Market access and regional dispersion of human capital accumulation in Turkey

Building on early advances in development economics, the theoretical construct of new economic geography asserts that geography plays a crucial role in educational human capital accumulation. Based on this expectation, this study investigates the impact of market access on provincial human capital accumulation in Turkey. Results indicate that market access matters for understanding why some regions lag behind others in terms of average years of schooling. Our results are robust to the inclusion of spatial mechanisms, different specifications of the spatial weight matrix, endogeneity and alternative measurements of market access and to a host of other factors that affect regional human capital accumulation.     

董事会内在特征与上市企业绩效 ——基于董事会资本与董事会独立性状态视角

以上市企业为样本，分析异质性股权混合对董事会资本的影响，以及董事会资本与企业社会经济效益、企业经营效益和企业经营效率的关系，将资源依赖理论与代理理论相结合，检验董事会独立性与董事会资本对企业绩效的交互效应。研究结果显示，异质性股权混合有助于提高董事会资本水平，董事会资本有助于企业经营效益和社会经济效益的提升，董事会独立性和董事会资本二者同时作为治理机制治理效果会互补加强，二者单独对企业经营效率无影响，而是通过交互效应间接改善企业经营效率。     

资本主义福利国家的必然性、局限性与面临的挑战——基于经济全球化视阈的历史唯物主义诠释和启示

资本主义福利国家的产生和发展是第二次世界大战后资本主义社会应对生产力发展和生产方式变化的自我调整，具有历史必然性，也具有自身局限性：形式上的“国家回归”没有改变资本主义私有制生产关系，无法消除资本主义社会的根本矛盾和经济危机；社会普遍高福利的实现（部分）依赖于凭借显著竞争优势在世界市场上获取的超额利润，福利模式具有排他性和剥削性，不能为落后国家所复制，也不能成为世界福利模式。因而，资本主义福利国家成为发达国家的特权，且当经济危机爆发或出现经济滞胀时，其会采取削减甚至拆除社会福利的措施以追求资本和财富的积累。随着经济全球化发展，资本积累与社会福利的矛盾日益凸显，资本主义福利国家模式面临实践上的可持续性和价值上的普适性双重挑战。借鉴资本主义福利国家的经验教训，后发国家应努力提升“结构的或根本性的竞争力”，寻求经济与社会的平衡发展；中国还应充分发挥国家制度和国家治理体系的显著优势，积极建设国家主导、福利要素多元、福利机制灵活的中国特色社会主义福利社会。     

外资进入影响行业工资差距的路径与异质性研究——来自中国服务业的经验证据

外商直接投资（FDI）可以通过劳动力需求效应和技术溢出效应改变东道国的劳动力就业结构和行业相对劳动生产率，进而影响行业工资差距，并且这种影响具有不确定性；由于投资动机和进入方式的不同，FDI对行业工资差距的影响具有异质性并表现为地区差异。基于中国服务业的经验分析发现：外资进入通过增加低工资行业的相对就业规模和提升高工资行业的相对劳动生产率扩大了行业工资差距，适应中国低技能劳动力丰裕而高技能劳动力相对稀缺的劳动力市场条件；在以垂直型和合资型FDI为主的地区外资进入具有显著的扩大行业工资差距效应，而在以水平型和独资型FDI为主的地区这一影响并不明显。因此，应努力提高劳动力人力资本水平并充分保障低技能劳动力的权益，积极鼓励和引导水平型FDI进入并适度减少垂直型FDI的引入，持续增强企业的技术吸收能力并不断缩小技术差距，进而在高效利用外资的同时缩小行业工资差距。     

The questions we ask: Opportunities and challenges for using big data analytics to strategically manage human capital resources

Big data analytics have transformed research in many fields, including the business areas of marketing, accounting and finance, and supply chain management. Yet, the discussion surrounding big data analytics in human resource management has primarily focused on job candidate screenings. In this article, we consider how significant strategic human capital questions can be addressed with big data analytics, enabling HR to enhance overall firm performance. We also examine how new data sources that help assess workforce performance in real time can assist in the identification and development of the knowledge stars that contribute to firm performance disproportionately as well as help reinforce firm capabilities. But in order for big data analytics to be successful in the HR field, regulatory and ethical challenges must also be addressed; these include privacy concerns and, in Europe, the General Data Protection Regulation (GDPR). We conclude by discussing how big data analytics can facilitate strategic change within HR and the organization as a whole.     

Give mind to the gap: Measuring gender differences in financial knowledge

Prior research consistently finds a gender gap in financial knowledge where males appear to outperform females. Despite the wealth of studies attempting to explain this gap, none have considered whether the gender gap may be a product of measurement method. This study re-examines the gender gap with item response theory (IRT) which can account for guessing behavior and differential item functioning. Survey data on 184,869 individuals from 39 countries and territories is analyzed. Results show that when IRT is employed, a gender gap exists in only 54% of the sample. In contrast, when a conventional measurement approach is used, there is a gender gap in financial knowledge in 81% of the sample. These results reveal that prior measurements may underestimate women's financial knowledge and inflate the gender gap.     

Human capital acquisition as a competitive response to the promotion distortion

Waldman shows that under the assumption that prospective employers observe whether a worker was promoted, but cannot observe his ability, the promotion policy is inefficient. In the current paper, we show that human capital acquisition made after the players (both worker and employer) observe the worker's ability reduces this inefficiency, even though such an investment is not optimal in some setups.     

Functional income distribution,capacity utilization,capital accumulation and productivity growth in Turkey: A post-Kaleckian analysis

The aim of this article is to examine the relation between functional income distribution, capacity utilization, capital accumulation and productivity in Turkey by identifying demand and overall regimes prevalent in the economy. For this purpose, we conducted an empirical analysis using different specifications of the post-Kaleckian model of Hein and Tarassow. This model defines and characterizes an overall regime by endogenizing productivity growth and integrating it into the models in this tradition. Empirical findings show that while the demand regime is wage-led, the overall regime turns out to be unstable in Turkey due to the destabilizing impact of productivity growth. This article contributes to the literature by being the first study that simultaneously identifies the demand and the overall regimes of an economy.     

Normal utilization rate in the Sraffa framework

This paper deals with the normal utilization rate in the Sraffa framework. It further presents two arguments about the utilization controversy surrounding the neo-Kaleckian theory of growth and distribution: First, it shows that the normal utilization rate is generally not independent of demand and the growth rate, and this result does not rely on the neo-classical production function and other restrictive assumptions. Second, it argues that endogenizing the normal utilization rate is not a general solution for the utilization controversy.     

Intermediary asset pricing in commodity futures returns

This paper assesses the extent to which intermediary capital (IC) risk contributes toward explaining commodity futures returns. We find that the IC effect is substantially positive and continues to grow as the financialization of commodities deepens. Positive and negative IC risks play asymmetric roles, with the effect of negative IC strengthening in recent subperiods. We further confirm the heterogeneous roles of IC across individual commodities by cross-section analyses. Overall, the effect of the positive IC risk factor varies significantly. Portfolios with low basis, low open interest, low momentum, and low liquidity earn significantly higher returns than counterparty portfolios.