Tax evasion as a<Emphasis Type="Italic">de facto</Emphasis> vote of disapproval of PAC contributions

In this study, it is hypothesized that higher (rising) real PAC election campaign contributions may lead the public to increasingly distrust and resent politicians because of the perceived political influence that these contributions exercise. It is further hypothesized that to express that distrust and resentment, the public may make greater efforts to evade income taxation so as to deny tax revenues to the Treasury and “influence-peddling” politicians. Instrumenatal Variable (IV) estimates in first differences that allow for income tax rates, IRS audit rates, IRS penalty assessments on detected unreported income, and the public's dissatisfaction with government per se, find strong, albeit only preliminary, empirical evidence that tax evasion is an increasing function of real PAC election campaign contributions. The author is indebted to Jim Alm, Mike McKee, Joel Slemrod, and Thomas Stratmann and to the University of Miami Economics Seminar faculty and the University of Nevada, Las Vegas Economics Seminar faculty for ideas and helpful comments.     

PPP: <Emphasis Type="Italic">Delusion</Emphasis> or <Emphasis Type="Italic">Reality</Emphasis>? Evidence from a Nonlinear Analysis

In this paper we analyze the validity of the purchasing power parity (PPP) in a nonlinear framework using data for 18 bilateral US dollar exchange rates. Following Enders and Ludlow (2002), we use unit root and cointegration tests that do not assume a specific nonlinear adjustment. We find evidence of non-linear mean reversion in deviations from the PPP equilibrium in 11 out of 18 currencies. Additionally, to disentangle the respective contribution of exchange rate and prices to the adjustment toward the long run equilibrium, we estimate a Vector Error Correction Model. According to our empirical analysis, there exists a nonlinear mechanism to correct for deviation from the PPP equilibrium that comes mainly from the exchange rates. This is consistent with theoretical arguments on international goods markets under transaction costs as well as with an emerging strand of empirical literature. These results highlight the importance of neglecting the possibility of nonlinearity in the debate about the PPP and provide empirical evidence that supports the scenario of the PPP hypothesis as a reality.     

中国企业“逆周期”跨国并购研究

"新常态"经济周期中,中国企业跨国并购有何特征?从经济政策频繁波动的现实出发,如何理解跨国并购的"逆周期"成因?文章基于2001-2016年中国企业对91个国家的跨国并购数据,实证检验了经济周期、经济政策不确定性对跨国并购的影响,得出以下结论：首先,中国企业的跨国并购具有显著的"逆周期"特征,下行经济周期加剧了并购规模提升;其次,经济政策不确定性与跨国并购正相关,并且在国有企业中和2008年金融危机后表现为更明显;最后,经济政策不确定性差距以及市场增长潜力差距均提升了并购规模。     

“同治”还是“同谋”:机构投资者抱团与 企业违约风险

文章以2009—2020年沪深A股非金融上市公司为研究样本,实证检验了机构投资者抱团对企业违约风险的影响及其内在机理。研究发现,机构投资者抱团可以降低企业违约风险。影响机理的检验证实,机构投资者抱团通过降低信息不对称、缓解融资约束和降低经营风险对企业违约风险产生影响。进一步从信息、资源和风险的视角探讨两者关系的异质性发现,机构投资者抱团对企业违约风险的治理效应主要体现在信息不对称程度较高、资源获取较难和风险较高的样本中。文章的发现有助于深化机构投资者抱团的经济后果与企业违约风险影响因素的研究,也为进一步完善机构投资者的制度设计、持续优化公司的内外部治理结构,防范化解企业违约风险提供了参考依据。     

“满铁”旅馆业实为日本侵华隐秘处所

日本攫取中国东北部分铁路特权后,即设立“南满洲铁道株式会社”,同时依托“满铁”开设大和旅馆,并资助其他旅馆,扩大日本旅馆的覆盖范围.日本利用开设旅馆这种隐秘的手段在中国人中传播“大和精神”、宣传“大东亚共荣”思想,妄图用这种温水煮青蛙的方式使中国东北人民接受日本的统治,进而达到侵略整个中国的野心.这种隐秘手段值得我们研究.     

解析网络新词“屌丝”

近年来,网络新词“屌丝”一词在年轻人中更是迅速流传,甚至成了某种人群的代名词.分析“屌丝”一词的含义和产生原因入手, “屌丝”一词的社会价值是凸显社会矛盾,带动相关产业发展,为社会创造新的经济价值;从文化价值看,“屌丝”形成的文化是年轻一代网民寻求建立其独立的语言交际社团与社会角色认同的一种途径,反映出社会变革背后的时代特征和精神面貌.“屌丝”一词的语言价值是催生新词语,揭示网络词汇的语体变异现象.     

“变脸”的背后

重庆文化的海外之旅中,最让外国观众感觉“奇妙”的表演是“变脸”. “变脸”,是川剧中最具艺术感染力的绝技.在中国艺术家一摆头,一变幻的脸谱转变之中,颇具中国民族特色的川剧、杂技“变脸”,中国功夫、中国民乐等,俘获了大批外国观众的心. “变脸”的背后,是中国传统文化的恒久魅力.     

Study on American television news magazine program gt;

With the heat of 60 minutes, television news magazine program came into people＇s eyes and caused a trend of broadcasting news in a news magazine way. The New York Times has called it ＂one of the most esteemed newsmagazines on American television,＂ News magazine program is one of the most important TV program in deep report. It uses the comprehensive arrangement method of magazine, the television dissemination superiority and the method of comment and telling stories and puts different style and content of the news section of small columns together according to column purpose to complete the whole program, which is broadcasted in the fLxed column and time. Among them, the host plays a prominent role. The form of the program takes advantage of special reports and focuses on collecting dynamic news and in the meantime it overcomes their disadvantages. TV news programs focus more on dramatic plot news events and care more about the subjective judgment by the details of the event selection and the expression of picture language to reflect the view of the reporters. This form of program often let the audience understand the conflict of good and evil, beauty and ugliness and naturally accept the value standard that the reporters want to convev.     

‘Stop‐go’ policy and the restriction of postwar British house‐building

From the mid‐1950s to the early 1980s the Treasury and the Bank of England successfully advocated a policy of restricting both private and public sector house‐building, as a key but covert instrument of their wider ‘stop‐go’ macroeconomic policy framework. While the intensity of restrictions varied over the economic cycle, private house‐building was restricted (through limiting mortgage availability) for almost all this period. This was achieved by keeping building society interest rates low relative to other interest rates and thus starving the building society movement of mortgage funds. Mortgage restriction was never publicly discussed and sometimes operated alongside ambitious housing targets and well‐publicized policy initiatives to boost housing demand. This article outlines the evolution of house‐building restriction, together with its impacts on the housing sector and the wider economy. We review the evolution of the policy framework and its consequences, compare the level and stability of British house‐building during this period—historically and relative to other countries—and undertake time‐series econometric analysis of its impacts on both house‐building and house prices. Finally, implications for debates regarding stop‐go policy, Britain's housing problem, and the distributional consequences of government macroeconomic policy are discussed.     

个性化“杀出重围”

<正>他们热衷表现自己,擅长用个性化的符号交流。他们向往价值观层面的"一拍即合"。用自己的形象代言,也远远代言不了整个现代消费群体。在此起彼伏的转型论调和互联网的喧嚣中,常听到一种声音,就是个性化。你可能不知道"不买房的‘90后’",但不能不知道泡否科技创始人兼CEO——马佳佳。生于"90后""00后"的新生代,他们的回忆里早已没了计划经济的影子,更多的是被各式各样的新社会思潮席卷;他们热衷表现自己,擅长用个性化的符号交流,彼     

数字商业生态系统特征：数据控制和数据协调模式比较

数字平台重塑组织间关系形成数字商业生态系统,而数据要素分布模式会影响数字商业生态系统特征。文章选择浙江省和广东省分别作为数据控制模式和数据协调模式的代表,基于数字经济上市企业经营领域与授权发明专利数据,利用社会网络分析法,比较数据控制与数据协调两种模式在产业链整合、数字产业化和产业数字化融合以及数字商业生态系统网络结构上的差异,分析两种模式为提高经济效率所采纳的不同路径。研究发现：无论在何种模式下,民营企业通常选择创新活动频繁、创新风险较高的战略性新兴产业,而国有企业通常参与门槛较高的生产性服务业。数据控制模式是构建数字化营销渠道发挥消费互联网平台用户流量优势,数据协调模式是依托电子信息产业基础发挥工业互联网平台协同制造优势;数据控制模式是纵向一体化产业链整合方式,数据协调模式是水平型产业链整合方式。相较于数据控制模式,数据协调模式下的数字技术与传统产业融合度更高、在产业链上扩散速度更快;数据控制模式下组织网络呈现“垄断”结构,而数据协调模式呈现“区块链”结构;数据控制模式依托于单一平台很难做出全局最优决策部署,数据协调模式在不同领域构建工业互联网平台可能导致跨平台间的数据流动产生困难。消费者需求数据和工业数据高效匹配是两种模式共同演进方向,相较于讨论数据要素最优集中规模,畅通数字平台之间的数据要素流动渠道才是根本。     

“Post‐Truth,” “Alternative Facts” and “Fakenomics”

South African companies are accused of hoarding profits to accumulate large amounts of “idle” cash, as well as of being the perpetrators of massive illegal capital flight. This paper argues that much of the claimed corporate cash is either offshore or belongs to banks. It reminds that bank deposits increase when companies borrow, not when they retain profits. It shows, too, that measures of massive capital flight actually reflect data errors. Exaggerating, through faulty methodology the extent to which companies have cash or may be involved in illegal capital flight is unhelpful. It exacerbates already‐fraught government‐business relations, and complicates the search for solutions to South Africa's economic problems.