金融支持国防知识产权成果转化问题及策略研究

国防知识产权成果转化应用是国防科技创新体系建设落地见效的关键环节，引入现代金融体系能够有效促进国防知识产权成果转化。目前我国国防知识产权转化工作在组织管理体制、工作运行体系、法规政策制度和信息化建设等方面初显成效，但仍面临整体转化形势不容乐观、金融支持体系尚未成熟等问题，根本原因在于国防知识产权与发明人割裂导致一般金融产品难以通过审核，使融资渠道狭窄；其保密性进一步加大了与金融机构间的信息不对称，使得金融资源配置效率低下；国防知识产权专用性较强，相应抬高了融资成本。为有效解决上述问题，提出3条改进措施，以实现对国防知识产权转化的金融支持，即①从顶层设计上优化解密脱密流程，明确发明人与知识产权的权属关系，细化财税优惠等支持措施；②加强政府财政税收政策支持，引导创新利用多元社会资本进入支持转化领域；③建立各主体参与的金融服务协调保障机制、监测评估体系，启动国防知识产权转化的金融支持试点工作，构建符合国情的国防知识产权转化金融支持体系。     

Drivers of research impact: evidence from the top three finance journals

We study the characteristics of all published papers in the top three finance journals (JF, JFE and RFS), and how these paper characteristics affect the number of citations in Google Scholar and the Web of Science database. First, we find the characteristics in the universalist perspective remain constant while the characteristics in the constructivist and presentation perspectives increase over time. Second, some characteristics are significantly different between the high-impact and the low-impact papers. Third, paper quality, research method, journal placement and paper age are the most important drivers. Last, different drivers play different roles in different journals.     

Rethinking the Career Anchors Inventory framework with insights from a finance transformation field study

It is claimed that the re-engineering and automation of routine work should free accountants to adopt broader, so-called ‘value-adding’ roles as partners to business decision-makers. The ‘new world of work’, involving new process-based methods, single instance ERP systems and the wholesale relocation of professional work to lower cost areas, brings opportunities for accountants in systems design and adding value to the business. For many others, the new reality may be a more competitive and less secure working environment, with a mid-level career bottleneck reflecting a polarisation between the upper and lower layers of the finance function.Based upon Schein's theory of career anchors and using exploratory sequential mixed methods, we consider the impact on the career perceptions of individual accountants as accounting expertise, traditionally embodied in people, is codified and embedded within end-to-end business processes in the context of a finance shared service centre. Key findings include new perceptions of careers with greater emphasis on the acquisition of general managerial competence and leadership skills, with the importance of cultivating a sense of ‘global connectedness' to maintain individual employability. Suggestions are made to update Schein's Career Orientation Inventory to better reflect the reality of accounting in the ‘new world of work'.     

Institutional investors and international investments in emerging economy firms: A behavioral risk perspective

While the extant literature has examined the influence of controlling and non-controlling principals on the internationalization decisions of emerging market firms, heterogeneity among non-controlling principals is largely ignored. The risk characteristics of different groups of owners, shaped by their institutional environments, could contribute to the differences in their preferences for firm internationalization. In this paper, we draw insights from institutional theory and behavioral risk perspective to examine the risk propensities and risk perceptions of various non-controlling principals, such as pressure-resistant (FIIs and mutual funds) and pressure-sensitive (banks, insurance companies and lending institutions) institutional investors. Empirical results from a sample of 2364 unique Indian firms during the 2005–2014 time-period show that, after controlling for firm-level resources and capabilities identified in prior literature, the ownership share of different types of institutional investors is associated with firms’ international investments differently. While pressure-sensitive institutional investors, such as banks and insurance companies, are not supportive of foreign investments by firms, pressure-resistant institutional investors, such as FIIs and mutual funds, are supportive of this strategic decision. Furthermore, our results show that the family ownership in a firm (measured in terms of family shareholding) further lowers the preference of pressure sensitive institutional investors for internationalization, whereas family ownership positively moderates the pressure resistant investors towards internationalization.     

Does partnering with the World Bank shield investors from political risks in less developed countries?

This study explores whether partnering with the World Bank’s International Finance Corporation (IFC) protects foreign investors from aggressive actions by host countries’ governments. Building on the obsolescing bargaining model, we theorize that host states fear that hostile actions towards IFC-supported investments will damage their relationships with the World Bank. Within this context IFC support deters host government aggression towards investments. We assess our argument using country-level panel data as well as interviews with a sample of high-level managers. Findings suggest that IFC-support helps to reduce host state aggression against investing firms.     

Time-varying pricing may increase total electricity consumption: Evidence from Costa Rica

We study the implementation of a time-varying pricing (TVP) program by a major electricity utility in Costa Rica. Because of particular features of the data, we use recently developed understanding of the two-way fixed effects differences-in-differences estimator along with event-study specifications to interpret our results. Similar to previous research, we find that the program reduces consumption during peak-hours. However, in contrast with previous research, we find that the program increases total consumption. With a stylized economic model, we show how these seemingly conflicted results may not be at odds. The key element of the model is that previous research used data from rich countries, in which the use of heating and cooling devices drives electricity consumption, but we use data from a tropical middle-income country, where very few households have heating or cooling devices. Since there is not much room for technological changes (which might reduce consumption at all times), behavioral changes to reduce consumption during peak hours are not enough to offset the increased consumption during off-peak hours (when electricity is cheaper). Our results serve as a cautionary piece of evidence for policy makers interested in reducing consumption during peak hours—the goal can potentially be achieved with TVP, but the cost is increased total consumption     

行为经济学视角下的社会保障理论演进

社会保障系统通过社会与个体的风险共担，增进了个人、家庭和社会的福利水平，对就业、消费、投资均有显著影响。过去社会保障理论侧重信息约束和跨期决策下的机制设计，通过政府干预来实现有效的风险和成本共担，进而有效化解社会成员所面临的各种风险。但这些干预机制有可能会对就业等产生负面影响。近年来，行为与实验经济学开始进入社会保障理论的研究，新的理论试图从理性约束视角来理解社会保障系统的性质及其影响，并提出了全新的助推机制的设计理念与思路。迄今的研究发现，干预机制和助推机制各有千秋，通过合理的互补与替代，能够更好地实现社会保障系统的有效运行。     

Machine Learning and Expert Judgement: Analyzing Emerging Topics in Accounting and Finance Research in the Asia–Pacific

In this paper, we focus on the question to what extent machine learning (ML) tools can be used to support systematic literature reviews. We apply a ML approach for topic detection to analyze emerging topics in the literature—our context is accounting and finance research in the Asia–Pacific region. To evaluate the robustness of the approach, we compare findings from the automated ML approach with the results from a manual analysis of the literature. The automated approach uses a keyword algorithm detection mechanism whereby the manual analysis uses common techniques for qualitative data analysis, that is, triangulation between researchers (expert judgement). From our paper, we conclude that both methods have strengths and weaknesses. The automated analysis works well for large corpora of text and provides a very standardized and non-biased way of analyzing the literature. However, the human researcher is potentially better equipped to evaluate current issues and future trends in the literature. Overall, the best results might be achieved when a variety of tools are used together.     

A field experiment to estimate the effects of anchoring and framing on residents’ willingness to purchase water runoff management technologies

Watersheds throughout the world have been severely polluted by nutrient-laden runoff that comes from industrial, agricultural, and residential sources. Efforts to reduce this runoff have focused on industrial and agricultural sources, while little attention has been paid to encouraging residents to reduce runoff from their properties. To study residents’ willingness to adopt landscaping practices that reduce runoff, we conducted a field experiment in the Delaware River watershed. In the experiment, over three hundred adults participated in a series of random-price auctions that revealed their willingness to pay (WTP) for five products that reduce nutrient runoff. To study how WTP can be influenced by attributes of the choice architecture, we randomized the starting bid values (anchors) and the way in which the external benefits of the five practices were framed. Compared to a neutral framing, a positive framing (using the product can improve water quality) increased average WTP by about one-third, while the estimated effect of a negative framing (failing to use the product can worsen water quality) was also positive, but smaller and not statistically different from zero. The estimated effect on average WTP from the anchor depends on how bids of $0 are modeled, but the results imply that higher anchors lead to higher WTP. Although we believe the magnitudes of our results should be considered suggestive and we recommend replications with higher statistical power, the results add to the evidence base that environmental programs can achieve policy-relevant gains in program performance through a series of small changes to the decision environment.     

Determining factors and impacts of the intention to adopt mobile banking app in Cameroon: Case of SARA by afriland First Bank

This study aims to know what are the factors determining the adoption of M-Banking app among customers in Cameroon. In other words, what are the factors that influence users in their decisions to adopt and use a system or technology such as the MBanking app, and indirectly, what is the impact of this use on both the customers and financial inclusion? The research model developed relying on a combination of Technology Acceptance Model (TAM ), Unified Theory of Acceptance and Use of Technology ( UTAUT2 ), Information System Success Model ( ISSM ), and Protection Motivation Theory ( PMT ) and other constructs; it was then tested with a sample of 223 users of the “ SARA” M-Banking app of the financial institution called “ Afriland First Bank” . Findings revealed that: (1) utilitarian expectation, hedonic motivation, and status gain, habit, and perceived privacy concern have a significant influence on the intention to adopt M-Banking apps; and (2) the exploitative/explorative use of this technology has an impact on user’s loyalty and satisfaction but also contributes strongly to fostering financial inclusion in Cameroon. Also, the Multi-group analysis was performed on the sample using 2 gender-based groups (males, n=121; females, n=102).