中国城镇居民家庭异质性与风险金融资产投资

运用2011年中国家庭金融调查（ CHFS）数据,研究了中国城镇居民家庭风险金融资产投资情况,实证中系统考虑了家庭异质性影响因素。主要的发现有：风险性金融资产比例在家庭资产净值达到约170万后开始下降,样本家庭的平均资产净值远离下降点;信贷约束的存在降低了风险资产的投资比例;家庭房产和风险金融资产之间是互补关系而非替代关系;健康状况、家庭医疗支出对医疗保险计划的影响至关重要;风险性金融资产比例在户主年龄达到约58岁后开始下降,样本家庭户主的平均年龄接近下降点。这些实证结论为政府提供了更具针对性的政策含义。     

Location choices under strategic interactions

We explore a fundamental aspect of firms' location choices largely overlooked in the literature: strategic interaction. We formalize the notion that strategic interaction renders collocation less appealing by fostering competition, which erodes firms' profits. Strategic interaction also impacts location choices across time. Specifically, because firms learn by doing in markets, location choices are shaped by two novel effects: entrenchment benefits from entering early in a market and improving capabilities relative to rivals, and opportunity costs from postponing entry to other markets where rivals enter and learn. When learning is local, firms collocate more: rivals are preempted from improving relative capabilities in higher‐value markets. However, when learning is global, firms collocate less: they can transfer capabilities from lower‐value to higher‐value markets, blocking rivals from achieving entrenchment benefits. Copyright © 2013 John Wiley & Sons, Ltd.     

Stochastic Route Choice Equilibrium Assignment for Travelers with Heterogeneous Regret Aversions

Most route choice models assume that people are completely rational. Recently, regret theory has attracted researchers’ attentions because of its power to depict real travel behavior. This paper proposes a multiclass stochastic user equilibrium assignment model by using regret theory. All users are differentiated by their own regret aversion. The route travel disutility for users of each class is defined as a linear combination of the travel time and anticipated regret. The proposed model is formulated as a variational inequality problem and solved by using the self-regulated averaging method. The numerical results show that users’ regret aversion indeed influences their route choice behavior and that users with high regret aversion are more inclined to change route choice when the traffic congestion degree varies.     

Media heterogeneity and post‐earnings announcement drift: evidence from China

This paper examines how the Chinese stock market acts differently towards state‐controlled and market‐oriented media coverage. Using a setting of post‐earnings announcement drift, we find that information from state‐controlled media enters the stock price in a timelier manner, while the message from market‐oriented media needs more time to get a response from investors. The effect is also influenced by whether the type of news coverage is good or bad. Our findings suggest that the capital market underreacts when good news is reported by the market‐oriented media.     

金融集聚能缓解中小企业融资约束吗？——基于非线性和区域异质性的视角

以2009—2017年上市中小企业面板数据为样本，应用现金现金流敏感性模型分析了金融集聚对中小企业融资约束的影响。研究发现：整体上金融集聚可以一定程度缓解中小企业融资约束，但存在地区性差异，且门槛效应明显。金融集聚对低金融集聚水平地区的中小企业融资困境有明显改善，但其影响随着金融集聚水平的增加而减少。当金融集聚水平超过高门槛值时，这一作用非常微弱，总体上呈现非线性特征。这说明当金融资源高度集中时可能产生挤出效应。     

基于跨国并购的创新网络嵌入、网络异质性与创新质量研究

区别于现有研究通常将跨国并购视为一个“事件”研究其对并购企业技术创新的影响，基于创新网络视角，文章采用中国上市公司数据，通过关系嵌入和结构嵌入两个维度探讨基于跨国并购的国外创新网络对创新质量的影响机制。研究发现，通过跨国并购嵌入创新网络的直接联系促进了创新质量提升，间接联系和结构洞对创新质量产生了显著的抑制效应。网络异质性对基于跨国并购的创新网络嵌入与创新质量具有倒U型调节作用，在网络异质适度阶段，网络异质性正向调节基于跨国并购的创新网络嵌入的创新质量效应，在网络异质过度阶段，网络异质性具有负向调节效应。研究发现为新兴经济体企业实施跨国并购，有效嵌入国外创新网络，配置创新资源，提升创新质量，提供了有价值的参考。     

Multinational activity of European firms and heterogeneity

This paper offers an empirical assessment of the multinational activity of European firms. It takes the predictions of models of firm heterogeneity and FDI activity as a reference to explore the characteristics of multinational firms from 30 European countries. We use a data set, based on ORBIS, which links information of parent–affiliate pairs of firms. Our results show that more productive firms have greater multinational activity in terms of both scope, the number of foreign markets where they invest, and scale, the volume of local sales by subsidiaries active in foreign markets. The estimation of gravity equations shows that country characteristics that encourage multinational activity successively induce the entry of less productive parent firms. We confirm this asymmetry for the GDPs of the home and host countries, distance, contiguity and other standard gravity equation variables.     

Endogeneity in survey research

Endogeneity is a crucial problem in survey-based empirical research on marketing strategy (MS) and inter-organizational relationships (IORs); if not addressed, it can cause researchers to arrive at flawed conclusions and to offer poor advice to practitioners. Although the field is increasingly cognizant of endogeneity-related issues, many authors fail to properly address it, particularly in survey-based research. Emphasizing the role of essential heterogeneity, this article develops an overarching framework to help improve the understanding of endogeneity problems and how to tackle them when researchers use cross-sectional survey-based data. The authors provide explanations of and advice for how MS and IOR researchers can address six “painful” and sometimes hidden decisions: 1) Do you have an endogeneity problem? 2) What technique/estimator is appropriate? 3) What instrumental variables (IVs) should be chosen? 4) How should IVs be evaluated empirically? 5) How should the results be interpreted and evaluated? and 6) What results should you report? The authors provide a practical flowchart to guide researchers in their efforts to address endogeneity-related concerns.     

The effect of inspections,rotations and client preferences on staffing decisions

With increased regulatory focus on audits and concerns about whether audit regulation is achieving its stated aims, it is timely to investigate how regulator inspection of audit files and partner rotations may be affecting staffing decisions. This is an important issue, which affects all audits, as the calibre of staff allocated across engagements impacts the quality of audit work delivered. This study reports the results of an experiment where auditor participants allocate staff across two audits, where regulation anticipated (none, inspection, rotation) and a client request for the best staff (absent, present) are manipulated between‐subjects. We find that auditors allocate lower calibre staff when neither an inspection nor rotation is anticipated than when either is anticipated. When an inspection is anticipated, auditors allocate staff with more knowledge and compliance skills. When a rotation is anticipated, auditors allocate staff with more people skills. A client request for the best staff only has an effect when a partner is due to be rotated, where auditors allocate staff with more people skills in response to the client request. Our findings provide greater understanding of staffing decisions, which may affect audit quality if concerns around audit inspections and partner rotations are perceived by auditors as more important than the underlying risk or complexity of an engagement when allocating staff.