Progressive taxation and human capital as determinants of inflation persistence

In this study, we introduce progressive taxation and human capital differences across productive sectors into a typical monetary policy game. The objective of this work is to reveal the potential short-run effects of these two typical features of economic growth on inflation dynamics. In our framework, such features act as frictions of labor mobility across sectors. We show that an increased progressivity of taxation lowers the diffusion of shocks, and in turn increases inflation persistence. Moreover, the dispersion of human capital across sectors acts as a barrier to labor mobility and thereby increasing inflation inertia through the same channel. We also empirically verify these findings by employing panel data analysis in a sample of 28 OECD countries.     

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。     

Inter-industry labor reallocation and task distance

This paper investigates factors preventing inter-industry labor reallocation by estimating the determinants of inter-industry worker flow and earnings change after a job change. We find that the difference in required tasks is an important reason for earnings reduction after an inter-industry job change, and thus, workers may hesitate to move to industries requiring a different set of tasks for fear of losing the wage premium acquired by task-specific human capital. In addition, more workers switch to industries with which their previous industry had larger transactions, although it affects earnings changes only marginally. On the other hand, industry performance does not affect labor inflow or wage changes significantly for inter-industry job changes. Young men, less educated women, and those quitting previous jobs for family or health reasons are more likely to move to industries requiring a different set of tasks, and young individuals who lost their jobs involuntarily are less likely to do so. Individuals more likely to move are not necessarily those whose earnings loss associated with the move is small: earning losses associated with task distance are relatively small among younger and less educated workers and are uncorrelated with the reasons for quitting the previous job.     

社会资本与超额在职消费：激浊扬清还是推波助澜

作为企业治理的重要问题之一，代理成本诱发超额在职消费引起各界广泛关注。文章以2007-2019年A股上市公司为初始样本，考察我国各省社会资本水平差异对超额在职消费影响。研究表明，社会资本显著提高超额在职消费，起到推波助澜的负面效用；进一步研究表明，公司治理水平维度上通过提高机构投资持股比例、短期债务融资比例及扩大独立董事比例和监事会规模均能抑制社会资本加剧超额在职消费的负面效用，公司治理环境维度上通过强化企业内部治理环境、加快市场化进程亦能削弱社会资本对超额在职消费的“推波助澜”。以上结论为社会资本利弊之争提供有益补充，亦凸显非正式制度与正式制度的治理替代效应，同时为企业完善内部治理水平及政府优化制度环境与规则治理以抑制社会资本负面效用提供一定借鉴。     

金融素养、家庭财富与家庭创业决策

本文利用2015年中国家庭金融调查(CHFS)数据,分析了金融素养、家庭财富与家庭创业决策三者之间的关系。整体上,金融素养的提高显著增加了家庭参与创业的可能性,但家庭参与创业面临着"财富约束效应";而金融素养对家庭财富具有替代作用,提高金融素养有效缓解了家庭的"财富约束效应",促进家庭参与创业。同时,研究发现家庭财富对家庭创业决策的影响并不存在明显的城乡差异,但金融素养更能缓解农村家庭创业所面临的"财富约束效应"。另外,提高金融素养能有效缓解家庭的信贷约束,增加其风险偏好,间接地促进创业。     

Pricing the hedging factor in the cross-section of stock returns

We investigate the role of investors’ net hedging strategy (factor) in predicting stock returns and pricing the cross-section of individual stocks and equity portfolios. We estimate stock exposure to changes in the hedging factor and show that the hedging premium is driven by outperformance of stocks with large positive net hedging betas, which explains their higher average returns. We find the positive hedging premium indicates risk-averse investors demand extra compensation to hold stocks with higher equity risk premiums, and they are themselves willing to pay higher prices for stocks with positive hedging betas.     

Moral hazard,debt overhang and capital structure

This paper investigates the impact of managerial moral hazard on the debt overhang of a firm by constructing a contingent claims model in which the manager faces costly effort. Using a calibrated capital structure model, we show that the costs of debt overhang become more serious in the presence of managerial moral hazard. Such costs even account for more than half of the total agency costs at a high level of cash flow. Moreover, in contrast to the results of Hackbarth and Mauer (2012), our model predicts a U-shaped relationship between the leverage ratio and investment opportunities of a firm, which is caused by managers’ moral hazard. Finally, by considering this moral hazard, we also show the coexistence of low leverage ratios and high credit spreads, which explains the phenomenon of “low debt levels and high credit spreads” observed in practice.     

Relationship between foreign capital flows,domestic investment and savings in the SADC region

The importance of foreign capital in the domestic economy cannot be underestimated as it bridges the gap between domestic capital demand and supply. Given this background the paper studies the relationship between the different types of foreign capital flows in the Southern Africa Development Region (SADC) region – foreign direct investment (FDI), remittances, cross border bank flows (CBF), overseas development assistance (ODA) – and domestic savings and investment, employing the panel cointegration test and the dynamic ordinary least squares method (DOLS). The empirical results reveal that there is a strong positive relationship between domestic investment and domestic savings, FDI and remittances. These findings indicate that FDI remittances help in overcoming the limits on the domestic capital formation in the SADC region through permitting a rate of investment which is in excess of that which can be generated by domestic savings. Important policy implications on attracting foreign capital flows are discussed in the paper.