernandez‐Val for empirical investigation. The outcomes indicate that a government bond is more likely to be qualified an active SHA, which can increase in value during market turmoil. Gold can be generally evaluated as a passive SHA, which is uncorrelated with market slumps. However, at the extremal 0.001 quantile level, neither asset can be qualified as a SHA. Since both assets exhibit a similar number of cases of being qualified as SHAs, we cannot significantly differentiate the “flight‐to‐liquidity” and “flight‐to‐quality” hypotheses. In terms of market selection, United States and Singapore are the top two choices while France and Hungary are the least commended markets to invest their local gold market as SHA.     

媒体情绪与房价波动*

本文使用2000—2015年中国112个大中城市媒体报道和房价月度指数研究了媒体异质性对房价波动的影响。研究发现，纸媒情绪对房价波动的影响大于网媒情绪，中央媒体情绪对房价波动的影响大于地方媒体情绪，明星微博情绪对房价波动的影响大于普通微博情绪，媒体语气确定性和报道篇幅对房价波动有正影响，明星城市媒体情绪较非明星城市更易引起房价波动。据此，为防范非理性房价波动，应加强对不同媒体报道的监管。     

Passive blockholders,informational efficiency of prices,and firm value

This paper analyzes the role of passive blockholders in corporate governance using data on Schedule 13G filings. We show that firm value increases with the number and aggregate ownership of passive blockholders after controlling for other possible determinants of firm value. More importantly, we show that the informational efficiency of prices (IEP) increases with the number and aggregate ownership of passive blockholders, and IEP is a channel through which passive blockholders affect firm value. Overall, our results suggest that managers perform better when stock prices reflect the economic consequences of their actions promptly and accurately through information‐based trading of blockholders.     

“村改居”群体城市社会融入的影响因素研究

社会融入是社会行动的结果,而经济活动是社会行动的首要活动。根据对陕西省西安市的调查数据,以“是否持续参与城市社会经济活动”考量“村改居”群体的城市社会融入与否,运用二元Logistic回归模型,从自身特征、经济资本、人力资本和社会支持4个方面分析“村改居”群体城市社会融入的影响因素,结果表明：“村改居”群体的城市社会融入与年龄、性别等自身条件无关,经济资本中分红、房租等可替代收入变量和人力资本中高层次职业变量的影响不显著,社会支持等外部因素的影响也不显著;交往能力和政策制度变量在各自的类别模型中对“村改居”群体的城市社会融入具有显著影响,但未能进入最终模型;就业收入、文化程度和一技之长对“村改居”群体的城市社会融入具有显著正向。因此,“村改居”群体提高就业收入和文化程度以及拥有一技之长,均有助于其城市社会融入进程。     

房价对居民消费的跨空间影响*——基于中国278个城市空间面板数据的实证研究

本文首先基于住房财富效应，构建了房价变动对居民消费的跨空间影响的分析框架。该框架阐释了住房财富效应的区域差异：不同地区间房价的空间传导、居民的异地消费以及消费的示范效应，使得本地房价变动可能引起周边地区居民消费的连锁反应。其后，本文利用中国278个地级市2000—2018年数据，通过空间面板杜宾模型，实证考察了不同地区住房财富效应的差异，以及房价变动对居民消费的跨空间影响。结果显示：（1）虽然中国整体上存在住房财富效应，但西部城市财富效应并不显著，并且核心城市还存在负财富效应。（2）不同城市间房价对消费存在跨区影响。东部城市和核心城市对周边城市消费的正向影响很显著，而边缘城市则对周边城市消费有显著的负向影响。（3）不同城市间的消费也具有空间上的示范效应。最后，本文从房价和居民消费空间联动的视角，为政府扩大内需、调控房地产市场提供了相关政策建议。     

会计制度变迁与会计寻租

会计准则具有经济后果，是利益相关者之间利益冲突与协调的结果。在会计制度的变迁过程中，原有会计制度的均衡状态被打破，与准则相关的利益集团围绕新的会计准则制定展开新一轮的博弈并迭到新的均衡。我国会计制度的“双轨制”变迁模式是利益相关者的利益冲突重新协调与折衷的结果，会计寻租对此起到了推动作用，“双轨制”反过来又进一步促使会计寻租的发生。利益相关者之间的多重博弈使会计寻租达到纳什均衡状态，基于会计寻租的“双刃”性，对会计寻租的控制只能适度地进行。     

Informativeness of experiments for meu

The celebrated Blackwell’s theorem demonstrates the equivalence of a notion of statistical informativeness and economic valuableness for the class of preferences that are represented by the subjective expected utility. This note shows that this equivalence holds for a larger class of preferences, namely maxmin$maxmin$ expected utility.     

我国旅游饭店业的人力资源开发

旅游饭店业作为劳动密集型产业 ,人力资源的开发和管理已成为其获取核心竞争力的关键性因素。通过对我国旅游饭店业人力资源开发的现状及存在的问题的分析 ,提出对我国旅游饭店业人力资源开发的几点建议 :改善教育体制 ,提高饭店人力资源的质量 ;重视人员培训 ,加大饭店人力资源的供给 ;注重企业文化建设 ,发挥员工的积极性 ;充分发挥政府的职能 ,为旅游饭店业的发展提供良好的宏观环境