Is foreign direct investment a channel of knowledge spillovers? Evidence from Japan's FDI in the United States

Recent empirical work has examined the extent to which international trade fosters international “spillovers” of technological information. FDI is an alternate, potentially equally important channel for the mediation of such knowledge spillovers. I introduce a framework for measuring international knowledge spillovers at the firm level, and I use this framework to directly test the hypothesis that FDI is a channel of knowledge spillovers for Japanese multinationals undertaking direct investments in the United States. Using an original firm-level panel data set on Japanese firms' FDI and innovative activity, I find evidence that FDI increases the flow of knowledge spillovers both from and to the investing Japanese firms.     

中国B2C旅游电子商务盈利模式比较研究--以携程旅行网和春秋旅游网为例

本文以携程旅行网和春秋旅游网为例，对两种具有普遍性的B2c旅游电子商务盈利模式建立模型并进行市场调查，比较分析这两种模式的共同点、核心差异、相对优劣和市场对他们的选择倾向，探讨我国B2C旅游电子商务与传统旅游企业结合的合理途径以及未来盈利模式的调整与发展方向，指出市场是判断盈利模式合理性的唯一标准。     

新型高效劣质柴油深度脱硫脱芳催化剂的研制

以溶胶-凝胶合成法结合CO2超临界干燥技术制备了性能优良的介孔TiO2-SiO2复合氧化物.以复合氧化物为载体,金属Ni-W或Pt/Pt-Pd为加氢组分,采用浸渍法制备的催化剂,采用两段加氢工艺,以大庆重催柴油为原料,在100 mL加氢装置上的评价结果表明,以TiO2-SiO2复合氧化物为载体制备的加氢催化剂,具有良好的加氢脱硫、脱芳性能,能使柴油的硫和芳烃指标达到<世界燃料标准>Ⅲ类柴油指标要求.     

B2B电子商务模式促进我国企业信用管理体系的建立

目前,我国企业普遍面临着严重的信用问题。缺乏有效完善的企业信用管理机制是造成这种局面的一个主要成因。从B2B电子商务的角度来分析,B2B模式有促进我国企业信用管理体系建立的可行性。并且企业利用第三方B2B交易平台所提供的资源,可以建立信用管理机制。     

A productivity analysis of Central and Eastern European banking taking into account risk decomposition and environmental variables

This paper develops a Luenberger productivity index that is applied to a technology where desirable and undesirable outputs are jointly produced and are possibly negative. The components of this Luenberger productivity index - the efficiency change and the components of the technological shift - are then decomposed into factors determined by the technology, adjusted and then for ‘risk and environment’, ‘risk management’ and ‘environmental effects’. The method is applied to Central and Eastern European banks operating during 1998-2003 utilising three alternative input/output methodologies (intermediation, production and profit/revenue). Additionally, the comparative analysis of the sensitivity of the productivity indices in the choice of the methodologies is undertaken using statistical and kernel density tests. It is found that the main driver of productivity change in Central and Eastern European banks is technological improvement. That is, in the beginning of the analysed period, the results hinged on the banks ability to capitalise on advanced technology and successfully take into account ‘risk and environmental’ factors. Whereas, in later periods, one of the most important factors of technological improvement/decline was ‘risk management’. Finally, the tests employed confirm previous findings, such as Pasiouras (2008)in this journal, that different input/output methodologies produce statistically different productivity results. Finally, we find that external factors, such as ‘risk in the economy’ and banking production, and a ‘corruption perception’ affect the productivity of banks.     

Inventories and optimal monetary policy in a small open economy

We study how inventory investment affects the design of optimal monetary policy in a New Keynesian small open economy model. We find that under producer currency pricing, when the intratemporal elasticity of substitution is smaller than 1, optimal monetary policy in our model with inventories is similar to a standard model without inventories. However, when the intratemporal elasticity of substitution is larger than 1, inventory investment increases the importance of nominal exchange rate stabilization relative to a standard model without inventories. The importance of nominal exchange rate stabilization increases with the intratemporal elasticity of substitution.     

Funded pensions and intergenerational and international risk sharing in general equilibrium

We explore intergenerational and international risk sharing in a general equilibrium multiple-country model with two-tier pensions systems. The exact design of the pension system is key for the way in which risks are shared over generations. The laissez-faire market solution fails to provide an optimal allocation because the young cannot share in the financial risks. However, the existence of wage-indexed bonds combined with a pension system with a fully funded second tier that pays defined wage-indexed benefits can reproduce the first best. If wage-indexed bonds are not available, mimicking the first best is not possible, except under special circumstances. We also explore whether national pension funds want to deviate from the first best by increasing domestic equity holdings. With wage-indexed bonds this incentive is absent, while there is indeed such an incentive when wage-indexed bonds do not exist.     

Can Commercialization Improve the Performance of Stock Exchanges Even without Corporatization?

We examine the performance of mutual, demutualized, and publicly listed exchanges and find evidence of improved performance along the exchange governance continuum, with publicly traded exchanges exhibiting better operating performance than demutualized exchanges. However, our robustness test, focusing on the corporatized exchanges that have gone through the three phases of the governance structure, shows that the listed exchanges do not exhibit evidence of incremental gains in efficiency and profitability beyond what they achieved at the demutualization phase. We conclude that commercialization provides sufficient freedom for exchanges to exploit monopoly rents before going public, while corporatization brings about proper valuation of the exchanges’ franchise.     

论加强P2P网络借贷平台的监管

P2P网络借贷,即在网上实现借贷,借入者和借出者均可利用这个网络平台实现借贷的在线交易,一切认证、记账、清算和交割等流程均通过网络完成,满足了人们对资本便利快捷的需求.本文阐述了P2P网络借贷的基本概念、发展情况和积极意义,分析了其业务流程可能引发的风险,认为应将网络借贷纳入监管体系,制定监管原则、模式、内容以及安全与技术指标,引导其健康发展.     

Venture Capital and Other Private Equity: a Survey

We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlight the importance of private ownership, and information asymmetry and illiquidity associated with it, as a key explanatory factor of what makes private equity different from other asset classes.