Institutional investors and international investments in emerging economy firms: A behavioral risk perspective

While the extant literature has examined the influence of controlling and non-controlling principals on the internationalization decisions of emerging market firms, heterogeneity among non-controlling principals is largely ignored. The risk characteristics of different groups of owners, shaped by their institutional environments, could contribute to the differences in their preferences for firm internationalization. In this paper, we draw insights from institutional theory and behavioral risk perspective to examine the risk propensities and risk perceptions of various non-controlling principals, such as pressure-resistant (FIIs and mutual funds) and pressure-sensitive (banks, insurance companies and lending institutions) institutional investors. Empirical results from a sample of 2364 unique Indian firms during the 2005–2014 time-period show that, after controlling for firm-level resources and capabilities identified in prior literature, the ownership share of different types of institutional investors is associated with firms’ international investments differently. While pressure-sensitive institutional investors, such as banks and insurance companies, are not supportive of foreign investments by firms, pressure-resistant institutional investors, such as FIIs and mutual funds, are supportive of this strategic decision. Furthermore, our results show that the family ownership in a firm (measured in terms of family shareholding) further lowers the preference of pressure sensitive institutional investors for internationalization, whereas family ownership positively moderates the pressure resistant investors towards internationalization.     

VIX term structure and VIX futures pricing with realized volatility

Using an extended LHARG model proposed by Majewski et al. (2015, J Econ, 187, 521–531), we derive the closed-form pricing formulas for both the Chicago Board Options Exchange VIX term structure and VIX futures with different maturities. Our empirical results suggest that the quarterly and yearly components of lagged realized volatility should be added into the model to capture the long-term volatility dynamics. By using the realized volatility based on high-frequency data, the proposed model provides superior pricing performance compared with the classic Heston–Nandi GARCH model under a variance-dependent pricing kernel, both in-sample and out-of-sample. The improvement is more pronounced during high volatility periods.     

Measuring Inflation Anchoring and Uncertainty: A U.S. and Euro Area Comparison

We use several U.S. and euro‐area surveys of professional forecasters to estimate a dynamic factor model of inflation featuring time‐varying uncertainty. We obtain survey‐consistent distributions of future inflation at any horizon, both in the U.S. and the euro area. Equipped with this model, we propose a novel measure of the anchoring of inflation expectations that accounts for inflation uncertainty. Our results suggest that following the Great Recession, inflation anchoring improved in the United States, while mild de‐anchoring occurred in the euro area. As of our sample end, both areas appear to be almost equally anchored.     

地下综合管廊混凝土爆灰检测及加固

针对某市钢筋混凝土地下综合管廊的现浇顶板、侧壁出现的混凝土爆灰质量缺陷,为确保管廊结构的安全使用,采用钻心法、超声波法、沸煮试验、爆灰物质的化学成分分析等检测方法,对爆灰现象进行了检测。结果显示,混凝土中存在的块状氧化钙与水熟化后体积增大1倍~2.5倍,使得混凝土在强度未达到设计抗拉强度前在块状氧化钙体积膨胀应力作用下被拉裂,导致了此类质量缺陷的发生。分析了质量缺陷对管廊结构的影响,并对管廊结构进行了加固设计及处理,满足了结构的正常安全使用要求。研究结果可为类似爆灰缺陷的设计及处理提供参考。     

Farm size and productivity growth in the United States Corn Belt

In recent decades, agricultural production in the U.S. has continued to shift to large-scale operations, raising concerns about the economic viability of small and midsized farms. To understand whether economies of size provided an incentive for the consolidation of production, the study estimates the total factor productivity (TFP) of five size classes of grain-producing farms in the U.S. Heartland (Corn Belt) region. Using quinquennial Agricultural Census data from 1982 to 2012 the study also compares TFP growth rates across farm sizes to gain insight into whether observed productivity differences are likely to persist. The finding of a strong positive relationship between farm size and TFP suggests that consolidation of production has contributed to recent aggregate productivity growth in the crop sector. The study estimates the extent to which sectoral productivity growth can be attributed to structural change versus other factors including technological change. The study also explores some tradeoffs associated with policies that raise the productivity of small versus large farms.     

城镇群空间结构与要素集聚

依据城镇化发展过程中要素空间集聚理论，展开区域经济发展的空间经济结构研究。通过城市引力、克鲁格曼指数计算，比较分析城镇群内部城市吸引力和城市产业分布的差异性，通过人口与生产空间分布集中度指标和不一致系数的测算，分析了山西省城镇群空间要素集聚效应。研究表明，山西省的城镇群规划与要素空间集聚趋势整体一致，城市间产业分工体系基本形成，城镇群的要素集聚效应明显，但人口与生产分布仍存在不一致性。研究认为，山西省城镇群发展应该继续明确各城市的产业分工和特色，引导劳动力和资本要素的合理流动，实现人口与生产空间分布的一致。     

碳排放交易制度的节能减排路径：效率提升还是结构转型？——来自中国省级数据的准自然实验

以中国2013年以来实行的碳排放交易试点政策作为准自然实验事件，基于2000-2017年中国30个省市的面板数据，运用双重差分法实证检验碳排放交易制度的节能减排效应及影响机制。研究发现，碳排放交易制度有利于实现中国经济“节能”与“减排”的双重目标，并通过了一系列稳健性检验；作用机制检验表明，能源效率提升和能源结构转型都是碳排放交易制度实现节能减排目标的重要路径；能源效率提升在碳排放交易制度实现“节能”和“减排”中分别发挥了10.19%和5.93%的作用，而能源结构转型分别发挥了48.87%和52.95%的作用。这意味着中国碳排放交易制度实现节能减排的主要动力来自能源结构转型，而非能源效率提升。能源结构转型涉及问题更加宏观和深层，这为中国加快推进节能减排进程，特别是完成2030年碳达峰和2060年碳中和的国际承诺提供政策启示。     

Network structure,portfolio diversification and systemic risk

We investigate the effect of portfolio diversification on banking systemic risk, where the network effect is incorporated. We analyze three kinds of interbank networks, namely, random networks, small-world networks and scale-free networks. We show that the effect of portfolio diversification on banking systemic risk depends on interbank network structures and shock types. First, systemic risk increases first and then reduces with the increase of the level of portfolio diversification in the case of the individual shock. Second, in the case of the systemic shock, systemic risk reduces with the increases of the level of portfolio diversification. Third, banking systems with scale-free network structures are the most stable, and those with small-world network structures are the most vulnerable.