A dynamic CGE model for jointly accounting ageing population,automation and environmental tax reform. European Union as a case study

We develop a dynamic Computable General Equilibrium model based on the combination of different versions of GTAP utilities where alternative scenarios on ageing population trends are combined with projections on the incidence of automation into production processes and the adoption of unilateral decarbonisation policies. By simultaneously controlling for these different challenges that especially developed countries should face in the next decades, it is possible to disentangle non-linear mechanisms that will influence sustainability of public budget when the three issues are jointly combined. The European Union is taken as a case study. The first result is that ageing trends will impact fiscal sustainability reducing the EU capacity to respect the Stability and Growth Pact parameters. Second, when also considering technical change related to automation and robotics in the production process, fiscal sustainability will improve only in the case of input-neutral technological change. On the contrary, if biased technical change produces unemployment impact, negative impacts of ageing population are reinforced by automation. Third, the adoption of an environmental tax, here modelled in the form of a carbon price, leads to an improvement in environmental sustainability but has non-linear effects of fiscal sustainability.     

Is marketing agility important for emerging market firms in advanced markets?

Marketing agility has recently gained the attention of international marketing managers and scholars. However, scholars have not examined how this capability directly and indirectly influences firm performance and how the effects change under the complex market conditions facing emerging market (EM) firms in advanced economy (AE) markets. Hence, underpinned by the dynamic capability and complexity theories, this study investigates the direct effect of marketing agility—a dynamic meta-capability involving market sensing, speed, flexibility and responsiveness—on firm performance and its indirect effect via marketing program adaptation. Moreover, it explores changes in these direct and indirect relationships under varying market complexity levels. EM firms are often disadvantaged owing to AE market complexity, such as the presence of low-cost advantage of local AE firms. Hence, investigating this framework in this context is valuable. Using data on Pakistani firms exporting to AE markets, the study finds that marketing agility influences firm performance, and the influence is stronger under high market complexity. When market complexity is low, the influence is mediated by the firms’ ability to adapt their marketing program to meet AE market requirements. Supporting theoretical and managerial implications are offered.     

我国上市公司策略性股票更名:战略转型还是高位套现？

本文发现上市公司进行策略性股票更名后并未出现实质上的转型举措,战略转型并非其更名背后的真实动机。进一步利用“新国九条”出台开展的自然实验,以及对股票减持动机存在差异的国有和非国有上市公司进行比较,我们发现,更名公司具有强烈的内在动机在通过更名抬高股价后减持套现,以获取短期投资收益。本文由此提醒我国资本市场的投资者,不宜把部分上市公司进行的上述策略性股票更名过度解读为上市公司未来进行战略转型的信号。     

Optimal market making in the presence of latency

This paper studies optimal market making for large-tick assets in the presence of latency. We consider a random walk model for the asset price and formulate the market maker's optimization problem using Markov Decision Processes (MDP). We characterize the value of an order and show that it plays the role of one-period reward in the MDP model. Based on this characterization, we provide explicit criteria for assessing the profitability of market making when there is latency. Under our model, we show that a market maker can earn a positive expected profit if there are sufficient uninformed market orders hitting the market maker's limit orders compared with the rate of price jumps, and the trading horizon is sufficiently long. In addition, our theoretical and numerical results suggest that latency can be an additional source of risk and latency impacts negatively the performance of market makers.     

The role of economic and normative signals in international prosocial crowdfunding: An illustration using market orientation and psychological capital

Entrepreneurs in emerging nations are increasingly seeking microloans on international crowdfunding platforms composed of prosocial lenders primarily seeking non-monetary returns. Drawing on signaling theory, we posit that economic signals (as illustrated by market orientation) and normative signals (as illustrated by psychological capital) embedded within borrower narratives will influence funding time. A Computer-Assisted-Text-Analysis (CATA) of 130,964 profiles across 49 countries suggests that borrower cues of customer orientation, competitor orientation, long-term focus, profitability focus, confidence, and optimism are positively associated funding time, while cues of coordination, hope, and resilience are negatively associated with funding time. Prosocial lenders seem less inclined to lend to borrowers that exhibit a desire for economic success or normative expectations for positive outcomes in the future, while they seem to lend more rapidly to those exhibiting current hardship or a concern for people. A discussion of these findings and their implications for poverty alleviation concludes the study.     

The differential and synergistic effects of market orientation and entrepreneurial orientation on hotel ambidexterity

Innovation ambidexterity has surprisingly received limited attention in hospitality research. Using data from 101 Jordanian hotels analyzed with PLS structural equation modeling, this paper reports a double differential effect of two strategic orientations, market orientation (MO) and entrepreneurial orientation (EO), on hotel ambidexterity. On the one hand, EO (MO) has a stronger impact on exploratory (exploitative) than on exploitative (exploratory) innovation. On the other hand, EO has a stronger impact than MO on both innovation forms. Furthermore, the synergy between EO and MO has a positive impact on exploitative and exploratory innovation, both of which in turn enhance hotel performance.     

When can Chinese competitors catch up? Market and capability ladders and their implications for multinationals

Chinese companies have been more successful in catching up with and sometimes surpassing, their global competitors in some industries but not all of them. This holds true for markets in China and international markets. In this article, we show how both the demand and the supply sides of an industry explain these differences, in terms of the existence of market and capability ladders that can help a new competitor climb from the low end, though the middle, and to the top. We then propose several alternative strategies that multinational companies can follow to respond to growing Chinese competition and recommend strategies with the most potential for a particular market and industry.     

Does news travel slowly before a market crash? The role of margin traders

We investigate how investor overconfidence and attention affect market efficiency around the 2015 Chinese stock market crash. We find that the price delay before the crash is about twice the price delay after the crash. Investors become more sensitive to market movements after the crash. Price delays are larger on market down-days than on up-days before the crash, but the differences are insignificant between up- and down-days after the crash, indicating that negative information travels slowly only when investors are overconfident. Margin traders follow market trends and intensify the pyramiding and de-pyramiding effects caused by market sentiment change.     

信息化发展水平、资源依赖与绿色全要素生产率

信息化作为经济高质量发展的重要推手，对于资源地区走出“资源诅咒”困境意义重大，但一直被学界忽略。创造性地将信息化发展水平引入“资源诅咒”论述中，采用DEA—Malmqusit指数方法测算了2003-2017年我国285个地级及以上城市的绿色全要素生产率（GTFP），分析了信息化发展水平在资源依赖与GTFP关系中的作用。结果表明：①信息化发展水平的门槛效应导致资源依赖与GTFP呈现倒U型曲线关系。当信息化发展水平低于门限值时，无论资源依赖程度如何变化，它与GTFP的关系总是处于倒U型曲线右侧，即位于“资源诅咒”部分，而当信息化发展水平高于门限值时，无论资源依赖程度如何变化，它与GTFP的关系处于倒U型曲线左侧，即位于“资源祝福”部分;②信息化发展水平是显著影响资源依赖与GTFP的倒U型曲线拐点右移的要素，信息化发展水平提升能推迟或阻止“资源诅咒”的到来。     

Market development and market efficiency: evidence based on nonlinear panel unit root tests

This study tests the weak form market efficiency of 32 European stock markets. Utilizing monthly data from June 2006 to June 2017, six different, newly developed nonlinear panel root tests were applied in three different groups of European markets: Frontier, Emerging and Developed. The results show that there is a meaningful relationship between different levels of economic development and the weak form market efficiency. Considering the nonlinear structure of the stock market indices, use of linear models might lead to wrong conclusions regarding market efficiency. Using several nonlinear panel root tests, the results of this study shed more light on the true data generating process of the stock market indices and more appropriately model market efficiency.