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。     

“Money can’t buy me land”: Foreign land ownership regime and public opinion in a transition society

In recent years, as part of the broader policies of economic liberalization, the sale of agricultural land to foreign citizens has attracted considerable political, social and media attention in transition societies. The regime of land ownership in Georgia has evolved from the complete restriction of foreign acquisition in the beginning of the 1990s, to the unrestricted sale of land to foreign citizens from 2010 onwards. An analysis of newly-available data from International Social Survey Programme’s (ISSP) National Identity module suggests that respondents in Georgia, along with Russia, hold the most negative attitudes toward selling land to foreigners compared to other countries. I hypothesize that this is the result of a confluence of factors such as the communist legacy, historical memory, rural nationalism, agricultural underdevelopment and inequality. The quantitative part of this article tests socio-demographic, geographic, ideological, and identity-based explanations of within-country variation in attitudes toward the purchase of land by foreigners. The results suggest that socio-demographic and geographic variables such as respondents’ age and regional belonging explain some variance in the dependent variable, but that the major effects stem from individuals’ perceptions of economic protectionism, xenophobia, and ethnic national identity.     

Foreign direct investments,institutional quality,and economic growth

Institutional quality is considered to be an important factor in boosting economic growth of a country. This paper explores the role of institutional quality in economic growth and more specifically the role it plays via the channel of foreign direct investments. This paper uses a larger dataset of 104 countries and applies GMM estimation method to a dynamic panel data to evaluate the direct impact of institutional quality on economic growth and the indirect impact of institutional quality on economic growth through enhancing the FDI-induced economic growth. This paper provides evidence that both FDI inflows and institutional quality cause stronger economic growth. The FDI-led growth, however, was only experienced in the low and middle-income countries. In these countries, better institutional quality was also found to be enhancing the FDI-led economic growth. An important finding of this paper is that in the high-income countries, FDI was found to slow down the economic growth. The results are robust and consistent for individual institutional quality indicators and controlling for endogeneity.     

Relationship between foreign capital flows,domestic investment and savings in the SADC region

The importance of foreign capital in the domestic economy cannot be underestimated as it bridges the gap between domestic capital demand and supply. Given this background the paper studies the relationship between the different types of foreign capital flows in the Southern Africa Development Region (SADC) region – foreign direct investment (FDI), remittances, cross border bank flows (CBF), overseas development assistance (ODA) – and domestic savings and investment, employing the panel cointegration test and the dynamic ordinary least squares method (DOLS). The empirical results reveal that there is a strong positive relationship between domestic investment and domestic savings, FDI and remittances. These findings indicate that FDI remittances help in overcoming the limits on the domestic capital formation in the SADC region through permitting a rate of investment which is in excess of that which can be generated by domestic savings. Important policy implications on attracting foreign capital flows are discussed in the paper.     

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...     

Career concerns,shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate inve...     

What explains the value premium? The case of adjustment costs,operating leverage and financial leverage

This paper empirically examines and compares the different theoretical predictions on how adjustment costs, operating and financial leverage influence the value premium. Consistent with Ozdagli (2012), financial leverage plays a dominant role, supported by adjustment costs (which represent the degree of investment irreversibility). Specifically, the observed value premium is driven by the financial leverage differences between value and growth firms, partially neutralized by investment irreversibility. The relation between the value premium and investment irreversibility is contrary to the intuition in Zhang (2005) and Cooper (2006). Operating leverage does not significantly influence the value premium.     

Do offline and online go hand in hand? Cross-channel and synergy effects of direct mailing and display advertising

Despite the rise of digital, direct mailing as a marketing communication tool remains relevant and widely applied in practice. Nevertheless, research into the effectiveness of direct mailing in the online environment is scant. Key questions that remain entail how direct mails affect different online and offline consumer activity metrics throughout the purchase funnel and how they interact with digital marketing communication tools. The current paper, therefore, investigates these two questions by conducting two studies. First, we focus on the effect of direct mailing on zip-code level upper, middle, and lower funnel performance metrics over time by analyzing quasi-experimental data from a large European insurance firm. The results reveal that direct mailing significantly influences consumer activity metrics in the online channel (i.e., online search and clicking behavior), in support of cross-channel effects of direct mailing. Moreover, direct mailing is shown to be effective throughout the purchase funnel, both directly and indirectly, with a positive net sales effect. Second, we study the joint effect of direct mailing and display advertising by analyzing field experiment data from the same insurance firm. The results show positive synergy between direct mailing and display advertising. Therefore, despite the rise of digital, direct mailing still serves as an effective marketing tool, both by itself and in combination with digital marketing.     

Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model Averaging

In this paper we analyse the determinants of Japanese outward FDI stock for the period 1996–2017. This period is especially relevant as it covers a process of increasing economic globalization and two financial crises. To this aim, we consider a large set of candidate variables based on the theory as well as on previous empirical analysis. Our sample includes a total of 27 host countries. We select the covariates using a data-driven methodology, the Bayesian Model Averaging (BMA) analysis. Moreover, we also analyse whether these determinants change depending on the degree of development (emerging vs developed) or the geographical areas (EU vs East Asia) of the countries considered. We find that Japan's FDI can be explained by a wide variety of variables, that include not only the typical gravitational ones but also institutional and macroeconomic variables, including those that measure financial development. Moreover, Japanese FDI can be explained by both horizontal and vertical FDI motives in the groups of countries analysed. However, in developed, and more precisely, EU countries, horizontal FDI strategies are predominant, whereas for East Asian and emerging countries, there is more evidence in favour of vertical FDI.     

技术创业型企业孵化资本投入的风险管控——来自多案例对比

待孵化的技术创业型企业同时具有概念性技术向差异化产品转化的高风险与产品异质性被认同后溢价评估的高收益特点，导致其投资者多处于隔岸观火却欲罢不能的的孵化投资矛盾中。对孵化资本实施有效的风险管控，成为吸引外部资本投入的关键。基于此，选择在可创概念选育与技术创业孵化领域探索出高成功率路径的概念证明中心、YCombinator和创新工场为研究案例，分析其在创业项目筛选、孵化资金运营等关键环节的风险管控方式，以期完善我国孵化资本管控理论、助力我国商业孵化器提高资金风险管控能力、促进外部资本投入。