创业板与省域产业结构优化研究

本文开创性的从省域经验证据上研究并证实了创业板与产业结构优化升级的正向促进关系,尤其更进一步指出了地方政府不当行为阻碍了创业板的产业结构调整作用.创业板作为我国产业结构优化战略的重要载体,其设立五年来规模稳定扩张且产业引领效应初步显现.尽管地方政府有其特殊的激励机制背景,但应该保持市场中立的态度参与创业板市场,同时政府还应该从产业结构划分、创业板市场机制完善以及市场开放多方面进行改革.     

Truthful germs are contagious: A local-to-global characterization of truthfulness

We study the question of which social choice functions from an abstract type space to a set of outcomes are truthful, i.e., implementable by truthful mechanisms, when utilities are quasi-linear. For convex domains, our main theorem characterizes truthful social choice functions as those satisfying two properties: local weak monotonicity and vortex-freeness. The first of these constrains the function values at any two sufficiently proximal points, while the second asserts that its line integrals around sufficiently small triangular loops must vanish.The characterization implies a local-to-global principle that allows one to deduce truthfulness of a function from its behavior on arbitrarily small neighborhoods of each point. Other consequences include a simple alternate derivation of the Saks–Yu Theorem that weak monotonicity characterizes truthfulness of functions having a convex domain and finite range, and a sufficient condition for constructing truthful functions by “stitching together” truthful subfunctions on different subsets of the domain.     

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.     

Local Powers of Optimal One‐sample and Multi‐sample Tests for the Concentration of Fisher‐von Mises‐Langevin Distributions

One‐sample and multi‐sample tests on the concentration parameter of Fisher‐von Mises‐Langevin distributions on (hyper‐)spheres have been well studied in the literature. However, only little is known about their behaviour under local alternatives, which is due to complications inherent to the curved nature of the parameter space. The aim of the present paper therefore consists in filling that gap by having recourse to the Le Cam methodology, which has recently been adapted from the linear to the spherical setup. We obtain explicit expressions of the powers for the most efficient one‐ and multi‐sample tests. As a nice by‐product, we are also able to write down the powers (against local Fisher‐von Mises‐Langevin alternatives) of the celebrated Rayleigh test of uniformity. A Monte Carlo simulation study confirms our theoretical findings and shows the empirical powers of the above‐mentioned procedures.     

Corporate Cash Holding in Asia

In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.     

The effects of haze pollution on stock performances: evidence from China

Haze pollution has become the most important environmental issue in China in recent years. Using the data of PM_2.5 concentration and stocks of listed companies located in Beijing between 2010 and 2014, this article investigates the effects of haze pollution on stock performances. Empirical results indicate that haze pollution has significant negative effects on stock returns and significant positive effects on stock volatilities, through the channel of investors’ mood. Furthermore, the effects of haze pollution on stock returns emerge gradually and the effects of haze pollution on stock volatilities weaken gradually over time during a trading day.     

The nature of ethical entrepreneurship in tourism

This article examines ethical entrepreneurship in tourism by developing a Weberian Ideal-Type Construct for an ethical tourism entrepreneur, and thereby deeper understanding of ethical tourism entrepreneurship. This research contributes to the extremely scarce literature at the academic juncture of ethics, tourism and entrepreneurship, which is significant as tourism is characterised by entrepreneurial idiosyncrasies with ethical challenges. The study is methodologically rooted in Personal Construct Theory. The qualitative findings from 15 semi-structured interviews with entrepreneurs, who have been commended for their ethical business conduct, show that ethical entrepreneurship in tourism is based on intuitionism, care and relationships, future-orientation, humility and benevolence as key virtues. These findings challenge the more traditional views of entrepreneurial attributes, such as egoism, risk-taking and opportunism.     

Using partial identification methods to estimate the effect of violence against women on their children’s health outcomes

A growing literature in economics seeks to estimate the costs of violence against women by examining, for example, its impact on the health outcomes of their children. However, it is difficult to assign a causal interpretation to these nonexperimental studies due to the presence of unobservable characteristics affecting violence and health outcomes simultaneously. The lack of credible instrumental variables applicable in several countries further limits our knowledge. I address this gap by using new partial identification methods to estimate the relative size of the unobservables needed to eliminate the estimated effects in nonexperimental studies. I also expand the external validity of the analysis by using data from five standardized nationally representative household surveys in Latin America. Consistent with previous studies, cross-sectional estimates show large negative associations between violence against women and an array of child health outcomes. However, when accounting for omitted variable bias, at best, two-thirds of the estimates remain robust and they are concentrated on the outcomes with the largest cross-sectional estimated impacts.     

How should Engel's law be formulated?

Engel's law expresses a “negative stochastic association” of income and the proportion of income that is spent on food. However, there are many quite different notions of “negative stochastic association” and consequently there are different ways of defining Engel's law. We relate these different concepts to Engel's original statistical analysis and show that one must give credit to Engel for the first non-parametric statistical analysis of budget-data.     

Effects of perceived product quality and Lifestyles of Health and Sustainability (LOHAS) on consumer price preferences for children's furniture in China

The effects of perceived product quality and orientation toward Lifestyles of Health and Sustainability (LOHAS) on consumer price preferences were studied with the use of survey data of the children's furniture market in two metropolitan cities of China: Shanghai and Shenzhen. Based on the results from a factor analysis and logistic regression, consumers’ perceived product quality of children's furniture was identified as a four-dimensional construct: ‘supplier attributes’, ‘extended product attributes’, ‘basic product attributes’ and ‘environmental quality attributes’. Consumer price preferences were discovered to be negatively influenced by ‘basic product attributes’, but positively influenced by consumer orientation towards LOHAS, gender and education level. In conclusion, China's children's furniture market presents a high-end niche segment with growth potential for both furniture producers and wood material suppliers.