Residential land use regulation and the US housing price cycle between 2000 and 2009

In a sample covering more than 300 cities in the US from January 2000 to July 2009, we find that more restrictive residential land use regulations and geographic land constraints are linked to larger booms and busts in housing prices. The natural and man-made constraints also amplify price responses to the subprime mortgage credit expansion during the decade, leading to greater price increases in the boom and subsequently bigger losses. Contrary to prior literature, our findings indicate a significant link between supply inelasticity and price declines during the bust, whereas Glaeser et al. (2008) found little evidence of such a relationship from an earlier downturn from 1989 to 1996.     

Subprime mortgages and the housing bubble

This paper explores the link between the house-price expectations of mortgage lenders and the extent of subprime lending. It argues that bubble conditions in the housing market are likely to spur subprime lending, with favorable price expectations easing the default concerns of lenders and thus increasing their willingness to extend loans to risky borrowers. Since the demand created by subprime lending feeds back onto house prices, such lending also helps to fuel an emerging housing bubble. These ideas are illustrated in a theoretical model, and tentative support is found in empirical work exploring the connection between price expectations and the extent of subprime lending.     

Networking and culture in entrepreneurship

Case studies on three diverse cultural groups are used to investigate how culture norms and practices moderate the way entrepreneurs utilize social networking. Moving away from a universalist mono-dimensional position, prior research calls for studies on how culture moderates entrepreneurial networking. Understandably, the concept of a national culture inevitably refers to the mainstream culture which fails to address the sub-culture and minority culture. This paper explores entrepreneurial networking across three cultures (one mainstream culture and two minority) allowing the researcher an insight into how culture moderates entrepreneurial networking. The empirical results reveal variform universality of entrepreneurial networking in two ways: (1) seven drivers moderate how entrepreneurial networking is practiced across cultures, and (2) being embedded in a mainstream culture rather than a minority culture moderates how entrepreneurial networking is practiced.     

“一带一路”沿线国家投资便利化对中国对外直接投资的影响:理论与经验证据

文章通过构建投资便利化评价指标体系,运用熵值法定量测度"一带一路"沿线国家的投资便利化水平,并基于拓展引力模型实证检验其对中国对外直接投资(OFDI)的影响。研究发现:"一带一路"沿线国家投资便利化建设能够显著促进中国OFDI增长,其中制度质量改善对中国OFDI的促进作用最大。异质性分析表明,亚非地区、中等收入水平、资源禀赋欠丰富、市场潜力大以及与中国投资合作信任度高的沿线国家通过推进投资便利化建设,对中国OFDI的促进作用更明显。机制检验表明,沿线各国推进投资便利化建设,可以通过削减投资成本、提高投资效率以及降低投资风险等渠道对中国OFDI产生显著正向影响。最后聚焦行业差异的分析表明,沿线国家投资便利化建设能显著促进中国制造业和服务业OFDI扩展边际的提高,且对后者的促进作用更大。     

Assessing consumer willingness to pay for Arctic food products

The food industry increasingly seeks to differentiate food products based on sustainability assurances, the use of traditional or ‘authentic’ production methods, a unique origin, or an association with a distinct cultural identity, often relying on certification to enhance the credibility of a quality claim. The natural conditions of the Arctic circumpolar region, its pristine environment, and the relational tie to Indigenous cultures in many circumpolar Arctic nations, distinguish Arctic foods from other commercially available foods, however, little is known about how consumers respond to foods from the Arctic. This paper examines consumers’ perceptions of and willingness to pay (WTP) for foods originating from the Canadian Arctic, and their receptivity to certification for sustainability, authenticity, and origin in the presence of multiple credence attributes. Data from an online survey of 1342 Canadian consumers show that preferences for Arctic foods are driven by the unique geographic origin and a connection with Indigenous cultures and traditions, as well as a desire to improve social and economic conditions in northern Canada. A discrete choice experiment featuring Arctic char elicits consumers’ WTP for attributes related to origin, certification, wild vs farmed fish, and Indigenous vs non-Indigenous fishers. Random parameters logit and generalized mixed logit models allow for both preference and scale heterogeneity. The analysis informs strategies to promote the Arctic food system, both from a Canadian regional economic development context and across the broader Arctic circumpolar region. Limitations imposed by the current seafood labelling regulatory environment in Canada are noted.     

我国IT业上市公司研发支出影响因素实证研究

本文以IT行业企业为例,通过实证分析,从公司治理和企业经营状况两方面,揭示企业研发支出的影响因素。目的是确定影响企业研发支出的关键因素,以期为企业合理进行研发支出提供依据,从而提升企业自主创新水平,增加企业的发展潜力与市场竞争力。     

An agent-based modelling approach to housing market regulations and Airbnb-induced tourism

Airbnb has shown constant growth and it provides income and taxes to tourist destinations. However, the prevalence of a substantial number of Airbnb providers in tourist destinations may lead to bottlenecks in rental housing markets. Regional planners and policy-makers across the world are therefore imposing restrictions to regulate this hitherto unregulated business model. The present paper sheds light on the link between housing-market regulation and the growth of Airbnb, based upon Norwegian Airbnb listings and agent-based modelling. The simulation results suggest that Airbnb's current growth will not simply flatten out when the supply matches the demand, but will be followed by a series of sudden crises and subsequent quick recoveries. These instabilities will put stress on local rental markets and threaten both the local tourism industry and rental housing markets. Moderate taxation may contribute to a more even distribution of Airbnb listings in Norway, notably across the urban space.     

Reducing or creating poverty? Analyzing livelihood impacts of forest carbon projects with evidence from India

Forest carbon projects, in addition to climate mitigation and conservation benefits, are expected to improve local livelihoods and contribute to poverty alleviation across developing countries. Despite substantial investments over last decade, there is limited empirical evidence on the livelihood impacts of these projects especially across different socioeconomic categories.This paper aims to contribute to this knowledge gap through an analysis of the livelihood impacts across small, medium and large categories of participating farmers in a forest carbon project from the state of Haryana in India. Data from 107 households have been analysed to study the impacts in terms of foregone crop, fodder and fuel wood benefits. The analysis suggests that the project has adversely affected the livelihoods of all three categories of farmers. However, small and marginal farmers are the most distressed due to their low incomes, asset base and risk-bearing capacities.It raises critical project design issues such as binding land use, delayed accrual of benefits, static opportunity costs and displacement of existing economic activities, which have serious livelihood and equity implications. Unless these issues are addressed and strong safety nets are provided, forest carbon projects might create more poverty than wellbeing for marginal communities.     

Impact of trade liberalisation on dairy market price co‐movements between the EU,Oceania, and the United States

This study investigates the impact of trade liberalisation on the spatial price co‐movements between the dairy markets of the EU, Oceania, and the United States. We consider two main dairy products, namely butter and whole milk powder (WMP), and employ R‐Vines to assess the development of the tail dependence between the price series. We split the time span (i.e. 2000‐2017) in December 2007 to capture the change in the tail dependence as well as in the potential of each region to act as the central market. Our findings indicate that the EU acts as the central market for butter in both sub‐periods, whereas the EU succeeds Oceania in acting as the central market for WMP from the first sub‐period to the next. Further findings highlight slightly increasing tail dependence in the butter market and in the WMP market for the EU‐OCE and EU‐US pairs. However, the tail dependence for the WMP prices between Oceania and the United States weakens, in which we attribute to the 2013 Chinese ban on milk powder imports from Oceania.     

跨国公司在华研发投资对我国区域创新体系的影响机制研究

文章首先从全球创新网络视角阐释了研发全球化对东道国区域创新体系的影响。然后分析了跨国公司在华研发投资的现状及发展走势，并指出中国目前已经成为跨国公司海外研发投资的热土和重点区域，跻身于全球创新网络的关键节点和枢纽。最后，基于辩证逻辑思维分别从区域创新主体、创新要素及创新环境等几个层面，剖析跨国公司在华研发投资对我国区域创新体系的影响机制。