Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.     

Unbundling the differences between Psychic and Cultural Distance: An empirical examination of the existing measures

The diversity between the country-scores of Hofstede, Schwartz, GLOBE, Håkanson and Ambos and Dow and Karunaratna is the main focus of this study. To investigate the correlation between the country-scores of these CD (Cultural Distance), pPD (perceived Psychic Distance) and PDs (Psychic Distance stimuli) instruments we apply the Mantel test, a test predominantly used in anthropology and genetics, which can be particularly insightful when examining “distance” data. The matrix correlation findings provide evidence supporting the high diversity between these measures and their lack of consistent results for the same countries. Therefore, despite the similarity between the way of conceptualizing and operationalizing CD that Hofstede, Schwartz and GLOBE share, these CD measures do not report consistent findings. Consistently, the lack of correlation, between the PDs measure of Dow & Karunaratna and pPD of Håkanson & Ambos, indicates the diversity between PD stimuli measures and perceived PD measures. At the same time, while the two Psychic Distance (PD) measures indicate high correlation in some cases, overall they are highly diverse from the CD measures. We argue, therefore, that identical studies could reach significantly different conclusions by simply using different measures of CD,pPD&PDs which then denotes significant implications for the reliability of research findings. Additionally, we point out potential weaknesses of these measures when examining culturally proximate countries and multicultural nations.     

Measuring the Level and Inequality of Wealth: An Application to China

We construct and compare three distinct measures of household asset wealth that complement traditional income‐ or expenditure‐based measures of socioeconomic status. We apply these measures to longitudinal household survey data from China and demonstrate that household asset wealth has been increasing over time, a theme consistent with many previous studies on the process of development in China. Unlike other studies that have shown rising income inequality over time, however, we show that asset wealth inequality has actually been declining in recent years, indicating widespread participation in the benefits of economic reforms. Furthermore, the evolution in the cumulative distribution of household welfare is such that social welfare has been increasing with the passage of time, despite rising inequality in the early years of the survey.     

Analysis of interregional industry linkage and economic distance in China: evidence from the mining industry

The mining industry is an important sector of the national economy, which provides essential support for energy and other resources for economic development. Industrial linkage and economic distance are two different concepts in measuring the correlationship of different industries, in this article, we apply the model that combines both of them to analyse the industries significantly influence the mining industry. We find that electricity and heating industry, and the mining industry itself from forward linkages have greatly influenced the mining industry, and the industries from backward linkages affect mining industry are changing with industrial economic transformation. We also find resources can flow across several regions only after 2007, which means the role of geographical factors limiting long-range transportation of resources is weakening after 2007. And we explain how resources flow among various regions during 1997 ~ 2007. Based on the findings above, policy implications from the empirical results obtained are discussed.     

地理资本视角下村级多维贫困测度及贫困类型划分*——基于重庆市1 919个市级贫困村调研数据

[目的]精确测度村级多维贫困以及划分贫困类型,是当前提高贫困识别精准度,进一步推进农村精准脱贫的战略需求。[方法]文章基于重庆市1 919个市级贫困村的调研数据,构建地理资本视角下村域多维贫困测度指标体系,并采用多维贫困测度模型、指标贡献度模型和最小方差方法系统揭示了重庆市贫困村多维贫困程度、贫困类型及其空间分布特征。[结果](1)重庆市贫困村多维贫困程度呈两端大中间小的"哑铃状"结构,贫困程度极化特征显著,区域发展具有不平衡性。空间分布上,贫困村多维贫困程度呈从渝东北、渝东南分别向渝西地区逐渐减轻的特征,贫困村多维贫困程度存在明显的地域性差异;(2)重庆市贫困村贫困类型主要分为单资本缺失型、双资本缺失型、三资本缺失型、四资本缺失型4个类型,其占比分别为9.07%、20.27%、66.91%、3.75%,三资本缺失型是最主要的贫困类型。[结论]重庆市贫困村致贫因素复杂多样,需要根据各自的贫困特征,因地制宜地开展差别化的帮扶工作。科学推进精准扶贫战略,力争实现2020年全面脱贫。     

集体林权配套改革非农就业地理距离与农户林业投入行为——基于9省18县面板数据的验证

基于9省18县市2009~2013年1452户农户数据,运用面板数据随机效应模型,论证了非农就业地理距离,集体林权配套改革对于农户林业投入行为会产生的影响。基于研究得出结论:非农就业的地理距离越远,家庭外出务工指数越高,对家庭林业投入产生的负向作用越大;集体林权配套改革中,林权贷款以及林地流转对农户林业投入有显著正向影响;此外,农户林地面积、所在村到县城距离、是否为山区、是否获得林权贷款以及是否参与林地流转都对农户林业投入有显著影响。因此,提出充分利用当地林业资源推动农户本地非农就业以及推动林地流转与林权贷款等配套改革措施的政策建议。     

Excess capacity,production technology and technical inefficiency in hospitality sector

This article examines the effects of excess capacity on the production cost and technical inefficiency of hotels and restaurants in Norway. The dataset includes a daily unbalanced panel of 94 hotels and restaurants from 2003 to 2014. To accommodate inefficiency, we use an input distance function (IDF). Inefficiency in the IDF means that if inputs are overused by k% then production cost is also increased by k%. We also allow inefficiency to differ across locations and regions by using them as determinants. The results indicate that excess capacity considerably affects the cost and increases inefficiency. The marginal effect on cost increases with excess capacity, but the effect on inefficiency sets in when it exceeds 50 percent. Furthermore, we find less overuse of inputs by firms in small metro towns and the Northern region causing them to be more efficient [except for the Southern and Western regions] than their counterparts.     

Productivity Dispersion and Measurement Error

Several reasons have been put forward to explain the high dispersion of productivity across establishments: quality of management, different input usage and market distortions, to name but a few. Although it is acknowledged that a sizable portion of productivity dispersion may also be due to measurement error, little research has been devoted to identifying how much they contribute. We outline a novel procedure for identifying the role of measurement error in explaining the empirical dispersion of productivity across establishments. The starting point of our framework is the errors-in-variable model consisting of a measurement equation and a structural equation for latent productivity. We estimate the variance of the measurement error and subsequently estimate the variance of the latent productivity variable, which is not contaminated by measurement error. Using Norwegian data on the manufacture of food products, we find that about one percent of the measured dispersion stems from measurement error.     

Institutional distance and Turkey’s outward foreign direct investment

This study empirically examines the relation between institutional distance (ID) and Turkey’s outward foreign direct investment (TODI). The empirical results use panel data from 2002 to 2016 to show that TODI is attracted to countries with better institutional quality. We also find that host country political stability, government effectiveness, control of corruption, and rule of law attract TODI. We also document that TODI is positively related to cultural distance (CD) and ID is not moderated by CD.     

广东湖北碳排放权市场动态相依性分析与风险测度

选择具有代表性的湖北和广东碳排放权交易市场为研究对象,利用GARCH-POT-Copula模型对这两个市场的动态相依性与组合风险度量进行分析。研究结果表明:广东和湖北碳排放权市场之间的相依度较小,两个碳排放权市场价格波动不能给对方市场带来较大的影响,两市场近似于独立存在。提出了要从配额指标、基础设施建设、报送系统、市场交易主体等方面建立健全和完善全国统一的碳排放权交易市场的建议。