理性人的人情味：快手“老铁经济”的内在机制和逻辑

以中国用户规模最大短视频平台之一快手头部主播直播带货推广项目的案例和数据分析为基础,构建解释快手直播电商经济底层逻辑的社会学机制模型.提出快手直播电商经济背后的3种社会学机制:关键影响者逻辑、身份认同逻辑和社会网络逻辑.通过LDA文档主题生成模型将快手主播的直播语义字段进行文档主题生成归类,发现情感因素和理性因素词交互影响受众的购买决策,它背后的社会学作用机制是关键影响者逻辑和身份认同逻辑.2020年快手直播电商半年交易额已达1044亿元,理解快手直播背后的影响机制,能够持续优化推广模型,在互联网流量广告领域具有重要的应用价值.     

Socio-demographics,political attitudes and informal sector employment: A cross-country analysis

In this paper, we empirically investigate the relationship between informal sector employment and micro-level socio-demographic characteristics, political acts and attitudes, and individual norms. Using self-reported individual micro-level data from the World Values Survey for seven developing countries (China, Ecuador, Egypt, Mexico, Peru, South Africa and Yemen), our cross-country regressions and principal component analysis reveal that socio-demographic characteristics of individuals are strong predictors of their informal sector employment. Our estimations further document that individual preferences for an economically strong, interventionist and egalitarian state and confidence in state and political institutions are positively and significantly correlated with informal sector employment, whereas variables associated with confidence in free market institutions and support for competition are negatively and significantly correlated with informal sector employment. We also show that individuals who participate either actively or inactively in peaceful and lawful political processes are significantly less likely to work in the informal sector. Finally, we document that individual norms, such as religiosity and tax morale, are negatively correlated with informal sector employment. Throughout our analysis, instead of having to rely on ad-hoc informality categorizations of third parties, we base our measurement of informal sector employment directly on the self-evaluation of individuals, who have the best information on the degree of their informality.     

The scope and scale of the informal food economy of South African urban residential townships: Results of a small-area micro-enterprise census

Growing urbanisation in South Africa is reflected in burgeoning Working class and informal township settlements on the fringes of its major towns and cities. Paired with this is an increasing reliance on cash as the primary means of economic transaction, which has in turn stimulated the growth of micro-enterprise business activities within the township context. This article discusses the findings of an eight-township small-area census which occurred between 2010 and 2013 in Cape Town, Johannesburg, Ekurhuleni and Durban townships representing 250 000 residents. The researchers were able to establish the scope and scale of informal food and drink retailing in these localities. Of the 10 049 micro-enterprises located in the study, some 3966 (or 39% of the total) trade in food. These include enterprises in primary production, fresh produce retailing, grocery retailing from house and spaza shops, and informal foodservice enterprises. Food is the basis for much township informal business and plays an important role in making food increasingly affordable and locally accessible, and in creating cash employment. The article builds on the knowledge base of the township informal economy role in bolstering food security needs for the marginalised.     

Financial development and economic growth in a microfounded small open economy model

The global financial crisis since 2008 revived the debate on whether or not and to what extent financial development contributes to economic growth. This paper reviews different theoretical schools of thought and empirical findings on this nexus, building on which we aim to develop a unified, microfounded model in a small open economy setting to accommodate various theoretical possibilities and empirical observations. The model is then calibrated to match some well-documented stylized facts. Numerical simulations show that, in the long run, the welfare-maximizing level of financial develop is lower than the growth-maximizing level. In the short run, the price channel (through world interest rate) dominates the quantity-channel (through financial productivity), suggesting a vital role of international cooperation in tackling systemic risk of the global financial system.     

A Note on a Framework for Valuation Ratios Based on Fundamentals*

Valuation ratios divide stock price by accounting metrics such as earnings, earnings growth, and book value. This study adapts the general valuation framework in Ohlson and Juettner-Nauroth (2005) and Ohlson (2005) to present a unified approach for developing valuation ratios based on fundamentals, referred to as fundamental valuation ratios. One starts with a valuation model that is driven by an accounting metric a and its abnormal growth, then divides the valuation model by a to get a fundamental valuation ratio. For any valuation ratio, one can find a corresponding fundamental valuation ratio, as long as the valuation model is based on the same metric a as the valuation ratio denominator.     

Luxury products for the circular economy? A case study of Bang & Olufsen

This paper examines whether luxury products can support a circular economy. This is done through a literature review of luxury products and the links to circular economy, as well as a case study of Bang & Olufsen (B&O). The literature review revealed links between some of the core characteristics of luxury products and the circular economy. This included aspects such as the high quality, durability, service schemes, extended warranties, and large aftermarkets. The case study supports the links between the inner circles in the circular economy (maintenance, repair, and reuse) and some of the core characteristics of luxury products. B&O produces products with a long lifespan, has extended warranties, repair and service schemes, spare part availability for 8 years, an aftermarket, and leasing schemes. B&O also does reconditioning of components for its repair loop, conducts dismantling tests, marks plastic parts, and has a negative list that excludes certain hazardous components.     

Farm size and productivity growth in the United States Corn Belt

In recent decades, agricultural production in the U.S. has continued to shift to large-scale operations, raising concerns about the economic viability of small and midsized farms. To understand whether economies of size provided an incentive for the consolidation of production, the study estimates the total factor productivity (TFP) of five size classes of grain-producing farms in the U.S. Heartland (Corn Belt) region. Using quinquennial Agricultural Census data from 1982 to 2012 the study also compares TFP growth rates across farm sizes to gain insight into whether observed productivity differences are likely to persist. The finding of a strong positive relationship between farm size and TFP suggests that consolidation of production has contributed to recent aggregate productivity growth in the crop sector. The study estimates the extent to which sectoral productivity growth can be attributed to structural change versus other factors including technological change. The study also explores some tradeoffs associated with policies that raise the productivity of small versus large farms.