Against the background of supply-side structural reform and the real estate financialisation in China, this study investigates the impact of real estate holdings on R&D investment using data of enterprises listed on the Shanghai and Shenzhen stock exchanges. Our empirical results yield five main findings. First, enterprises holding more real estate assets face more serious financial constraints, thus restraining corporate innovation efficiency. Second, when the profit margin gap between entity enterprises and the real estate industry is larger, enterprises are more inclined to transfer industrial capital into the real estate industry, thus reducing R&D investment. Third, when the degree of marketisation is high, intensified market competition, the optimal allocation of factor and product markets, and stronger patent protection will weaken the restraining effect of corporate real estate holdings on R&D investment. Fourth, monopoly enterprises obtain potential profits more than undertaking risks from the real estate industry, they are more willing to hold real estate, thus strengthening the restraining effect of real estate holdings on innovation. Finally, investors' regional preference intensifies the restraining effect of corporate real estate holdings on R&D investment. Our empirical evidence can guide entity enterprises on how to effectively balance short-term (non-productive) and long-term (productive) capital investment. 相似文献
Summary Consider the problem of finding an estimator for a scale parameter such that its risk function is bounded by a preassigned
constant. As a solution of the problem, two-stage estimators based on only the second sample have been proposed. The paper
shows that these estimators can be improved by combining the first and the second sample. 相似文献
The role of production technology for sustainable economic growth and resource management in the multispecies renewable resources industries is a neglected issue, particularly in complex tropical ecosystems. Given the still rudimentary understanding of biological interactions among species, even in most temperate ecosystems, the importance of under-standing the technological and economic interactions is heightened for sustainable economic growth and public regulation. This paper evaluates these interactions for the multiproduct gill net fisheries of Peninsular Malaysia. Standard price and quantity controls may have little promise. Gear regulations, a policy of constant escapement, and managing the entire mix of species as a single stock for economic rather than biomass yield appear the most promising management tools given the limited regulatory options. 相似文献
Corruption is an endemic societal problem with profound implications in the development of nations. In combating this issue, cross-national evidence supporting the effectiveness of the rule of law seems at odds with poorly realized outcomes from reforms inspired in the academic literature. This paper provides an explanation for such contradiction. By building a computational approach, we develop three methodological novelties into the empirical study of corruption: (1) modeling government expenditure as a more adequate intervention variable than traditional indicators, (2) generating large within-country variation by means of bottom-up simulations (instead of cross-national data pooling), and (2) accounting for all possible interactions between covariates through a spillover network. Our estimates suggest that, the least developed a country is, the more difficult it is to find the right combination of policies that lead to reductions in corruption. We characterize this difficulty through a rugged landscape that governments navigate when changing the total budget size and the relative expenditure towards the rule of law. Importantly our method helps identifying the—country-specific—policy issues that complement the rule of law in the fight against corruption.
The rapid and sustained growth of several Asian economies led researchers, policymakers, and decision‐makers in the world of international business to search for a plausible Asian model of growth. Numerous explanations of the dynamic growth in Asia have been put forward, including the ‘new structuralist’ approach proposed by Lin (2012). This paper examines the various explanations of what these countries did to unleash their growth potential. Industrial policy and market intervention are two such explanations. While the dynamic Asian economies did not flout the Washington Consensus, they adapted it in different ways. The policies that they followed under the Beijing Consensus allowed them to proactively follow pro‐business policies. They also exploited the concepts of economic statism or state capitalism, which became an integral part of what became known as the ‘Asia model’. 相似文献
Here we consider the record data from the two-parameter of bathtub-shaped distribution. First, we develop simplified forms for the single moments, variances and covariance of records. These distributional properties are quite useful in obtaining the best linear unbiased estimators of the location and scale parameters which can be included in the model. The estimation of the unknown shape parameters and prediction of the future unobserved records based on some observed ones are discussed. Frequentist and Bayesian analyses are adopted for conducting the estimation and prediction problems. The likelihood method, moment based method, bootstrap methods as well as the Bayesian sampling techniques are applied for the inference problems. The point predictors and credible intervals of future record values based on an informative set of records can be developed. Monte Carlo simulations are performed to compare the so developed methods and one real data set is analyzed for illustrative purposes. 相似文献
The use of Robotic Process Automation (RPA) is rapidly growing in the professional services sector such as auditing. Despite the great benefits RPA can offer, RPA failure rates are still high. In this research, we draw on socio-technical systems theory to examine the challenges of using RPA in the various phases of auditing and how auditors address these challenges. By interviewing experienced partners and auditors in auditing firms and technology companies, we show that challenges arise when there is a lack of fit between the technical requirements of the RPA tool (technical subsystem) and the skills and knowledge of the auditors and clients (social subsystem). We discuss our findings and provide valuable practical implications and opportunities for future research. 相似文献
It has been recently shown that rough volatility models, where the volatility is driven by a fractional Brownian motion with small Hurst parameter, provide very relevant dynamics in order to reproduce the behavior of both historical and implied volatilities. However, due to the non‐Markovian nature of the fractional Brownian motion, they raise new issues when it comes to derivatives pricing. Using an original link between nearly unstable Hawkes processes and fractional volatility models, we compute the characteristic function of the log‐price in rough Heston models. In the classical Heston model, the characteristic function is expressed in terms of the solution of a Riccati equation. Here, we show that rough Heston models exhibit quite a similar structure, the Riccati equation being replaced by a fractional Riccati equation. 相似文献