Consequences of Debt Forgiveness: Strategic Default Contagion and Lender Learning

I use a unique data set of loans to small business owners to examine whether lenders face adverse consequences when they grant debt forgiveness to borrowers. I provide evidence consistent with borrowers communicating their debt forgiveness to other borrowers, who then more frequently strategically default on their own obligations. This strategic default contagion is economically large. When the lender doubles debt forgiveness, the default rate increases by 10.9% on average. Using an exogenous shock to the lender's forgiveness policy, my findings suggest that as the lender learns about the extent of borrower communication the lender tightens its debt forgiveness policy to mitigate default contagion.     

Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years

We commemorate the 50th anniversary of Ball and Brown [1968] by chronicling its impact on capital market research in accounting. We trace the evolution of various research paths that post–Ball and Brown [1968] researchers took as they sought to build on the foundation laid by Ball and Brown [1968] to create a body of research on the usefulness, timeliness, and other properties of accounting numbers. We discuss how those paths often link back to the groundwork laid and questions originally posed in Ball and Brown [1968].     

中国海外耕地投资的区位特征及其影响因素*——基于2000—2016年土地矩阵网络数据

［目的］分析中国海外耕地投资的区位特征及其影响因素，以促进我国海外耕地投资的合理布局，提高农业投资效率。［方法］以2000—2016年中国137宗海外耕地投资项目及其所涉及的35个东道国作为研究样本，运用Spearman相关分析方法，分别以耕地投资面积和耕地投资项目数量作因变量，研究其与各影响因素的相关关系，并用对应分析法进一步探究各东道国的相对优势。［结果］（1）我国海外耕地投资区域集中在东南亚且由周边国家向外扩展，被投资耕地用途多样，投资规模自2004年开始急剧上升，近年来呈下降趋势。（2）我国海外耕地投资以效率寻求型和市场寻求型为主，倾向于资源丰富、与我国距离较近、制度相似、经济关系良好但发展水平不高的国家。（3）根据各地区的比较优势，亚洲国家适合效率寻求型和市场寻求型的企业投资，欧洲和美洲国家适合资源寻求型和战略资产寻求型的企业投资，非洲国家适合资源寻求型、效率寻求型和市场寻求型的企业投资。［结论］中国农业企业应结合企业投资目标和各地区的比较优势，合理选择投资区位，适时转变投资策略与模式，积极防范海外耕地投资过程中的自然风险、政治环境风险和道德风险等，以提高投资效果。     

Tourism,tourist learning and sustainability: an exploratory discussion of complexities,problems and opportunities

Learning is often a central element of tourism. Tourists can learn actively, i.e. with a specific purpose, as well as passively through the comparison of values, norms and customs. It has been argued that travel supports active learning that has positive outcomes for sustainability, for instance, in the context of conservation. Yet, the complexity of active and passive learning processes and their outcomes for environmental sustainability and sustainable lifestyles remain insufficiently understood. Against this background, the paper discusses selected learning outcomes for transportation (air travel), accommodation (hotels) and activities (theme park visits). Findings suggest that “desirable” learning (defined as pro-sustainable development learning) in tourism may be very limited, while in particular, passive learning processes which redefine social norms frequently have outcomes that are largely detrimental to sustainable lifestyles. They include forms of moral licensing, the diffusion of responsibilities as well as the attenuation of the negative consequences of travel. Given the economic, social and cultural importance of tourism vís-a-vís its global implications for environmental sustainability, learning outcomes in tourism deserve to be studied in greater detail, while strategies need to be devised to enhance sustainable learning effects.     

基于运行规划的能源综合服务系统能效管理研究

以浙江电网企业转型现代能源综合服务的具体战略与发展规划为研究背景，针对能源综合服务系统的运行规划目标，开展基于运行规划的能源综合服务系统能效管理研究。从系统工程的视角出发，以能源流为纽带，基于多尺度能源系统建模方法，构建了能源综合服务系统模型，并结合系统综合能效，采用粒子群优化算法来优化系统各设备单元的运行策略，以实现基于运行规划的最优能效管理。通过能源综合服务系统模型计算表明，大规模清洁能源和可再生能源的接入，可以明显提高系统综合能效；随着区域用户总冷量和/或总热量需求占总电力需求的比值增大，系统最优综合能效逐渐增大；与使用内燃机、燃气轮机及汽轮机为原动机的热电联产系统相比，使用燃料电池为原动机的热电联产系统可以使能源综合服务系统综合能效更优。     

我国农村产业融合发展的效率评价

[目的]为了进一步提升农村产业融合发展效率,提升农业质量效益和竞争力、增强农村发展活力、促进农民持续增收,[方法]文章根据我国农村产业融合发展的投入产出指标数据,利用DEA方法对我国31个省(自治区、直辖市)农村产业融合效率进行了科学的分析与测算,[结果]研究表明,我国农村产业融发展的总体效率偏低。从综合效率看,仅有天津等7个省(自治区、直辖市)的综合效率值高于0. 5;从纯技术效率看,仅有江苏等8个省(自治区、直辖市)的纯技术效率高于0. 5;从规模效率看,西藏、甘肃、青海3个省(自治区)的规模效率低于0. 5。提升农村产业融合发展效率仍有较大的空间。[结论]应从进一步加大对农村产业融合发展的资金投入力度、着力优化农村产业融合发展的资金投入结构、建立农村产业融合发展效率考评制度等方面提升农村产业融合发展效率,促进农村产业融合快速发展。     

Hotel Efficiency Analysis from the Customer’s Point of View in Romania: A Stochastic Production Frontier Approach

The purpose of this article is to measure the efficiency of hotel units in Romania from the customers’ point of view and to identify factors that explain the differences in efficiency between hotel units. A stochastic production frontier is estimated together with a technical inefficiency model using cross-sectional data from 622 hotel units in Romania. The results show that the average efficiency is high. However, there are significant differences between hotels in different regions and with different star ratings. The most influential factor affecting efficiency is the online visibility of a hotel unit on social media platforms and on travel planning sites. The study’s results offer insight for hotel decision-makers to be able to improve the perception of hotel efficiency by taking appropriate action to meet customer needs.     

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。     

Media coverage and investment efficiency

We examine the effect of media coverage on firm-level investment efficiency. We find that media coverage reduces under-investment but increases over-investment. The negative effect of media coverage on under-investment is more pronounced in firms affected by greater information asymmetry and poorer corporate governance. The positive effect of media coverage on over-investment is driven by media-induced CEO overconfidence. Additional results show that both investment- and non-investment-related news coverage decrease under-investment, while non-investment-related news coverage is more influential in increasing over-investment. In general, higher news optimism is associated with less under-investment but more over-investment. Moreover, media coverage affects investment efficiency through its information dissemination rather than information creation function. Collectively, our results suggest that firms’ media visibility promotes more over-investment than under-investment.     

集中连片特困地区扶贫产业发展的规模特征及其经济效率评价——以武陵山片区恩施自治州为例

[目的]在扶贫开发战略中成长起来的特色产业已经成为贫困地区经济发展和农民脱贫致富的支柱产业,特色产业的规模和经济效率直接决定着贫困地区脱贫致富能力。[方法]文章以茶叶、蔬菜代表武陵山片区湖北省恩施自治州扶贫产业,利用集中度指数、扩张弹性系数、单位面积的产值能力和产量能力以及单位产量的产值能力等指标进行扶贫产业发展的规模特征及其经济效率评价。[结果]“十一五”期间以来武陵山片区扶贫产业发展的产业地位逐渐提高、规模扩张优势显著、规模收益递增、投入规模扩张率高于产出规模扩张率、资源配置效率不断提高,比较经济效率差距持续扩大。[结论]扶贫产业亟待根据产业发展的生态化、集聚化和融合化等趋势,在规模扩张中强化特色产品的品质建设和效率优势品种生产专业化程度、提高生产技术水平以及完善产业化组织及其能力建设,提高扶贫产业的经济效率和致富能力。