Engines of Growth in China: The Limits of Informal Institutions

Abstract:

Since the 1978 reforms, China has experienced rapid economic and social development. GDP growth has been in the double digits on average yearly, creating the fastest sustained economic growth recorded by a major economy in history. Not only did this transform the economy and society at large, China reached important milestones in terms of reducing poverty and creating prosperity in a short period of time. This article uses the conceptual framework of new institutional economics to examine China’s economic growth and how growth has been achieved largely by ‘informal institutions’ that are grounded in culture, customs, and private interactions that emerge spontaneously. The trajectory by which these informal institutions left their imprint on China’s complex economic landscape and how they can constrain future economic growth are also of central importance. After examining decentralization and risk management practices, property rights, and the legal system, we emphasize the importance of creating formal institutions necessary for long-term growth, most importantly innovation. Preliminary evidence shows total factor productivity is tapering off which may reflect the constraints of China’s institutional environment. This ought to be reversed if China is to enjoy long-term sustained growth.     

文化翻译阐释中的文化失误——杨译“Manproposes，Heavendisposes”文化阐释的个案研究

人们大都认为杨宪益所译《红楼梦》中“Manproposes,Heavendisposes”一句谚语忠实传达了源语文化内涵。通过综合分析关键词Heaven在英语中的文化内涵以及英语本族者的语感证实,杨完益和戴乃迭用Heaven一词并没有像众多论者所认为的那样忠实地传达了源语中的文化内涵。     

旅游文化学新论

中国国内的旅游文化研究已出现与旅游研究合流的趋势,旅游文化学徒有其名。旅游文化学不应是文化学视角的旅游学,而应是关于旅游文化系统及旅游文化研究的学问;旅游文化学不应混同于相关学科,它应有自己的研究对象、研究方法和研究意义;旅游文化学的研究对象也不应是旅游,而应是旅游文化系统及旅游文化研究。循此方向．旅游文化学别有天地。     

Market Incentives for Safe Foods: An Examination of Shareholder Losses from Meat and Poultry Recalls

Meat and poultry recalls, while voluntary, are carried out under governmental oversight. If firms have financial incentives to avoid being implicated in a recall situation, governmental involvement in recalls may cause firms to internalize social costs when making investment decisions concerning food safety controls. To examine these incentives, we analyze federally supervised meat and poultry recalls from 1982 to 1998 within an event study. Results show significant shareholder losses when publicly traded food companies are implicated in a recall involving serious food safety hazards. We find no evidence that the stock market reacts negatively when recalls involve less severe hazards.     

Chinese Residents' Demand for Outbound Travel: Evidence from the Chinese Family Panel Studies

This paper investigates potential factors influencing Chinese residents' demand for outbound travel. Based on survey data from the Chinese Family Panel Studies project conducted in 2008, we utilize several discrete choice models to analyze (1) factors explaining Chinese residents' participation in outbound travel in the last five years and (2) factors explaining various types of outbound travel. We highlight the importance of age, hukou type, personal income, education level, domestic tourism participation, foreign language proficiency, life satisfaction, and Internet use to explain Chinese residents' outbound travel. We also observe regional differences and urban–rural differences by estimating the model using different sub-samples. Finally, implications are presented concerning marketing efforts in targeting potential Chinese outbound tourists.     

商业银行操作风险内部衡量法及其应用研究

内部衡量法是巴塞尔委员会推荐使用的操作风险高级计量法中的主要方法之一,是标准法与其他高级法之间的一种过渡方法。在新资本协议实施中,它成为操作风险度量的主要方法。本文从操作风险预期损失EL和总资本要求计算方法入手,分别运用保险精算法与Copula函数对内部衡量法进行了深入的研究,提出了基于中等频数和中等损失情况下的内部衡量法计算公式,并设计了一个通过内部衡量法度量操作风险的使用框架。     

季报对股票价格的影响

事件研究方法是一种定量研究方法,用事件研究方法就季报对股票价格是否存在影响进行实证分析表明,改进的事件研究方法更加具有可操作性和适用性。     

标志性事件与城市饭店的空间布局——以广交会为例

标志性事件不仅促进城市经济发展、空间拓展以及树立良好的城市形象,而且对城市的饭店业造成显著的影响。以广交会为例,依据时间顺序探讨广交会对广州城市饭店空间布局的影响。研究发现,广交会展馆变迁直接推动展馆附近地区饭店设施建设,引导广州饭店由城市中心向边缘地区扩散,形成以展馆为核心的饭店集聚。造成饭店集聚的动力因素是行为因素、产业因素、交通因素以及政策因素共同作用的结果。随着城市空间扩展,影响饭店集聚因素不断产生变化,尤其是当主导影响因素发生改变时,将引起集聚区的衰落。     

Analysis of the Service Dominant Logic network,authors, and articles

The present study analyses research conducted in Service Dominant Logic (S-D logic), providing an overview of its intellectual structure. For that purpose, a structured approach was adopted through the implementation of bibliometric methods, using co-citation analysis combined with performance analysis and an integrative science mapping approach, which considered a timeline, a graph, and a distance-based perspective. This allowed the identification of the leading authors and of six clusters of articles based on bibliographic coupling, along with the most prominent research themes clustered in five subdomains of research based on co-occurrence of terms. The networks extracted show the associations between the main articles and concepts treated by the S-D logic community, unveiling the salient challenges and prospective expansion facing its future theoretical and practical context.     

How Does Stock Market React to Dividend Surprises? Evidence from Emerging Markets of India and Russia

In this article the authors empirically investigate information content of dividends announcements and average reaction of emerging markets of India and Russia to dividend surprises on the postcrisis period 2010 to 2014. The study applies an analysts’ expectations-based approach rarely used in academic literature. The authors conclude that the Russian market on average reacts negatively to good and bad dividend surprises; good dividend surprises on average trigger positive abnormal returns on Indian stocks, whereas bad and no surprises are associated with negative reactions of the Indian market. Results of the study are discussed from the perspective of dividend signaling theory, market efficiency, and investor behavior.