Skill complementarities and returns to higher education: Evidence from college enrollment expansion in China

We find that the increased supply of college graduates resulting from college enrollment expansion in China increases college premiums for older cohorts and decreases college premiums for younger cohorts. This finding is inconsistent with the canonical model that assumes substitution among workers of different ages. We subsequently build a simple model that considers complementarities among workers of different ages and different skill levels. Our model predicts that the college premium of senior workers increases with the supply of young college graduates when skill is a scarce resource. The model's predictions are supported by empirical tests.     

The social support returns to college education in China: Evidence from online medical crowdfunding

Attaining a college education bestows advantages in the labor market, but it is undetermined whether a college education could also benefit those in need of assistance. Using a unique dataset from a large online medical crowdfunding platform based in China, this paper investigates the social support returns to college education. Our study finds that patients attaining college education would raise 88.1% more funds through medical crowdfunding. A variety of identification strategies suggest that the relationship is causal. By examining the potential mechanism, we conclude that college-educated patients have more detailed narratives and have more school-related social connections who are willing to verify and distribute the campaigns, attracting more supporters and ultimately raising more funds.     

An empirical analysis of college enrollment in The Netherlands

Summary In this paper we present empirical results on the demand for university training in the Netherlands. We integrate investment and consumption aspects of education and explicitly take account of the existence of capital market imperfections. The model has been estimated using time-series data. We pay attention to the dynamic structure and the nonlinearity of the functional specification. To a large extent the qualitative effects of the variables suggested by the theory on college enrollment correspond to the results. The effect of tuition on enrollment is not significantly different from zero at the 5 percent level. The elasticity of male enrollment for financial aid is substantial, but the elasticity for per capita income is even higher (close to one). The model allows deriving projections of college enrollment and investigating the impact of government policy.The authors gratefully acknowledge comments on an earlier version by S.K. Kuipers and J. Pen.     

Off‐farm wage returns to education: Evidence from Lesotho

This article presents estimates of off‐farm wage returns to education in rural areas of Lesotho. Results from a sample survey conducted in the northern Lowlands and Foothills of Lesotho indicate that returns to education are relatively higher for people wage‐employed in Lesotho than those wage‐employed as migrants in South Africa. For people working within Lesotho, education appears to have a significant and positive effect on off‐farm wages. Most people working within Lesotho are employed as teachers, nurses and civil servants and these job categories require an educated labour force. For people wage‐employed in South Africa, education appears not to have a significant effect on off‐farm wages. Most men working in South Africa are employed as labourers in mines while women working in South Africa are employed as domestic servants.     

Off‐farm wage returns to education: A study in KwaZulu

Off‐farm wage returns to school education are estimated using sample survey data gathered in rural KwaZulu. The results show that returns to school education are relatively high for both men and women. Conclusions are drawn regarding structural changes and appropriate policy in rural KwaZulu.     

Financial risk exposure of returns to education: Panel evidence from Korea*

The present study examined financial market risk exposure of human capital returns, which are represented by the returns to education, using panel data for Korea. Overall, financial market shocks seem to be irrelevant to returns to education. However, when we divide a financial market shock into cash flow news and discount rate news leading to a negative risk premium, returns to education increase after positive news about future cash flows and unexpected increases in discount rates Therefore, the risk exposure to cash flow shocks is offset by the exposure to discount rate shocks. The returns to education of low‐income workers were significantly exposed to the cash flow risk as compared to those with a high income, but they were offset by the positive correlation to discount rate shocks. In contrast, considering the gap between generations, the old generation was not only less exposed to the cash flow risk compared to the young generation regarding returns to education but also positively correlated with the discount rate shock, resulting in less exposure to financial market risks.     

Human capital, signaling, and the pattern of returns to education

This paper analyzes the implications of the pattern of returnsto education for human capital and signaling models. The USCurrent Population Survey shows diploma effects and small returnsto the interval just before college graduation. A human capitalmodel explains this pattern only under special circumstancesunlikely to be stable. A Spence-type signaling model can explaindiploma effects, but not the low return prior to graduationunless there is substantial measurement error. I propose anextension of the signaling model where agents are initiallyunsure of their ability.     

The relationship of returns to investment in undergraduate education and major area selection

Conclusions The results of the present analysis indicate that the human capital based theory of major area selection does not predict. Furthermore, the results cast substantial doubt upon the generality of Koch's results to other colleges and universities. Although the present analysis indicates that returns were not a major consideration in the selection of majors in the 1960's, if students were more aware of the magnitude of differences in pecuniary returns available in various occupations and associated major areas such returns might play a more important role in major area selection decisions. Examination of the returns determined in the present analysis reveals that there were many occupations and associated major areas exhibiting high pecuniary returns. A baccalaureate degree may no longer be as great an influence as in the past with respect to entry into high paying or prestige occupations, but high pecuniary returns are still available in many areas. Better high school counseling would make students aware of such returns so that better returns on investment in college education could be obtained. In addition, better college counseling of freshmen and sophomores concerning differences in returns available in various major areas could help students obtain better returns for their investments in education. This research is based upon the author's dissertation completed at the University of Kansas in 1975.     

环境分权对低碳发展的异质性影响——基于省级面板数据的实证研究

优化配置生态环境治理权责是实现绿色低碳发展的基础支撑。立足于我国省级面板数据,采用局部性分析视角揭示环境分权对低碳发展的异质性影响。基于莫兰特征向量的空间滤波随机效应模型表明,尽管两者之间非空间异质性不显著,但存在显著的空间异质性,呈现出“东北-西南”方向性差异,即东北方向倾向于加剧效应,而西南方向则表现为抑制效应。该发现回应了全局性分析中存在的“效应抵消”问题,同时也为当前环境治理体制改革提供了更具地域性的思路,有助于避免政策的“一刀切”问题。     

Firm's choice of ownership structure: An empirical test with Korean multinationals

This paper examines the choices of ownership structure of multinational firms (MNFs) based in a newly developed country (South Korea) for their foreign affiliates. A transaction cost economics perspective is employed, taking advantage of a distinct and comprehensive firm-level data set. This is investigated as a whole-set sample of all overseas affiliates and as a sample of only partially owned affiliates using a number of analytical techniques. The paper shows that the choice of equity ownership structure is affected by the characteristics of various host countries. We find that the MNF prefers sharing control rights with a local partner when its affiliate is in a resources-based sector, when it enters a country with a large black market, or when there is large socio-cultural difference between the home and the host country.     

聋人大学生参加融合教育的意义和启示

特殊大学生(包括:肢体伤残、视觉受损、听觉受损、智力障碍、自闭症、语言障碍等)与正常生一起在常规学校接受教育是融合教育的理念,环境的变化会使残障学生的心理发生很大改变,了解他们的心理问题,制定计划并结合实际帮助他们解决可能遇到的困难,能让残障学生树立信心,更好地适应大学生活。文章对聋人大学生参加融合教育的意义和启示进行了表述。     

The impact of data snooping on the testing of technical analysis: An empirical study of Asian stock markets

The primary aim of this study is to investigate the validity and predictability of technical analysis in eight Asian equity markets. We employ the bootstrap tests of White (2000) and Hansen (2005) to determine whether any superior trading rule is found to exist amongst the ‘universe’ of technical trading rules identified by Sullivan et al. (1999). We use these powerful bootstrap tests to ascertain the profitability of technical analysis, along with two institutional adjustments for non-synchronous trading and transaction costs. The empirical results indicate that these three elements, data snooping, non-synchronous trading and transaction costs, have significant impact on the overall performance of technical analysis; indeed, the results for these eight Asian stock markets support the efficient market hypothesis, demonstrating that the generation of economic profits through the use of technical analysis is extremely unlikely with these particular markets.     

云南省能源消费与经济增长动态关系——基于向量误差修正模型的实证研究

基于云南1980—2019年时间序列数据,在能源、资本和劳动三要素C-D生产函数框架下,利用Johansen协整检验、向量误差修正模型、Granger因果检验等定量分析工具,对能源消费与经济增长的短期和长期关系进行实证检验。结果表明:二者存在相互促进的长期均衡关系,而短期不存在因果关系,说明云南经济结构优化向好,能源依赖度低;此外存在纠偏机制,误差修正项对能源消费的调整速度显著快于对实际GDP的调整速度,说明云南能源产业具有良好的自我调节功能。最后指出云南能源产业今后的发展重点是加快建立系统整合的能源-经济决策架构,同时政府应着力营造稳定的宏观经济环境。     

Human capital investment in children: An empirical study of household child education expenditure in China, 2007 and 2011

Household education expenditure is an important component of human capital investment in children. In China, the rising child education expenditure and the subsequent financial burden on families have attracted much research and policy attention in the recent years. Using 2007 and 2011 data from the Urban Household Education Surveys, our empirical study provides new evidence on the education expenditure level, ratio of expenditure to household income, and inequality in this expenditure. We also elucidate changes in China's household education expenditure and explore factors associated with such changes. From the analysis, we obtain the following findings. First, education expenditure incurred outside the school significantly contributes to increasing household education expenditure. Second, compulsory education programs are effective in curbing in-school education expenditure; however, it does not prevent the rapidly increasing education investment outside school. Third, education expenditure disproportionally increases with family income. In other words, a larger share of the income earned by lower income families is spent on children's education, compared to higher income families.     

贸易开放度、劳动力市场扭曲与全要素生产率——基于省级面板数据的实证分析

基于空间计量模型,使用中国省级层面数据探究劳动力市场扭曲程度和贸易依存度对地区全要素生产率的影响.研究结果表明,劳动力市场扭曲抑制了地区经济增长,贸易开放水平对经济发展有着正向促进作用.对比中国不同区域可以发现,东部地区在劳动力市场与国际贸易市场上发展较为完善,中西部地区还需缓和中西部地区农业部门与非农部门的劳动力市场不平衡、增加贸易对外开放程度、增加企业自主研发等方式来提升地区全要素生产率.     

对新经济增长的一个解释：整体信息增值

信息是产生组织秩序的潜在能力，而经济组织秩序同技术创新一样是价值增值的一个来源。     

Effects of regional integration on FDI: An empirical approach

This study uses an augmented gravity model to capture the effect of regional economic integration on Foreign Direct Investment (FDI) flows in the cases of the EU, NAFTA, MERCOSUR, and ASEAN. Three important conclusions emerge: (i) regional integration has had a positive and significant effect on FDI, which is a combination of investment creation and diversion; (ii) investment diversion does occur in a significant number of cases, and hence it is a legitimate cause for concern, especially among developing countries that are not part of a regional grouping with at least one developed country; and (iii) FDI acts as a substitute for trade in a significant number of cases, although in some cases, it complements trade.     

Economic situation of non-whites after 1964: An empirical analysis

Conclusion Based on the above mentioned results, it is plausible that the Civil Rights Act of 1964 generally has had a positive effect on the economic situation of non-whites, and on the average, has brought an improvement in the income, unemployment rate, and occupational distribution of non-whites in the United States. Therefore, the hypothesis of this study is supported and has shown that either because of, or concurrently with the Civil Rights Act of 1964, there has been a significant reduction in the propensity to discriminate since 1964.