Overeducation and wages revisited: A two‐cohort comparison and random coefficients approach

We examine the effect of overeducation on wages by comparing two cohorts from the 1979 and 1997 U.S. National Longitudinal Survey of Youth panels. Using an econometric technique uncommon to the literature, we allow for overeducation to have a disparate impact on wages across individuals by employing random slopes models. Overeducation has a positive marginal effect on wages. Yet, cohort comparisons reveal that the returns to overeducation declined dramatically over time. In the past, surplus schooling in full‐time jobs returned nearly as much as the correct level of education. Presently it returns approximately 50% less than in the past. The effect of undereducation and required education on wages changed as well, but by far less.     

科普资源错配测度及差异性分析

矫正科普资源错配并提升其配置效率是实现中国创新发展的内在要求.构建科普资源错配模型并使用2006—2017年省级面板数据,对科普劳动、资本两类要素的错配程度及所造成的产出损失进行测度.结果表明:科普资源错配造成了10％～15％科普产出缺口,其中科普劳动错配占主导因素;测算劳动、资本错配系数显示,东部地区的科普劳动投入不足,中部、西部地区劳动投入过度,中部地区的科普资本投入不足,西部的科普资本投入过度;且在不增加科普投入的情况下,仅通过改善科普资源错配,可以使科普产出提高近10％.     

The Interest Rate Brake on Maturity Transformation

Must banks match asset and liability maturities, as William Barnett and Walter E. Block (2009 Barnett, William and Walter E. Block. “Time Deposits, Dimensions and Fraud.” Journal of Business Ethics 88, 4 (2009): 711–716.[Crossref], [Web of Science ®] , [Google Scholar], 2011 Barnett, William and Walter E. Block. “Rejoinder to Bagus and Howden on Borrowing Short and Lending Long.” Journal of Business Ethics 100, 2 (2011): 229–238.[Crossref], [Web of Science ®] , [Google Scholar]), as well as Ivan Jankovic (2011) Jankovic, Ivan. “Economic Calculation, Maturity Mismatching and the Credit Cycle.” New Perspectives on Political Economy 7, 1 (2011): 105–124. [Google Scholar], surmise? While we agree with these authors that issuances of fiduciary media breed financial instability, we disagree that maturity transformation represents such a case. Maturity transformation — otherwise known as borrowing short-term and lending long-term — guided by several base legal principles, does not result in the issuance of fiduciary media. Most notable among these principles is that any credit issued must be funded by borrowing of a positive duration, i.e., not via a demand deposit. We demonstrate that two factors instigate larger degrees of maturity transformation than would otherwise be the case, breeding potential instability: a continual increase in the credit supply and the provision of a lender of last resort. We also show that the interest rate is a natural stabilizing brake on the over-issuance of longer-dated credit against short-term financing.     

审计关系错配、盈余质量与整合审计收费

以2012—2015年沪深主板A股执行整合审计的上市公司为研究样本，基于整合审计背景探讨审计关系错配与整合审计收费，研究发现大所对小规模客户给予整合审计收费折扣；小所对大规模客户给予整合审计收费折扣。进一步研究发现，基于财务报表审计与内部控制审计的知识溢出效应及联动机制，执行整合审计有助于审计师识别公司管理层的盈余管理行为。     

Returns to job satisfaction in the presence of horizontal mismatch

ABSTRACT

In this paper, we study the relationship among horizontal mismatch, job satisfaction and wages using data from the 2013 Scientists and Engineers Statistical Data System (SESTAT). Estimates from 2SLS indicate that 1) field-occupation match in the highest degree has a positive effect on job satisfaction and wages; and 2) controlling for field-occupation matches, job satisfaction has a positive but diminishing effect on wages with a large heterogeneity across different age groups. In addition, we also distinguish between job satisfaction arising from benefits and job satisfaction that is productivity enhancing and find both to have a positive but nonlinear effect on wages.     

Effective Repair in Survey Interviews

In standardized survey interviews with closed-ended questions it quite often occurs that respondents do something else than mentioning their choice from the set of response categories presented together with the question. In these cases their initial response is inadequate and interviewers have to initiate repair activities. By analyzing 804 question–answer sequences, stemming from parts of a survey with elderly people (N=201), we found that 322 (41%) of the initial responses were inadequate. In 74% of these 332 sequences the interviewers made an attempt at repair. Of all repair attempts, 75% were performed correctly, that is, in a nondirective way. Most of the repair attempts (86%) result in an adequate final response of the respondent. The result of the repair activities by the interviewers is that the number of sequences with an adequate response increased from 472 to 688, thus an increase of about 45%. There does not exist ‘one best way’ of repairing. The most important thing is that some repair initiative has to be taken by the interviewer and that the repair is done in a nondirective way.     

基于时变模型的商业银行流动性风险度量研究

流动性错配是流动性风险产生的根本,有必要从资产端和负债端研究和度量商业银行流动性风险。在综合外部因素的基础上,通过理论和实证两个层面构建我国商业银行流动性错配指数（LMI）,并对我国18家上市银行的流动性风险进行度量、识别和压力测试。研究表明：我国商业银行流动风险存在异质性和时变性,LMI的压力测试结果显示,不同类型银行压力测试和抵御风险的能力具有显著的异质性。为有效地管理和防范商业银行流动性风险,需要严格控制流动性错配程度,密切关注宏观经济形势和资产价格的波动,并建立相应的风险监测和管理机制。     

武汉中心城区生态系统服务额外需求 量化评估——缘起绿色基础设施供需错配

生态系统服务从产生到使用是一个动态流动过程, 分别对应着生态系统服务的供给与需求,然而在城市化过程 中,人口的聚集及绿色基础设施的破碎导致城市生态系统服务 供需失衡极为严重。当生态系统服务供给无法满足需求时,则 存在生态系统服务额外需求。通过量化评估生态系统服务的额 外需求,将为绿色基础设施的精确供给提供决策依据。以武汉 中心城区为例,以街区作为基本单元,选择合适的环境质量标 准作为额外需求阈值,对以下4项生态系统服务额外需求进行 量化评估与空间制图：空气净化、雨洪调节、温度调节和游憩 服务,并采用熵值法求得各项服务的权重,叠加得到综合的生 态系统服务额外需求。最终评估结果可作为武汉中心城区绿色 基础设施优先实施区域与类型的规划依据。     

文化分割、要素错配与区域经济增长

以汉语方言为例,从要素错配的视角考察文化分割影响区域经济增长的内在机制,进而采用修正后的全球夜间卫星灯光数据和各地区的方言多样化指数,实证考察文化分割对区域经济增长的影响效应。研究结果表明：以汉语方言为代表的文化分割显著抑制了区域经济增长,且这种抑制作用主要体现在中西部地区;文化分割阻碍了劳动力和资本等要素的优化配置,进而对区域经济增长产生不利影响。所得研究结论有助于进一步厘清文化因素与经济增长之间的关系,也为从非正式制度角度探求促进中国经济增长的动力机制提供了有益启示。     

人民币汇率波动的微观效应——基于制造业上市公司财务数据的分析

根据我国522家制造业上市企业2001—2007年的财务数据,采用动态面板数据模型分析人民币汇率波动对企业融资能力的影响。研究结果表明:在企业存在货币错配的情况下,当期和滞后1期的人民币汇率波动对企业短期信贷能力和总信贷能力有显著的正相关效应,且滞后1期的效应更为明显,但对长期信贷能力的影响不明显。由于我国企业存在大量的债务型货币错配,人民币有效汇率的贬值给我国企业的融资能力带来了负面影响。