The dark side of strengthened minority voting power: An innovation perspective

Based on the 2014 regulatory reforms aimed at strengthening the protection of legitimate rights and interests of minority investors in China, we investigate minority shareholders’ short-termism and how minority voting impacts firm innovation. We find that the 2014 reforms effectively motivate minority shareholders to attend shareholder meetings and greatly enhance their voting influence. We also find that enhanced minority voting power after the reforms lowers the number of firms’ patent applications, and this effect is more pronounced for the firms that see the greatest increase in shareholder attendance at shareholder meetings. Moreover, enhanced minority voting power boosts executive turnover-performance sensitivity, thereby undermining firm innovation. Finally, we show that different types of minority shareholders have distinct impacts on firm innovation, depending on their investment horizons. The negative effect of minority voting power is more pronounced for state-owned enterprises (SOEs) than for non-SOEs.     

基于定量SWOT模型的民族地区旅游发展战略研究——以海南中部民族地区为例

通过专家调查法、访谈法获取相关的数据，利用SWOT定量模型，分析了海南中部民族地区旅游发展的内部优势、劣势因素和外部机会、威胁因素；构建战略四边形，计算出战略方位角θ和战略强度系数ρ；结果表明，海南中部民族地区应充分利用外部机会，发挥内部优势，规避外部威胁，克服内部劣势，采取机会型、开拓型战略。最后根据分析结果，提出海南中部民族地区旅游发展的战略重点。     

Investment–cash flow sensitivity and investor protection

We examine the role of country-level legal investor protection (i.e., shareholder and creditor protection) on firm investment–cash flow sensitivity (ICFS). Using underexplored research data on investor protection across 21 countries and working with a conservative empirical design, we extend prior literature on the relation between investor protection and ICFS and provide new evidence on how these country-level attributes interact to explain a firm's ICFS. We find that either the strong legal protection of minority shareholders or the strong legal protection of creditors reduces the sensitivity of investment to internal cash flow. However, in countries with strong levels of both minority shareholder and creditor protection, ICFS increases. Our results remain robust after controlling for several alternative explanations. The results support the argument that overregulation arises when policymakers increase investor protection at levels that lead firms to avoid external sources of finance, hampering firm investment. Our findings suggest that countries face a regulatory trade-off such that increasing investor protection (either shareholder or creditors protection) enhances financial markets efficiency, but excessive regulation can indeed lead to financial markets inefficiencies.     

The voice of radio in the battle for equal rights: Evidence from the U.S. South

Although the 1960s race riots have gone down in history as America's most violent and destructive ethnic civil disturbances, a consensus on the factors able to explain their insurgence is yet to be found. Using a novel data set on the universe of radio stations airing Black-appeal programming, the effect of the media on riots is found to be sizable and statistically significant. A marginal (1%) increase in signal reception from these stations is estimated to lead to a 2.4% and 4.1% rise in the mean levels of the frequency and intensity of riots, respectively. Several mechanisms behind this result are considered, with the quantity, quality, and length of exposure to radio programming all being decisive factors.     

Teaching in the right context: Textbook supply program,language, and learning

An ethnic gap in education is prevalent around the world. This remains the case in Vietnam, a country that has achieved phenomenal economic growth and raised the educational attainment of the public. This paper examines the impact of language policy reorientation represented by the textbook supply program in Vietnam on the ethnic gap in children's learning measured by a vocabulary test. Applying difference-in-differences estimation to the Young Lives data between 2006 and 2015, we show that the program became more effective in narrowing the ethnic gap as the education policy became reoriented toward ethnic minority children. A causal mediation analysis reveals that increased study time is possibly a moderate mediator through which the language policy reorientation helped narrow the ethnic gap for the young cohort over and above the direct impact, but this was not the case for the old cohort. This paper, therefore, alludes to the importance of delivering learning materials carefully designed for the target group to bring about meaningful behavioral changes. It also underscores the importance of teaching in the right context, corroborating the findings from recent studies on teaching at the right level.