中国企业国际化多样性与创新绩效

国际化多样性作为一种成长战略，是企业国际化进程中的重要决策，然而当前关于企业国际化多样性对创新的影响机制研究尚为缺乏。以沪深两市A股上市公司为研究样本，实证检验了国际化多样性对企业创新绩效的影响，并在此基础上分析了企业国有股权比例、东道国制度水平对国际化多样性与企业创新绩效关系的调节作用。结果表明，国际化多样性对企业创新绩效有显著正向效应，东道国制度发展水平对两者关系具有正向调节作用；国有股权对两者关系的调节作用不显著。该结论丰富了以中国为代表的新兴经济体国际化研究成果，为国际化多样性对企业创新绩效的积极作用提供了新证据。     

Investigating the dynamic relationship between cryptocurrencies and conventional assets: Implications for financial investors

Cryptocurrencies are gradually establishing themselves as a new class of assets with unique features, although there remains skepticism and a lack of understanding of their nature. In this study, we compare the financial properties of these new digital assets and investigate their dynamic relationship with major financial securities and commodities. Furthermore, we evaluate the economic and financial potential benefits of cryptocurrencies for financial investors. Using different time-varying copula approaches and bivariate dynamic conditional correlation GARCH models, we find that the cross-correlation with conventional assets is changing over time but weak, supporting the idea that these cryptocurrencies can be suitable for financial diversification. However, our analysis of portfolios shows that cryptocurrencies are poor hedging instruments in most of the considered cases. Moreover, we find that the relationship between cryptocurrencies and conventional assets is sensitive to external economic and financial shocks.     

Location of trade,return comovements,and diversification benefits: Evidence from Asian country ETFs

Using data from the Asian country ETFs and their MSCI indices, this paper examines whether trading location affects return comovements and diversification benefits. Our empirical results show that the magnitude of return comovements for the Asian country ETFs is higher than the corresponding MSCI indices. Moreover, our empirical findings indicate that the factors, including investor sentiment, market conditions, and economic fundamentals of the U.S. market, have greater effects on the return comovements for the Asian country ETFs than their underlying MSCI indices. Finally, the evidence presents a higher diversification benefit for the Asian MSCI indices than the Asian country ETFs.     

OPPORTUNITY OR CHALLENGE? AUSTRALIA AND EUROPEAN INTEGRATION, 1950–57

This paper examines Australia's approach to Western European integration in the 1950s. While superficially supportive of steps towards greater Western European cooperation, the Menzies government had an ambivalent attitude towards the integration process. Ministers and officials in Canberra recognised the importance of a strong and prosperous Western Europe, but the formation of a tightly knit Continental grouping also posed a number of major challenges to the makers of post‐war Australian foreign policy. The Menzies government soon began to wonder whether attempts to create supranational bodies in Continental Europe accorded with Australian political, economic, and security interests.     

Increasingly Marginal Utilities: Diversification and Free Cash Flow in Newly Privatized UK Utilities

This article was the experience of the newly privatized UK utilities as a unique natural experiment to explore aspects of the life cycle/free cash-flow hypothesis of Dennis Mueller and Michael Jensen. It demonstrates that in their immediate post-privatization, regulated environment the UK utilities experienced severe attenuation of all the principal forms of corporate governance, while remaining substantial cash generators but with limited scope for core business growth. It shows that the firms responded with a rapid – and apparently unsuccessful – expansion of non-core activities. The article then uses a two-way random effects panel design and finds substantial and robust support for the maintained hypothesis that (lagged) cash-flow drove diversification. The results also generate clear implications for privatization policy. In particular, they suggest that the incentive benefits anticipated from substituting private for government ownership may become distorted if the managements of newly privatized enterprises are sheltered from the regular disciplines of corporate governance.     

Keeping up with the Joneses and optimal diversification

Peer-effects have been shown to affect behavior, and can generally lead to investments choices that are mean–variance inefficient. This paper analyzes optimal diversification with peer-effects. We show that if individuals have keeping-up with the Joneses preferences and they take their peer-group reference as the market portfolio, Markowitz’s mean–variance efficiency analysis and the CAPM equilibrium are intact. This holds for any keeping-up preferences, as well as heterogeneous combinations of such preferences. These results also extend to the Merton–Levy segmented-market model.     

中国产业结构分布与经济波动

本文在阿西莫格鲁（Acemoglu）关于产业结构分布与经济波动关系研究的基础上,引入劳动力占比,实证分析了中国产业结构分布与经济波动之间的关系。基于中国投入产出表的数据,设定多种产业规模指标反映中国不同产业的关联度差异,既验证中国产业结构的不对称性,也探讨了产业层面潜在的波动形成源。通过Nadaraya-Watson 非参数估计回归,发现产业规模不对称时,产业部门的波动确实会导致宏观经济波动。由于高阶关联关系的存在,波动会有一定的持续性,对宏观经济的影响较大,产业波动可以解释9％的宏观波动原因。     

现代资产组合理论的一个拓展:出口市场组合模型——关于我国出口市场多元化的理论思考

出口多元化战略实施十多年以来,我国出口市场仍较为集中。出口多元化战略包括两层含义:产品的多元化和市场的多元化。国内理论界关于多元化战略的研究主要集中在前者,关于后者的研究则比较罕见。本文试图借鉴现代资产组合理论的思想,运用相对方差来衡量风险,构造了出口市场组合模型,用于定量分析多元化战略中的“市场多元化”问题,为降低我国产品出口所面临的市场风险提供理论指导。     

多元化经营、公司价值和投资效率

多元化经营下的企业价值一直是学术界关注的热点,但是却少有研究关注企业的多元化行为对企业投资效率的影响.为此,本文以中国A股上市公司2003-2004年的数据为研究样本,检验了企业的多元化程度与企业价值和企业投资效率的关系.研究发现我国上市公司的多元化经营程度和企业价值之间呈负相关关系,即多元化经营损害了企业价值.研究还发现多元化程度与企业投资效率也呈负相关关系,即多元化程度越高,企业投资效率越低.     

AN ALTERNATIVE STRATEGIC DEFENCE AND SECURITY REVIEW: RECONSTITUTING A SHRINKING FORCE

This paper critically examines the 2010 Strategic Defence and Security Review. It is argued that despite budgetary constraints the government could build forces far more capable of power projection than envisaged under current plans. Defence is a true necessity but it does not have to be unaffordable provided risky procurement decisions are avoided.