This article identifies three distinct patterns of investment behavior by venture capital firms investing in technology sector
start-ups in China. The first pattern is the service-oriented, technology-light investment behavior exhibited by the foreign
venture capitalist firms not founded by ethnic Chinese. The second pattern is the technology creation investment pattern exhibited
by foreign firms founded by ethnic Chinese and embedded in ethnic Chinese communities. The third pattern consists of local
state-funded Chinese venture capital firms that choose either to invest in state-directed projects or opt out of investing
in technology start-ups entirely. What explains the differences in behavior between the strictly foreign and the ethnic Chinese-embedded
foreign firms are the different legal environments in which these firms honed their skills. The different learned experience
gained from operating in different environments explains why the foreign firms avoid investing in technology-generating activities
in China whereas the ethnic Chinese firms are willing to do so despite China’s notorious weak intellectual property rights
regime. The political factors influencing the distribution of finance in China explain the behavior and essential failure
of the local state-run venture capital firms. These findings demonstrate that several distinct, separate and non-clashing
institutional arrangements are concurrently operating within China and shaping the behavior of venture capital firms there. 相似文献
The paper reinterprets Schumpeter's views on the dynamic effects of taxation, as originally expressed in Crisis of the Tax State, from a Kaleckian perspective. In light of Schumpeter's rejection of Keynesian and Marshallian approaches to taxation, the
paper argues that a recently developed Kaleckian approach provides an appropriate basis from which to analyse the effects
on the business cycle of balanced changes in the structure of taxation. It is shown that, under certain shifting assumptions,
increases in the taxation of wages or profits will stimulate investment and attenuate the amplitude of the business cycle.
Ultimately, the shifting of taxes reduces to a conflict over income shares. The changing distribution of income in the United
Kingdom in recent years suggests that investment is likely to remain sluggish unless there is a significant reversal of income
shares. This may give rise to increasing economic and political tensions into the 21st century. 相似文献
While increased financial literacy may improve individual retirement savings decisions, modifying the placement of key information in retirement savings statements can produce further improvements. We examined the extent to which placement of information and financial literacy affected the accessibility of information for individuals and assisted in their financial decision making. We also disaggregated financial literacy into numeracy and knowledge to identify key drivers. Using an experimental design, we find the increased salience resulting from modifying the presentation format improved participants' ability to locate important information (accessibility) and to evaluate the relative performance of funds (assessability). However, the incremental benefits of placement are only found for individuals with moderate numeracy skills. We conclude there is value accruing from financial literacy programs as advocated by regulators, but suggest additional benefits may be reaped from focusing on numeracy skills and from using presentation formats that improve information accessibility and assessability. 相似文献
Roadmapping serves both short and long term (strategic) alignment in science and technology (S&T). Forecasts of the likely future development of S&T are generated; then research and development (R&D) efforts necessary to realize various goals are backcast. But for new and emerging S&T this trusted principle does not work: the likely products are not articulated yet. A promising approach however is building mapping tools based on underlying patterns and indicators of the dynamics of emergence. This paper discusses, based on a first round application in the field of micro and nanotechnologies for single cell analysis, the methodology of such a new approach. The work is linked to a programme of Future oriented Technology Assessment (FTA) activities coordinated within a European nanotechnology research network.
Our paper addresses well-known lacunae of alignment tools from the viewpoints of the path creation/dependency literatures. We then apply these insights to lab-on-a-chip devices for cell analysis. Dynamics of emerging paths can be used to articulate a future structured in terms of prospective innovation chains and potential paradigms. We demonstrate a plausible variety of paths, which provides a broader set of strategic choices. This enables management of expectations and hype by which emerging S&T are characterised, and leads to alignment of actors. Our tool can be applied in strategic management of research and R&D at the level of science-to-industry networks. These are becoming an important element in European S&T policy but will only be successful if ways are found for closing gaps in the innovation chain. 相似文献
“THE POLL TAX” Flannery, Kate, 1987: More than Just a Poll Tax. Centre for Local Economic Strategies, £5.00. MacGregor, Susanne, 1988: The Poll Tax and the Enterprise Culture. Manchester: Centre for Local Economic Strategies, £3.95.
“ECONOMIC THEORY AND THE LOCAL ECONOMY” Smith, D., 1987: The Rise and Fall of Monetarism: The Theory and Politics of an Economic Experiment. Penguin, £3.95.
Holland, S., 1987: The Market Economy: From Micro to Mesoeconomics and The Global Economy: From Meso to Macroeconomics, Weidenfeld, £12.95 each.
Green, F. and Sutcliffe, B., 1987: The Profit System: The Economics of Capitalism. Penguin, £5.95.
“THE SERVICES REVOLUTION?” Rajan, A., 1987: Services: The Second Industrial Revolution? London: Butterworths, £27.50.
“ENVIRONMENT AND ECONOMY IN EUROPE” Joyce, F. E. and Schneider, G. (editors), 1988: Environment and Economic Development in the Regions of the European Community. Aldershot: Avebury/Gower, £18.50 hb.
“POLITICS OF PRIVATISATION” Ascher, K., 1987: The Politics of Privatisation: Contracting Out Public Services. London: Macmillan Education Ltd. £30.00 cloth, £8.95 paper.
“RECRUITMENT AND TRAINING POLICY” Davies, T. and Mason, C., 1986: Shutting out the Inner City Worker. University of Bristol, School for Advanced Urban Studies, £4.30.
Chapman, P. G. and Tooze, M. J., 1987: The Youth Training Scheme in the United Kingdom. Avebury: Gower Publishing Company, £22.50.
“JOB GENERATION RESEARCH” Storey, D. J. and Johnson, S., 1987: Job Generation and Labour Market Change. London: Macmillan. 相似文献
A bstract . Casino gambling is a popular form of entertainment and is purported to have positive effects on host economies. The industry surely affects local labor markets and tax revenues. However, there has been little evidence on the effects of casino gambling on state economic growth. This paper examines that relationship using Granger-causality analysis modified for use with panel data. Our results indicate that there is no Granger-causal relationship between real casino revenues and real per capita income at the state level. The results are based on annual data from 1991 to 2005. These findings contradict an earlier study that found that casino revenues Granger-cause economic growth, using quarterly data from 1991 to 1996. Possible explanations for the differences in short- and long-run effects are discussed. 相似文献