|
|
|
Sort Order |
|
|
|
Items / Page
|
|
|
|
|
|
|
| Srl | Item |
| 1 |
ID:
093850
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This study examines whether firms incorporated in mainland China benefit from cross-listing in Hong Kong, China. The Hong Kong Stock Market has more stringent rules regarding corporate governance and a better system of investor protection than the mainland market. Hong Kong companies generally provide strong incentives to executives via equity-based compensation. Have cross-listed companies learned from Hong Kong firms about adopting these strong executive incentives? The evidence from this study suggests that changes in top executive compensation are more sensitive to sales growth in cross-listed firms than they are in mainland firms without cross-listing. However, compared to Hong Kong firms, cross-listed firms are less sensitive to stock returns. Further, this study shows that it is necessary to differentiate between state-owned companies and private companies, as cross-listing may have a greater impact on executive incentives in state-owned companies than it does in private companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
ID:
093843
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
In this paper, we test the differential effects of monetary policy shock on aspects of banks' balance sheets (deposits, loans, and securities) across bank categories (aggregate banks, state banks, and non-state banks) as well as on macroeconomic variables (output, consumer price index, exports, imports, and foreign exchange reserves). We do so by estimating VAR/VEC Models to uncover the transmission mechanisms of China's monetary policy. Also we identify the cointegrating vectors to establish the long-run relationship between these variables. By using monthly aggregate bank data and disaggregated data on bank and loan types from 1996 to 2006, our study suggests the existence of a bank lending channel, an interest rate channel and an asset price channel. Furthermore, we discuss and explore the distribution and growth effects of China's monetary policy on China's real economy. In addition, we investigate the effects of China's monetary policy on China's international trade. Finally, we identify the cointegrating vectors among these variables and set up VEC Models to uncover the long-run relationships that connect the indicators of monetary policy, bank balance sheet variables and the macroeconomic variables in China.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
ID:
093847
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper presents and assesses of the contribution of inward FDI to China's recent rapid economic growth using a two stage growth accounting approach. Recent econometric literature focuses on testing whether Chinese growth depends on inward FDI rather than measuring the contribution. Foreign Invested Enterprises (FIEs), often (but not exclusively) are joint ventures between foreign companies and Chinese enterprises, and can be thought of as forming a distinctive subpart of the Chinese economy. These enterprises account for over 50% of China's exports and 60% of China's imports. Their share in Chinese GDP has been over 20% in the last two years, but they employ only 3% of the workforce, since their average labor productivity exceeds that of Non-FIEs by around 9:1. Their production is more heavily for export rather than the domestic market because FIEs provide access to both distribution systems abroad and product design for export markets. Our decomposition results indicate that China's FIEs may have contributed over 40% of China's economic growth in 2003 and 2004, and without this inward FDI, China's overall GDP growth rate could have been around 3.4 percentage points lower. We suggest that the sustainability of both China' export and overall economic growth may be questionable if inward FDI plateaus in the future.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
ID:
093845
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper examines the integration and causality of interdependencies among seven major East Asian stock exchanges before, during, and after the 1997-1998 Asian financial crisis. For this purpose, we use daily stock market data from July 1, 1992 to June 30, 2003 in local currency as well as US dollar terms. The data reveal that the relationships among East Asian stock markets are time varying. While stock market interactions are limited before the Asian financial crisis, we find that Hong Kong and Singapore respond significantly to shocks in most other East Asian markets, including Shanghai and Shenzhen, during this crisis. After the crisis, shocks in Hong Kong and Singapore largely affect other East Asian stock markets, except for those in Mainland China. Finally, considering the role of the USA shows that it strongly influences stock returns in East Asia - except for Mainland China - in all periods, while the reverse does not hold true.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
ID:
093839
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper compares the relative effectiveness of two measures by which the Chinese government attempted to improve the monitoring of listed companies: shifting the ownership of state shares from government agencies (GAs) to the corporate form of state-owned enterprises (SOEs), and strengthening corporate governance through statutory regulations and guidelines. The results show that SOEs are better able than GAs to monitor top executives, as indicated by a higher sensitivity of top executive turnover to firm performance. However, corporate governance mechanisms have no significant impact on the sensitivity of top executive turnover to firm performance. This study suggests that incentives for controlling shareholders are more important than governance mechanisms in replacing executives due to poor performance in a transitional economy such as China's, where institutions that support governance mechanisms are still being developed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
ID:
093846
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper contributes to the industrial location literature by examining why industry locates or refrains from locating in large, medium and small cities of India, China and Brazil using firm-level data from the World Bank. Results from ordered logistic regressions indicate that capital cities are not attractive for firms to locate, when they are large. In India and China, labor intensive firms do not locate in large cities. Proximity to inputs has a positive impact on firm location in China. While availability of inputs has a positive impact on firm location in India, the availability of raw materials has a negative impact on firm location in Brazil. Firms established in post-reform period in India tend to locate in large cities; in China, these firms avoid medium and large cities. The implications for urban governance in these countries are discussed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
ID:
093852
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper develops a mathematical programming model to reconcile trade statistics subject to a set of global consistency conditions in the presence of an entrepôt. Initial data reliability serves a key function for governing the magnitude of adjustment. Through a two-stage optimization procedure, the adjusted trade statistics are achieved as solutions to a system of simultaneous equations that minimize a quadratic penalty function. As an empirical illustration, the model is applied to reconcile the 2004 trade statistics reported by China, Hong Kong and their major trading partners, initialized with detailed estimates of bilateral trade flows, re-export markups, cif/fob ratios and data reliability indexes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
ID:
093842
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
Most studies on discrimination against migrants in Chinese cities focus on wage differentials. This paper endeavours to develop an alternative way of explaining the institutional discrimination against migrants by studying workers' job mobility rates in three cities: Beijing, WuXi and Zhuhai. Migrants are commonly perceived to have high occupational mobility; however, Cox proportional hazards regressions in this paper show a different picture. Institutional discrimination reduces the number of jobs available to the migrants, increases their job search costs and the cost of losing jobs. Even though migrants take jobs unacceptable to local residents, the effects of this institutional discrimination still constrain migrants in changing jobs. The regressions show that temporary migrants have longer job durations and shorter unemployment durations than local people or permanent migrants. Moreover, migrants start to change jobs more often only after they have stayed in the city for some time and have accumulated enough assets to be able to survive when unemployed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 9 |
ID:
093837
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
While China's growth has been spectacular over the past 30 years, it has masked growing underlying disparities in the regional distribution of income with coastal provinces growing at a much faster rate than the rest of the country, exacerbating already marked differences in per capita income. Policy focused on addressing these growing disparities has had to face the possibility that spreading growth more evenly around the country will require a sacrifice of the national growth rate. Yet there is almost no empirical evidence that this is so and, if it is, how big the required sacrifice is. This paper contributes to filling this gap by analyzing the relationship between aggregate growth and the inequality of regional output distribution. We use a VAR model to simulate the effects over time on growth of a reduction in inequality and also the effects on inequality of an increase in growth. We find, first, that in the long run a more equal distribution can be obtained without a growth sacrifice. Second, in the short run a reduction in inequality reduces growth. Third, in the short and long runs an increase in growth actually reduces inequality.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
ID:
093838
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper addresses the capital mobility among regions within China. Using a range of panel estimators which deals with the non-stationarity of time series components, individual heterogeneity and common unobserved factors, we show that the savings and investment (both expressed as ratios to GDP) are positively correlated for a sample of 28 Chinese provinces over the period of 1978 to 2006. According to the Feldstein-Horioka's argument (1980, Economic Journal (90), pp.314-329), such a correlation can be interpreted as evidence of low capital mobility. In addition, by means of Granger causality test, we fail to provide consistent evidence to support the hypothesis of efficient capital allocation in China. Combining the results given above, it is believed that the capital may be inefficiently retained within the provincial confines. We conjecture that the intermarriage between financial power and local authorities is primarily responsible for this worrying phenomenon.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11 |
ID:
093853
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper investigates whether seasonalities in daily stock returns are related to the trading behavior of individual and institutional investors. The change in the investor structure of B-share markets in Shanghai and Shenzhen after the abolition of ownership restrictions in 2001 provides a unique testing environment. We show that day-of-the-week effects are attenuated after the market entrance of Chinese individual investors who had previously not been allowed to trade in B-shares. Our empirical results suggest that institutional rather than individual investors are a main driving force behind such anomalies. In addition, we find evidence of reduced index return autocorrelation and US spillover effects in the post-liberalization period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12 |
ID:
093854
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
This paper empirically studies union effects on the performance of, and employment relations in, China's private enterprises. The study finds a positive and statistically significant union effect on labor productivity, but not on profitability. It further finds that unions lead to better employee benefits and increased contract signing in employment. These findings suggest that, in the era of transition from a centrally planned to a market economy, unions in China's private enterprises do promote workers' interests as unions do in other economies. And they do that without abandoning their traditional role of harmonizing employment relations, as required by the Party.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13 |
ID:
093848
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
In determining domestic water prices, policy makers frequently need to use demand-side information rather than only rely on supply-side data as previously did, and household surveys are often conducted to collect information on the demand side. This paper presents a multiple bounded discrete choice (MBDC) survey model for collecting information about acceptability of different water prices by different types of households and estimating households' willingness to pay for water service improvement. The results obtained from MBDC surveys can be directly utilized in the development of water pricing and subsidy policies. An empirical MBDC study is conducted in Chongqing, China, where domestic water service quality was seriously inadequate, but financial resources were insufficient to improve the service quality. With a survey of 1500 households in five suburban districts in Chongqing Municipality, this study shows that a significant increase in water price is economically feasible as long as the poorest households are properly subsidized. The analysis also indicates that the order in which hypothetical prices are presented to the respondents with the MBDC method can systematically affect the answers and should be taken into account when designing such survey instruments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14 |
ID:
093841
|
|
|
|
|
| Publication |
2010.
|
| Summary/Abstract |
Using the 2005 placement data from two separate colleges, this paper studies graduate job allocation in China after higher education reform. Other things being equal, graduates with better college GPA were more likely to be employed (in particular by high-pay foreign firms) in both colleges. Female advantage in GPA helped to produce a surprising gender employment gap favoring female graduates. Our empirical evidence does not support the three alternative hypotheses of such a gap. Even though the job-market returns to GPA might be higher for women, there is some weak evidence that the job-market preferred male graduates over their female peers with similar qualifications. Pre-college urban hukou status and a proxy of father's education had positive impacts on a graduate's educational and employment outcomes. There is no evidence that father's Communist Party membership mattered.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|