Medicaid and long‐term care: The effects of penalizing strategic asset transfers

Medicaid provides a critical source of insurance for long‐term care, and individuals may strategically offload assets (typically to children) to meet the means‐tested eligibility requirement. In this article, we quantify the extent of such behavior using variation in the penalty for improper parent‐to‐child transfers induced by the Deficit Reduction Act of 2005. We estimate difference‐in‐differences models based on the hypothesis that only individuals with high levels of nursing home risk (high risk) will alter transfers because of the Act. We find that over a 2‐year horizon, high‐risk individuals reduced transfers to children on the extensive margin by 11 percent and that the average total amount of transfers decreased by $4,860. The results hold only for coupled respondents. We also conduct a triple‐differences analysis to examine heterogeneity with financial literacy and find that even those with a low level of financial literacy responded to the penalty.     

Quantifying the impact of the COVID-19 pandemic on US airline stock prices

This paper uses data at the trading day frequency and the method of local projections to quantify the dynamic responses of U.S. airline stock prices to a COVID-19 shock. We show that airline stock prices decline immediately by 0.1 percentage point in response to a 1% COVID-19 shock. In addition, the effect of the shock persists beyond the day on which it occurs, with most airline stock prices falling by as much as 0.6 percentage points after fifteen days. This negative response of airline stock prices to a COVID-19 shock is not explained by a COVID-19-induced increase in airlines’ variable costs, but rather by a COVID-19-induced decrease in air travel, which, in turn decreases revenues, profitability, and stock prices of U.S. airlines.     

Does bank competition promote financial inclusion? A cross-country evidence

The idea of financial inclusion has recently been discussed as one of the key strategies to enhance economic development (World Bank 2014). We move this discussion forward by examining if bank competition is a crucial component enforcing financial inclusion, which is arguably a finance supply-side driven process. In this study, we compute the financial inclusion index built on Sarma (2008) approach to better reflect banks’ willingness and capability to provide financial services. Applying System Generalized Method of Moments to the panel of 93 countries, we find that bank competition promotes financial inclusion.     

中国金融系统风险溢出效应研究——基于溢出指数和波动溢出网络

文章基于溢出指数和波动溢出网络方法，从静态和动态分别度量我国金融系统不同子市场间的风险联动水平及变动趋势。研究结果表明，我国金融系统风险溢出效应整体水平较高，各市场间联动性较强；市场内部滞后效应大于市场之间溢出效应，两两有向溢出效应具有强不对称性；作为我国金融系统的风险中心，货币市场始终处于风险溢出方，但在金融危机时期，其对外风险溢出效应相对减弱，而大宗商品市场、资本市场、房地产市场等其余市场的风险溢出效应相对增强。值得注意的是，当前我国金融系统整体风险溢出水平较高，市场间风险相关性较强，需要进一步加强系统性风险的监测与防范。     

Job reallocation in Korean manufacturing: 1984–2014

This paper investigates the patterns of job reallocation in Korean manufacturing during the period 1984–2014. Utilizing establishment-level data from the Mining and Manufacturing Survey, we construct job flow measures and document the trend of job reallocation and test its efficiency. We first find that the pace of job reallocation has diminished since the Asian Financial Crisis. Although jobs were reallocated from less productive to more productive establishments overall, we find that the productivity-enhancing effect has also diminished over time. Although recessions are known to be periods of intense reallocation and restructuring, job reallocation was not particularly more efficient during recessions in Korea. It even decreased during the Great Recession of 2008 because the exit probability of low-TFP establishments was reduced.     

江苏茶叶生产成本、规模及问题分析

对茶叶生产问题的研究有利于茶叶产业的发展与转型升级,通过运用2008—2017年间茶叶生产相关统计数据,论文以生产成本和生产规模为切入点,详细阐明江苏苏南和苏北地区的茶叶生产成本和规模的差异,深入剖析江苏茶叶生产中所出现的宏观问题,并据此提出对策与建议:加大扶持力度、培育龙头企业、提升茶农专业知识水平和开发茶文化旅游,以此助推乡村振兴政策的进一步实施和茶产业发展再上新台阶。     

浅议CPA审计行业专门化问题

随着我国市场经济体制改革的不断完善,CPA审计行业所面临的社会环境也因此而产生了重大的变化。伴随着社会对审计人员的严格要求,审计人员的素质也在不断提高。当然,这对CPA这个行业无疑也产生了深深的影响,同时也对行业的专门化也起到了潜移默化的推动作用。因此在本文中,将会立足于注册会计师审计实务,通过具体分析行业专门化的竞争优势和目前的发展趋势,讨论审计行业专门化可能带来的经济后果,并且与多个上市公司的案例相结合,运用案例分析法、经验总结法、描述分析法等方法合理透彻地剖析出目前CPA审计行业所存在的问题,以及对已经存在的问题作出具体解决方案。     

发展无锡文化创意产业 提升城市文化软实力

无锡作为我国“吴文化”起源地之一,经济实力有目共睹,而文化软实力一直是无锡的弱项。在产业结构优化的背景下,第三产业中的创意产业被证实拉动经济成效显著,因此无锡提升文化软实力,可以从创意产业发展入手,是实现“弯道超车”的有效途径之一。文章研究了无锡城市文化现状与问题,包括历史文化产业发展受阻,经济发展后劲不足;无锡城市文化发展趋“利”少“韵”;创意人才缺少等问题。提出发展无锡文化创意产业,提升城市文化软实力的具体建议:发展创意产业,弥补先天历史文化短板;发展创意文化经济,着眼长期效益;建立创意产业人才引进体系、激励体系与培养体系。     

KD乳业在渠道理论下的营运资金管理分析

渠道理论下的营运资金管理是目前较为完善的管理理论,提高分渠道资金管理有利于企业从细节提高管理效率。本文对KD乳业在渠道理论下进行因素分析,找出其在各渠道中营运资金管理存在的问题,并对各渠道提出改进策略,研究可以对KD乳业营运资金管理效率提高有所裨益。     

Recognition in India’s new service professions: gym trainers and coffee baristas

ABSTRACT

How do employees in “new services”, such as coffee baristas and gym trainers in India, see their jobs? In this paper, we build on extensive fieldwork in gyms and coffee chains that cater to the emerging Indian middle classes. Our research highlights the importance of respect and recognition in making service interactions more meaningful for new service workers. Generally hailing from the lower middle classes, new service work offers important opportunities to interact with and learn from English-speaking upper middle-class customers and clients. Besides the opportunity to interact and learn, the acknowledgement they receive for their skills and (bodily) accomplishments make such professions attractive as well. Even if this holds the potential for upward socioeconomic mobility, our findings also point at the resilience of social hierarchies. Drawing on literature on service interactions and new middle-class formation in India, this paper provides important insight into how young Indians navigate and negotiate the opportunities and pitfalls that come with the country's changing socioeconomic landscape.