Location factors of FDI and the growing services economy1

Foreign direct investment (FDI) has increasingly shifted toward the service sector. This change in the industrial composition of FDI and the non‐tradable nature of services may have altered the importance of location factors for investment decisions. To capture potential changes in FDI determinants, a contrasting sectoral analysis is performed. Based on FDI stock data from eight new EU member states for the period 1998–2004, we implement a dynamic panel approach allowing the speed of adjustment to the equilibrium investment level to vary across sectors. Results support our assumption that investment into the service sector, which is characterized by low installation costs, adjusts much faster to its desired level than manufacturing FDI. Thus, government interventions to attract FDI are likely to boost the service sector immediately while having a slower impact on manufacturing FDI. Furthermore, as services are mostly non‐tradable, FDI into this sector is largely based on market‐seeking motives while FDI in the manufacturing sector is also driven by international price competitiveness measured by real unit labour costs.     

基于聚集经济的产业集群理论模型

为了扩大产业集群规模,我国地方政府竞相出台各种优惠政策,极力降低企业的准入门槛.从理论上看,上述政策的作用是有限的.本文在分析集群企业成本和市场均衡的基础上提出了扩大集群规模的两种方法,认为提高聚集经济才是最根本的方法.     

Hungarian Privatisation Strategy and Financial Performance of Privatised Companies

This paper examines Hungarian privatisation strategy and the financial performance of privatised enterprises. The results suggest that Hungary has preferred privatisation by direct sales by a considerable margin, but has recently shifted towards share issues. Both types of sale have predominantly been gradual. Subsequent sales, however, confirm the government's intention to sell previously retained shares. An analysis of IPOs during 1990–1998 shows positive initial returns on Privatisation Initial Public Offers (PIPOs) and greater underpricing than for other IPOs. The long term returns of PIPOs are positive and they outperform other IPOs in all periods after the listing.     

ANALYSIS OF THE POSSIBILITIES FOR EXPANSION OF SERVICES IN TANZANIAN SAVINGS AND CREDITS CO‐OPERATIVE SOCIETIES: LEARNING FROM ECONOMIES OF SCALE

Savings and Credit Co‐operative Societies (SACCOS) increasingly recognized as the valuable tool for economic development in low‐income countries. However, recently researchers reported that one of their primary challenges to their expansion is the high level of inefficient. In this study, we analyzed the relationship between growth and efficiency of SACCOS using economies of scale concept. Then we address the role of management of the capital structure and allocation of resources in the expansion of SACCOS. The study used financial statement data from 60 SACCOS in Tanzania for the period of 2004–2011. The findings supports that most of SACCOS are small and cost inefficient because the industry is young, but, the efficiency increases as SACCOS expand. Second the allocation of resources in liquid, financial and non‐financial investment leads to no expansion in SACCOS. Thus, the growth of SACCOS via increasing loan to members, members’ savings, shares, and institutional capital should be encouraged as it increases the efficiency of SACCOS. Also, SACCOS should minimize the allocation of assets in other investments which are different from credit to members.     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research,methodologies to...     

El efecto fin de mes en los principales mercados accionarios latinoamericanos

In equity markets, it is common to find calendar anomalies, which have been the subject of several studies in recent decades, even some of them showing that over time these anomalies have disappeared. In this context, this paper analyzes one of these anomalies, the end-of-the-month effect, in both return and volatility in six Latin American stock markets, namely Brazil, Mexico, Chile, Colombia, Peru and Argentina during the period of 1993-2011. The importance of the evidence for the existence of this anomaly is to allow testing whether the effect has been disappearing over time. The findings of this research show the existence of positive abnormal returns and abnormal volatilities on days associated with the change of months for most of the countries under analysis. This research was performed according to three different periods defined in the literature to analyze the impact of the end-of-the-month effect. This research not only examines the key indexes of each market, but also the individual stocks of each, giving a much larger and demanding sample, which can lead to better conclusions about the existence of the phenomenon. Also, the transaction volume analysis is included to validate some hypotheses related with the high cash flow in the turn-of-month period.     

河南省战略性新兴产业发展的现状分析与策略选择

近年来,河南省以高新技术产业为主体的战略性新兴产业发展较快,成效显著,但同时也存在着总量规模小,产业集中度低,创新能力弱,体制、机制不完善等问题。十二五时期,河南省战略性新兴产业的发展面临着国内外激烈竞争的格局,存在着巨大的挑战和前所未有的机遇。从产业基础、资源禀赋、发展实践等多方面来看,河南省发展战略性新兴产业的策略选择,应定位于依托传统优势产业发展战略性新兴产业,并通过制定差异化的产业政策、推动传统优势产业的链式发展、发挥老工业基地的示范带动作用等措施来实施这一策略。     

人力资本与战略性新兴产业发展——基于105家上市公司的DEA-Malmquist指数分析

利用DEA-Malmquist指数,对我国7大战略性新兴产业2007年—2011年全要素生产率的变动做了纵向和横向比较,并进一步测算了各产业分别以人力资本和物质资本作为单一投入要素的Malmquist指数,即对战略性新兴产业全要素生产率分行业进行了要素分解,从而对人力资本投入对于培育和发展战略性新兴产业的重要性,以及各细分行业的人才战略实施情况有一个整体把握。结论认为要充分发挥人力资本的作用,依靠企业内部的高强度人才招聘和培训是其中一方面,而更应从价值链重构、产业结构调整的视阈中开拓人才战略的新思路。     

战略性新兴产业上市公司金融支持效率及其影响因素研究

培育战略性新兴产业是当前我国促进经济结构转变,顺应世界经济发展趋势的必然选择。本文运用DEA方法测度战略性新兴产业金融支持效率,以此为基础构建金融支持效率影响因素模型。实证研究表明,市场性金融支持行为在经济波动期存在效率缺失;金融支持效率的实现伴随风险的增高;在间接融资驱动力不足情况下,直接融资成为战略性新兴产业发展的主要支撑。分析结果认为,提高战略性新兴产业金融支持效率需要充分发挥政策金融的引导作用,突出银行的支持功能,推进金融服务多元化,提高产业的风险抵御能力。     

A comparison of programming languages in macroeconomics

We solve the stochastic neoclassical growth model, the workhorse of modern macroeconomics, using C++14, Fortran 2008, Java, Julia, Python, Matlab, Mathematica, and R. We implement the same algorithm, value function iteration, in each of the languages. We report the execution times of the codes in a Mac and in a Windows computer and briefly comment on the strengths and weaknesses of each language.