Institutional dynamics and access to non-farm employment in rural China, 1950–1996

This article examines non-farm employment in the context of Chinese rural institutional change, based on evidence from discrete-time logistic models for event history analysis using the Life History and Social Change survey. We find the transition to non-farm sector rose rapidly during the Great Leap Forward and market reform, while the Cultural Revolution saw it reach the lowest ebb. While male advantage prevailed exclusively during the Cultural Revolution and early marketization, education possessed a stable positive effect in all historical periods. Although the returns to different kinds of political capital vary along with institutional dynamics, intergenerational reproduction was greatly reduced after the Cultural Revolution.     

Trade liberalization and wage inequality: Evidence from Korea

This paper investigates the heterogeneous income distribution effects of trade liberalization using Korean survey data from years of 2000–2015. Following the Stolper-Samuelson theorem most of previous research studying the effects of trade liberalization on wage differences focus on workers’ characteristics (e.g., skilled or unskilled) while heterogeneity within the same worker group has not been yet substantially investigated. To fill this gap, this paper provides empirical evidence of wage inequality across firms within the same group of workers caused by trade liberalization, potentially implied in the new-new trade models with firm heterogeneity. Employing a difference-in-differences (DID) specification, we find that the wages of unskilled workers in Korea have increased since its FTAs with more advanced countries, such as members of EU and the US, came into effect, while the effects on the wages of skilled workers are negative but not statistically significant. We also show that wage effects are heterogeneous across firms within unskilled and skilled worker groups, while the positive effects are statistically significant and largest for unskilled workers in medium-large sized firms. These findings are in line with both traditional and new-new trade models.     

Labor productivity forecasts based on a Beveridge–Nelson filter: Is there statistical evidence for a slowdown?

In this paper, I assess the evidence for a structural break in labor productivity growth in the years before the Great Recession with the use of out-of-sample forecasting exercises for the years 2010 to 2019 and the recently developed Beveridge–Nelson filter. Models based on a Beveridge–Nelson filter with no structural breaks outperform those allowing for a structural break, and there is statistically significant evidence that they outperform the random walk, though all models were too optimistic about labor productivity growth. Recently developed statistical tests do point to the presence of a structural break before the Great Recession, but uncertainty about the data-generating process for labor productivity growth or the timing and magnitude of the break may be too great to be helpful in forecast preparation.     

Managing organizational entry in China: the roles of newcomer–supervisor exchange,incumbent support,and perceived insider status

The socialization literature has long recognized the important role of perceived insider status in facilitating newcomer adjustment, but knowledge on how to cultivate this desirable psychological state is limited. This study examines newcomer–supervisor exchange as an antecedent of perceived insider status of newcomers, which in turn facilitates their social adjustment and task mastery during organizational entry. We also explore incumbent support as a boundary condition for these effects. We conducted a survey study on 320 new employees and 92 supervisors in China. This study revealed that newcomer–supervisor exchange was related positively to newcomers’ perceived insider status, and perceived insider status mediated the positive relationships of newcomer–supervisor exchange with social adjustment and task mastery. In addition, incumbent support moderated the positive relationship between newcomer–supervisor exchange and perceived insider status, as well as the positive mediated relationships of newcomer–supervisor exchange with social adjustment and task mastery through perceived insider status. Specifically, these relationships were weaker when incumbent support was higher. Theoretical and practical implications were discussed.     

Engineering the Financialization of Urban Entrpreneurialism: The JESSICA Urban Development Initiative in the European Union

Urban entrepreneurialism and neoliberal urban governance are assuming new forms under finance‐dominated accumulation. We examine and contribute to theorizing the mechanisms through which urban governance is financialized, taking as a case study JESSICA, one of the European Union's initiatives to implement an ‘urban sensitive’ policy for sustainable and integrated development. Like other initiatives promoting financialization, JESSICA deploys the logic of finance to select and fund urban social initiatives and development projects on the basis of their potential return on investment (ROI). Understanding this process requires placing questions of political economy—how urban governance is shaped by the broader political‐economic context—with questions of governmentality—how stakeholders are enrolled in and come to take for granted new governance initiatives. Following the multi‐scalar institutional infrastructure is crucial to understanding how this works. Taking a relational multi‐scalar approach, we trace how changes at the supranational scale filter down to shape urban policy selection and performance in Sofia, Bulgaria, where we document how ROI calculations conflict with social welfare priorities. Contrasts between the trajectory of financialization of urban governance in the European Union and the United States demonstrate how this is geographically variegated, shaped by the broader context/conjuncture within which such financialization is embedded.     

The Politics of Inequality as Organised Spectacle: Why the Swiss Do Not Want to Tax the Rich

In 2015, Swiss voters had the opportunity to impose a tax on the super rich in a popular vote and thereby fund a redistributive policy. However, a large majority voted against its seemingly obvious self-interest and rejected the tax. We propose an explanation for this puzzling outcome, bridging the usually separate behavioralist and institutionalist perspectives on the politics of inequality. We start from the observation that political economy tends to neglect processes of preference formation. Theorising preferences as socially constructed, we show that interest groups played a major role in shaping the outcome of the vote. Business frames were multiplied through allied parties and the media and had a major impact on individual voting behaviour. In addition, we demonstrate that interest groups representing business interests derive the content of their communication from business’s structurally privileged position in the capitalist economy. Specifically, creating uncertainty about possible perverse effects of government policies on jobs and growth is a powerful tool to undermine popular support. Frames based on this structural power ultimately explain why the Swiss refrained from ‘soaking the rich.’     

城镇群空间结构与要素集聚

依据城镇化发展过程中要素空间集聚理论，展开区域经济发展的空间经济结构研究。通过城市引力、克鲁格曼指数计算，比较分析城镇群内部城市吸引力和城市产业分布的差异性，通过人口与生产空间分布集中度指标和不一致系数的测算，分析了山西省城镇群空间要素集聚效应。研究表明，山西省的城镇群规划与要素空间集聚趋势整体一致，城市间产业分工体系基本形成，城镇群的要素集聚效应明显，但人口与生产分布仍存在不一致性。研究认为，山西省城镇群发展应该继续明确各城市的产业分工和特色，引导劳动力和资本要素的合理流动，实现人口与生产空间分布的一致。     

Semistatic hedging and pricing American floating strike lookback options

We price an American floating strike lookback option under the Black–Scholes model with a hypothetic static hedging portfolio (HSHP) composed of nontradable European options. Our approach is more efficient than the tree methods because recalculating the option prices is much quicker. Applying put–call duality to an HSHP yields a tradable semistatic hedging portfolio (SSHP). Numerical results indicate that an SSHP has better hedging performance than a delta-hedged portfolio. Finally, we investigate the model risk for SSHP under a stochastic volatility assumption and find that the model risk is related to the correlation between asset price and volatility.     

Examining artificial intelligence (AI) technologies in marketing via a global lens: Current trends and future research opportunities

Artificial intelligence (AI) has captured substantial interest from a wide array of marketing scholars in recent years. Our research contributes to this emerging domain by examining AI technologies in marketing via a global lens. Specifically, our lens focuses on three levels of analysis: country, company, and consumer. Our country-level analysis emphasizes the heterogeneity in economic inequality across countries due to the considerable economic resources necessary for AI adoption. Our company-level analysis focuses on glocalization because while the hardware that underlies these technologies may be global in nature, their application necessitates adaptation to local cultures. Our consumer-level analysis examines consumer ethics and privacy concerns, as AI technologies often collect, store and process a cornucopia of personal data across our globe. Through the prism of these three lenses, we focus on two important dimensions of AI technologies in marketing: (1) human–machine interaction and (2) automated analysis of text, audio, images, and video. We then explore the interaction between these two key dimensions of AI across our three-part global lens to develop a set of research questions for future marketing scholarship in this increasingly important domain.