国际顶级管理学期刊对中国管理学关注热点分析——基于6种国际顶级管理学期刊2000～2009年所刊论文的研读与统计

随着中国在世界经济舞台上的地位日益提高,国外管理学者对中国的企业及组织管理关注程度也日渐升温。本文系统研究了近10年来国际管理学顶级期刊对中国管理学发展关注的情况。通过研读和甄别AMJ等6种国际顶级管理学期刊2000～2009年4月的所有论文,确认了61篇有关中国组织和企业管理的文章。然后进行了归类分析,从跨国经营、战略管理和组织行为学三个研究方向,来分析国际顶级期刊对中国管理学关注的热点,并进一步论述其发展趋势。     

Does exchange-rate uncertainty matter in the Malaysia–E.U. bilateral trade? An industry level investigation

Due to ambiguity in the past literature, researchers have examined exchange rate volatility effect on trade using disaggregated data in recent years. Previous research has focused more on aggregated data having aggregation bias which has led to unnecessarily over-generalized findings. This study investigates the impact of exchange rate volatility on the Malaysian bilateral trade flows with European Union using industry level data. Our empirical findings, based on auto-regressive distributed lag framework, suggest that many import and export industries experience exchange rate volatility influence in the short run, while a very small number of industries show this effect in the long run. Moreover, the adverse impact of financial crisis (2007–2008) is more prevalent on import industries compared to export industries.     

Resilience and Dynamism of Embedded Financial Transactions in Cameroon

Following the recent financial crisis, institutional economists have issued a “call” for institutionalist research on alternative financial systems. While suggestions have been forthcoming, (for example, in Volume 48, Issue 4 of the Journal of Economic Issues), most have centered on national-level innovations in advanced capitalist countries, prompting further calls for “community” and individual level anti-capitalist financial relations. With this article, we respond to such calls. We show how networks of finance in Cameroon bridge the formal/informal dualisms in lending/savings activities. We demonstrate that any debates about whether to formalize informal financial institutions or leave them alone weaken in Cameroon because, through networks, people access both formal and informal financial institutions for different purposes and at various stages in the life of these institutions. This dynamism explains why, in spite of the growth of money markets in Cameroon, informal financial institutions have not disappeared, nor declined. In fact, they have expanded, contrary to predictions in existing new institutional economics research. While informal institutions have evolved, they have not necessarily become formal banks, microfinance, or stock markets. Rather, the informal financial institutions have adopted and adapted in terms of both lending and saving practices in a country where growing formal financialization has become the norm. Our findings challenge neoclassical and new institutional economics theories about money, credit, and the actors in the money market.     

Tree networks to assess financial contagion

We propose a two-layered tree network model that decomposes financial contagion into a global component, composed of inter-country contagion effects, and a local component, made up of inter-institutional contagion channels. The model is effectively applied to a database containing time series of daily CDS spreads of major European financial institutions (banks and insurance companies), and reveals the importance of monitoring both channels to assess financial contagion. Our empirical application reveals evidence of a high inter-country and inter-institutional vulnerability at the onset of the global financial crisis in 2008 and during the sovereign crisis in 2011. The results identify France as central to the inter-country contagion in the Euro area during the financial crisis, while Italy dominates during the sovereign crisis. The application of the model to detect contagion between sectors of the European economy reveals similar findings, and identifies the manufacturing sector as the most central, while, at the company level, financial institutions dominate during the 2008 crisis.     

Is it easier to publish in journals that have low impact factors?

We use publication data from all journals in economics, mathematics, physics and chemistry. We compute the ratio of publications that come from the top 25 US departments for each journal and use it as a measure of difficulty to publish in a journal. We find that there is a rather weak but positive correlation (0.20) between the impact factor and the difficulty measure.     

Did foreign banks stay committed to emerging Europe during recent financial crises?

Our objective is to investigate empirically the behavior of foreign banks with respect to real loan growth during periods of financial crisis for a set of countries in which foreign banks dominate the banking sectors due primarily to having taken over large existing former state-owned banks. The eight countries are among the most developed in emerging Europe, their banking sectors having been modernized by the middle of the last decade. We consider a data period that includes an initial credit boom (2005 – 2007) followed by the global financial crisis (2008 & 2009) and the onset of the Eurozone crisis (2010). Our two innovations with respect to the existing literature on banking during the financial crisis are to separate foreign banks into two categories, namely, subsidiaries of the Big 6 European multinational banks (MNBs) and all other foreign-controlled banks, and to take account of the impact of exchange rates during the period. Our results show that bank lending was impacted adversely by both crises but that the two types of foreign banks behaved differently. The Big 6 banks remained committed to the region in that their lending behavior was not different from that of domestic banks supporting the notion that these countries are treated as a “second home market” by these European MNBs. Contrariwise, the other foreign banks active in the region were involved in fueling the credit boom but then decreased their lending aggressively during the crisis periods. Our results also indicate that bank behavior in countries having flexible exchange rate regimes differs from that in those in (or effectively in) the Eurozone. Our results suggest that both innovations matter for studying bank behavior during crisis periods in the region and, by extension, to other small countries in which banking sectors are dominated by foreign financial institutions having different business models.     

Equity market neutral hedge funds and the stock market: an application of score-driven copula models

In this article, we study the time-varying market neutrality of equity market neutral hedge funds. We use data from the Hedge Fund Research? Equity Market Neutral Index (HFRX EH), which represents the performance of a portfolio of individual equity market neutral hedge funds. For each day, we measure different levels of association of the Standard and Poor’s 500 (S&;P 500) index and the HFRX EH. We use non-linear dynamic conditional score models of location, scale and copula that, to the best of our knowledge, have not yet been applied in the body of literature on hedge funds. We study whether the neutrality of the HFRX EH that is evidenced in the body of literature for the period of April 1993–April 2003 also holds for the following decade, for the period of May 2003–December 2016. We estimate different average levels of association for the pre-, during- and post-periods of the US financial crisis of 2008. We find that the association of the S&;P 500 and the HFRX EH, on average, is significantly positive for the pre- and post-periods of the financial crisis, and it is significantly negative for the period during the financial crisis.     

Building a financial conditions index for the euro area and selected euro area countries: What does it tell us about the crisis?

In this paper we construct financial conditions indices (FCIs) for the euro area, for the period 2003 to 2011, using a wide range of prices, quantities, spreads and survey data, grounded in the theoretical literature. One FCI includes monetary policy variables, whilst two versions without monetary policy are also constructed, enabling us to study the impact of monetary policy on financial conditions. The FCIs constructed fit in well with a narrative of financial conditions since the creation of the monetary union. FCIs for individual euro area countries are also provided, with a view to comparing financial conditions in core and periphery countries. There is evidence of significant divergence both before and during the crisis, which becomes less pronounced when monetary policy variables are included in the FCI. However, the impact of monetary policy on financial conditions appears not to be entirely symmetric across the euro area.     

A revisionist perspective of European research in economics

The study by Kalaitzidakis et al. (Eur. Econom. Rev. 113 (1999a) 1150-1168, hereafter KMS) continues to exert significant influence on the literature that evaluates the relative publication performance of European centres of research in economics. The current paper argues that the methodology employed by KMS is deficient, and that it is not the methodology these authors intended to employ. I utilise an improved approach to revise the original rankings that relied on publication output from 1991 to 1996, and to update the relevant findings using 1997-2002 data. The revised rankings differ greatly from those reported by KMS. The results also suggest that there have been dramatic shifts in the relative ranking of the various European institutions over time. As expected, rankings are sensitive to the choice of journals considered. However, ranking sensitivity is considerably more pronounced with respect to changes in individual performance over time, than to the group of journals used to measure performance.     

Power and publications in Chinese academia

In power-oriented societies, academia may not be immune to the influence of power. This paper studies the power-publication link by applying an event-study strategy to a panel dataset of the publication and biographical information of deans of economics schools in Chinese universities. We find that (i) deanship increases an individual's publication by 0.7 articles per year; (ii) the increased publications stem from work coauthored with other researchers within the same university; (iii) the topics of the increased publications are more likely to deviate from the deans’ research area prior to becoming deans; and (iv) the power effect is smaller for top universities and leading journals, and for scholars with more pre-dean publications. These patterns appear consistent with the role of power in resource allocation rather than the impact of ability or reputation of the deans and thus have implications on distortions in knowledge production.     

Relevance of the EU Banking Sector to Economic Growth

Using panel estimates and a sample including all 28 European Union (EU) countries, this paper seeks to improve upon the existing literature with empirical evidence on the role that banking institutions can play in promoting economic growth. Banking sector performance is proxied by relevant operational, capital, liquidity and asset quality financial ratios. Economic growth is represented by the annual gross domestic product (GDP) growth rate. The estimations take into account the recent international financial crisis and consider three panels: one for the time period 1998–2012, a second one for the years before the crisis (1998–2006) and another for the subinterval 2007–2012. The results allow us to draw conclusions not only about the importance of the various financial ratios to economic growth but also regarding reactions to the recent crisis.     

基于文献计量的低碳供应链管理研究述评

碳排放的增加是导致全球变暖的主要元凶,通过供应链上下游企业的协同管理才能更好地实现碳排放的降低。因此有必要对低碳供应链管理的文献进行梳理。选取Web of Science核心合集数据库的数据,从商业经济和运筹学管理科学这两个研究方向对低碳供应链管理的文献进行研究。基本统计分析结果表明,该领域的研究还不够充分,只有少数科研机构的合作较为频繁,作者的贡献分散,合作不多。通过CiteSpace软件共被引网络分析,结合冲击流生成器程序绘制冲击流图,对低碳供应链管理研究的现状、前沿和热点的分析表明,低碳供链管理领域的研究重点不断演变。早期比较关注的是可持续绿色物流和生命周期评估方法的应用。不同碳规制政策对低碳供应链管理的影响和可持续供应链网络设计是低碳供应链管理的研究前沿和研究热点。碳税和碳交易互补下的供应链运营和管理,碳标签制度和消费者低碳购买行为对供应链管理的影响,以及兼顾经济效益和碳排放的全球供应链管理是未来研究的方向。     

Patterns of co-authorship among economics departments in the USA

Given the steady increase in co-authored papers in economics journals, this paper reports a study of the patterns of co-authorship between US universities and colleges. A majority of institutions produce more co-authored than single-authored papers. Contacts with researchers from the same institution are still an important source of co-authored papers, even though slightly decreasing in frequency. The determinants of co-authorship outside the own institution are tested in a gravity model and it is found that distance and other geographical variables do not matter. However, the quality of co-authors' institutions, measured by rankings of institutions, has a significant impact on the number of co-authored papers in top economics journals.     

Global Liquidity and Commodity Prices

While monetary easing and increasing participation of financial institutions in commodity trading have enhanced the financialization of commodity markets, this paper investigates empirically whether the impact of global liquidity on commodity prices has grown since the crisis. For each commodity group, this paper uses a structural vector autoregression (SVAR) model to address the short‐run relationship between global liquidity and commodity prices. The key finding is that the effect of global liquidity on commodity prices becomes more salient since the global financial crisis. This paper also suggests a price‐based liquidity indicator has a greater explanatory power for the commodity price dynamics than monetary aggregates.     

美国金融危机的“腐蚀性”及启示

美国金融危机"腐蚀性"特点主要表现为:危机中受影响的金融机构量大且种类多样,危机的发展是持续渐进的.基于此.本文分析了该特点产生的原因.首先,抵押贷款证券化机制扩大了陷入危机的金融机构范围;其次.证券化产品的复杂性使其风险的暴露是渐进的;最后,美国金融体系运行的杠杆化造成了金融危机的持续演进.     

Growth,profits and foreign ownership in the Brazilian banking industry

The deregulation of the financial markets and their progressive globalization has favoured the internationalization of banking. Moreover, during the international financial crisis, the presence of foreign banks has increased in countries experiencing faster economic growth, such as Brazil. In this context, the aim of this study is to analyze the growth and profitability of the financial institutions in Brazil, taking into account the possible non-linearity of the relationship, the differences between Brazilian and foreign institutions and the effect of the crisis. Our results indicate that the entry of foreign institutions has a direct effect on the Brazilian banking industry.     

Government Guarantees, Investment, and Vulnerability to Financial Crises

The paper presents a new model of the East Asian crisis which combines three elements—moral hazard, investment collapse, and multiple equilibria—in a single account. The study locates the causes of the crisis in poor financial regulation, highly leveraged financial institutions, and implicit guarantees to the financial sector. The model has a unique long‐run equilibrium with overinvestment. But in the short run, in which the capital stock is fixed, there may be multiple equilibria. In a crisis the government is forced to renege on its guarantees; the effect is a rapid reversal of foreign capital flows.     

Modelling the causes and manifestation of bank stress: an example from the financial crisis

In this study, I model the predictors and manifestation of bank stress during the financial crisis using a Multiple Indicator Multiple Cause model. Unlike most early warning models that predict failure probabilities, this article describes a framework for predicting a broader notion of bank stress that need not rely on regulatory decisions. As such, this method can be easily applied to large institutions, and avoids the complications associated with modelling a regulatory decision such as failure or a CAMELS downgrade. Using bank reliance on Term Auction Facility funds and the out-of-sample incidence of failures and acquisitions, I demonstrate that the measure of bank stress generated here accords with other notions of bank-level distress. Finally, this method catalogues predictors of distress during the financial crisis. Thus, this article can help assess the validity of several recent regulatory proposals. I find that those banks entering the crisis with more Tier 1 capital, more liquid balance sheets, and relatively stable liabilities subsequently came under less stress. These findings support the Basel III recommended increases in banks’ capital adequacy, liquidity and stable funding.     

Economics research in Canada: a long-run assessment of journal publications

Abstract.  We examine the publications of authors affiliated with an economics research institution in Canada in (1) the Top-10 journals in economics according to journals' impact factors, and (2) the Canadian Journal of Economics . We consider all publications in the even years from 1980 to 2000. Canadian economists contributed about 5% of publications in the Top-10 journals and about 55% of publications in the Canadian Journal of Economics over this period. We identify the most active research centres and identify trends in their relative outputs over time. Those research centres successful in publishing in the Top-10 journals are found to also dominate the Canadian Journal of Economics . Additionally, we check the robustness of our findings with respect to journal selection, and we present data on authors' PhD origin, thereby indicating output and its concentration in graduate education.     

Firm performance and corporate finance in New Zealand

Low productivity growth in New Zealand has been a paradox. We study New Zealand firms’ profitability, in terms of profit margin and return on assets (ROA), from the viewpoints of productivity enablers using firm-level panel data. We find that tangible fixed investment and a research and development (R&D) tax incentive are associated with higher profitability performance. In addition, the firm size is found to be a key determinant of profit margin. By contrast, we do not find any evidence that intangible investment can improve the profitability. The global financial crisis has not changed the leverage effect on ROA in New Zealand, while the impact of R&D became more prominent after the crisis.