Impacts of trade liberalization in Canada's supply managed dairy industry

Trade is an integral part of the Canadian economy. The main institutional drivers governing trade are bilateral and multilateral agreements outlining permissible trade distorting measures. Since its inception in 1972, Canada's supply management system has remained protected throughout trade negotiations. The system appears, by any economic measure, to be having an increasingly disproportional influence in recent trade negotiations. However, trade agreements serve not only to maximize social surplus, but also to maximize some measure of political welfare. Canada has recently negotiated three prominent trade agreements: the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) came into effect in the latter part of 2017; the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect at the end of 2018; and the Canada-United States-Mexico Agreement (CUSMA) could come into effect in 2020. Collectively, these agreements have guaranteed increased market access for fresh and processed dairy products. We build a spatial partial equilibrium model of the Canadian dairy industry consisting of three regions and 10 commodities to assess the individual and cumulative effect of these trade agreements. We pay particular attention to the institutional drivers within today's dairy sector: milk protein isolates; component pricing, including Class 7; and differential demand growth. We find that the aggregate impacts are: (a) a 1.4% decrease in the marginal retail price; (b) a 4.8% decrease in the blended producer price; and (c) an overall increase in social welfare of 7.8%. Worth noting, the decrease in producer surplus varies from 0.7% in the western region to 1.5% in Ontario. Our results may be relevant to future negotiations as well as the publicly promised compensation package for dairy producers.     

The impact of RFID adoption on donor subsidy through for-profit and not-for-profit newsvendor: Implications for Indian Public Distribution system

Subsidy programs are sponsored by government and international agencies to improve affordability and accessibility of food and health products for socially deprived community. Although the donors in such programs allocate substantial resources to fund subsidies, a lot of it is wasted due to the inefficiency in the system arising out of product shrinkage and misplacement. This study analyzes the impact of private participation and advanced technology like RFID adoption on the donor subsidy under target consumption level. We formulate the problem as a donor funding the subsidy program through for-profit/not-for-profit newsvendor and compare the equivalent subsidy per consumption with and without RFID. We perform numerical analysis, collecting data from the public distribution system of India, and the results indicate that, unless the for-profit firm operates under a substantially reduced level of shrinkage and misplacement, the donor should always prefer a not-for-profit firm for program implementation. We also observe that among all the scenarios, a not-for-profit firm with advanced technology like RFID requires minimum donor subsidy to generate the target expected consumption.     

Policies for managing peak stock of food grains for effective distribution: A case of the Indian food program

The Indian food program has encountered a significant shortfall in storage due to slow expansion of storage facilities in comparison with procurement. The open storage of food grains results in substantial loss and deterioration of quality. While increasing storage capacity is a viable but costly and time consuming option, the adoption of policies for peak storage reduction would go a long way towards effective food grains management. On this background, this study proposes policy adoption for peak storage reduction for effective inventory management. A dynamic simulation model was built by replicating the complex flow process and incorporating the process variability for finding the bottleneck and significant factors. It was found that steep wheat procurement is the critical bottleneck factor for peak storage requirements. Two practical and straightforward, yet effective policies are proposed from the few existing strategies for peak storage reduction owing to the constraints associated with the food program. With the actual data of the food program, reduction in peak stock was estimated for the recommended policies, including the operational cost saving in storage. The practical implications of these policies within the system were also discussed. Through peak reduction, the use of open storage can be significantly reduced, and this leads to better food grains management for effective food distribution.     

I am therefore I own: Implications of organization-based identity for employee stock ownership

Most research on employee stock plan participation investigates the effects of such forms of ownership on employee attitudes, leaving our understanding of the individual differences that contribute to employee ownership largely unknown. Drawing from the consumer behavior literature, our study explores the effect of organization-based identity on the decision to participate in an employee stock purchase plan. The study was conducted in a newly public firm where we examine the effect of organization-based identity on the purchase decision in two time periods. The first point in time was the initial public offering (IPO), when the employee has little information on how the firm's stock will perform in the market. The second point in time was the first quarter following the IPO, when employees have market data to help them with decision-making. Results indicate that, as predicted, organization-based identity is associated with participation in an employee stock purchase plan, at both points in time, above and beyond the influence of several economic and psychological predictors reported in prior studies.     

供应链视角下餐饮O2O模式的配送路径优化

O2O最后一公里配送往往需要综合考虑时间和成本的关系,研究平台对订单的分配和路径优化对提升O2O供应链的整体效率和产业链升级具有十分重要的意义。从餐饮商家和O2O平台两个主要参与者出发对物流配送系统进行研究,提出了适合于O2O餐饮供应链的配送网络,并考虑道路阻塞、最大里程数等约束,搭建了上层模型最短时间、下层模型最低成本的双层规划模型,进而通过NSGA-Ⅱ算法求得可行解,最后验证了算法的可行性,为进一步研究O2O配送提供了新的解决思路。     

基于资本配置效率的中国股票市场制度有效性分析

用资本配置效率表征股票市场制度有效性。使用面板数据分析方法,从行业和地区视角,对中国实行发行核准制度期间股票市场的资本配置效率进行了实证分析。结果表明:中国股票市场的资本配置效率较低,资本配置功能的实现程度较低,股票市场制度低效。指出:中国股票市场的制度变迁应由"政府主导"转变为"市场主导"、加大违规处罚力度、培育理性而成熟的投资者,从而更好地实现股票市场制度功能、提升制度有效性。     

Intraday return and volatility spillover mechanism from Chinese to Japanese stock market

We analyze the mechanism of return and volatility spillover effects from the Chinese to the Japanese stock market. We construct a stock price index comprised of those companies that have substantial operations in China. This China-related index responds to changes in the Shanghai Composite Index more strongly than does the TOPIX (the market index of the Tokyo Stock Exchange). This result suggests that China has a large impact on Japanese stocks via China-related firms in Japan. Furthermore, we find evidence that this response has become stronger as the Chinese economy has gained importance in recent years.     

Fertility and maternal labor supply in Japan: Conflicting policy goals?

Using panel data on Japanese mothers, this paper estimates the impact of fertility on maternal labor supply using twins as an instrument for the total number of children. We find that having twins actually has a longer term positive impact on maternal labor force participation in Japan. To understand this result, we present evidence that the effects of age and cost of children can generate this finding, are particularly salient in Japan and differ in important ways between twins and non-twin families of the same size. Implications for fertility and labor supply policy in Japan are discussed.     

新冠肺炎疫情、金融市场震荡与金融危机

新型冠状病毒感染肺炎疫情在全球快速蔓延后,美国等国家金融市场出现大幅度震荡,历史罕见。金融市场震荡是疫情影响投资者信心,金融市场本身的风险需要释放,以及经济基本面悲观预期等因素共同作用的结果。目前来看,疫情对实体经济造成冲击,疫情应对情况也在很大程度上决定了金融市场震荡是否演化为全球金融危机,国外金融市场震荡对国内金融市场的传导需要审慎理性处理。