Noise traders,firm-specific uncertainty and technical trading effectiveness

This is the first study to document evidence of technical trading effectiveness at firm level in the Chinese A-share market by investigating the relationship between excess profits of technical trading rules and firm-specific characteristics. Our results reveal that firms with higher excess profits from technical trading have more noise traders and higher institutional ownership and that those firms tend to be growth firms with lower liquidity and higher firm-specific uncertainty. Further analysis shows that the profitability of technical trading rules is unsustainable and the excess profits of the highest technical trading profit quintile portfolio disappear in the following year.     

我国“一带一路”沿线地区风险投资时空分布及影响因素研究

深入分析我国“一带一路”沿线地区风险投资时空格局及影响因素，有助于促进创新创业与企业发展、提高区域科技创新水平。运用空间分析方法和空间计量模型，对2003-2018年我国“一带一路”沿线139个城市风险投资的时空分布特征及影响因素进行分析，结果表明：①沿线地区的风险投资发展具有不均衡性，呈现为沿海高、西部低的分异格局；②风险投资的全局自相关系数均为正，呈现出明显的空间集聚特征；③风险投资机构数、国家高新区数量、风险投资退出、政府引导基金发展、财政科技支出对区域风险投资具有显著促进作用，环境污染对风险投资有一定抑制作用。随着ESG投资理念逐渐获得认可，沿线地区可以通过提升绿色发展水平促进风险投资发展。     

New Evidence on Housing Wealth and Consumption Channels

The Journal of Real Estate Finance and Economics - This paper provides new evidence on the effect of housing wealth on consumption by focusing on the impact of home-equity extraction. We develop a...     

“品牌触角”管理——中小型服务企业的品牌运作之道

服务业,区别于制造业、建筑业,其最大的特点就是“以人为本”,在品牌运作上有区别于其他产业的明显特征。中国中小企业中的服务企业如何发展品牌的解决之道——即“品牌触角”管理。品牌触角在中小型服务企业中,融资困难是普遍存在的现象,而在以往的品牌管理理论中,强调的是通过大众传媒的方式建立品牌,广告、公关、新闻策划、事件营销成了发展品牌的必经之路。但是,对于一个历史不过数年,职员不过数十人的中小型服务企业来说,以上的品牌运作方式无疑是一种冒险行为,真所谓“做品牌做得不好是找死,不做又无异于等死”。品牌,对于中小型服务…     

Identifying “best” applicants in recruiting using data envelopment analysis

Selecting the most promising candidates to fill an open position can be a difficult task when there are many applicants. Each applicant achieves certain performance levels in various categories and the resulting information can be overwhelming. We demonstrate how data envelopment analysis (DEA) can be used as a fair screening and sorting tool to support the candidate selection and decision-making process. Each applicant is viewed as an entity with multiple achievements. Without any a priori preference or information on the multiple achievements, DEA identifies the non-dominated solutions, which, in our case, represent the “best” candidates. A DEA-aided recruiting process was developed that (1) determines the performance levels of the “best” candidates relative to other applicants; (2) evaluates the degree of excellence of “best” candidates’ performance; (3) forms consistent tradeoff information on multiple recruiting criteria among search committee members, and, then, (4) clusters the applicants.     

State-owned enterprises going public The case of China

Public listing is a key reform measure for large state‐owned enterprises (SOEs) in China. We find evidence that public listing lowers state ownership significantly, lessens firms’ reliance on debt finance, and allows firms to increase capital expenditure, at least temporarily. We also find that ownership structure affects post‐listing performance. However, we find no statistical evidence of a positive effect of public listing on firms’ profitability. We suggest alternative interpretations of the last finding.     

论地方性法规公信力的构建

法的公信力是法所具有的为社会公认、被社会成员自觉遵守、以国家强制力保证执行的力量.法的公信力对于建设法治社会具有至关重要的作用.地方性法规是我国法律体系的重要组成部分,但是存在着公信力不足的问题.构建地方性法规的公信力,需要行为和观念的统一,需要从立法、执法、司法等各个环节加以解决.     

Trade, product cycles, and inequality within and between countries

Abstract.  This paper incorporates Northern product innovation and product‐cycle‐driven technology transfer into the continuum‐of‐goods Heckscher‐Ohlin model. The creation of very skill‐intensive goods induces the North to transfer production of older, less skill‐intensive goods to the South. These relocated goods are the most skill intensive by Southern standards. Hence, product cycles raise the relative demand for skilled workers and thus wage inequality within both regions. This runs contrary to the Stolper‐Samuelson theorem, but accords well with the fact that wage inequality has risen in both Northern and Southern countries. Moreover, product cycles increase income inequality between countries. JEL classification: F1     

国家行为与产权：一个新制度经济学的分析框架

早期的产权理论侧重于微观层次的分析，较少考虑中观（利益集团）及宏观层次（国家）对产权结构形成的影响及不同层次产权的交互作用的机制。文章从新制度经济学关于国家的定义入手，通过对个体权力与国家、集体行动与国家以及法治化社会与国家的三个层次的分析，提出建立产权制度分析的国家模型，从而论证国家与产权制度变迁的关系。