ETF Premiums and Liquidity Segmentation

Exchange traded funds (ETFs) provide a means for investors to access assets indirectly that may be accessible at a high cost otherwise. I show that liquidity segmentation can explain the tendency for ETFs to trade at a premium to net asset value (NAV) as well as the life‐cycle pattern in premiums. ETFs with larger NAV tracking error standard deviations (TESDs) tend to trade at higher premiums and the liquidity benefits offered by foreign ETFs and fixed income ETFs are revealed to be the most valuable to investors. Further tests validate that TESD has the desirable properties of a liquidity segmentation measure.     

Structural Changes in China’s Import Market: A Comparison with Korea’s Exports to China

The article examines the structural changes of China’s import market for domestic demand and the corresponding structural changes of Korea’s exports to China for Chinese domestic demand. Using 8-digit HS code data covering the period 2006–2014 and analyzing the processing steps as well as by industry, this study reveals that while the share of ordinary trade in total China’s imports has increased rapidly, the share of processing trade has decreased continuously since the mid-2000s. The article also shows that Korea’s exports to China is still processing trade-oriented. The slowdown of Korea’s exports to China is because of the concentration on processing trade, intermediate goods, electronics and chemistry.     

浅谈煤制甲醇项目的煤气化技术选择

石油是一种不可再生资源,必须要寻求新能源的制造方法,其中,甲醇的大规模生产也受到了各个国家有关部门的高度重视。本文主要从原料、产品与投资方面几个方面对多喷嘴对置式水煤浆气化技术、Shell技术、BGL煤熔渣气化工艺进行分析,得出最优的生产技术。     

ZY5000/15/32掩护式液压支架的优化设计

当支架工作一定时间后出井维护时,需要将前梁与顶梁之间的销轴拿掉后改为运输销轴连接,由于井底空间、设备有限,操作极为不便;另外,由于前梁千斤顶是靠销轴受力,因为支架工作时间比较长且井下环境恶劣,导致销轴出现变形、生锈等现象,以致销轴不易拆卸。     

浅谈独立学院贫困生资助管理工作的几点思考——以江苏科技大学苏州理工学院为例

当前高校贫困生人数和比例呈上升趋势,高校贫困生资助管理工作应与时俱进,应把高校贫困生帮扶与教育相结合,把物质救助手段与精神鼓励手段结合起来,全面、系统的做好高校贫困生的资助管理工作。     

National politics and bank default risk in the eurozone

We study the impact of national politics on default risk of eurozone banks as measured by the stock market-based Distance to Default. We find that national electoral cycles, the power of the government as well as the government’s party ideological alignment significantly affect the stability of banks in the eurozone member countries. Moreover, we show that the impact of national politics on bank default risk is more pronounced for large as well as weakly capitalized banks.     

Team production,endogenous learning about abilities and career concerns

This paper studies career concerns in teams where the support a worker receives depends on fellow team members׳ efforts and abilities. In this setting, by exerting effort and providing support, a worker can influence her own and her teammates׳ project outputs in order to bias the learning process in her favor. To manipulate the market׳s assessment, we argue that in equilibrium, a worker has incentives to help or even sabotage her colleagues in order to signal that she is of higher ability. In a multiperiod stationary framework, we show that the stationary level of work effort is above and help effort is below their efficient levels.     

Purchasing natural personal care products in the era of fake news? The moderation effect of brand trust

Natural personal care products are gaining popularity due to their benefits in terms of health and well-being. However, consumers are wary of these products and are guided by the fake news circulating about them. Since natural product consumption offers several personal and environmental benefits, it would be worthwhile to understand consumers’ tendency to let fake news influence their consumption decisions. Accordingly, the current study examined the association of fake news and purchasing behaviour towards natural personal care products, utilising Stimulus-Organism-Behaviour-Consequence (SOBC) as the theoretical framework. The study proposed openness to change as the stimulus, perceived benefits and perceived risks as organismic internal states, purchase intentions as the behaviour, and the propensity of believing and acting on fake news as the consequence, which is further associated with system trust. The model was tested by analysing data collected from 390 existing consumers, considering the moderation effect of brand trust and controlling the effect of age and gender. The findings confirmed that openness to change is associated with perceived benefits and risks. Furthermore, perceived benefits and system trust are associated with purchase intentions, which are, in turn, associated with the propensity of believing and acting on fake news. The study presents several novel contributions to theory and practice.     

Is there decentralization in North Korea? Evidence and lessons from the sloping land management program 2004–2014

In the 1990s, the Democratic People’s Republic of Korea (North Korea) suffered from severe food shortages and large-scale deforestation, which triggered a stage of rural conservation reform. Since 2004, with support from the Swiss Agency for Development and Cooperation (SDC), North Korea’s Ministry of Land and Environmental Protection (MoLEP) has implemented a Sloping Land Management Program (SLMP). The SLMP established sloping land user groups and granted these groups the right to use marginal land for agroforestry development. This devolution of land rights from state control onto local groups is a landmark in North Korea, and this decentralization initiative has now expanded to over eight counties to involve thousands of households. It has also led to the launch of a National Agroforestry Policy and Strategy. Drawing from both qualitative and quantitative data collected from 2008 to 2014, this paper documents the process and effects of the SLMP. It argues that the decentralization reform in land management has contributed to not only food security with increased food crop diversity and productivity, but also notably forest recovery through an expansion of tree plantations and agroforestry practices on degraded sloping lands. However, an insufficient power transfer in the form of a lack of timber rights granted to the local user groups has hampered the effectiveness of the SLMP. There are also institutional and geopolitical challenges that are limiting further scaling-up of land-use decentralization across the country. The policy implication calls for more international investment as well as national land-use policy reforms in order to promote and facilitate further decentralization of sloping land management and to secure greater use rights for sloping land user groups.     

Auction winning,social dynamics and non-compliance in a payment for ecosystem services scheme in Indonesia

Conservation auctions for payment for ecosystem services (PES) are useful to identify the levels of incentives that will cover the opportunity costs of farmers supplying ecosystem services. Although auctions are increasingly used for allocation in PES schemes, the factors that lead to their successful implementation and eventual environmental outcomes are poorly understood in developing countries. We investigated the socio-economic and institutional contexts that led to smallholders' auction winning and eventual compliance using linear mixed-effects models, and post-auction and post-contract surveys. We employed a case study of a conservation contract preceded by a sealed-bid, multiple round, uniform price auction for watershed services from coffee farmers in Lampung, Indonesia. The auction participants presented low education levels, low asset endowments and small plot sizes. The study obtained evidence that farmers with larger plot areas were more likely to win the contracts, suggesting economies of scale. Most farmers considered the auction a fair self-selection mechanism to allocate contracts where allocation was not influenced by power or social rank. Non-compliance was associated with labor availability constraints, short duration of land ownership and existence of previous conservation applications, suggesting lax of capability to invest in applying conservation agriculture. Final bids were however not good predictors of compliance, among other factors, calling into question the potential of auctions to elicit the actual incentive from the farmers. Ensuring that farmers understand the purposes of auctions for effective contract allocation beyond a mere game and identifying farmers that might encounter difficulties fulfilling the contract could increase the likelihood that such a PES scheme would be successful.