Are Stars’ Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values

Using 1994–2009 data, we find that All-American (AA) analysts’ buy and sell portfolio alphas significantly exceed those of non-AAs by up to 0.6 % per month after risk-adjustments for investors with advance access to analyst recommendations. For investors without such access, top-rank AAs still earn significantly higher (by 0.3 %) monthly alphas in buy recommendations than others. AAs’ superior performance exists before (as well as after) they are elected, is not explained by market overreactions to stars, and is not significantly eroded after Reg-FD. Election to top-AA ranks predicts future performance in buy recommendations above and beyond other previously observable analyst characteristics. Institutional investors actively evaluate analysts and update the AA roster accordingly. Collectively, these results suggest that skill differences among analysts exist and AA election reflects institutional investors’ ability to evaluate and benefit from elected analysts’ superior skills. Other investors’ opportunity to profit from the stars’ opinions exists, but is limited due to their timing disadvantage.     

Economic Growth and Medicare Funding Systems

This article compares the long-run effects of changes in health conditions, population growth, price of medical care, and Medicare indemnity rate on capital formation and medical expenditures under fully funded and pay-as-you-go Medicare. Surprisingly, it is found that population growth, rising medical prices, and increasingly adverse health conditions may or may not raise medical expenditures in the long run. Moreover, the directions of some of these effects under the pay-as-you-go Medicare system are reversed under the fully funded system. Finally, it is shown that fully funded Medicare results in higher steady-state capital than pay-as-you-go Medicare; however, the welfare effect of the former may or may not be higher than that of the latter in general. (JEL H550 , E620 )     

Voluntary climate action and credible regulatory threat: evidence from the carbon disclosure project

Journal of Regulatory Economics - This paper examines the role that the U.S. Environmental Protection Agency’s introduction of the Clean Power Plan played in voluntary carbon disclosure by...     

温哥华,陈胜:2004,把家搬回北京

陈胜从百盛肯德基门口进来的时候,实在不像个35岁的人.他穿着白色的运动T恤,背着一只网球拍,看上去和店里大多数20多岁的年轻人没太大区别,岁月仿佛没有在他脸上留下什么痕迹.……     

让"高鸟"与中国服装业一起展翅高飞--访上海高鸟机电科技有限公司总经理尹智勇

日前,由日本株式会社高乌和深圳盈宁科技有限公司合资组建的上海高乌机电科技有限公司在上海正式成立,这标志着自动高速裁床生产技术正式进入中国市场.而这一事件的意义远非如此,国家服装设计与工艺研究中心、国家服装行业生产力促进中心副主任闻力生教授指出:多年来,在中国生产自动高速裁剪机的计划一直搁浅的状况下,上海高鸟公司的成立及其产品在上海投产,填补了我国服装机械行业在自动裁床方面的空白.而带领这支创造历史的团队的领头人就是上海高乌机电科技有限公司总经理尹智勇.     

The Ancient City of Pinqyao:Where the Time Stops

It is a common night in May, I found myself wandering in the Ancient City of Pingyao.If not those neon light, I would even doubt that I had gone back to the ancient times.Located on the eastern banks of the Fen River, and in the southwestern edge of the Taiyuan basin, Pingyao Ancient City is the outstanding example of Chinese Han nationality cities during Ming and Qing Dynasties.     

Come to Enjoy Hot Springs in Beijing

As the nippy winter weather sets a chill on the capital,a relaxing trip to a hot spring is coming into season for pleasure seekers.China's feudal emperors have been used to soaking in hot springs since ancient time.Nowadays,hot springs are more and more popular with common people.As the capital of several dynasties,Beijing is also affluent in this resource.In such cold weather,a hot spring tour is no doubt an ideal one for anyone who wants to relax and extend a trip.     

The marketing of diversity in the inner city: tourism and regulation in Harlem

This article brings regulation theory and the broader post‐Fordist debate together with an empirical study of the emergence and consequences of tourism in Harlem. It shows that the valorization of cultural diversity, as well as under‐served markets, has helped reposition this formerly unmarketable area in relation to city, state and capital markets. Moreover, as development occurs, the nature of regulation pertaining to Harlem begins to change. The author argues that the failure to disaggregate – to link the elements of the restructuring economy to outcomes for specific areas and residents, leads to an overly pessimistic view. Tourism‐based development may act as an equalizing force, helping to rebalance the uneven urban spatial development characteristic of Fordism and symbolized by the social isolation and concentrated poverty of the racial ghetto in the US. The role of cultural capital as the engine of growth in Harlem, has meant that revitalization promotes cultural differentiation along with standardization. Overall, cultural tourism requires substantial civic engagement. This gives the community control, but at the same time disciplines and stabilizes. Urban tourism thus incorporates a new mode of regulation, making for greater social/political and economic inclusion, but with the associated costs as well as benefits. Cet article allie la théorie de la régulation et le débat plus large du post‐Fordisme, à une étude empirique sur l'apparition et les conséquences du tourisme à Harlem. Il montre que la valorisation de la diversité culturelle, de mäme que les marchés sous‐approvisionnés, ont aidéà repositionner cette zone auparavant sans attrait commercial dans une relation avec les marchés de la ville, de l'État et des capitaux. En outre, avec l'expansion, la nature de la régulation propre à Harlem a commencéà changer. L'absence de désagrégation – qui associe les éléments de l'économie en restructuration aux résultats en faveur de zones et résidents particuliers – conduit à une vision des plus pessimiste. Toutefois, un essor basé sur le tourisme peut avoir une force compensatrice, aidant à rééquilibrer l'aménagement spatial urbain inégal, caractéristique fordienne symbolisée par l'isolement culturel et la pauvreté concentrée dans les ghettos raciaux aux Etats‐Unis. Le rôle du capital social en tant que moteur de croissance d'Harlem s'est traduit par une revitalisation favorisant à la fois différenciation culturelle et normalisation. Le tourisme culturel implique surtout un engagement civique réel, celui‐ci donnant la maä'trise à la communauté, tout en apportant discipline et stabilité. Le tourisme urbain amène donc un nouveau mode de régulation, créant une meilleure inclusion socio‐politique et économique, mais avec les coûts (et avantages) associés.     

Foreign direct investment and wage differentials in Taiwan

Abstract

The ease of restrictions on foreign direct investment in China since 1990 has attracted a continuous and dramatic flow of outward investment from Taiwan to the mainland. At the same time, the relative wages for skilled workers in Taiwan have risen mildly despite a rapid increase in the share of educated workers in its labor market. The aim of this paper is to explore the linkage between capital outflows to China and the wage share of skilled workers in Taiwan over the period 1991 – 2001. We find that the pattern of changes in relative wages is consistent with shifts in the relative demand for skilled labor. For the most part, the increases in the relative demand for skilled workers could be attributable to within-industry factors. Findings also indicate that outward direct investment to China has a significantly positive impact on the skilled labor wage share.