Trust Erosion During Industry-Wide Crises: The Central Role of Consumer Legitimacy Judgement

Journal of Business Ethics - Widespread unethical corporate misconduct in an industry triggers industry-wide crises. This research investigates how industry misconduct affects consumers’...     

Uncovering asset stripping during China's privatization

This paper empirically studies the occurrence and extent of asset stripping via undervaluing public assets during the mass privatization of state-owned and collectively owned enterprises in China. Using three waves of a national survey of private firms, we provide evidence that state-owned and collectively owned assets were substantially underpriced, indicating the presence of corruption during privatization. Further analysis shows that the extent of underpricing is more severe in regions with less market competition or weaker property rights protection, and more pronounced for intangible assets such as intellectual property rights and land use rights. When comparing firm efficiency between privatized firms and de novo private firms, we find that the former group continues to enjoy considerable preferential treatments, yet significantly underperforms the latter, possibly due to continued government control and intervention. Finally, we provide evidence that insider privatization is an important source of corruption during the privatization process.     

Hours underemployment and employee turnover: the moderating role of human resource practices

Using Canadian nationally representative, multisource longitudinal data, this paper examines relationships between hours underemployment, employee turnover and human resource practices. The results of hierarchical linear models indicate that underemployed employees are more likely to leave an organisation that relies heavily on part-time workers, whereas they are more likely to stay when their employers hire regularly from within the company. These findings extend the literature on hours underemployment from individual-level direct effects to organisational-level moderating factors, and accordingly, they provide empirical evidence that human resource professionals can use to address the detrimental effects of underemployment.     

航空运输对地区产业结构影响的研究——以上海浦东机场为例

对上海浦东机场建成以来航空运输规模与浦东新区现代服务业、先进制造业产出之间的Granger因果检验发现,目前两者间的关系更多地表现为浦东地方经济发展支持航运规模扩张,尚未进入到依托航空便利以及临空经济区产业扩散效应引导地方产业结构升级的阶段,但在部分行业中航空运输对产业结构升级的推动作用已有所显现。考虑到浦东新区临空经济发展处于起步阶段的事实以及国际上著名临空经济区的发展经验,可以预见,随着浦东临空经济区的成熟,浦东机场巨大的航空运输优势将成为引导浦东新区乃至上海市产业结构调整升级的重要推动力量。     

基于可持续生计分析框架的农户宅基地流转意愿研究

[目的]宅基地流转是城乡建设用地优化配置和农民财产性收入增加的重要途径,对解决我国当前土地资源利用的供需矛盾,推动高效用地具有重要意义。文章从家庭生计资产量化入手,探讨不同资产配置类型农户宅基地流转的影响因素,旨在进一步推进宅基地流转进程。[方法]通过农户生计量化法和Logistic回归模型进行实证分析。[结果](1)农户整体宅基地的流转意愿较高,达到69.84%,但资产缺乏型农户的流转意愿非常低,仅有37.93%;(2)非农迁移意愿、宅基地功能和家庭生计资产总值对宅基地流转具有显著影响,年龄、专业技能、住房的满意度、宅基地面积、非农收入比例、非农就业状况6个因素对不同类型农户的影响出现差异。[结论]该文提出建立贫困农户的技能培训机制,制定多样化的宅基地流转制度,从而保证不同类型农户在宅基地流转后,整体福利水平不下降。     

去库存及建筑总量控制政策对三四线城市能源消耗的影响效应研究

近十年来房地产开发迅猛,在满足人们居住需求的同时也伴随着大量泡沫的涌现。中央提出的供给侧改革、去库存和能效提升给建筑部门指明了发展方向,有效地实施供给侧改革是建筑部门一项重要工作。拟通过开展去库存及建筑总量控制对三四线城市能源消耗的影响研究,为建筑部门的供给侧改革提供建议和参考。站在建筑部门宏观视角,通过文献调查,分析总结了建筑终端能耗影响因素及其影响效应,梳理了中国建筑总量、库存量及建筑领域能源消耗量总体情况,论述了三四线城市去库存、进行建筑总量控制的重要性;在此基础上,根据分析结果、三四线城市特点及数据可获得性,选定自变量和因变量及量化指标,运用岭回归方法,以6个城市的数据为例进行三四线城市建筑总量控制、去库存政策对城市能耗影响效果的定量分析;最后基于彼此间关系及研究过程中发现的问题对建筑部门的供给侧改革工作提出建议。     

Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore

This paper studies the extent to which equilibrium land auction prices are pushed up sequentially due to strategic bidding behaviors in government land auction sales. Using a unique dataset that covers the universe of tendering prices submitted by all developers for all residential land auction sales in Singapore, we find that a tenderer’s bids are significantly higher where there was a previous land parcel sold within two years and located within four kilometers. The identified price margin decreases with time and geographic distance. Tracking sequential bids submitted by the same developer over time, we find that the incumbent winner of a previous auction is more likely to participate in subsequent nearby land sales as compared to the second-highest bidder of the same auction. However, it does not necessarily win the subsequent sites. We argue that the incumbent deliberately bids up the subsequent land prices to gain pricing advantages to their own parcels.     

绿色城市理论与实践探索

从20世纪七十年代开始,国际上开展了绿色城市广泛的实践活动。力图在中外实践的基础上构建起绿色城市理论的体系框架;明确绿色城市理论支撑、研究范畴与目标愿景,辨析绿色城市的定义内涵;构建绿色城市发展原则、发展目标与指标体系的全空间目标体系;提出完整的绿色城市的全要素技术体系;提出绿色城市规划建设管理与评估监督的全过程标准体系;覆盖不同地域、规模、类型、专业领域的绿色城市的全领域示范体系。     

Wealth transfer through private placements: Evidence from China

We examine private issuance of public equity (PIPE) in China, and our results suggest that PIPE investors benefit from the price manipulation before and after issuance. These investors tend to cash out after lockup expiration and make large profits. We also find evidence that the trading of PIPE investors after lockup expiration is informed. Tests about the abnormal returns in the 3 years after lockup expiration suggest that at least part of the benefits PIPE investors receive come from wealth transfer from outside investors. Overall, PIPE issuers in China seem to use an opaque mechanism to compensate PIPE investors.