互联网使用、金融素养与金融决策*——基于2013—2017年中国家庭金融调查的研究

基于中国家庭金融调查2013—2017年面板数据，本文研究了互联网使用对我国家庭金融素养和金融决策的影响。本文借助2013年“宽带中国”战略实施带来的政策冲击构建工具变量，采用面板工具变量模型识别互联网使用的因果效应。研究发现，互联网使用促进了家庭对正规金融产品的投资，金融素养在二者之间发挥了显著的中介效应。互联网使用还有助于缩小我国城乡家庭在金融素养和金融决策方面的差距。本文为改善我国家庭金融素养和金融决策提供了启示。     

Innovating for Good in Opportunistic Contexts: The Case for Firms’ Environmental Divergence

Journal of Business Ethics - Opportunistic behaviors are considered ethically and strategically troublesome since they disrupt otherwise mutually beneficial relationships. Previous literature has...     

Investor protection and value creation in cross‐border M&As by emerging economies

Previous research investigating cross‐border M&As (CBM&As) by emerging economies (EEs) provided contrasting evidence on the value enhancement role of investor protection rules. We conduct a new empirical study to address the issue with an accurate sample selection of bidders from more homogeneous developing countries and transactions on developed countries only. Our analysis over the 1997–2012 period on a sample of M&A deals by companies from Brazil, Russia, India, China, and South Africa (BRICS) does not provide evidence that better institutional standards in the destination country are rewarded by the local stock market. We find that foreign governance quality is not associated with positive excess stock returns around the announcement date. Rather, these returns are affected by firm‐specific and deal‐specific factors, such as the relative deal size, the listed status of the target company, and the acquirer size. Comparison with other studies on excess returns for emerging markets (including BRICs) suggests that the results could be driven at least partially by country choice.     

Financial development and economic growth: long‐run equilibrium and transitional dynamics

We analyze the impact of financial development on economic growth. Differently from previous studies that focus mainly on balanced growth path outcomes, we also analyze the transitional dynamics of our model economy by using a finance‐extended Uzawa–Lucas framework where financial intermediation affects both human and physical capital accumulation. We show that, under certain rather general conditions, economic growth may turn out to be non‐monotonically related to financial development (as suggested by the most recent empirical evidence) and that too much finance may be detrimental to growth. We also show that the degree of financial development may affect the speed of convergence, which suggests that finance may play a crucial role in determining the length of the recovery process associated with exogenous shocks. Moreover, in a special case of the model, we observe that, under a realistic set of parameters, social welfare decreases with financial development, meaning that even when finance positively affects economic growth the short‐term costs associated with financial activities more than compensate their long‐run benefits.     

Feeding management of dairy cattle affect grassland dynamics in an alpine pasture

The effect of different supplementary feeding rates for grazing cattle on high-altitude pastures dynamics was evaluated. A field experiment was carried out during three years in a subalpine pasture area of the Eastern Alps. The investigated pasture area was 40?ha, located between 1820 and 2230?m?a.s.l. Two paddocks were chosen in the experiment and two herds of 12 cattle each were kept in the two enclosures for 5 weeks. For the first herd (HS), the supplementary feeding rate was 4.8?kg?OM?head^?1 per day, while for the second herd (LS), the rate was 1.6?kg?OM?head^?1 per day. The amount of herbage consumed by each cattle was determined using the n-alkane technique. To monitor the pasture vegetation dynamics, eight metal exclusion cages were placed in each paddock to determine herbage growth, utilization rates, vegetation composition and animal grazing selectivity. Grazing behaviour of dairy cattle, in terms of herbage intake and species selection was affected by the different feeding rates. Cattle grazing Paddock HS consumed 1.9?kg?OM?day^?1 of herbage less than Paddock LS. In the LS paddock, cattle grazed higher phytomass rates. When the animals were fed by higher concentrate rates, a more selective grazing seemed to significantly increase the pasture necromass component. The lower grazing selectivity favoured the development of species as Nardus stricta and Deschampsia caespitosa, which are well known for their low palatability. Distinct vegetation dynamic patterns were observed, with a reduction of hair grass and an increase of legumes in the Paddock LS.     

Thomas Hodgskin,Rational Optimist

Long considered a ‘Ricardian socialist’, Thomas Hodgskin is rarely read as the perceptive observer of the Industrial Revolution that he was. His most famous pamphlet, Labour Defended Against the Claims of Capital, has been interpreted as anticipating some central tenets of Marxism. If we abandon this well‐established interpretation, however, we can better appreciate Hodgskin's acute reading of the process of industrialisation unfolding before his eyes. Unlike most socialists, Hodgskin had no sympathy for machine breakers and actually understood the importance of the entrepreneurial function. Moreover, he thought mechanisation and improvement in the tools available for workers would not dispossess them but, on the contrary, would raise their living standards. Hodgskin's ‘optimism’ shows that in the 1820s someone who was deeply concerned with the future of the working classes could nonetheless develop a reasoned sympathy for industrialisation — rather than merely oppose technological innovation and long for a mythical past.     

The Role of Informational and Congruence Clues in Advertisement for an Ethnic Restaurant

This study analyzes the effect of informational clues and Chef-Cuisine congruence, and their relation to advertisements for a Japanese restaurant. Two experiments were conducted with 171 consumers. Findings supported the following: Congruence between a Japanese restaurant and Japanese Chef results in higher approval ratings than the combination of Japanese restaurant with Brazilian Chef. However, if the advertisement states that the restaurant has won an award, then Chef-restaurant congruence is no longer an important factor in consumers’ evaluations.     

Will elders provide for their grandchildren? Unconditional cash transfers and educational expenditures in Bolivia

We take advantage of repeated cross‐sectional household surveys and a sharp discontinuity created by the introduction of an unconditional cash transfer to elders in Bolivia, to evaluate its impact on educational expenditures on children within a household. We find positive and significant impacts of the program at the aggregate level. We also find that the program has stronger effects on indigenous populations as well as on female and rural populations. Our results are robust to a series of falsification tests, survey structure, model specification, and estimation methods.     

地形因素与地质灾害分布相关性分析

基于河北省1∶5万地质灾害调查成果,选取具有代表性的崩塌、滑坡、泥石流地质灾害隐患3570处,采用图表统计分析法,对分布高程、坡度、汇水面积等地形因素进行分析,研究地形地势因素对河北省地质灾害的空间分布的影响,从而为各级行政主管部门对地质灾害的规划、预防提供参考。受制于人类居住环境等因素,河北省地质灾害在海拔高程、坡度、沟床比降等方面并非理论上的正相关性,而是呈抛物线型分布,其主要分布于海拔200~700 m的中低山区,崩塌发育坡度多大于60°,滑坡发育坡度多在20°~50°,泥石流汇水面积大多小于5 km 2,沟谷形态以V型谷为主,在山坡坡度大于25°,高差100~500 m,沟床比降213~105‰的区域集中分布。