Further Evidence on Insider Selling Prior to Seasoned Equity Offering Announcements: The Role of Growth Opportunities

Previous research documents significant abnormal net selling by insiders prior to seasoned equity offering announcements. This study documents that the abnormal net selling is significantly greater for growth firms than for mature firms. It also shows that growth firms experience poorer post-issue long-term price performance, which suggests greater overpricing for growth firms. Further analysis shows that greater insider selling prior to the offering announcement is associated with a greater price run-up prior to the announcement and is not associated with a more negative market reaction to the announcement. Overall, the results suggest that investors may be overly optimistic about future prospects of growth firms.     

Does China＇s Huge External Surplus Imply an Undervalued Renminbi？

A pegged exchange rate regime has been pivotal to China's export-led development strategy. However, its huge trade surpluses and massive build up of international reserves have been matched by large deficits for major trading partners, creating acute policy concerns abroad, especially in the USA. This paper provides a straightforward conceptual framework for interpreting the effect of China's exchange rate policy on its own trade balance and that of trading partners in the context of discrepant economic growth rates. It shows how pegging the exchange rate when output is outstripping expenditure induces China's trade surpluses and counterpart deficits for its trading partners. An important corollary is that given its strictly regulated capital account, China's persistently large surpluses imply a significantly undervalued renminbi, which should gradually become more flexible.     

Efficiency change and growth in productivity: the Asian growth experience

This paper focuses on identifying the sources of productivity growth in ten Asian economies including China, Japan, the NIEs and the ASEAN-4. We calculate productivity growth and its components using distance-function-based Malmquist productivity indexes following Färe, Grosskopf, Norris, and Zhang (1994a). Hong Kong and Singapore are found to have the capabilities to shift the grand frontier of the APEC economies. But the productivity divergence might have occurred since the 70’s. The FDI contributes to the Asian growth either through catching-up or through technological innovations when a sufficient learning capacity is available in the host economy.     

关于科技和教育与经济增长关系的协整建模研究

通过采用协整分析的方法,系统地分析了科技、教育支出与经济增长的长期均衡关系,由此得出结论:教育、科技支出对经济增长的长短期的影响力大小与经济增长对教育、科技支出的长短期影响力的弹性大小正好相反,这明显有悖于经济发展的协调性原理.这为制定相关的科技、教育和经济发展政策提供科学依据.     

中国环保投资对经济增长贡献率实证分析

本文把环境保护投资从生产函数中的资本变量中分离,以求得环保投资增长对于经济增长的贡献率,并建立了AR(2)模型进行外推预测。结果表明环保投资短期内阻碍经济发展但长期内会推动经济增长,我国已处在由阻碍向推动的过度时期。针对样本容量不足的问题,本文采用样条函数差值的方法加以解决。     

国内贸易与经济增长关系研究综述

传统国际贸易理论出自市场化国家,它以国家为单位考察贸易问题,舍象了国内贸易问题,这给后进国家（尤其是国内贸易机会未被充分利用的发展中大国）对贸易作用的认识产生了严重影响,容易出现＂重外贸、轻内贸＂现象。因此,有必要对国内贸易与经济增长关系研究进行简要的梳理和回顾,以强化对经济增长中国内贸易作用的认识,为我国改革开放过程中贸易发展战略的选择提供参考。     

Dollarization, economic growth, and employment

Dollarization brought price stability and higher economic growth to Ecuador. Nevertheless, unemployment remained stubbornly high. Two opposing forces explain this result: sustained growth led to higher labor demand but price stabilization triggered substitution effects by cheaper intermediate goods and capital.     

中国区域电力消费需求决定因素的实证研究

实证研究区域电力消费需求的决定因素,对我国各个地区能源(电力)供求与经济协调发展意义重大。以2004年中国省域电力消费量截面数据为电力需求的度量指标,采用截面回归分析模型和多种检验指标,分析并估计检验了经济、人口、电价及第二产业比重对区域电力需求的作用机制。结果显示:区域经济、人口、第二产业比重各增长1%,区域电力需求将分别增长0.38%、0.27%、1.91%,当电力消费价格增长1%时,区域电力需求将降低4.46%。结论表明:电力消费与区域经济及人口增长之间存在密切的内生联系,通过经济增长方式的转变和人口规模的控制对电力消费产生影响是可能的;第二产业比重和电价是影响中国区域电力消费的主要因素。     

THE IMPACT OF GOVERNMENT EXPENDITURE ON GROWTH: EMPIRICAL EVIDENCE FROM A HETEROGENEOUS PANEL

This paper investigates the impact of government expenditure on growth, in a heterogeneous panel, for a sample of developing countries. Using generalized method of moments techniques, we show that countries with substantial government current expenditure have strong growth effects, which vary considerably across the nations.     

Competition and productivity growth in South Africa

This article shows that mark‐ups are significantly higher in South African manufacturing industries than they are in corresponding industries worldwide. We test for the consequences of this low‐level of product market competition on productivity growth. The results of the paper are that high mark‐ups have a large negative impact on productivity growth in South African manufacturing industry. Our results are robust to three different data sources, two alternative measures of productivity growth, and three distinct measures of the mark‐up. Controlling for potential endogeneity of regressors does not eliminate the findings.