Dynastic Inequality Compared: Multigenerational Mobility in the United States,the United Kingdom,and Germany

Using harmonized household survey data, we analyze long‐run social mobility in the United States, the United Kingdom, and Germany, and test recent theories of multigenerational persistence of socioeconomic status. In this country comparison setting, we find evidence against a universal law of social mobility. Our results show that the long‐run persistence of socioeconomic status and the validity of a first‐order Markov chain in the intergenerational transmission of human capital is country‐specific. Furthermore, we find that the direct and independent effect of grandparents' social status on grandchildren's status tends to vary by gender and institutional context.     

Effect of personality traits on smallholders’ land renting behavior: Theory and evidence from the North China Plain

This study investigates the effect of smallholders’ personality traits on their land rental market decisions. We develop a conceptual framework and show that these internal factors could affect smallholders’ land rental market participation beyond institutional and socio-demographic factors. Our empirical analysis is based on a survey of 2119 rural households collected in the North China Plain. We find that smallholders with a higher level of openness are more active in participating in the farmland rental market. Moreover, internal locus of control plays a significant role in explaining smallholders’ land renting behavior. We further show that need for achievement mediates the link between internal locus of control and smallholder’s intention to rent land, indicating that fostering a higher level of internal locus of control—and subsequently achievement desire—could play an important role in promoting smallholders’ land-renting behavior. More generally, our results imply that taking rural smallholders’ personality traits into account in designing land rental policies may increase the effectiveness of policies aimed at promoting land rental market participation among smallholders and incubating crop farm scale enlargement in rural China.     

Equity and the environment: An application of the Berliant–Strauss vertical and horizontal equity framework to measuring the distributional effects of air quality regulation

The distributional effects of a major air regulation in the United State in 2015 were analyzed using Berliant and Strauss Index Numbers, a set of theoretical and empirical equity metrics, and reduced‐form models that estimate the mortality effects of air pollutant emissions and their source contributions. By viewing the effects of pollution on human mortality as an implicit tax, we found progressivity in 54% to 56% of vertical comparisons and inequity in 92% to 94% of horizontal comparisons. The introduction of the proposed policy made 58% of vertical comparisons more progressive and was equitable to 70% of horizontal comparisons.     

海洋科技创新驱动区域经济增长影响效应分析

海洋经济被视为引领世界经济发展的新引擎.基于结构方程模型在经济学领域分析复杂关联因素中的优势,采用偏最小二乘结构方程模型研究海洋科技创新能力、蓝色经济发展和区域经济发展之间的关联效应,分析海洋科技与经济发展之间的内在作用机理.实证研究表明:海洋科技创新能力对蓝色经济发展具有显著的直接促进作用;引入蓝色经济作为中介变量形成传导路径,科技创新能力对驱动区域经济发展具有间接效应及明显的总体作用.     

员工企业社会责任感知影响人力资源管理效能？—基于领导行为的协同中介

通过对贵州、广东和福建3个省80家企业1148名员工进行调研,基于员工对企业社会责任、领导行为感知对人力资源管理效能带来积极影响为研究问题构建了一个中介模型。企业社会责任在组织微观层面的内涵越来越得到企业的重视,实现了员工的企业社会责任由产出需求转向投资视角,成为企业满足员工工作需要和工作资源的参照标准体系,有利于提升企业人力资源管理效能。本文研究发现:企业社会责任分别从企业经济责任、法律责任、伦理责任和自行裁量责任影响人力资源管理效能;变革型领导和交易型领导对企业社会责任和人力资源管理效能具有协同中介作用。研究结论对于企业社会责任、领导行为和人力资源管理三者匹配具有重要的理论和现实意义。     

Trump’s Effect on the Chinese Stock Market

U.S. President Donald J. Trump tweets frequently to communicate his thoughts to the public. We quantitatively evaluate the impact of Trump's China-related tweets on the Chinese stock market. We find that following Trump’s inauguration, his tweets with a positive sentiment significantly increase abnormal returns for the manufacturing industry in the Chinese stock market. Furthermore, an increase in the absolute value of his positive sentiment increases both the trading volume and volatility of the market. The positive effect is more pronounced for those subindustries with high exposure to international trade and stronger business relations with the United States than for other subindustries. The results are robust for various sensitivity tests.     

“Opt out” or kept out? The effect of stigma,structure, selection,and sector on the labor force participation of married women in India

Using the 61st and 68th rounds of National Sample Survey data, we investigate the role of stigma, the economy’s structure, potential selection bias, and sectoral differences in explaining the low labor force participation (LFP) of middle and secondary educated women in India relative to low‐ and high‐educated women (the “U‐shape”). Estimating LFP regressions on a sample of prime‐aged married women, we show that, controlling for background characteristics, if a woman’s husband works in a white‐collar job in a region with a high share of blue‐collar jobs, she is less likely to participate in the labor market (stigma). We also find a positive effect of an increase in an index of white‐collar job growth (structure) on married women’s LFP. These effects are present in both rural and urban sectors but are strongest in the rural sector. However, middle and secondary educated women are still found to have substantially lower LFP than low‐ and graduate‐educated women in both sectors. Indeed, over time, the U‐shape persists in the rural sector and deepens in the urban sector. Because unobservables are quite large in the urban sector, we use the method of instrumental variables and find an increasing return at middle levels but stagnation at higher levels.     

Is default risk the hidden factor in momentum returns? Some empirical results

This paper analyzes the role of default risk in the momentum effect focusing on data from four developed European stock markets (France, Germany, Spain and the United Kingdom). Using a market‐based measure of default risk, we show that it is not the hidden factor behind this effect. While the loser portfolio is characterized by high default risk, small size, high book‐to‐market and illiquidity, characterization of the winner portfolio is somewhat more complex. Given that the momentum strategy is the return differential between the winners and the losers, factors such as the stock market cycle or the evolution of momentum portfolios against their reference point make momentum profits difficult to forecast.     

人格对风险决策框架效应的影响

文中在风险决策的基础上,引入人格变量,在不同的风险决策情境下探讨人格因素对风险决策框架效应的影响。结果表明：风险决策情境对框架效应是否出现影响显著;人格中的外倾内倾,感觉直觉,和思考情感维度容易产生框架效应,但框架效应能否产生还与决策情境有着密切的关系。