The Impact of the 2008 Crisis on UK Prices: What We Can Learn from the CPI Microdata1

This paper takes the locally collected price quotes used to construct the CPI index in the UK for the period 1996–2013 and explores the impact of the Great Recession (2008‐9) on the pricing behaviour of firms. We develop a time series framework which captures the link between macroeconomic variables and the behaviour of prices in terms of the frequency of price change, the dispersion of price levels and the size, dispersion and kurtosis of price‐growth. We find strong evidence for inflation having an effect, but not output. The change in the behaviour of prices during the Great Recession is largely explained by the changes in inflation and VAT. Nevertheless, the magnitude of the inflation effect is sufficiently small that it need not influence monetary policy.     

我国农作物秸秆综合利用产业促进政策研究

［目的］深入地分析了我国秸秆综合利用产业现行促进政策，阐述了存在的主要问题，并提出针对性解决方法，以期为促进秸秆综合利用政策体系建设提供政策建议。［方法］按照法律法规、目标引导和考核、财税补贴、技术研发和推广、信息统计等进行分类，综合评述各类现行政策的特点、使用范围和有效性，并采用相关者利益分析等方法分析存在问题，提出政策建议。［结果］随着我国秸秆露天焚烧问题日益突出，国家加大了对秸秆综合利用重视的程度，出台一系列关于秸秆综合利用等方面的法律、法规和激励政策等，初步构建了秸秆综合利用政策体系，呈现出聚焦关键环节、关键技术和重点地区的趋势。但是，还存在着政策的有效性有限，未形成合力； 农民参与度低； 使用环节缺乏激励政策等问题。［结论］建议出台区域生态补偿制度，落实耕地地力保护补贴政策，鼓励终端产品使用和消费等政策。     

美欧货币政策框架的最新转变与政策启示

货币政策框架是制定和实施货币政策的基本准则,体现了货币当局对宏观经济运行和货币政策传导机制的根本性看法.2020年8月和2021年7月,美联储和欧央行等主要发达经济体相继调整货币政策框架,这将对全球其他国家的货币政策产生深远影响.本文梳理了美联储和欧央行货币政策框架的最新变化,并分析了两者异同.建议我国借鉴其有益经验,从兼具相对规则性和相机抉择性方面完善货币政策框架,加大货币政策对经济增长、物价稳定和充分就业的支持力度,重视维护正常货币政策空间,加大对潜在非常规货币政策工具的研究.     

互联网对企业协同创新中知识增值的影响——软创新资源的作用

互联网环境下协同创新中的知识增值运行机制发生重大改变。从知识流视角出发，整合资源基础观与知识基础观，在完善软创新资源概念的基础上，通过对4个案例的深入探索，分析软创新资源各维度对协同创新知识增值的影响。结果表明，互联网的群智性、泛在性等特点可以孕育出软创新资源，进而影响协同创新中的知识增值。其中，软创新资源包括开放型信息资源、协同型关系资源、创新型文化资源以及技术型能力资源4个维度，并分别作用于知识获取、知识转移、知识创造和应用，从而实现知识增值。最后，针对如何最大程度地发挥互联网在促进知识增值方面的作用，提出相关建议。     

Evaluating museum visitor experiences based on user-generated travel photos

ABSTRACT

This research introduces online travel photos published on social media platforms as a complementary data resource to examine the behavior and experience of museum visitors. The practical value of online travel photos is demonstrated through a case study of popular Hong Kong museums, particularly by using the photo content and metadata available from the Flickr platform. The proposed approach is a generic method for understanding museum visitor behavior and preferences, and supports museum practitioners in developing improved products for visitors. The case study findings are particularly beneficial for tourism managers, especially those in Hong Kong, in promoting and attracting tourists to visit local museums.     

Do significant risk warnings in annual reports increase corporate bond credit spreads? Evidence from China

Based on listed companies issuing bonds on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this study analyzes the relationship between significant risk warnings in Chinese companies’ annual reports and corporate bond credit spreads. The main findings are as follows. First, in the Chinese market, “substantial warnings of significant risks” can significantly improve corporate bond credit spreads, reflecting the risk-warning effect; second, state-owned property rights weaken this effect, which only pertains to listed companies with poor risk management and low information quality; third, significant risk warnings increase investors’ heterogeneous beliefs, also affecting credit spreads; and fourth, through textual analysis, it is found that the corporate bond credit spread is greater when the disclosed risk factors are more pessimistic and less similar to those of the previous year. The findings of this paper help to enrich the literature on credit spreads and risk disclosure.     

山高皇帝远:地理距离与上市公司股价崩盘风险的经验证据

鉴于信息不对称程度、制度实施成本和心理文化差异，文章提出"监管距离"假说，认为监管者和被监管者之间距离远近可以影响监管效果。实证分析中国沪深上市公司数据，文章从非对称风险视角出发，研讨了上市公司注册地距所在地中国证监会派出机构的地理距离对公司层面的股价崩盘风险的影响。我们发现，监管机构与上市公司总部的地理距离越远，该上市公司股价的崩盘风险越大。进一步分析发现，如果开通高铁或者上市公司所在地社会信任水平足够高，那么监管距离和崩盘风险的正相关关系是不显著的；如果监管负担严重或政府效率低下，那么监管距离和崩盘风险之间正相关关系更为显著。文章认为，地理距离具有监管信息效应、监管威慑效应和监管执行效应，能够影响股价崩盘风险。也就是说，"山高皇帝远"可以改变上市公司行为，提高金融监管效率不应忽视非正式制度的影响。     

美国需求端产业结构的变化及对中国的启示

对产业结构演化的研究都是从供给端计算的产业结构，本文构造了从需求端计算的产业结构并依此对美国需求端产业结构的演化进行了实证分析。研究表明，当年价所计算的美国需求端三次产业结构的变化小于供给端产业结构的变化；1970年以来美国第二产业的变化差异中近40%可以用外贸因素来解释。进而本文采取不变价计算了美国产业结构的变化，研究表明，自1970年以来按不变价计算的美国需求端的产业结构变化很小，且美国第三产业比例提升中有31%可以用不同产业价格因素变化来解释，44%可以用国际贸易来解释，仅有25%可以用第三产业收入弹性的变化来解释，因而收入弹性不是美国第三产业比例提升的重要原因。美国能够维持经常账户的逆差，将第三产业作为动力产业的根本原因在于美元的霸权地位。相比较而言，中国一直以来处于国际收支“双顺差”的状态，中国的具体国情和国家实力均无法满足大规模输出人民币使之成为其他国家储备货币的条件。     

The Spillover Effect of SEC Comment Letters on Qualitative Corporate Disclosure: Evidence from the Risk Factor Disclosure

In this study we use the recently mandated risk factor disclosure to examine the spillover effect of the Securities and Exchange Commission (SEC) review of qualitative corporate disclosure. We find that firms not receiving any comment letter (“No‐letter Firms”) modify their subsequent year's disclosures to a larger extent if the SEC has commented on the risk factor disclosure of (i) the industry leader, (ii) a close rival, or (iii) numerous industry peers. We refer to this effect as “spillover.” Further, we find that after SEC comments on the industry leader's disclosure, No‐letter Firms also provide more firm‐specific disclosures in the subsequent year. The increased disclosure specificity reduces these firms’ likelihood of receiving SEC risk disclosure comments on their new filings. Our evidence suggests an indirect effect of the SEC review of qualitative disclosure.     

Measuring industrial upgrading: applying factor analysis in a global value chain framework

ABSTRACT

A key question for promoting international competition is how to improve the position of countries and industries in global value chains (GVCs). The first step is to properly measure industrial upgrading in GVCs. This is not a trivial issue because upgrading has not been defined unambiguously. Several authors have used different (and sometimes related) measures, all of which indicate certain aspects of upgrading. Rather than trying to find the single, ultimate measure of upgrading, we propose a different approach. We examine the multidimensionality of industrial upgrading, using eight indicators in factor analysis. Four of the eight indicators adopt the GVC perspective and include, for example, the growth of the share in value-added exports. We provide three quantitative dimensions of industrial upgrading: process upgrading, product upgrading, and skill upgrading. With these dimensions, we compare and analyze the upgrading of different countries and industries using the World Input–Output Database.