Income comparison and happiness: The role of fair income distribution

Relative income gap is one of the most popular approaches for explaining the income–happiness relationship. We argue in this article that when people compare their incomes, they care about distributional fairness more than relative income disparity. It is difficult for us to explain China's income–happiness paradox if we simply compare the income gap and do not explore the income‐generation process leading to income inequality. We therefore employ an approach based on a responsibility‐sensitive theory of justice that decomposes individual income into fair and unfair components. As a proxy for distributional unfairness, unfair income is considered the main source of unhappiness. Using data from the Chinese Household Income Project survey, we find strong support for the negative relationship between income unfairness and happiness. We also find a significantly positive relationship between the relative income gap and income unfairness, which leads us to consider the income comparison hypothesis as the explanation for the income–happiness paradox in a new light. Sensitivity analyses confirm the robustness of our results.     

Economic uncertainty,oil prices,hedging and U.S. stock returns of the airline industry

This paper examines the impacts of economic policy uncertainty and oil price shocks on stock returns of U.S. airlines using both industry and firm-level data. Our empirical approach considers a structural vector-autoregressive model with variables recognized to be important for airline returns including jet fuel price volatility. Empirical results confirm that oil price increase, economic uncertainty and jet fuel price volatility have significantly adverse effect on real stock returns of airlines both at industry and at firm level. In addition, we also find that hedging future fuel purchase has statistically positive impact on the smaller airlines. Our results suggest policy implications for practitioners, managers of airline industry and commodity investors.     

Effects of employees’ opportunities to influence in-store music on sales: Evidence from a field experiment

The effects of in-store music on consumer behavior have attracted much attention in the marketing literature, but surprisingly few studies have investigated in-store music in relation to employees. By conducting a field experiment in eight Filippa K fashion stores in Stockholm, Sweden, we investigate whether it is beneficial for store owners to give employees more opportunities to influence the in-store music. We randomly assigned the stores into a treatment group and a control group, with the employees in the treatment stores having the opportunity to influence the in-store music through an app developed by Soundtrack Your Brand (SYB). The experiment lasted 56 weeks and sales data were also gathered 22 weeks before the experiment, resulting in a total of 4626 observations. Our results show that sales decreased by 6% when the employees had the opportunity to influence the music played in the store, and the effect is driven by a reduction in sales of women's clothing. Interviews with the employees revealed that they had diverse music preferences, frequently changed songs, and preferred to play high-intensity songs. Employees thus seem to make choices regarding the in-store music that reduce sales, implying that store owners might want to limit their opportunities to influence the background music.     

效率视角下"一带一路"沿线国家创新影响力研究

从效率差异视角构建国家创新影响力评价方法，揭示“一带一路”沿线国家创新要素流动倾向性以促进交流合作。运用DEA模型测算各国创新效率，根据DEA原理识别国家间的认可关系，构建创新网络并用节点特征向量中心度表示各国创新影响力，分析创新影响力类型、创新网络特征及创新投入冗余率与产出不足率。结果发现，各国创新效率存在显著差距;各国分别处于创新网络中心、核心和边缘位置，国家创新影响力依次递减;按照创新要素相对强度，沿线国家可分为6种创新类型;最后，提出沿线国家间开展创新交流与合作的必要性和途径。     

欧盟国际投资规则的源与流

欧盟在其近年来的国际投资协定谈判中,提出了不少对国际投资规则进行革新的内容。中国为应对将来中欧自由贸易协定谈判,除了分析欧盟国际投资规则本身之外,更应该对欧盟国际投资规则的形成与发展趋势有清晰的把握。欧盟投资规则的形成受到《里斯本条约》的影响,在发展过程中欧盟法院又起到了至关重要的作用。同时,欧盟的国际投资规则发展面临着一致性问题的影响。欧盟如何协调内部投资规则的冲突,如何协调欧盟与欧盟成员在外部的国际投资仲裁中的主体地位等问题都将影响着欧盟国际投资规则的发展,更影响着中国应对中欧双边贸易投资规则的谈判策略。     

Relationship between city size and firm productivity – A new interpretation using the Chinese experience

This paper contributes to the literature on the relationship between city size and firm productivity by focusing on agglomeration, selection (market competition), and sorting (presence of firms with diverse productivity) effects using Chinese firm-level data for 1998–2013. Contrary to the existing literature, our parametric regression estimates from nearly two million firms show that when the selection effect is controlled, productivity advantage in big cities is reversed. This outcome is explained through a quantile regression showing the existence of left-sided sorting (inefficient firms sort themselves to larger cities) in big cities which is not captured in existing empirical literature. We further find that (1) left-sided sorting is stronger in exporters than non-exporters; (2) is also generated mainly in enterprises with high asset-liability ratios; and (3) selection has a positive effect on firm productivity, suggesting that market competition is key in an explanation of the rapid growth of big cities in China.     

高校知识溢出与企业创新绩效

本文利用全样本数据探讨了作为创新和知识溢出微观主体的高校对企业创新绩效的影响。本文通过ArcGIS测算了2007-2015年上市公司所在地周边全部高校数量，并以企业研发投入金额、发明专利衡量企业创新水平，利用Anselin et al（2000）的KPF方程，采用双聚类OLS检验高校知识溢出对企业创新行为的影响效应与机制。研究发现：第一，高校知识溢出对企业研发创新投入和有效创新产出均具有显著促进作用；第二，知识溢出效应具有显著的地理邻近性特征，而行政边界关联影响较弱；第三，高校知识溢出通过提高企业研发投入，提升员工和管理层人力资本，进而影响企业创新绩效。进一步研究表明，空间异质性、高校异质性、企业异质性、中心城市集聚效应、高铁开通等因素导致高校知识溢出效应存在差异。     

市场竞争不完全与企业内部工资差距*——基于产品与劳动力市场融合视角的分析

理解工资差距的形成机制是在新时期破解发展不平衡不充分问题，进而实现共享发展的关键。本文从产品与劳动力市场竞争不完全相融合的视角，扩展了中国企业内部技能员工与非技能员工工资差距形成机制的研究，兼论消除竞争不完全的效率提高。基于中国企业数据并在统一的框架下构建市场竞争不完全的测算指标，本文发现：中国的市场化改革并不必然带来收入差距的扩大，不完全的市场化改革形成的产品与劳动力市场竞争不完全才是引发企业内部收入差距的重要原因。当存在市场竞争不完全时，企业会将产品市场势力扩展到劳动力市场，形成劳动力市场竞争不完全对工资差距的更大影响。这意味着单一的市场化改革不能有效缓解收入差距，只有产品与劳动力市场的同步改革才能达到最优的政策效果。中国的市场化改革可以在初次分配中通过发挥市场机制兼顾效率与公平。     

川渝黔一体化发展的战略目标和基本内容

作为长江上游的核心区域，川渝黔一体化发展的本质就是长江上游区域的一体化发展。战略目标有两个方面：在成渝城市群基础上形成世界级城市群、形成世界级主导产业和企业集团。其战略意义有五个方面：极大缓解我国不平衡不充分发展与人民追求美好生活愿望之间的矛盾、率先促进长江上游区域一体化发展、有助于加快实现“一带一路”和长江经济带等发展目标、有利于保护水资源和建成上游生态屏障、使我国有一个长远和稳固的战略后方基地。一体化发展的基本内容包含五个方面：交通通信设施一体化、产业发展一体化、监管和生产要素一体化、生态环境一体化、人口流动时身份规定一体化。     

科学型企业商业模式:中国情境的复合案例研究

以中国企业为研究对象，运用复合案例研究方法分析与构建了科学型企业商业模式概念模型，分离出科学平台和价值平台两个独特要素，进而构建以科学平台-价值平台互动为核心的P2P商业模式运作模型，并根据不同类型科学型企业，分析模型的有效性、适用性以及模型在不同类型科学型企业中的共性与差异，最后总结出科学型企业商业模式特点及企业管理对策。