The Death and Revival of Usury in China: An Institutional Analysis

The practice of usury has recently provoked an intense debate in China. While the practice is widely condemned, prominent figures have sought to legitimize it with economic analysis. The institutional competition between ancient usury and modern money and banking has persisted for centuries and seems far from ending. This article examines the institutional factors underpinning the revival of usury in China after a thirty-year stretch (1948–1978), during which the practice had virtually disappeared. The revival of usury is attributed mainly to a pattern of uneven development in China. Usury, by its nature, is a drag on economic productivity and a source of social discord. As China endeavors to achieve a more broad-based human flourishing, the practice of usury must be prohibited strictly once more.     

A map traceability management scheme for security control

ABSTRACT

A map traceability management scheme for security control is proposed utilising visual cryptography and Quick Response Code. The map information is classified into two categories: the public information MPI and the traceable map information MTI, and they are both converted into QR codes. Map shares MS and control shares CS are generated according to extended multiple visual cryptographic scheme. MPI can be obtained by scanning the MS, while MTI can be got by overlaying the MS on CS which is only accessible to management units, so it can identify every map and provide the basis for the traceability management.     

DOES EDUCATION REALLY IMPROVE HEALTH? A META‐ANALYSIS

While numerous studies assess the relationship between education and health, no consensus has been reached on whether education really improves health. We perform a meta‐analysis of 4866 estimates gleaned from 99 published studies that examine the health effects of education. We find that the current literature suffers from moderate publication bias towards the positive effects of education on health. After correcting for publication bias with an array of sophisticated methods, we find that the overall effect size is practically zero, indicating that education generates no discernible benefits to health. The heterogeneity analysis by Bayesian Model Averaging (BMA) and Frequentist Model Averaging (FMA) reveals that the reported estimates can be largely explained by whether the econometric models control for endogeneity of education, the types of data and the differences in health measurements. Our results also suggest that education may not be an effective policy option for promoting population health.     

流通企业渠道权力对地区生产率和经济增长的影响研究

随着中国经济步入后工业化时期,流通业不仅从相对规模上,更从渠道结构上在国民经济中占据着越来越重要的地位。本文通过运用扩展的索罗模型和中国省级层面产业数据,实证探讨了流通企业渠道权力对于地区生产率和经济增长的影响。研究结果显示,在地区经济增长具有收敛性的条件下,地区经济增长与流通企业渠道权力呈现正U型关系。这是由于,在流通企业渠道权力增强过程中,它会同时扮演着"利润攫取者"和"渠道控制者"两种角色。在其渠道权力增强初期,"利润攫取者"角色占据主导地位,而在其渠道权力增强后期,"渠道控制者"角色占据主导地位。     

基本生活需要研究进展:理论视角和测量实践

基本生活需要在民生保障体系中具有重要位置。通过回溯基本生活需要相关理论视角,归纳这一概念的由来、主要内容和测量经验,总结已有研究的主要观点与发展趋势,能够为今后基本生活需要的理论辨析和实证测量提供借鉴。相关研究表明,基本生活需要是一种社会认可的维持和保护人的健康及其自主能力必不可少的需要,具体内容包括人的生理需要、文化需要和社会参与需要;已有理论脉络先后经历了生理、能力、目标和权利等研究视角的转换,开展了生理需要、生活需要和需要战略等代表性测量实践,采用单一收入方法或多维指标方法展开需要测度具有广泛应用前景。重视人的基本社会参与需要的测量、深化最低生活需要与基本生活需要的比较、探讨基本生活需要的多维满足途径,是拓展基本生活需要理论研究的方向。     

Analyst forecasts: sales and profit margins

Review of Accounting Studies - Sales and profit margins are two popular earnings components discussed in the media. We study properties of one-year-ahead analyst forecasts of these two components....     

Effects of wealth management products on bank risk in China: The role of audit committee effectiveness

Using data from 114 Chinese banks from 2009 to 2018, we examine the effects of wealth management products (WMPs) on bank risk and the role of audit committee effectiveness. Three main results emerge. First, WMPs increase bank risk, especially insolvency risk, portfolio risk, leverage risk, and ROA volatility. Second, the effects of WMPs on bank risk are weaker in banks whose audit committee members have more financial expertise or longer board tenures. Third, further results show that: (a) principal-guaranteed WMPs have weaker effects on bank risk than principal-floating WMPs; (b) the policy known as “Notice 8” issued in 2013 weakens the effects of WMPs on bank risk; and (c) short-term WMPs have stronger effects on bank risk than medium-term and long-term WMPs.     

商事制度改革、人力资本与创业选择

通过构建创业决策模型,本文分析了商事制度改革和人力资本对创业的作用,并从工商登记制度改革启动时间、"三证合、"落实时间和设立市场监管局时长三个方面测度各地级以上城市的商事制度改革,进而使用全国流动人口卫生计生动态监测调查的近60万个个体创业数据进行了实证检验.研究发现:(1)商事制度改革促进了创业;(2)商事制度改革提高了创业质量,机会型创业占比更大,创业收益更高;(3)从人力资本在创业活动的配置视角,探究人力资本对"改革促进创业"的中介效应,发现改革激发了人力资本在创业上的比较优势,更多高人力资本人士参与创业,从而推高了创业数量和质量.因此,商事制度改革要与人才政策相结合,为高人力资本人士的创业活动提供更多制度便利,以提升全社会创业水平.