Spatial Variation in the Determinants of House Prices and Apartment Rents in China

This paper provides an examination of China??s residential real estate market at the county level using data from that country??s 2000 census. The market is a new one, having only been fully established in 1998. The analysis in the paper is in the form of an aggregate (county-level) hedonic model specified in two versions. Global parameters results are estimated using spatial error model specifications while more local effects are estimated by geographically weighted regression. Global results are typical in that structural characteristics such as floor space and contextual characteristics such as level of in-migration are important in residential prices. Local results, however, indicate significant spatial variation in the effect of both structural amenities and locational context on housing prices. In a simpler specification, rents are shown to respond positively to both median house prices levels and the supply of apartments available at market prices, but also with significant spatial variation across China.     

A multi-motivational general model of entrepreneurial intention

We develop and test an overarching model of entrepreneurial intention that includes profit, social impact, and innovation as the three main drivers of entrepreneurial behavior. A holistic model is developed to identify separately the generic intention to be a self-employed entrepreneur from the associated intention to be a specific type of entrepreneur. The latter is revealed by using a conjoint experiment to reveal the individual's relative preferences for profit, social impact, and innovation outcomes. Using fuzzy-set qualitative comparative analysis we provide insights into individuals' motivations for different types of entrepreneurial careers and for their multiple pathways to the same entrepreneurial type.     

When is Effort Contagious in New Venture Management Teams? Understanding the Contingencies of Social Motivation Theory

Consistent with social motivation theory, prior research on managerial motivation suggests that effort is contagious across management team members. In this study, we draw on belongingness theory to develop a model on important boundary conditions to social motivation theory in the management team context. The model predicts that new venture managers react to their teammates’ higher effort levels by investing higher effort levels themselves primarily when they are confronted with a threat – namely, low venture performance and high environmental hostility – but that effort is less contagious when managers face little threat. We test our model with a sample of 103 new venture managers nested in 51 management teams in a longitudinal setting capturing managerial effort over 26 weeks. While we do not find a direct relationship between teammates’ effort and a new venture manager’s subsequent effort, we find support for the crucial role of threat in triggering the contagion of managerial effort. We discuss the contributions of our study for research on management teams, performance feedback, and entrepreneurial effort in new ventures.     

The Market Performance of Socially Responsible Investment during Periods of the Economic Cycle – Illustrated Using the Case of FTSE

The debate about socially responsible investment (SRI) portfolio performance compared with its non‐SRI counterparts remains inconclusive. This paper contributes to the debate by adding a new approach, examining the issue of a full economic circle through economic boom, recession and recovery. We compare stock performance of two value‐weighted investment portfolios: FTSE4Good (SRI portfolios) and FTSE 350 (conventional portfolios) from 2004 to 2011 including 2007 to 2009 financial crash. The results indicate the SRI portfolio performed better and recovered its value quicker in post‐crisis than the non‐SRI portfolio, indicating that SRI portfolios are more resilient to economic turmoil and market shocks. Copyright © 2015 John Wiley & Sons, Ltd.     

Merging time‐series Australian data across databases: challenges and solutions

This study discusses the differences in company identification across sources of Australian data and raises important issues which should be considered prior to merging across databases. In particular, we show that the practice among accounting databases of overwriting prior identifiers used by a given company, with its most recent, results in failure to match data which actually exists. We suggest a method for reconciling these differences and show that our method results in a match rate of 97 percent with the Aspect company identification file, and 94 percent after missing accounting data is considered. This contrasts with a match rate of only 71 percent when performing a direct merge.     

Teaching courses in macroeconomics and monetary policy with Bloomberg analytics

In this article, the authors illustrate the use of Bloomberg for analyzing topics in macroeconomics and monetary policy in economics and finance courses. The hands-on experience that students gain from such a course has many benefits, including deeper learning and clearer understanding of data. The authors describe goals and learning objectives, then compare Bloomberg with Federal Reserve Economic Data (FRED). In addition, they provide examples of how to use Bloomberg in the classroom, describe how to have students perform sector analysis, show how Bloomberg tools are useful for analyzing monetary policy, discuss how to use Bloomberg to analyze the financial sector, and illustrate the platform’s use in a case study.     

提升研发产能 获取企业最大收益

杰克·韦尔奇总喜欢提醒GE的管理层,业务的目标并不复杂,而应专注于增加股东价值。推动股东价值增长的最大因素之一就是高产研发。具有高产研发能力的企业能持续推出满足或超越市场需求的新产品或服务,同时保持比竞争对手更低的研发成本,便可获得更大的利润与更高的股东价值。     

Politico-economic consequences of rising wage inequality

This paper uses a dynamic political economy model to evaluate whether the observed rise in wage inequality and decrease in median to mean wages can explain some portion of the relative increase in transfers to low earnings quintiles and relative increase in effective tax rates for high earnings quintiles in the U.S. over the past several decades. Specifically, we assume that households have uninsurable idiosyncratic labor efficiency shocks and consider policy choices by a median voter which are required to be consistent with a sequential equilibrium. We choose the transition matrix to match observed mobility in wages between 1978 and 1979 in the panel study of income dynamics (PSID) data set and then evaluate the response of social insurance policies to a new transition matrix that matches the observed mobility in wages between 1995 and 1996 and is consistent with the rise in wage inequality and the decrease in median to mean wages between 1979 and 1996. We deal with the problem that policy outcomes affect the evolution of the wealth distribution (and hence prices) by approximating the distribution by a small set of moments. We contrast these numbers with those from a sequential utilitarian mechanism, as well as mechanisms with commitment.     

Differences in large and small firm responses to environmental context: strategic implications from a comparative analysis of business formations

Despite growing recognition of some strategic advantages held by small firms, little comparative research has been performed on the advantages and disadvantages accruing to firm size. In order to delineate the differential responses of small and large businesses to their environmental context, we perform a comparative analysis of the impact of industry structural characteristics on the formation of large and small businesses in a large sample of U.S. manufacturing industries from 1977 to 1987. The results suggest that small businesses possess certain resources that allow them to overcome some barriers which create greater difficulties for their larger counterparts, as well as allow small businesses to exploit certain industry opportunities more readily than larger ones. © 1998 John Wiley & Sons, Ltd.