The education pillar of the Europe 2020 strategy: a convergence analysis

Empirica - In March 2010, the European Commission launched the Europe 2020 strategy ‘for smart, sustainable and inclusive growth’ in the EU. Education is a major pillar of the Europe...     

Inflation Risk?

Intereconomics - Inflation is on the rise again in the industrialised world. This has led to fears of a sustained surge in inflation. This article argues that while such fears may make sense in the...     

供应链金融智慧化创新的内在机理研究——基于扎根理论的探索性分析

文章基于10个智慧供应链金融案例,对供应链金融中信息通信技术的赋能机制、作用机理及所实现的智慧效应进行了梳理,报告了供应链金融进行智慧化创新的内在逻辑.通过采用扎根理论方法,展开实践案例资料调查,反映了供应链金融业务迫切需要新的技术支撑以解决资金供需双方的信息不对称问题,进而构建出"需求—手段—中介—效应"这一供应链金融创新机理模型,揭示了供应链金融智慧化创新的路径方法.     

Entrepreneurial orientation and innovation in family SMEs: Unveiling the (actual) impact of the Board of Directors

Drawing on stewardship and resource dependence theories, we examine how the board of directors (BoD) influences the link between entrepreneurial orientation (EO) and ambidextrous innovation in small and medium sized family firms (family SMEs). Our analysis of 230 Spanish family SMEs shows that family involvement in the BoD has a negative effect on their ability to turn EO into innovation. Moreover, we show that the BoD's strategic involvement in service and control tasks and the provision of knowledge and skills have positive effects, whereas the intensity of BoD activity has a surprisingly negative effect. These findings underscore that the effects of the BoD on the entrepreneurship-innovation link are more complex than previously thought, pointing to the important role of both BoD composition and BoD functioning for enabling innovation in family SMEs.     

Coordination in a skeptical two-group population

Journal of Economic Interaction and Coordination - This paper explores a situation in which a population split into two groups attempts to achieve the socially efficient outcome of a coordination...     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

清徐县优势农业与旅游业协调发展研究

[目的]发展优势农业是改造传统农业,加快农业现代化的有效途径之一,旅游业作为国民经济新的增长点,两者协调发展更有利于增加农民收入,促进新农村建设,同时也是农村社会经济可持续发展的必然要求。[方法]文章通过文献查阅法了解清徐县优势农业葡萄及葡萄文化旅游业等方面的相关研究及研究成果,结合实证分析法通过协调发展度函数构建模型对清徐优势农业协调旅游业发展进行定量分析。[结果]清徐县优势农业和旅游业的综合评价指数从2004年的0.118 6上升到2016年的0.985 8,总体呈上升趋势,同时协调度13年间,2004~2008年介于0.221 5~0.490 5之间,处于失调发展阶段,2009年为过渡阶段,协调度为0.524 3,2010~2015年协调度介于0.626 7~0.685 8之间,处于初级协调发展水平,2016年协调度为0.701 7,发展到中级协调发展水平。优势农业与旅游业协调发展有利于区域经济水平的提高和农业收入的增加。[结论]推动优势农业与旅游业协调发展,清徐县需加大散户经营管理力度,切实有效地解决散户存在的实际问题,夯实优势农业的基础,为旅游业发展提供更大的发展空间。     

An Empirical Analysis of Entrant and Incumbent Bidding in Road Construction Auctions

This paper explores differences in the bidding patterns of entrants and incumbents in road construction auctions. We find that entrants bid more aggressively and win auctions with significantly lower bids than incumbents. The differences in their bidding patterns are consistent with a model of auctions in which the distribution of an entrant's costs exhibits greater dispersion than that of an incumbent's and relations of stochastic dominance in the distributions do not persist for the entire range of estimated costs. We also find that more efficient firms bid, on average, more aggressively and firms with greater backlogs bid less aggressively.