高房价理性回归的金融通道

近年来,随着我国经济的快速增长和城市化进程的不断深入,我国出现了房价过快上涨的势头。高房价背后有着各种成因,抵押贷款证券化在解决高房价问题上具有合理性和可行性,保持审慎、稳健的监管,通过合理的金融市场建设和金融资源分配,房地产市场能够回归理性,房价回归正常合理的水平。     

Multilateral trade liberalisation helps promote export product diversification: Trade tensions damage the prospects of the poorest economies

Using a large panel dataset over a 20‐year period, this article explores the effect of multilateral trade liberalisation on export product diversification. Empirical results show that multilateral trade liberalisation is positively associated with export product diversification. However, less‐developed economies experience a greater positive effect than relatively advanced economies. This analysis suggests that if trade tensions reduce cooperation on trade matters among World Trade Organization members, it may hinder export product diversification in developing countries, and the poorest countries might be the most adversely affected.     

Choice of Diversification Strategies in an Emerging Market: Evidence from Indian Manufacturing Industries

The study seeks to measure the strategic choice of industries over different dynamic phases in the Indian economic environment. The total sample of 536 companies has been divided into 14 industries as per Standard Industrial Classification (SIC) codes. The paper also categorizes companies as per the cyclical changes in the economy, that is, growth, cyclical, and defensive industries. Evidence suggests that choice of diversification is industry specific and concurrently affected by the environmental conditions prevailing in the emerging economy. Food and beverages, plastic/rubber, and electrical equipment industries follow higher categories of diversification than other industries.     

Environmental Multi‐dimensionality and Staff Localization in Multinational Enterprises: The Case of Korean Firms

The person–environment fit theory posits that the term “environment” can be defined at different levels. This study delineates two environmental dimensions (strategic and organizational) and empirically examines the potential moderating effects of two strategic factors (intra‐ and inter‐regional diversification) on the relationship between two organizational factors (subsidiary ownership and host‐country experience) and MNE subsidiary staffing composition. The results indicate that strategic and organizational dimensions have impacts on subsidiary staffing composition. This study also finds that the interaction effects between strategic and organizational factors are significant only when there is congruence between demands from different environmental dimensions.     

What drives cross-country differences in export variety? A bilateral panel approach

A worldwide event like the 2020 Coronavirus outbreak can only reinforce the interest in modelling trade diversification as a key factor in countries’ vulnerability to external shocks. This paper adopts a detailed relative framework to study the determinants of product-level export variety in a large bilateral panel of developing and developed economies (16,770 country pairs in the period 1988–2014). We find that country pairs characterized by large differentials in productivity and in the makeup of the labour force differ in export variety patterns. This result holds after controlling for other endowments and for trade costs. Further, productivity plays a significant role in the reduction of export variety dissimilarities between countries belonging to different income groups. Hence, without successful technological convergence the low-income economies will not be able to reduce their exposure to export risk.     

A capabilities perspective on the joint effects of internationalization time,speed, geographic scope and managers’ competencies on SME survival

This study examines the effect of key internationalization contingencies on SME survival. We argue early internationalization increases the probability of firm failure, while international experience reduces it. However, the survival odds among international new ventures may be improved by their post-entry international expansion scope and speed, and by managers’ competencies. These internationalization facets provide firms with opportunities to develop and exploit their resources and capabilities, and thus enhance their survival chances. Drawing on a sample of 271 manufacturers followed between 2005 and 2014, we find results that provide support to most of our arguments, and hold theoretical and managerial relevance.     

Kicking a crude habit: diversifying away from oil and gas in the twenty-first century

Abstract

This article investigates the correlates of diversification away from oil and natural gas dependence in the context of the twenty-first century resource boom (and bust). In a sample of 40 oil- and gas-dependent economies, the majority showed significant sectoral diversification of GDP, but exports remained highly concentrated in fuel exports. Regression analysis indicates that countries that began the boom with higher levels of oil and gas dependence, poorer countries, and those with significantly larger- or smaller-than-average populations were more successful in diversifying their GDP during the commodities boom. Governance matters – more effective, capable bureaucratic structures are associated with greater GDP diversification away from oil and gas – though the effects are not uniformly positive. For any given level of government effectiveness, stronger rule of law is associated with less GDP diversification. Education appears to affect GDP and export diversification differentially. Consistent with endogenous growth theory, countries with more educated populations saw greater growth in their nonresource sectors than countries with less educated populations, though education is associated with greater export concentration. Internal economic diversification in the twenty-first century has been less a matter of policy formation and implementation, and more a matter of factors that shape the policy-making environment.     

Corporate Multinationality and Acquirer Returns

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality to be associated with significantly higher short-run announcement returns and long-run operating performance. While the multinationality premium (higher M&A returns for multinationals) persists over time, it seems to be restricted to firms with superior resource/managerial capabilities and minimal agency problems. Finally, the multinationality premium appears to be driven by foreign acquisitions into advanced economies. The results are robust to correcting for sample selection bias and controlling for several firm and deal characteristics, as well as accounting for firm-, industry-, and year-fixed effects. Collectively, the findings imply that multinationality could be a source of value creation for acquiring firms, particularly in foreign acquisitions, which tend to be complex, and, thereby, require superior managerial capabilities to succeed.     

The untold story of commodity futures in China

We investigate the behavior of commodity futures risk premia in China. In the presence of retail-dominance and barriers-to-entry, the term structure and momentum premia remain persistent, whereas hedging pressure, skewness, volatility, and liquidity premia are distorted by time-varying margins and strict position limits. Furthermore, open interest, currency, and inflation premia are sensitive to institutional settings. The observed premia cannot be attributed to common risks, sentiment, transactions costs, or data-snooping, but are related to liquidity, anchoring, and regulation-induced limits-to-arbitrage. We highlight the distinctive features of Chinese futures markets and assess the challenges posed to theories of commodity risk premia.     

Do analysts add value when they most can? Evidence from corporate spin‐offs

This article investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spin‐offs, we gain unique insights into how analysts portray diversified firms to the investment community. We find that while analysts' research about these companies is associated with improved forecast accuracy, the value of their research about the spun‐off subsidiaries is more limited. For both diversified firms and their spun‐off subsidiaries, analysts' research is more valuable when information asymmetry between the management of these entities and investors is higher. These findings contribute to the corporate strategy literature by shedding light on the roots of the diversification discount and by showing how analysts' research enables investors to overcome asymmetric information. Copyright © 2013 John Wiley & Sons, Ltd.