Financial Development,Interest Rate Liberalization,and Macroeconomic Volatility

This article examines the relationship between financial development, interest rate liberalization, and macroeconomic volatility in fifty-six emerging and developed economies over the period 1980–2009. We find that financial development plays a significant role in dampening the volatility of macroeconomic growth rate, but up to a limit. The more the interest rate is liberalized, the more likely that financial development can stabilize the economy. Particularly, interest rate liberalization has a more positive influence on emerging and developing countries. Financial development and interest rate liberalization can also alleviate the influence of external shocks. They mutually enhance their functions as economic stabilizers.     

Does it matter where you invest? The impact of foreign direct investments on domestic job creation and destruction

This study examines how foreign direct investment (FDI) affects domestic employment by using unique division-level data of Japanese firms. Contrary to most previous studies focusing on the effect of FDI on net employment growth, we decompose it into job creation (JC) and job destruction (JD) for each individual firm. We find that FDI destination plays an important role: FDI to Asia increases JC, whereas FDI to Europe/North America decreases it; furthermore JD decreases, regardless of FDI destination. A frictional search-and-matching model with heterogeneous jobs can explain the differential effects. The model provides additional predictions on JC and JD by job type, which are also empirically confirmed.     

An emerging market multinational Company's internationalization: From original equipment manufacturer to global brand leader

We examine an emerging market multinational company's (EMNC's) transformation from an original equipment manufacturer (OEM) to an original brand manufacturer (OBM) and global leader. Our longitudinal study of Hisense—China's largest TV company (and the world's third largest) spans three decades and involves detailed interviews with over 50 executives. We study how the company's global value chain network evolved, how it reconfigured its organization, upgraded its capabilities, and enhanced its brand reputation. We develop propositions that may contribute to improved explanations for an EMNC's internationalization sequence, development of competitive advantages, overseas management practices, and brand building.     

Model-free portfolio theory: A rough path approach

Based on a rough path foundation, we develop a model-free approach to stochastic portfolio theory (SPT). Our approach allows to handle significantly more general portfolios compared to previous model-free approaches based on Föllmer integration. Without the assumption of any underlying probabilistic model, we prove a pathwise formula for the relative wealth process, which reduces in the special case of functionally generated portfolios to a pathwise version of the so-called master formula of classical SPT. We show that the appropriately scaled asymptotic growth rate of a far reaching generalization of Cover's universal portfolio based on controlled paths coincides with that of the best retrospectively chosen portfolio within this class. We provide several novel results concerning rough integration, and highlight the advantages of the rough path approach by showing that (nonfunctionally generated) log-optimal portfolios in an ergodic Itô diffusion setting have the same asymptotic growth rate as Cover's universal portfolio and the best retrospectively chosen one.     

传统农业生态思想对绿色发展的启示

[目的]中国先民在生产实践中注重处理人与自然的关系并形成了“三才”“三宜”和相生相克思想、物质循环利用、资源的保护和适度利用等传统农业生态思想。现代农业如何继承传统农业的生态智慧,解决好在使用现代投入品时与自然和谐共生的问题,亟需进行深入研究。[方法]文章从六个方面系统梳理了传统农业的历史经验和智慧,结合现代农业发展的实际,阐发传统农业生态思想对农业绿色发展的启示。[结果]该文阐明六点启示：一是继承“三才”思想,树立农业生态系统与社会经济系统和谐发展的新理念;二是继承“三宜”思想,因时、因地、因物创造灵活多样的生态农业技术体系;三是继承精耕细作传统,建立高效、循环、平衡的现代农业生态系统;四是继承养地用地传统,农牧结合,废物利用,保障农田生态系统的永续利用;五是继承御欲节用传统,节制开发,合理利用,推动生态可持续发展;六是弘扬生态文化传统,建设产业兴旺、生态宜居的新农村。[结论]该文提出了四点建议,即运用传统农业生态思想,加快研发农业绿色技术;传承系统观、整体观,健全农业绿色发展法律体系;深度挖掘传统农业生态思想价值,为农业绿色发展提供历史借鉴;保护农业文化遗产,留住农耕文化的载体,为...     

Troubled by unequal pay rather than low pay:The incentive effects of a top management team pay gap

We examine the relationships with firm performance of the internal pay gap among individual members of the top management team(TMT) and the compensation level o...     

Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

中小软件外包人力资本投资风险与控制策略研究

人力资本投资在服务外包总投资中占了最大比重,对软件外包企业来说更是如此.人力资本投资比重的增加给企业带来更大收益的同时也增加了企业的投资风险.目前,我国中小规模软件外包企业员工流动率高达20％,是社会平均流动率的两倍,形势严峻.本文力图突破传统的共性分析层面,从中小软件外包特性分析出发,探讨其人力资本投资风险的形成过程,并分别基于交易成本理论和期权理论提出控制人力资本投资风险的再外包和分阶段投资策略,为我国中小软件外包企业缓解高人力资本流失率,控制人力资本投资风险提供理论依据.     

HSE管理体系与传统安全管理有效结合的探讨

阐述了促进HSE管理体系推进与传统安全管理有效结合的6个方面,以提高HSE体系的推进效果,提升企业的HSE绩效。