Institutional dynamics and access to non-farm employment in rural China, 1950–1996

This article examines non-farm employment in the context of Chinese rural institutional change, based on evidence from discrete-time logistic models for event history analysis using the Life History and Social Change survey. We find the transition to non-farm sector rose rapidly during the Great Leap Forward and market reform, while the Cultural Revolution saw it reach the lowest ebb. While male advantage prevailed exclusively during the Cultural Revolution and early marketization, education possessed a stable positive effect in all historical periods. Although the returns to different kinds of political capital vary along with institutional dynamics, intergenerational reproduction was greatly reduced after the Cultural Revolution.     

论数据权益的刑法保护——民刑交错视角下的法益保护论探讨

关于“数据权益的刑法保护”问题，在理论层面上，可从“刑法解释论”和“刑法立法论”两种路径进行探讨。“刑法解释论”探讨路径以现行《刑法》罪名体系为出发点，主要任务是揭示哪些罪名的犯罪构成之设置是以“数据权益”为规范保护目的；“刑法立法论”探讨路径是在刑法立法层面上探讨立法者为在刑法政策上实现数据权益的刑法保护这一目的，动用刑罚禁止何种行为类型才具正当性的问题。然而，两种探讨路径都将依赖于“数据权益”的内涵确定以及法益格的认定问题，换言之，是刑法法益理论在数据权益刑法保护问题上的具体运用。《民法典》第127条并非是关于数据的确权性规定，且在民法理论界关于数据权益的法律属性存在诸多争议的状况下，“数据权益”内涵不明、法律属性不清导致其并不具备作为刑法保护客体的“法益”格。当前刑法理论界存在的关于“数据权益”的刑法类法益保护模式探讨路径，是对刑法法益保护方式的误读，并未触及“数据权益刑法保护”之规范层面问题的实质。“数据安全”法益观的探讨路径则不仅混淆了现象层面与规范层面上的“数据犯罪”概念的界分，也由于没有论证“数据安全”如何能够构成刑法的保护法益，而导致结论过于武断。在理论探讨上，应该明确作为行为客体的物理层面上的“数据”概念与作为保护客体的法益层面上的“数据权益”概念之间的区别，据此明确“数据权益的刑法保护”在规范层面上是否构成新问题。     

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.     

Can mutual funds time investor sentiment?

Review of Quantitative Finance and Accounting - This paper examines the ability of mutual fund managers to time aggregate investor sentiment. Our results indicate that mutual fund managers alter...     

产业升级、金融分权与民营企业融资约束

本文在产业升级的框架下,分析了国有企业对民营企业存在的信贷挤入与挤出效应.产业升级过慢或过快都将使得信贷挤出效应占主导,金融分权(Ⅰ、Ⅱ)是产业升级影响民企融资约束的重要金融渠道,基于2007-2016年中小板上市公司数据和省级宏观数据,主要通过现金-现金流敏感性模型进行了实证检验.结果表明:(1)相对于产业升级速度适中地区,过慢和过快地区的民营中小企业融资约束更为严重;(2)国企产业升级通过决定金融分权影响民企融资约束,金融分权Ⅱ本身能缓解民企融资约束,但国企产业升级过快会降低金融分权Ⅱ,同时金融分权Ⅰ会刺激地方政府过度投资反而会加剧民企融资约束;(3)金融分权对民企融资约束的影响受到财政分权的显著调节作用,地方财政越宽松,金融分权的作用越显著;(4)对产业升级过慢地区,在金融措施配合下,充分发掘国企产业升级先导性作用是缓解民企融资约束的有效途径.     

期望落差与互联网新创企业狙击型国际化——基于资源条件与市场环境二元情境视角

互联网新创企业国际化战略目标及实施路径独具特色，逐渐成为研究热点。以北京小桔科技有限公司为案例对象，基于业绩反馈理论和前景理论，构建“期望落差-二元情境-狙击型国际化”的研究框架，系统揭示互联网新创企业狙击型国际化行为及实现机制。研究发现：期望落差促使互联网新创企业实施狙击型国际化战略，资源条件与市场环境二元情境在其中具有调节作用，即在资源劣势-市场壁垒高情境下采取“组合拳”模式的狙击型国际化，在资源劣势-市场壁垒低情境下采取界内合作模式的狙击型国际化，在资源优势-市场壁垒高情境下采取跨界协作模式的狙击型国际化，在资源优势-市场壁垒低情境下采取市场控制模式的狙击型国际化。     

Using a dual-frame design to improve phone surveys on political attitudes: developing a weighting strategy for limited external information in Hong Kong

Quality & Quantity - In recent years, rapid increases in mobile phone ownership and decreases in landline users have led to potential biases in landline phone survey estimations. Mobile-only...     

The association between charitable giving and happiness: Evidence from the Chinese General Social Survey

Quality & Quantity - Using the 2012 Chinese General Social Survey data set and the ratio of charitable giving at the community level as the instrumental variable, we investigated the...     

产业集群内生性集体行动影响因素案例研究与效度检验

基于利益集团等多重主流理论视角和半开放性编码技术的部分探索性案例研究，发现产业集群内生性集体行动受到内生需求、长期导向、本地嵌入、政策激励、同行反应、协会治理、集群规模和集群类型等因素的综合影响。经因子分析和逐步回归等方法检验，上述影响因素组合具有较为理想的建构效度和效标效度。其中，内生需求、长期导向、本地嵌入、政策激励、同行反应和协会治理等属于正面激发因素，对集群企业参与内生性集体行动具有积极促进作用，而集群规模和集群类型等则属于负面阻碍因素，对集群企业参与内生性集体行动具有消极抑制作用。     

Aid for trade and the quality of exports

This article studies how aid for trade (AfT) affects the quality of recipient countries’ exports. It shows that the quality effect is most discernible for AfT for assistance in trade policy: a 50% increase in the value of AfT received in this category is associated with a 0.5–1% increase in the quality of exports to the donor and other OECD countries. On average, the actual AfT received for assistance in trade policy leads to a 2% upgrade of the recipient country in the quality ladder of all developing countries. Around half of this quality effect is driven by the quality improvement of continued products in continued markets (intensive margin), and the other half by the quality upgrading of new products in continued markets and existing products in new markets (extensive margin).