Natural resources,technological progress,and economic modernization

The present inquiry focuses on the modernization perspectives of the commodity‐exporting countries through the lens of development economics. To this end, the study adopts the Kaldorian framework to address the modernization effects, epitomized in the absorption of surplus labor. To trace the process of economic modernization, the study augments Lewis’s dualistic economy model by the extractive sector. Three different scenarios for the management of resource revenues are scrutinized. An altruistic mode, which implies a pure redistribution of the revenues among the poor swaths of the population, protracts the process of economic modernization, requires a greater amount of capital stock, and harbors a greater risk of a poverty trap. This effect is less pronounced if the modern sector is more capital‐intensive. A productive mode, which elicits full reinvestment of the commodity revenues, in contrast, accelerates the pace of economic modernization. Further, predicated on the scrutiny of a more realistic scenario, a bargaining mode, the study derives the condition for a net positive (or negative) modernization effect. The study identifies technical progress alongside capital accumulation as a further important source of economic modernization.     

The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention. Using a sample of Chinese listed firms from 2009 to 2017, we find that firms with greater advertising expenditures have lower stock price synchronicity. The results are robust after we address endogeneity concerns. In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel, we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry. Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings, and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading. Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.     

“两网融合”背景下贸易经济专业人才培养模式探讨

本文总结梳理了“两网融合”复合型贸易经济专业人才培养的现状和新的要求,分析了“两网融合”复合型贸易经济专业人才培养的发展方向。从建立教学和科研复合型教学团队模式、信息化平台和实验室“多媒介”培养模式、“两网融合”平台全流程内部审计型人才培养模式、“课程思政+专业技能”结合教学模式等四个方面总结模式创新的基本途径。     

苏北地区农业完全成本水价农户承受力调查——基于水源地生态补偿的视角

南水北调东线一期工程江苏段的主要目标是向苏北供水,缓解该地区的农业用水短缺问题。但现行农业水价未考虑水源区的机会成本损失,不利于调动水源区环境保护积极性。论文设计单边界CVM引导技术,估算了苏北农户以提高农业水价的方式对水源区生态补偿的支付意愿。研究发现,苏北农户生态补偿支付意愿为7.63元/亩,但在不同作物种植结构和不同城市存在较大异质性。未来3年内,苏北农业用水每年所提供的生态补偿资金总额在1.526~1.679亿元之间。在发达地区探索构建绿色导向的农业水价体系有利于为其他地区提供先行示范效应。     

Understanding the drivers of organic foods purchasing of millennials: Evidence from Brazil and Spain

This paper examines the antecedents of millennials' organic food purchasing. A conceptual framework, based on product characteristics, and consumers' concerns and consciousness, is proposed. Data collection was conducted through a survey in two culturally and socioeconomically distinct countries (Brazil vs. Spain) to increase the robustness and generalizability of the results. The results show that product characteristics and consumer concerns improve millennials’ health consciousness and increase their social consciousness, which, in turn, increase their willingness to pay a price premium and their purchase frequency of organic foods. The findings show that the proposed model has high validity, with only one significant difference between the two countries. Theoretical contributions and managerial implications are discussed.     

Is showrooming really so terrible? start understanding showroomers

The customer journey is more omni-channel than ever. In this scenario, so-called showrooming behavior emerges as a growing trend that is usually considered by retailers as a threat. The purpose of this research is to analyze whether showrooming, when compared with online buying behavior in which the customer does not visit the store prior to the purchase, has a positive effect on the price paid online by the customer. The empirical research is based on the database compiled by GfK, which contains detailed information about the shopping journey of 4067 customers who purchased products from different retail sectors. The results, derived from the estimation of several regression models, reveal that showroomers who use their smartphones in store are more likely to purchase products at a higher price, which explains why these customers can be of special interest to retailers.     

传统媒体的转型与融媒生态圈构建研究——以杭州二更网络科技有限公司为例

当前融媒体的发展已成为一股不可逆转的潮流。传统媒体的转型需要媒体行业整合自身优势,从资源、内容、宣传、价值等方面入手,对生产运营进行改革,重建媒体与用户之间、新媒体与传统媒体之间的“链条”。论文以杭州二更网络科技有限公司为例,具体阐述了“二更”的传统媒体转型,将新媒体融入“二更”文化,打造属于“二更”的融媒体生态圈。     

Real estate prices and systemic banking crises

The collapse of real estate prices has historically jeopardized banking stability and triggered systemic banking crises. This paper studies risk contagion in a banking system in real estate price shock by adopting complex network theory. Modelling the real estate-related asset as a common exposure of banks to the real estate market, we propose a model that incorporates two main risk contagion channels, i.e., the financial network and asset fire sales, and reveal how the real estate price shock is transmitted and propagated across banks. We demonstrate that banking stability is highly sensitive to the real estate price shock. Moreover, due to the particularly low liquidity of the real estate market, the asset fire-sales of real estate assets overwhelms the financial network, playing the dominant role in risk contagion. Our model can be adopted by regulators to conduct stress testing and to forge effective risk management strategies.     

Shrouding Add‐On Information: An Experimental Study*

We explore how increased competition affects firms’ obfuscation strategies in a laboratory experiment. Firms sell a base good and an add‐on product. Besides choosing the base‐good price, sellers take an action that mimics the effects of shrouding the add‐on product. Shrouding is an equilibrium but an unshrouding equilibrium coexists. In our experiment, more competition matters, in that only duopolistic markets are frequently shrouded whereas four‐firm markets are not. With repeated interaction, shrouding rates do not increase. However, the opportunities to shroud facilitate tacit collusion on the base‐good price for the duopolies: the unshrouding equilibrium serves as a credible punishment if deviations occur.     

Do satisfying walking and cycling trips result in more future trips with active travel modes? An exploratory study

Previous studies have indicated that travel satisfaction - the experienced emotions during, and cognitive evaluation of, a trip - can be affected by travel mode choice and other trip characteristics. However, as satisfactory trips might improve a person's attitude towards the used mode, persons may be more likely to use that same mode for future trips of the same kind. Hence, a cyclical process between travel mode choice and travel satisfaction might occur. In this paper we begin to analyse this process—using a structural equation modelling approach on cross-sectional data—for people who engage in walking and cycling for leisure trips in the Belgian city of Ghent. The focus on walking and cycling reflects recent studies indicating that active travel is often associated with the highest levels of travel satisfaction. Results of this exploratory analysis offer tentative support for the idea of a cyclical process: the evaluation of walking and cycling trips positively affects the respondents' attitude towards the respective mode, which in turn has a positive effect on choosing that mode.