A comprehensive study on smart beta strategies in the A-share market

In this article, we explore how smart beta strategies are applied in the Chinese A-share market. Specifically, we empirically examine several popular smart beta strategies, including mean-variance optimization, minimum-variance portfolio, equal weighting, risk parity strategy, and fundamental indexation, and we do so using the Shanghai Stock Exchange (SSE) 50 index and SSE sector indices as our comparison benchmarks. We find that all smart beta strategies outperform these benchmarks from year 2006 to year 2015, and that all smart beta strategies outperform the SSE 50 index by an average of 2.57% per year. In turn, these strategies improve the Sharpe Ratio by 46.2% on average.     

Capital flows and economic growth revisited: evidence from five Sub-Saharan African countries

The study examines the differential effects of capital flows on economic growth in five Sub-Saharan African (SSA) countries over the period 1970–2014. Using the autoregressive distributed lag methodology, the findings show that in the long-run capital flows (i.e. foreign direct investment (FDI), aid, external debt, and remittances) have different effects on economic growth. FDI has a significant positive effect in Burkina Faso and negative effects in Gabon and Niger whereas the impact of debt is negative in all countries. Aid, however, promotes growth in Niger and Gabon whiles it deters growth in Ghana. Remittances, on the other hand, have a significant positive effect in Senegal. Finally, gross capital formation is significant in most of the countries and the impact of trade is mixed. These results suggest that the benefits of capital flows in SSA have been overemphasized.     

制度创新视角下3D打印专利技术产业化政策与对策分析

制度创新对于推动技术创新具有重要意义。基于产业政策分析理论与方法,将政策流变理论与ROCCIPI模型应用于3D打印专利技术产业化问题研究,提出3D打印产业技术创新与制度创新协同驱动机制构架。研究发现, 3D打印产业的科技政策具有由柔性到刚性的流变趋势,揭示了产业化制度性因素由实然向应然发展的内在规律。应用ROCCIPI模型从7个维度提出3D打印产业发展的制度性要素驱动对策,为3D打印产业发展明确了指向。     

工艺创新会抑制就业吗？

以中国制造行业159家上市公司2001-2012年的面板数据为样本,从专利数据中分离出工艺专利,实证研究中国制造企业工艺创新对就业的影响。结果显示,工艺创新在整体上具有积极的就业效应,对技术人员数量的促进作用高于对生产人员的促进作用,从而证实了工艺创新有助于扩大企业需求,促进就业。     

WHEN IS A GOOD TIME TO RAISE THE MINIMUM WAGE?

I analyze changes in the target efficiency of the federal minimum wage over the past 25 years. Using static simulation methods I find that minimum wage target efficiency is currently close to its 25‐year peak—of the total monetary benefits generated by a 12% increase in the federal minimum wage, 16.8% would flow to workers in poverty. This exceeds the least target efficient year over this period by 4.7 percentage points and is only 0.6 percentage points below the peak. Furthermore, I find a very strong positive relationship between minimum wage target efficiency and the real federal minimum wage. The implication is that, from an efficiency standpoint, a good time to raise the minimum wage is when it is already high. This discovery raises the possibility that the minimum wage increases the employment of low‐skilled poor individuals relative to the employment of low‐skilled non‐poor individuals. Moreover, this discovery may bolster the rationale for an indexed minimum wage whereby it is prevented from falling to less efficient levels. (JEL J21, J31, J38)     

Chinese Capitalism and the Maritime Silk Road: A World-Systems Perspective

As China tries to catch up from a semi-peripheral status in the hierarchy of a capitalist world-system, three decades of fast economic growth have recently shown serious signs of capital glut, overproduction and decreasing returns to capital, indicating the beginning of a phase of contraction and stagnation in the long-cycles of capitalist accumulation. The combination of “capital logic” and “territorial logic” in Giovanni Arrighi’s framework gives both the Chinese state and Chinese capital strong incentives and pressure to actively engage in a “spatial fix” by reconfiguring its geographic vision in order to further capital accumulation and expansion on a larger spatial dimension, culminating in the “One Belt, One Road” Initiative, including the Maritime Silk Road Initiative (MSRI). The official promotion of the MSRI hopes to revitalise the historical precedents of the “Silk Road” so that the modern-day hyper-connectivity across Asia, Africa and Europe will facilitate the formation of a China-led reorganised world economy, operating under open and equal participation, possibly leading to common development for all countries involved. However, the nature and impact of such a grandiose initiative, especially its core mission of “connectivity”, is still highly contingent on the hybrid nature of Chinese capitalism in the world-system and how China engages capitalism at the global scale.     

社会资本组件对个体双元创新的作用机制研究

社会资本对个体双元创新的影响在学术界受到重视,厘清社会资本与个体双元创新的关系对有效提升企业创新能力至关重要。基于社会资本的3个维度提出3对组件(Components),即结构维度的结合网络与桥接网络、关系维度的普遍信任与特殊信任以及认知维度的共同愿景与组织多样化,探究每对组件对个体利用性创新与探索性创新的差异性影响,分析各组件缓解个体因兼顾利用性与探索性创新所面临时间冲突困境的平衡作用,构建双元兼顾的一致型和适应型社会资本理论架构,为管理者善用和慎用社会资本组件、提升员工双元创新能力提供理论依据。     

区域协同视角下长江经济带产业绿色发展研究

在长江经济带建设进程中,推动产业绿色发展及区域协同是破解资源、环境约束的重要突破口。基于非径向非角度SBM分析建立动态Malmquist模型,运用2000-2014年面板数据测算长江经济带产业绿色效率指数、效率变化指数、技术进步指数。在分析长江经济带时空分布的基础上,将其周边的11个省市划分为4个联盟,并对产业合作博弈过程中产业利益帕累托改进及其合作边界进行了探讨。最后,从区域协同视角出发,根据不同产业协作联盟,从空间合作策略、政策机制等方面提出了相关建议。     

晚清捐官、政治取向与辛亥革命

经济发展与政治变革之间的关系一直是学术界关注的焦点问题.现有研究对晚清时期政治变革的原因仍然存在多种不同的解释,文章回应了学术界关于社会流动和辛亥革命的探讨,以晚清捐官制度为切入点,通过对近代政治变革的影响因素和制度变动进行梳理,提出引发辛亥革命的新假说.研究发现,捐纳是促使辛亥革命爆发的重要因素之一,捐纳官员的政治意识和政治取向不仅直接影响其所任职地区的革命响应,而且也通过乡土关系网络影响其籍贯地精英阶层的政治态度.捐官制度作为晚清提升社会流动性的重要工具,不仅促进了近代新兴官僚阶层的崛起,而且通过新式教育、民众反抗、革命团体等途径推动了近代政治权利格局的变化,加速了辛亥革命的进程.捐纳制度通过对阶层流动性和官员政治意识的影响促进了近代政治制度的变革,这为我们理解中国传统社会精英群体的转变和政治制度间的关联变动提供了重要的实证依据.     

Does It Get Better? Recent Estimates of Sexual Orientation and Earnings in the United States

Using 2013–2015 National Health Interview Survey data, we reproduce a well‐documented finding that self‐identified lesbians earn significantly more than comparable heterosexual women. These data also show — for the first time in the literature — that self‐identified gay men also earn significantly more than comparable heterosexual men, a difference on the order of 10% of annual earnings. We discuss several possible explanations for the new finding of a gay male earnings premium and suggest that reduced discrimination and changing patterns of household specialization are unlikely to be the primary mechanisms.