The Influence of Plan Demographics on Contribution Behavior of 401(k) Participants

This article examines the influence of plan demographics, which is defined as the salary and tenure composition of a plan, on contribution behavior of 401(k) participants. Results using a large sample of 401(k) plans show that plan demographics influence participant contribution rates directly or through interaction with individual demographic characteristics. A participant's contribution rate can be varied by 1.6–3.0 percentage points for each age between 25 and 64, depending on what plan demographics she is exposed to. In addition, for the decision to contribute the maximum allowed amount, plan demographics significantly interact with individual demographic characteristics.     

Functional-coefficient models for nonstationary time series data

This paper studies functional coefficient regression models with nonstationary time series data, allowing also for stationary covariates. A local linear fitting scheme is developed to estimate the coefficient functions. The asymptotic distributions of the estimators are obtained, showing different convergence rates for the stationary and nonstationary covariates. A two-stage approach is proposed to achieve estimation optimality in the sense of minimizing the asymptotic mean squared error. When the coefficient function is a function of a nonstationary variable, the new findings are that the asymptotic bias of its nonparametric estimator is the same as the stationary covariate case but convergence rate differs, and further, the asymptotic distribution is a mixed normal, associated with the local time of a standard Brownian motion. The asymptotic behavior at boundaries is also investigated.     

清中期广西的客民及土客械斗

清中期,由于广东与广西之间的不平等商品交换和广东人口大量地向广西迁移,引起了广西社会矛盾的深化。虽然广东的移民(客民)为广西经济的开发作出了贡献,但人口增加与耕地不足的矛盾出现了,其表现形式之一就是客民与土著(包括少数民族)间的械斗。由于恶劣的社会经济条件,造成了大部分客民与天地会、‘海贼’结为一伙,进行了反地方官、反清的活动。自雍正年间开始,广东嘉应州的部分客家不断移居广西东南地区,与土著之间在土地、水利、风水、女人等问题上产生纠纷,导致客民和土著间的械斗。这是广西社会秩序动乱的最基本的因素,也是太平天国运动发展的重要转机。     

Comparison of SML and GMM estimators for the random coefficient logit model using aggregate data

A simulated maximum likelihood (SML) estimator for the random coefficient logit model using aggregate data is found to be more efficient than the widely used generalized method of moments estimator (GMM) of Berry et?al. (Econometrica 63:841?C890, 1995). In particular, the SML estimator is better than the GMM estimator in recovery of heterogeneity parameters which are often of central interest in marketing research. With the GMM estimator, the analyst must determine what moment conditions to use for parameter identification, especially the heterogeneity parameters. With the SML estimator, the moment conditions are automatically determined as the gradients of the log-likelihood function, and these are the most efficient ones if the model is correctly specified. Another limitation of the GMM estimator is that the product market shares must be strictly positive while the SML estimator can handle zero market share observations. Properties of the SML and GMM estimators are demonstrated in simulated data and in data from the US photographic film market.     

Adaptive conjoint analysis for the vitalisation of angel investments by entrepreneurs

In order to promote angel investments, attracting those who have entrepreneurial experience is necessary because their capital, unique managing experience, and business insight are highly beneficial to the performance of the investment. This can be accomplished by providing a preferred investment environment for potential angels who have entrepreneurial backgrounds. In this paper, we use an adaptive conjoint analysis to identify preferred investment environments represented as a combination of support policies for business angels who have entrepreneurial experience in Korea. Of particular interest is a preference for angel insurance. This insurance is newly proposed based on prospect theory, which explains that people tend to be more sensitive to a loss than to a gain. The value of the angel insurance is compared to those of tax policies and matching funds for business angels. The empirical results are expected to contribute to promoting angel investments by attracting entrepreneurs to become business angels.     

Is the Chinese Government’s Increase in Development Co-operation with Africa the Revival of Sinocentrism?

Over the past few decades, the rapid growth of China’s development co-operation with Africa has attracted worldwide attention. Some people assert that development co-operation in Africa has contributed to the general development of the continent; however, others, many of whom are scholars and Western politicians, dispute its influence on Africa and are suspicious of its real motives, noting its exploitation of natural resources and increasing market encroachment. This study will discuss the expansion of China’s development co-operation with African countries from the perspective of Sinocentrism, as there appears to be an absence of a superordinate concept or ideology that extensively encompasses and interconnects the diverse explications from existing studies. Henceforth, this research aims to contribute towards examining whether Sinocentrism could be a possible superordinate concept of existing studies. As such, it could be helpful in better understanding Chinese development co-operation in Africa, by examining China’s history and its recent path in Africa as well as its international relations.     

Do gender and age impact the time‐varying Okun's law? Evidence from South Korea

This study investigates the time‐varying Okun's law for different age and gender cohorts in South Korea over the 1980–2014 period. We found that the absolute value of the estimated Okun coefficients for all age cohorts and both genders become larger in a recession than in an expansion. We also found that the youth cohort (15–24 years old) for both genders is more sensitive to a negative economic impact than are older cohorts. These differences imply that when policymakers try to find a way of reducing the unemployment rate, they should consider differences in behaviour among these groups. Furthermore, the policies should be combined with age‐specific policies.     

Understanding the Remittance Gender Gap among Hispanics in the US: Gendered Norms and the Role of Expectations

Using the 2006 Latino National Survey (LNS), this study analyzes the existence of a gender gap in favor of men in the monetary remittance behavior of Hispanics residing in the United States. Findings indicate that cultural gender norms and expectations in the country of origin play a key role. The study shows that women migrants are less likely to remit than men and, when they do, they transfer smaller amounts. The remittance gender gap is not universal among subgroups, since it is only observable among Hispanics who came to the US to improve their economic situation, plan to return to their home country, and have low income and low schooling. An index on migrants’ perceptions of gender roles as a proxy for cultural gendered norms is constructed and shows that more traditional gender views are associated with a significant gender gap in favor of men in remittances.