Analyzing China's productivity growth: Evidence from manufacturing industries

This article examines the growth attributes of manufacturing industries in China for the sample period of 1999–2007. The output growth of manufacturing industries classified under four groups and four regions is decomposed into four components of input growth, scale effect, technical progress, and technical efficiency change. A stochastic frontier model is applied to the translog production function to estimate technical efficiency. Despite the conventional argument that input growth and technical progress are important factors to output growth, the empirical findings show a significant scale effect but a weak technical efficiency change. The contribution to growth from labor has been replaced by human and physical capitals. Structural transformation in the industrial sector is evident, so as regional imbalances.     

Income distribution, efficiency and rationing

This paper studies the impacts of income distribution on the efficiency of trade mechanism and rationing of agents who are priced out of trade in a dynamic search model with two-sided asymmetric information. Buyers and sellers have asymmetric information about valuations and incomes respectively. In such a frictional environment, the effects of several variants of changes in income distribution on efficiency of trading mechanism and the population of rationed buyers and sellers are elaborated.     

Scaling the volatility of GDP growth rates

The distribution of shocks to GDP growth rates is found to be exponential rather than normal. Their standard deviation scales with GDP^β where β=−0.15±0.03. These macroeconomic results place restrictions on the microeconomic structure of interactions between agents.     

<Emphasis Type="BoldItalic">Mad Money</Emphasis> stock recommendations: market reaction and performance

We examine the stock recommendations of Jim Cramer televised on CNBC’s Mad Money, and document significant market reactions (i.e., announcement returns and volume) to Cramer’s recommendations, particularly for small capitalization stocks. The following findings indicate that the announcement returns are primarily due to price pressure from uninformed trading as opposed to the recommendations providing new value related information: announcement returns reverse following buy recommendations; bid-ask spreads temporarily decline; and there is no evidence of positive longer-term abnormal returns. One implication, when considered in combination with other works, is that investors should be cautious in following stock recommendations announced in the mass-media.     

Contrarian strategies and investor overreaction under price limits

This study investigates the effects of price limits on investment performance of contrarian trading strategies in Taiwan’s stock market over the period 1997 to 2006. All contrarian strategies in intraday limit-hit stocks lead to superior returns relative to the benchmark index return, and the findings support the overreaction effect. Also, there is evidence of delayed overreaction reflected by price continuations for the overnight period and price reversals for the subsequent trading day. Moreover, investment performance of contrarian strategies is related to firm characteristics where investors tend to overreact more in small-size, high-turnover, and non-high-tech stocks. Finally, price overreaction is strong for up-hit stocks in the aftermath of catastrophic events. If overreaction exists, price-limit regulation designed to cool off investors and reduce price volatility may not be effective.     

Tripartite consultation: an emergent form of governance shaping employment relations in China

This article examines China's approach to industrial consultation by examining six tripartite bodies at the national, provincial and county levels. It argues that the institutionalisation of tripartitism is consistent with China's overall approach to market reform being characterised by experimentalism, gradualism, dynamism and a gradual softening of party domination. Despite limitations, it is accepted that China is building a transition tripartite system that is bolstering the autonomy and representational capacity of the social partners.     

Union suppression and certification success

Over the past decade a number of provinces have abandoned the long-standing Canadian tradition of automatic certification of unions based on card-signing and instead opted for mandatory representation voting. This trend, however, has developed with little understanding of the effectiveness of management opposition within a voting regime. In this paper the impact of union suppression on union organizing success within the voting regime of British Columbia is examined. We find that union suppression tactics were highly effective with estimates rivalling those found in the United States. Moreover, results from instrumental variable models suggest that OLS estimates may seriously underestimate the true impact of suppression.
Effort de suppression du syndicat et succès dans le processus de certification. Au cours de la dernière décennie, un certain nombre de provinces canadiennes ont abandonné la pratique traditionnelle de certification automatique des syndicats sur la base des signatures de cartes d'adhésion au syndicat, et ont choisi de réclamer un scrutin pour déterminer le support des membres potentiels. On ne comprend pas bien l'efficacité de l'action d'opposition des patrons au syndicat dans ce régime de scrutin. Ce mémoire examine l'impact des efforts de suppression des syndicats sur les succès des syndicats dans leurs efforts d'organisation dans le cadre du régime de scrutin en Colombie Britannique. On découvre que ces tactiques ont été très efficaces, tout autant qu'aux Etats-Unis. De plus, les résultats obtenus à l'aide de modèles de variables instrumentales montrent que ceux qu'on obtient à l'aide de la méthode des moindres carrés ordinaires peuvent sous-évaluer l'impact des tactiques de suppression de manière significative.     

Política de la legislación laboral en el sur de China. Las cámaras de comercio y otros organismos extranjeros ante las leyes sobre negociación colectiva

En 2010, tras la huelga en Honda, hubo protestas laborales en toda China. Los gobiernos de Shenzhen y Guangdong reaccionaron desempolvando los proyectos de Decreto sobre consulta colectiva y de Normativa sobre gestión democrática de las empresas, retirados con anterioridad. Pero tras la oposición frontal de cámaras de comercio y organismos gubernamentales extranjeros, hongkoneses y taiwaneses, volvieron a retirarse. Mediante entrevistas, los autores revelan los medios de influencia en la legislación laboral china de estos actores, cuyas actitudes dependen de la posición de las empresas representadas en las cadenas mundiales de producción y del modelo de relaciones laborales de su país o territorio de origen.     

The myth of purchasing professionals’ expertise. More evidence on whether computers can make better procurement decisions

In a previous experiment, we have shown that risk assessments of purchasing experts are certainly not better than that of subjects untrained in purchasing, and worse than the decisions made by formal models (J. Purchas. Supply Manage. 9 (2003) 191–198). Since both these results are rather counterintuitive, we conducted a series of experiments geared at replication and extension of these findings. These new experiments show that our previous results are robust, and reveal an additional finding that is both worrying and puzzling. It actually seems to be the case that for the purchasing decision tasks in our experiments, experts perform worse with growing experience. It therefore seems that, at least for the kinds of purchasing decisions under study, it does not make much sense to use expert judgments at all. However, we show that there is a way in which expert judgments can be used in combination with formal models to improve the predictive accuracy of purchasing predictions. In our case, superior predictions are made when we combine the prediction of a formal model with the prediction of the ‘average expert’, thereby combining the robust linear trends as encapsulated in the formal model with the more intuitive configural rules used by experts. We provide several explanations for this phenomenon.