Risk aversion,cooperative membership,and path dependences of smallholder farmers in Ethiopia

Smallholder farmers in Sub‐Saharan Africa often mitigate production risks through cooperative membership: institutionalized arrangements where they pool resources and collectively manage production and marketing chains. Cooperative membership has a significant advantage: it cushions detrimental effects of external forces, placing a premium on a risk‐seeking attitude (experimenting and innovating), which can yield greater accumulation. However, cooperatives are self‐selective institutions: relatively better‐endowed farmers, who are usually less risk‐avoidant than poorer ones (a consequence of their broader material bases), tend to be overrepresented. These two realities complicate the causal assessment of the relationships between risk attitudes, farmers’ socioeconomic status, and cooperative membership that is essential to comprehend the role of cooperatives in local capital accumulation. To help resolve this thorny analytical problem, an experimental study was carried out in eastern Ethiopia—a risky production environment where cooperatives feature prominently and relatively affluent farmers exist alongside poorer ones. It unveils the working of specific path dependences: poorer cooperative members are less risk seeking than nonmembers, but at an interval much less than that observed for affluent farmers. For development policies, this suggests that a greater payoff can be expected from investing in farmers’ material bases than from further improving cooperative membership.     

A cooperative study of one-commodity market games

A competitive model is attached to a particular market where several agents trade a same commodity. We focus on the stability of the price systems and define a solution concept, akin to the core, proving an existence result. The author wishes to thank the Editor and an anonymous referee for useful comments and remarks.     

上市公司经营业绩与股市表现研究

上市公司股价波动作为经营情况的反映,经营业绩变动理当成为股价波动的主要影响因素,这也是在证券市场交易中价值投资存在的基石,但是价值投资理念在我国证券市场中的有效性却得到了诸多质疑。正是在此背景下,按照当前多层次的资本市场结构,分别针对主板、中小板以及创业板上市公司进行了实证分析,结果表明上市公司经营业绩并不是引起股价变动的Granger原因。     

关于中国铝期货市场套期保值绩效的实证研究

套期保值是企业利用期货市场进行风险控制的重要过程。利用金融衍生产品进行风险管理的关键问题是确定套期保值比率。通过对中国沪铝期货套期保值绩效的实证研究发现基于DVECH-GARCH的动态套期保值比基于OLS的静态套期保值避险效果好。选择一定的套保模型进行对冲交易,铝加工企业能够有效地分散铝现货的市场风险,稳定企业生产经营。     

企业战略联盟的市场绩效分析

从产业经济学的角度看,任何一种正式或非正式的经济组织,其市场绩效都存在一定的差异,导致市场绩效降低的企业行为或组织形式必然受到政府的管制。例如,垄断和串谋在市场经济国家都被视为不正当的竞争行为,政府将用法律手段对其进行规制。企业战略联盟作为一种企业间合作组织,它与垄断和串谋究竟有何本质区别?政府是否应该用法律手段进行规制?要回答这些问题,则必须从市场绩效的角度对其进行评价。     

我国农民专业合作社国内研究文献综述

在梳理近几年尤其是2007年以后我国农民专业合作社国内相关研究文献的基础上,本文对目前我国农民专业合作研究状况进行了归纳和总结,认为我国农民专业合作社研究视角上从合作社本质、功能等一般理论研究逐步转向我国合作社治理结构、合作社运行绩效、农户合作意愿等的实证研究,更加强调合作社研究的现实意义;在研究方法上,从以理论分析为主的定性研究方法逐步转向问卷调查、因子分析、回归分析、机构方程模型等定量研究方法,整体学术研究水平不断提升。论文最后对我国农民专业合作社研究状况做了简单评价,认为农民专业合作金融问题、农民合作社与政府关系问题、农民专业合作联社问题以及农民专业合作社的股份化和企业化倾向问题需要进一步加紧研究,以解决我国农民专业合作社发展的现实问题。     

Understanding the recent performance of China's stock market

Employing time-series extrapolation and an out-of-sample forecast based on a bivariate VAR (vector auto-regression), we argue that the current boom of China's stock market represents a recovery that corrects the previous divergence of the stock market from the aggregate economic performance. Nevertheless, we caution that the speed of the recent rise in stock prices is alarming. If the current speed continues, then the stock market will soon become overheated in the sense that the level of stock prices will exceed the level justified by economic fundamentals.     

Research on the sales channels of the household appliances market

Chinese traditional sales channels are seriously attacked by the new ones. Household appliances industry will realize the specialized divisions of. development, manufacture, sale and services completely. The model of sales channel in marketing is set as the core of this research; the merits and demerits of different sales channels are analyzed; the complicated selective relationship and the conflicts among the manufacturer, middlemen, and ultimate consumers, and the solutions to present multi-channels market and the developments of the sales channels are elaborated in an overall view; the opinion that the only way to develop this industry is raised to establish the competitive sales channels. The aim is to let local household appliances industry use the natural merits to build up a suitable channel rapidly and efficiently, and to speed up the self development and oeffection.     

The exceptional performance of exporters and labour market outcomes: evidence from Egyptian firms

ABSTRACT

This paper examines the manufacturing export market in Egypt after the Arab Spring using a novel firm-level census dataset from 2013. Export is very rare in Egypt. The conventional export premia are very high, except for total factor productivity. Exporters have stark effects on labour market outcomes, including wages, employment, demand for skilled and female workers, wage inequality, and job security. These findings have two important implications: (1) Manufacturing exports might be monopolized by large firms, and (2) promoting exports could improve labour market outcomes, especially for skilled and female workers.     

Exploring the effect of crisis on cooperatives: a Bayesian performance analysis of French craftsmen cooperatives

ABSTRACT

The aim of this paper is to understand the economic performance of craftsmen cooperatives during the crisis period. These cooperatives have the distinctive feature of being supply cooperatives. We use an exhaustive dataset for the French craftsmen cooperatives (2004–2014). We estimate Bayesian Translog econometric models in order to underline the impact of the 2008 crisis on these cooperatives. On the one hand, cooperatives’ turnover and economies of scales decrease during the crisis, the effect is lower for elder cooperatives and varies across sectors. On the other hand, there is a convergence towards the mean for the various generations of cooperatives. These findings are robust to alternative econometric specifications.     

上海中式服装市场细分及消费心理研究

运用科学的统计分析方法,将上海市中式服装市场按人口统计变量进行了细分,通过设计调查问卷,实地调研消费者的消费心理模式,在此基础上,用因子分析的方法,从心理变量出发找出将消费者分群的内在因子,为更加科学合理地进行中式服装品牌化运作提供参考。     

股票市场系统动力学分析：以上海股票市场为例

本文突破了传统经济理论研究的线性框架,视股票为一非线性系统,运用分形、混沌等复杂性理论对上海股票市场的系统动力学特征进行实证研究,得出了上海股票市场系统的分形特征、复杂性程度、系统演化类型及稳定性,最后,探讨了这些结论对股票市场的理论与实践意义。     

进一步完善和发展中国旅游市场的研究

观察国内经济环境可看出,因受国际经济不景气的影响,我国旅游经济也显得低迷不振,这对发展搞活旅游市场是个很好的机会。中国旅游市场在不断建设过程中取得很大成绩,但在运行中仍存在一些问题,需要进一步加以完善。作为社会主义市场经济体系的一部分,旅游市场的发展能够带动其他市场的发展,从而进一步搞活整个国民市场经济。     

Impact of government policy responses of COVID-19 pandemic on stock market liquidity for Australian companies

This study investigates the impact of government policy responses of COVID-19 pandemic on stock market liquidity for listed Australian companies and for 11 different industries separately. A quantitative deductive approach is used for a sample of 1,452 companies with a total of 292,164 firm-day observations over a period from January 25, 2020 to December 31, 2020 during the outbreak of COVID-19. Univariate and multivariate (two-way cluster-robust panel regression) analysis were conducted. Data were collected from the Oxford COVID-19 Government Response Tracker, Worldmeter, Refinitiv Workspace and Datastream. Our findings indicate that the influences of the six out of seven stringency policy responses reduced Australian equity market liquidity. However, public information campaigns enhanced market liquidity and hence trading activity. Among the 11 industries, our analysis shows that the non-pharmaceutical interventions by the Australian government have significant and positive effects on four industries: Consumer non-cyclicals, healthcare, financial and technology. However, the worse effects were depicted in the industrial (transportation) and energy industries. This study is important for investors, policymakers and regulators to understand the diverse effects of government policy responses of COVID-19 on stock market liquidity to enhance financial stability. Moreover, understanding this effect is particularly important to decision-makers such as portfolio and fund managers to manage their portfolios and trading activities during extreme turbulence times, such as COVID-19. Unlike previous studies that focus on country analysis, this study examines on firm basis the impact of government interventions on stock market liquidity in a well developed Australian stock market.     

长株潭郊区农民绿色消费的调查与分析

绿色消费是以自然、和谐、环保以及健康为宗旨,包含多项内容的综合的现代消费模式,也是长株潭城市群构建“两型社会”的必然要求。由于各种因素的制约,长株潭郊区农民的消费习惯和行为方式与绿色消费有一定的距离。在“两型社会”建设的背景下,在长株潭郊区农民中普及绿色消费、树立正确消费观念的条件已经成熟。本文提出了一些普及绿色消费的政策建议。     

农民专业合作社融资难问题解析——基于供应链金融视角

由于实力弱小、融资抵押物和担保匮乏,资金短缺已经成为制约农民专业合作社发展的瓶颈。供应链金融作为一种新型的融资方式,其应收账款、预付账款和存货融资模式对解决合作社的融资难题具有重要作用。但是,供应链融资在农村地区还缺乏实践和推广,实际运用也存在一些困难,需要通过提高对供应链金融的认识水平、促进农民专业合作社持续健康发展,大力发展农村物流业、建立多方合作的供应链金融体系和完善农村金融生态环境等措施促进供应链金融更好地为农民专业合作社服务。     

Impact of government intervention in the housing market: evidence from the housing purchase restriction policy in China

In 2010, a housing purchase restriction policy was announced by China’s central government and implemented gradually by several prefecture governments. In this article, we empirically investigate this policy’s effect on the housing market. Using a difference-in-difference framework, we show that the housing purchase restriction policy reduces housing prices and transaction amounts but does not influence the housing investment or construction markets. Moreover, upstream industry suffers more than downstream industry. The results are robust to a battery of robustness checks. Heterogeneity exists across cities. We find that first- and second-tier cities as well as highly urbanized cities experience great declines in housing prices after the policy’s implementation, especially cites that had high housing prices in 2010 and cities with high real estate investment as a proportion of fixed asset investment. However, the housing policy is less effective in curbing speculative demand.     

农民专业合作社对农业分工的影响--来自中国六省农户调查的证据

农业分工是农业经济内生增长的源动力。利用来自中国6省的调查数据,建立Tobit和Possion模型进行实证分析,验证农民专业合作社是否对农业分工有显著影响,得出了稳健的结果：农户加入农民专业合作社能够显著促进农业分工,而农户禀赋和村级政府特征对农业分工也有显著影响。因此,现阶段中国农村应该大力培育和发展农民专业合作社,并配套提升组织对农业分工促进作用的相关政策措施,从而推动农业经济发展。     

浙江金华地区专业市场的发展研究

地处浙江中部的金华在近几年的发展中经济实现了快速的增长，这与金华地区具有特色的专业市场建设是分不开的，专业市场的发展对提升金华经济起到了十分重要的作用。经过今年的发展后，金华地区的专业市场规模不断壮大，逐渐的形成了聚集化、专业化、国际化的趋势。同时在发展过程中也出现了一系列的问题，这些问题将在一定程度上影响专业市场的进一步发展，因此，分析和解决这些问题就是当务之急了。     

Effect of labor market policies on unemployment when firms adapt their recruitment strategy

Firms conduct interviews to select who to hire. Their recruitment strategies affect not only the hiring rate but also job destruction rate as more interviews increase the chances of finding the right worker for the job; a link mostly overlooked in the literature. I model this recruitment behavior and investigate the effects of labor market policies on unemployment. These policies change the value of hiring the right worker, altering firms' incentives to conduct interviews. Policies further affect job creation and destruction when firms adapt their recruitment strategies. Net effect of a policy on unemployment depends on the magnitude of change in job creation versus destruction. Qualitative analysis reveals that the effect of a policy on unemployment is mostly weakened with the introduction of firms' recruitment behavior to the model. Firing taxes still increase unemployment, albeit at a lower rate. The effect of hiring subsidies on unemployment is even reversed: Unemployment increases with hiring subsidies if firms adapt. Minimum wage and unemployment insurance policies are also analyzed.