Smoking hot portfolios? Trading behavior,investment biases,and self-control failure

Self-control is a personality trait that explains undersaving and nonparticipation decisions. We show that self-control failure also affects trading behavior among individuals on capital markets. We use smoking as the most socially accepted example of self-control failure among 13,644 German brokerage clients and compare the trading behavior of 3,553 smokers and 10,091 nonsmokers. Smokers are associated with a higher portfolio turnover unexplained by financial sophistication or wealth effects. Self-control failure also exacerbates overconfidence, social contagion, sensation seeking, and attention grabbing. Overall, self-control failure is costly because it increases the gap between gross and net returns of smokers relative to nonsmokers.     

技术进步与效率改善的一种新测度方法

本文利用非参数路径收敛设计,建立了测度政府投入驱动经济增长效率的方法。基于浙江省级公立医院2005~2008年的数据,本文发现经典的Malquist指数和线性回归估计方法无法识别政府投入对技术进步和效率改善的影响。研究表明,2005年5月至2006年10月和2008年7月至2008年12月期间,政府投入显著促进了浙江省级公立医院技术进步,生产率大幅提升;然而,在2006年10月至2008年7月期间政府投入失败。这一结果不仅论证了本文测度方法的有效性和应用的可行性,同时也纠正了投入产出比导致的直观错误判断。     

媒体治理、政治关联与研发投资

以深圳证券交易市场2009-2013年创业板上市公司为样本，检验了媒体治理、政治关联与研发投资之间的关系。实证分析结果显示，媒体治理作用越强，公司的研发投资就越多。这表明，媒体能够有效发挥监督治理作用，促进公司创新。进一步分析显示，政治关联对媒体治理与研发投资之间的关系具有明显的反向调节作用。这意味着，政治关联抑制了媒体的治理作用。     

Corporate Name Change and the Market Valuation of Firms: Evidence from an Emerging Market

Investors’ responses to a firm’s name change and the determinants of their response are scantly explored areas in the field of behavioral finance. Based on a sample of 415 Indian firms from 2005 to 2014, this study suggests that investors respond positively to the announcement of firm name changes. Furthermore, the study indicates that when firms do not indicate geographical specificity in the name and have a specific rather than generic name, then the firm will experience greater abnormal returns. Also, when firm names are fluent and are associated with the owner’s family name, again, abnormal returns generated are positive. Nevertheless, as a firm ages and investors gain more information about it, then abnormal returns due to name change decrease.     

Debt enforcement,investment, and risk taking across countries

We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder–debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we use a large panel of firms in 41 countries with heterogeneous debt enforcement characteristics. Consistent with our model, we find that the relation between debt enforcement and firms’ investment and risk depends on the firm-specific probability of default. A differences-in-differences analysis of firms’ investment and risk taking in response to bankruptcy reforms that make debt more renegotiable confirms the cross-country evidence.     

外资影响我国出口产品质量的差异性研究:从一个地区市场化程度的视角

我国正在经历从出口成本优势向质量优势转型的重要时期。外资对我国出口产品质量的影响及其差异性成为政府和学界关注的问题。本文从市场化水平、政府与市场的关系以及知识产权保护等三个方面检验了制度因素对外资质量溢出的影响。回归结果表明:(1)市场化程度低确实抑制FDI质量溢出;(2)政府干预对外资质量溢出效应产生了负面影响。在低市场化程度或者高政府干预样本组中,FDI质量溢出效应不显著;(3)知识产权保护对FDI质量溢出的影响程度非常有限。本文的结论为政策制定者提供了决策参考依据。简政放权、降低企业面临的行政成本是促进我国本土企业改善其出口产品质量的重要抓手。     

The pressure of economic growth and the issuance of Urban Investment Bonds: Based on panel data from 2005 to 2011 in China

This paper explores the motivations behind the issuance of Urban Investment Bonds (UIBs) to stimulate local economies in China after the 2008 global financial crisis. Based on panel data from 2005 to 2011, we find that pressure to achieve economic growth has a positive effect on the issuance of UIBs, while fiscal pressure has the opposite effect on UIB issuance. We also find that the tenure of municipal party secretary, the revenue of land-use right transfer and fiscal pressure will change the impact of economic growth pressure on UIB issuance. These results are consistent with a pattern in which China's local government officials are influenced by the central government's assessment of local economic growth performance and have promotion-related incentives to maintain and develop the local economy.     

地方政府人才引进政策促进了区域创新吗？——来自准自然实验的证据

高技能人力资本对于我国经济转型的重要性不言而喻。本文以2009—2012年间39个城市集中出台的地方人才引进政策为准自然实验,采用多期政策的双重差分法,结合机制分析和异质性分析,探究了人才政策出台前后区域创新能力的变化及其背后的机制和深层次原因,并分析政策效应在不同的地区营商环境、科教事业投入力度、知识产权保护程度下的差异。本文主要结论包括,地方人才引进政策总体上提高了当地的专利授权总量和专利价值总量;显著增加了研发投入的规模,但创新效率没有得到明显提升;在营商环境较差的地区,政策的效应侧重于提高专利数量,营商环境较好的地区则侧重于提升专利价值;在科教投入力度本身就很大的地区,政策效果较小,在科教投入弱的地区效果会更明显;在知识产权保护程度弱的地区,政策效果更多地表现为提高专利数量,保护程度强的地区,则侧重于提升专利价值。上述结论对地方政府优化人才激励政策、实施创新驱动发展战略具有一定的政策启示。     

The repercussions and challenges of COVID-19 in the hotel industry: Potential strategies from a case study of Indonesia

The COVID-19 pandemic has hit the tourism and hospitality sector hard. Hotel managers face uncertainty in this environment in order to survive. This study explores the impact of COVID-19 on the hospitality industry, particularly hotels in Indonesia, one of the largest developing countries. It examines the challenges faced by hotel managers and the strategies used to survive. Through the lens of complexity theory, we discuss whether the strategies being deployed are beneficial, redundant, or detrimental for hospitality businesses. Based on semi-structured interviews with 13 hotel managers in Jakarta, Bandung, and Bali, the findings shed light on the various challenges to hotels. We also highlight which challenges could turn into opportunities. The findings show that the strategies that managers are deploying could be detrimental in the future. Potential future research directions are also discussed.     

Foreign versus domestic institutional investors in emerging markets: Who contributes more to firm-specific information flow?

Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institu...