效率视角下"一带一路"沿线国家创新影响力研究

从效率差异视角构建国家创新影响力评价方法，揭示“一带一路”沿线国家创新要素流动倾向性以促进交流合作。运用DEA模型测算各国创新效率，根据DEA原理识别国家间的认可关系，构建创新网络并用节点特征向量中心度表示各国创新影响力，分析创新影响力类型、创新网络特征及创新投入冗余率与产出不足率。结果发现，各国创新效率存在显著差距;各国分别处于创新网络中心、核心和边缘位置，国家创新影响力依次递减;按照创新要素相对强度，沿线国家可分为6种创新类型;最后，提出沿线国家间开展创新交流与合作的必要性和途径。     

Go beyond tokens: Number and type both matter

Drawing upon token theory and critical mass theory, this study examines whether all female directors are equally considered as tokens. We argue that inside female directors are less likely than outside female directors to be considered as tokens because they are more powerful and influential. Using a 10-year sample of Chinese publicly listed firms on the Shanghai or Shenzhen Stock Exchanges from 2008 to 2017, we find that even one inside female director can make a significant contribution to corporate social responsibility (CSR), while outside female directors do not have a positive effect on CSR until their number reaches the critical mass (i.e., three). The results suggest that the predictions of token theory and critical mass theory vary across female director types. These findings contribute to the current literature by integrating female director typology with their numerical representation to explain their token status.     

江淮汽车成功开拓哈萨克斯坦市场的经验与启示

产能合作是当前和未来促进中哈两国经济协同发展的核心方式,江淮汽车成功进入哈萨克斯坦,对于推进两国制造业产能合作具有重要意义.充分利用国家政策、对接哈萨克斯坦汽车工业发展战略和市场需求、选择恰当国际市场进入模式和营销策略、培植核心竞争力以及积极应对哈萨克斯坦市场的激烈竞争是江淮汽车成功进入哈萨克斯坦市场的关键因素.我国企业应有效对接哈萨克斯坦经济战略,积极参与中哈产能合作;精准目标市场定位,优化产品结构;选择合适的市场进入模式,积极开展本地化生产;不断提升企业的核心竞争力.     

Overconfidence and tax avoidance: The role of CEO and CFO interaction

We investigate how overconfident CEOs and CFOs may interact to influence firms’ tax avoidance. We adopt an equity measure to capture overconfident CEOs and CFOs and utilize multiple measures to identify companies’ tax-avoidance activities. We document that CFOs, as CEOs’ business partners, play an important role in facilitating and executing overconfident CEOs’ decisions in regard to tax avoidance. Specifically, we find that companies are more likely to engage in tax-avoidance activities when they have both overconfident CEOs and overconfident CFOs, compared with companies that have other combinations of CEO/CFO overconfidence (e.g., an overconfident CEO with a non-overconfident CFO), which is consistent with the False Consensus Effect Theory. Our study helps investors, regulators, and policymakers understand companies’ decision-making processes with regard to tax avoidance.     

Economic Competition,Policy Interdependence,and Labour Rights

Extant scholarship treats national policies concerning labour rights as a function of economic factors and yet neglects influences of policies among economically competing states. Relying on the policy interdependence theory, this study argues that labour rights policy in a state is dependent on its economic competitors’ labour policy decisions. It specifically maintains that the intensifying competition for foreign direct investment and exports as well as against imports channels negative externalities of deteriorating labour protection in competing states which drives expansive downward policy mimicking and leads to a global decline in labour rights – a race to the bottom. Utilising spatial econometric technique to analyse a new data on labour rights for the period 1994–2009, it finds that labour rights practices are interdependent among economic competitors and experience global deteriorations; whereas labour rights laws remain largely independent due to high policy and reputational costs of lowering them and show more fluctuations.     

Childhood adversity and the propensity for entrepreneurship: A quasi-experimental study of the Great Chinese Famine

Studies on the determinants of entrepreneurship emphasize that challenged adults tend to become entrepreneurs. However, research has not addressed the childhood origins surrounding the propensity for entrepreneurship. This article links childhood adversity to the propensity of individuals to become migrant entrepreneurs later in life. We test hypotheses derived from this theory in the context of whether, and when, children who survived the Great Chinese Famine of 1959–1961 became migrant entrepreneurs. Results strongly indicate that those who survived greater hardship during the Famine are more likely to become entrepreneurs, especially when they were younger during the famine years. We also find that being younger at the time of migration increased the likelihood of becoming entrepreneurs in their new locale. Overall, this study casts light on why, how and when childhood adversity shapes the propensity for entrepreneurship.     

工资对个人劳动供给的非线性影响：部门市场化程度差异视角

从市场经济体制的建立到经济社会高质量发展，我国不同部门市场化程度有所差异，劳动供给的部门异质性随之体现。基于中国劳动力动态调查数据，结合汉森门槛回归模型和劳动供给模型，依托部门市场化程度的差异性，文章探讨了工资对劳动力个人供给的非线性影响及其部门异质性。主要得出以下研究结论：第一，我国市场部门与公共部门劳动力的个人劳动供给有所差异。第二，工资与个人劳动供给呈现非线性关系并且存在部门异质性。实证分析结果显示，工资对个人劳动供给的影响存在三个"突变点"，工资门槛均使得工资"激励效应"加强并呈现逐步增加的趋势。第三，劳动供给的工资门槛存在性别、城乡和行业异质性。第四，随着年龄增长、人力资本积累，个人劳动时间供给趋于降低，签署书面劳工合同使得市场部门劳动力工作时间显著增加，而政治面貌显著影响公共部门劳动供给。总体来看，无论是市场部门还是公共部门，我国劳动力个人供给曲线均未"向后弯曲"，国民经济高质量发展、改善收入分配格局、提升居民幸福感等议题需持续关注。     

Semistatic hedging and pricing American floating strike lookback options

We price an American floating strike lookback option under the Black–Scholes model with a hypothetic static hedging portfolio (HSHP) composed of nontradable European options. Our approach is more efficient than the tree methods because recalculating the option prices is much quicker. Applying put–call duality to an HSHP yields a tradable semistatic hedging portfolio (SSHP). Numerical results indicate that an SSHP has better hedging performance than a delta-hedged portfolio. Finally, we investigate the model risk for SSHP under a stochastic volatility assumption and find that the model risk is related to the correlation between asset price and volatility.     

An Empirical Analysis of Green Experiential Loyalty: A Case Study

The purpose of this study is to elaborate the structural relationships among the experiential quality dimensions, experiential trust, emotional attachment, experiential image, switching experience, experiential satisfaction, and experiential loyalty from the green perspective. The study findings are based on structural equation modeling (SEM) analysis of a convenience sample of 560 customers at one green restaurant in Taipei City, Taiwan. The findings show that investing resources in an increase in the experiential quality dimensions and a decrease in green switching experience is useful to enhance green experiential trust, green emotional attachment, green experiential image, green experiential satisfaction, and green experiential loyalty.     

Aid for trade and the quality of exports

This article studies how aid for trade (AfT) affects the quality of recipient countries’ exports. It shows that the quality effect is most discernible for AfT for assistance in trade policy: a 50% increase in the value of AfT received in this category is associated with a 0.5–1% increase in the quality of exports to the donor and other OECD countries. On average, the actual AfT received for assistance in trade policy leads to a 2% upgrade of the recipient country in the quality ladder of all developing countries. Around half of this quality effect is driven by the quality improvement of continued products in continued markets (intensive margin), and the other half by the quality upgrading of new products in continued markets and existing products in new markets (extensive margin).