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| 1 |
ID:
166406
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| Summary/Abstract |
This study explores the effect of CSR on reducing a firm's stock price crash risk in China's energy industry by using a regression model and further investigates the effect of items within CSR (e.g., corporate governance and environment protection) on reducing said risk to find which item is important for CSR for the energy industry. Covering a total of 100 energy firms including electricity generation and mining from 2014 to 2016, this study observes that CSR significantly affects stock price crash risk in the energy industry, as employee protection, environmental protection, product quality control, consumers’ right protection, and supply chain partners all significantly reduce an energy firm's stock price crash risk. We also employ the industry as our moderator to test whether different sub-industries have varying correlations between CSR and stock price crash risk, finding that the electricity generation firms with higher CSR scores especially in environmental protection, promoting technology innovation, and corporate image have significantly lower stock price crash risk, while the mining firms do not. These results suggest that compared to other CSR items, investors should pay more attention on pollution improvement and trading provisions that decrease this risk more effectively, especially in the electricity generation industry.
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| 2 |
ID:
178373
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Ceasefires are agreed in most intra-state conflicts and the majority of these agreements are violated. Yet, the subsequent dynamics of retaliation are still poorly understood. This article proposes a novel conceptual framework, describing the decision-making of conflict parties after ceasefire violations. I argue that the conflict parties face the two-fold decision-making problem of choosing a proportionate reaction: a reaction that assures their interest in the ongoing conflict and in the continuation of the agreement. When proportionate reactions are chosen, mutual compliance with the ceasefire can be re-established. The empirical implications of this framework are illustrated with evidence from two ceasefires in the Mindanao conflict in the Philippines. This article advances our analytical understanding of an overlooked period during armed conflict, i.e. while a ceasefire is in place. This is critical since collapsing ceasefires can lead to a deterioration of the humanitarian situation and of the prospects for peace. More generally, this article draws the attention to the counter-intuitive function of violence to secure cooperation in intra-state conflicts.
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| 3 |
ID:
113694
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2012.
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| Summary/Abstract |
Many published studies have considered information asymmetry between domestic and foreign investors about local assets in the stock market, particularly in developed markets. The present study proposes a new perspective to address the issue in the case of China's forward exchange rate market. Following the framework of Clarida and Taylor (1997), the term structures of exchange rates in the domestic forward and the non-deliverable forward markets are constructed and then applied to predict future spot exchange rates based on a vector equilibrium correction model. By comparing the forecast accuracy on the basis of the root mean square error and the mean absolute error, it is shown that dynamic out-of-sample forecasts of the domestic forward market are superior to those of the non-deliverable forward market, suggesting that domestic investors are better informed than foreign investors. The result has several important policy implications, especially for exchange rate determination.
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| 4 |
ID:
125864
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2013.
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| Summary/Abstract |
Energy performance labelling and certification have been introduced widely to address market failures affecting the uptake of energy efficient technologies, by providing a signal to support decision making during contracting processes. The UK has recently introduced the Energy Performance Certificate (EPC) as a signal of building energy performance. The aims of this article are: to evaluate how valid EPC's are signals of occupier satisfaction with office facilities; and to understand whether occupant attitudes towards environmental issues have affected commercial office rental values. This was achieved by surveying occupant satisfaction with their workplaces holistically using a novel multi-item rating scale which gathered 204 responses. Responses to this satisfaction scale were matched with the corresponding EPC and rental value of occupier's workplaces. The satisfaction scale was found to be both a reliable and valid measure. The analysis found that EPC asset rating correlates significantly with occupant satisfaction with all facility attributes. Therefore, EPC ratings may be considered valid signals of overall facility satisfaction within the survey sample. Rental value was found to correlate significantly only with facility aesthetics. No evidence suggests rental value has been affected by occupants' perceptions towards the environmental impact of facilities.
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| 5 |
ID:
182809
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| Summary/Abstract |
The loss of targeting efficiency due to information asymmetry is a longstanding problem in aid programs. China's Targeted Poverty Alleviation (TPA) program addresses this problem by assigning local government officials to individual impoverished households. These officials, referred to as poverty alleviation coordinators (PACs), are required to pay frequent home visits to the assigned households and to deploy policy resources for poverty reduction. The program is costly in terms of human resources because the officials also have regular duties in a variety of departments. We investigate the effects of the PAC system on poverty alleviation and explore the mechanisms of the effects. Based on the Chinese Poor Population Tracking Dataset and econometric analysis, we find that the households with a larger income increase are those whose PACs work in a department that has the type of resources needed by the household. This indicates that a good match between the resource and the need could enhance the effect of the TPA program. In addition, PACs at a higher position in the governance structure show a larger income increase in their assigned households, which is expected, because a higher position could have more resources to deploy. These findings shed light on role of institutional arrangements in alleviating information asymmetry in poverty reduction programs.
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| 6 |
ID:
101097
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2010.
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| Summary/Abstract |
The study focuses on the causes and consequences of information asymmetry. Using a sample of 180 Malaysian manufacturing firms, the findings show that insiders and industrial competition contribute to the problem of information asymmetry. The presence of large shareholders as insiders in low competitive industries further aggravates the problem. Although to a certain degree minority shareholders in low competitive industries also share some benefits of monopolistic rents, insiders are found to be accelerating information asymmetry to protect their personal interests, which subsequently cause share returns to diminish. Consequently, we found that the relationship between information asymmetry and share returns is negative. The findings show that insiders and industrial competition have implications for corporate governance and stock market liquidity policies.
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| 7 |
ID:
166399
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| Summary/Abstract |
To address the problem of information asymmetry in renewable electricity markets, European governments have introduced certification schemes. While certification appears to be an increasingly important trade mechanism for renewable electricity, it is unclear to what extent certificate markets are functioning properly. In addition, countries have chosen very different designs for their certification schemes. In order to assess the performance of markets for Guarantee of Origin certificates in twenty European countries, we construct four market performance indicators and analyse their development over 2001–2016: the churn rate, price volatility, the certification rate and the expiration rate. We also investigate the relationship between market performance and two design features of certification schemes: the public/private nature of the certifier and the presence of an international standard. We find that, despite increasing shares of renewable electricity are being certified, certificate markets suffer from poor liquidity and very volatile prices. In addition, we conclude that adopting an international standard fosters the development of certificate systems.
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| 8 |
ID:
086582
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2009.
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| Summary/Abstract |
Lin, Cai, and Li [Lin, Y., Cai, F., Li, Z., 1998. Competition, policy burdens, and state-owned enterprise reform. American Economic Review 88, 422-327] argue that under information asymmetry, SOE managers can use state-imposed policy burdens as excuses of poor performance and make the State accountable for it. The argument implies that turnover-performance sensitivity of SOEs decreases as policy burdens increase and that such impact depends on the extent of information asymmetry. Accordingly, this paper empirically explores how policy burdens affect top management turnover of Chinese listed firms between 2000 and 2005. We find that high surplus labor significantly reduces the sensitivity of chairman turnover to performance for state-controlled firms, while private firms do not exhibit such a pattern. Furthermore, our results show that high surplus labor reduces the turnover-performance sensitivity more for firms with greater information asymmetry. Overall, we find strong evidence supporting the implications of Lin, Cai, and Li [Lin, Y., Cai, F., Li, Z., 1998. Competition, policy burdens, and state-owned enterprise reform. American Economic Review 88, 422-327]. In addition, we find that chairman turnover of Chinese firms is sensitive to different performance measures for state-controlled firms and private firms.
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| 9 |
ID:
170110
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| Summary/Abstract |
We examine the effect of geographic proximity on loan pricing in internal capital markets by focusing on the role of information. Using a hand-collected dataset on entrusted loans within business groups in China, we find that loan prices are positively associated with the distance between borrowers and lenders, which suggests that a reduction in distance facilitates the monitoring of borrowers and gathering of soft information by lenders. Results remain unchanged after controlling for potential endogeneity. Our findings are further pronounced (1) for lenders with headquarters that are time constrained; (2) during the early years of our sample period, when the Internet and transportation infrastructure were less developed; and (3) for borrowers for whom information uncertainty is likely to be substantial and soft information is likely to be valuable, such as young borrowers and borrowers in different industries to lenders. This paper sheds new light on the role of geographic proximity in intra-group loans within business groups.
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| 10 |
ID:
143694
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| Summary/Abstract |
This article aims to deepen academic discussion of the Chinese Communist Party’s official media by presenting the neican/pishi (internal reference/written directive) model. The model represents an amalgamated system of internal watchdog journalism and political decision-making practices, reflecting the unique pattern of the CCP’s “documentary politics.”
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