Ideological taboos,entry barriers,and FDI attraction: Evidence from China

Developing and transitional countries often impose a wide variety of entry barriers on foreign direct investments (FDIs). One important reason behind these entry barriers is ideological taboos. However, do these taboos actually affect the inflow of FDIs? With the help of China’s “cultural system reform,” this study uses a panel data of 283 prefecture-level cities in China for 1994–2017 and the difference-in-differences method to evaluate the effect of the cultural system reform on regional FDI. We found that the cultural system reform remarkably promoted the inflow of FDIs by deregulating institutions and removing entry barriers, and the attraction of FDI has slowly increased along with the deepening of the reform. Our conclusions still hold after performing several robustness tests, thereby highlighting ideologies as important barriers to the inflow of FDIs into less developed countries.     

组织性格维度及表征与认知差异：员工认知视角

新经济环境下，组织性格成为企业差异化竞争优势的源泉。根据认知心理学进行研究设计，通过问卷调查获得员工认知视角下的组织性格描述性词语，利用质性分析工具进行编码，提取得到中国情境下企业组织性格的5个维度，并对不同性质企业组织的性格表征差异和不同类型员工对组织性格的认知差异进行分析。结果表明：企业组织性格可以分为创新、宜人、开放、责任、发展等5个维度，5个维度围绕情感、思想和目标3个中心构念形成完整体系，由此提出企业组织的“五型性格”框架；企业组织在性格表征与认知方面均存在差异，表明组织性格既有内生也有外生成分，从人格心理学和认知心理学角度对其进行诠释都有一定的科学依据。企业组织的性格维度及其表征与认知差异，为中国企业性格培育带来了一些重要管理启示。     

Multiple job holding as a strategy for skills development

This study investigated the training effect of multiple job holding on the activity of main jobs. First, we developed a dual-labor supply model by adding the training effect of working second jobs. The theory showed that workers with unconstrained hours hold second jobs when they develop skills via the experience of second jobs. To verify the hypotheses from the theoretical model, the causal relationship between holding a second job and the wage rate of a main job was estimated using the Keio Household Panel Survey. Difference generalized method of moments was adopted to remove time-invariant individual effects and endogenous bias. Moreover, the estimations showed heterogeneity of main jobs in terms of length of working hours, tasks, and job turnover. Full-time workers engaged in intelligent tasks and those who did not change their jobs secured training effects from second jobs but only when the comparison group was the workers allowed to hold second jobs by their employers. It was presumed that employers paid to restrict employees’ activities. On the contrary, part-time workers engaged in physical tasks were exhausted by second jobs, which decreased the wage rate of their main jobs.     

产品差异与技术差距影响研发溢出的理论探讨

在传统研发溢出效应假设基础上，通过技术差距将溢出效应与产品差异有机联系起来，并通过构建双寡头企业两阶段博弈模型对研发卡特尔、生产卡特尔、完全合作等不同形式合作联盟的均衡水平和福利变化进行分析比较。研究证实：当企业间技术差距较小时，完全合作或研发卡特尔能有效提高企业利润和社会福利；而当技术差距较大时，研发阶段的合作不仅无法激励企业进行研发投入，还会抑制企业创新的积极性。此外，与完全合作相比，局部合作具有更强的稳定性和可持续性，尤其是在产品差异程度较大的情况下，研发卡特尔最为稳定。     

农机社会化服务采纳、禀赋差异与农村经济相对贫困缓解

进入以缓解相对贫困为重点的后扶贫时代，农村经济相对贫困问题仍不容忽视。农机社会化服务作为小农户与现代农业有机衔接的桥梁，对于推进乡村振兴战略和脱贫攻坚有序衔接具有重要作用。文章讨论的核心议题是农机社会化服务采纳如何缓解农村经济相对贫困，并尝试建立了“农机社会化服务采纳——禀赋差异缩小——农村经济相对贫困缓解”的理论分析框架。为此，文章首先对农机社会化服务采纳影响农村经济相对贫困的作用机制进行了理论分析，然后利用2750份河南省农户问卷调查数据，运用Logit模型，实证检验农机社会化服务采纳对农村经济相对贫困的影响，并通过替代核心自变量和变更样本的方法进行稳健性检验，运用PSM模型和IVProbit模型以及ERM模型进行内生性讨论，最后通过中介效应模型对其作用机制进行验证。结果表明，农机社会化服务采纳对农村经济相对贫困具有显著负向影响，缓解了农村经济相对贫困。考虑内生性后，结论仍具有稳健性。进一步的机制验证发现，农机社会化服务采纳通过缩小劳动力禀赋差异和技术禀赋差异，缓解农村经济相对贫困，劳动力禀赋差异缩小和技术禀赋差异缩小的中介效应占比分别为21.22%和7.36%。可见，应将完善农机社会化服务供需体系纳入农户相对贫困治理机制考虑范畴，引导农户从传统家庭化生产转向现代社会化生产，扩大农机社会化服务采纳范围；同时完善就业服务等相关配套体系以吸纳释放的弱劳动力，促进农户收入增长，缓解农村经济相对贫困。     

Microdata analysis of the consequences of free trade port policy: the case of Iran free zones

ABSTRACT

Creating free trade zones as a policy to motivate new investment and improve the local economic indicators might be of some benefits. Following of this policy in Iranian major port, however, resulted vice versa by aggravating the current account balance that is higher imports and the same horizon diminished export sums. We derive the micro data of trade for the Iranian major Imam port according to code arrangements of harmonic system (HS), which permits the clustering of different goods categories. Then we extracted the sums of survey data for the years before and after Imam port became free trade zone and applied fixed effect difference in difference (DID) method to capture the heterogeneity of unobserved variables. Our control port of analysis was Rajaee port the policy did not implemented. Results show that just as Imam free port’s Current Account Balance deteriorated by increasing import and dampening of export sums.     

中国高新技术企业认定政策绩效评估

高新技术企业认定政策是国家为扶持和鼓励高新技术企业发展而提出的一项重要政策，但其实施效果如何有待验证。采用2007、2010及2011年《中国工业企业数据库》数据，运用双重差模型对高新技术企业认定政策绩效进行评估。通过实证研究发现：①高新技术企业认定政策有助于提高企业市场价值及市场占有量；②高新技术企业认定政策对企业研发投入的增长影响不显著；③相对于中小型企业，高新技术企业认定政策对大型企业影响更大。最后，提出相应的政策建议，以期为我国高新技术企业认定政策完善提供启示。     

离差交易的实证研究与探讨

离差策略是一种对冲交易策略，它是利用股指期权和一揽子股票期权（或部分成分股构成的ETF期权）之间的隐含相关系数，获悉市场成分股期权和股指期权波动率高低的相对关系，再在成分股期权和股指期权建立相反的头寸。离差交易策略选择暴露的风险因子就是隐含相关系数，离差交易使用的是对冲的平价跨式期权交易。选用2006年5月18日至2014年7月17日前复权的沪深300股指、上证50指数和上证180指数作为样本，进行实证检验。虽然结果显著性较强，但不排除存在模型不稳定性以及由于数据不充分造成对相关系数及波动率估计的偏误。同时，离差交易使用的是对冲的平价跨式期权交易，所以组合暴露较小的Delta风险。若离差交易涉及较大的资金量时，则需要用标的资产对组合进行动态Delta中性对冲。     

Will you miss me if I am leaving? Unexpected market withdrawal of Norwegian Joy and customer satisfaction

The first “Made in Germany, Designed for Chinese” luxury cruise, Norwegian Joy, announced an unexpected Chinese-market-withdrawal decision on July 14th, 2018, less than a year after her maiden voyage from Shanghai. How does customer satisfaction change as a response to a cruise's market-withdrawal decision? By resorting to the confirmation of expectation theory, our paper highlights satisfaction as being a function of the baseline effect of expectations plus perceived disconfirmation of expectations. We propose that customer satisfaction will rise because the withdrawal decision implies strategic mistake of the cruise and therefore lowers customer expectation. Drawing on customers' comments on the largest travel agency website in China, we conducted sentiment analysis and used ‘difference in difference’ statistical approach to test our hypothesis. Results show that customer satisfaction increased after Norwegian Joy's withdrawal announcement.     

On post-IPO stock price performance: A comparative analysis of RLBOs and IPOs

This is the first study to examine the post-IPO stock price performance by differentiating between IPOs and three types of RLBOs (i.e. public-to-private (or re-IPOs), division-to-private, and private-to-private deals). We document that public-to-private RLBOs outperform their industry rivals, IPOs, mature firms in comparable industries, and a propensity-score matched control group for up to five years post-offering. Further, we document that, within RLBOs, public-to-private RLBOs, outperform private-to-private and division-to-private RLBOs. We also find support for the underwriter signaling effect for public-to-private RLBOs. Our analysis identifies for the first time what private period restructuring activities contribute to superior post-re-IPO stock price performance. Further, the beneficial effects of private period restructurings are enhanced for deals associated with prestigious underwriters. Our findings suggest that first IPOs and re-IPOs differ substantially in term of post-offer performance, the impact of prestigious underwriters on performance, and performance over time.