粤港澳大湾区制造业集聚与区域创新

以2009—2020年粤港澳大湾区11个城市为研究对象，探讨制造业集聚与区域创新的关系。研究发现，制造业集聚显著提高区域创新水平，可通过提高企业竞争这一路径实现。进一步分析发现，金融业集聚对区域创新发展具有显著的正向关系，金融产业和制造业产融协同集聚显著提高区域创新水平。研究结果表明，制造业集聚加剧产业内部企业创新竞争，带动区域创新发展，且金融业在创新中起到积极的推动作用。指出应鼓励区域企业创新竞争，优化营商环境，为产业融合发展提供保障。     

Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.     

Does local government competition aggravate haze pollution? A new perspective of factor market distortion

Haze pollution has become a new threat to China's sustainable development, but it may be that local government behaviour can play an important role in the prevention and control of pollutants. A dynamic spatial autoregressive (SAR) model is used to study the relationship between local government competition and haze pollution. To further explore the indirect impact of factor market distortion on haze pollution and control potential endogeneity problems, a newly developed intermediary effect model that incorporates the characteristics of the generalized method of moments (GMM) is utilized to explore how factor market distortion indirectly affects haze pollution. The research results show that regional haze pollution in China is characterized by significant spatial correlation, and local government competition has a positive impact on haze pollution; that is, local government competition exacerbates haze pollution. In general, local government competition not only directly leads to an increase in haze pollution but also further intensifies it by distorting the local factor market, and the intermediary role of factor market distortion is approximately 7.04%. The results of the regional inspection found that competition among local governments in the eastern region did not lead to haze pollution, and distortion of the factor market did not exist as an intermediary effect. However, both direct and intermediary effects are significant in the central and western regions. Therefore, an official performance appraisal system that includes ecological constraints should be established to guide the benign transformation of local government competition, and an environmental management mechanism must be developed for joint prevention and control to reduce haze pollution. In addition, the free flow of factors and marketization are equally important.     

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.     

辽宁省金融脆弱性研究

当前关于金融脆弱性的研究集中于国家这一宏观层面，对于省域金融脆弱性的研究还存在相当大的研究空间。正是基于这样一种相对创新性的视角，在对金融脆弱性现有研究进行综述的基础上对辽宁省的金融脆弱性的诱因进行了分析，并提出推动非银行金融机构的发展、拓展规模较大的银行的非利息收益以提升银行盈利能力以及全力清除不良贷款是应对辽宁省金融脆弱性的可行策略。     

Co-movement in Stock Prices in Emerging Economies: The Case of the Caricom Region

The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange.     

The importance of consumer multihoming (joint purchases) for market performance: Mergers and entry in media markets

Consumer “multihoming” (watching two TV channels, or buying two news magazines) has surprisingly important effects on market equilibrium and performance in (two‐sided) media markets. We show this by introducing consumer multihoming and advertising finance into the classic circle model of product differentiation. When consumers multihome (attend more than one platform), media platforms can charge only incremental value prices to advertisers. Entry or merger leaves consumer prices unchanged under consumer multihoming, but leaves advertiser prices unchanged under single‐homing: Multihoming flips the side of the market on which platforms compete. In contrast to standard circle results, equilibrium product variety can be insufficient under multihoming.     

Measuring Inflation Anchoring and Uncertainty: A U.S. and Euro Area Comparison

We use several U.S. and euro‐area surveys of professional forecasters to estimate a dynamic factor model of inflation featuring time‐varying uncertainty. We obtain survey‐consistent distributions of future inflation at any horizon, both in the U.S. and the euro area. Equipped with this model, we propose a novel measure of the anchoring of inflation expectations that accounts for inflation uncertainty. Our results suggest that following the Great Recession, inflation anchoring improved in the United States, while mild de‐anchoring occurred in the euro area. As of our sample end, both areas appear to be almost equally anchored.     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.