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| 1 |
ID:
109905
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| Publication |
2012.
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| Summary/Abstract |
This paper employs the standard gravity model to identify the quality of governance of China's African trade partners. As a benchmark, we perform the same analysis on other major African trade partners: France, Germany, UK, and USA. Data from 53 African countries in 1996-2009 show that only China is consistently willing to import more from African countries with a lower governance standing. By doing so; China fills a gap left open by the other major world economies, and might even play a key role in the future development of Africa.
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| 2 |
ID:
109904
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| Publication |
2012.
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| Summary/Abstract |
This paper discusses the growth differentials between Chinese provinces geared to agricultural activities and those that have focused on industrial production over three decades of economic reform. Following Hansen and Prescott's (2002) model, we suggest that the differences between regions stem from the resource allocation in place at the beginning of the reform process. We show that provinces with high initial shares of industrial production (the industrial club) have converged, and that agricultural provinces that have shifted to industrial production have been catching up with provinces that were industrialized at the outset. Provinces that have clung to an agricultural strategy (the agricultural club) show no evidence of convergence and appear to have been left behind in terms of economic development.
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| 3 |
ID:
109906
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| Publication |
2012.
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| Summary/Abstract |
This paper provides original evidence about Chinese Outward Direct Investments in Italy. Data have been collected at the micro level, through a multiple-choice questionnaire, designed by the author and submitted to the whole population of Dragon multinationals. With a response rate of 86%, we draw a detailed profile of Chinese parent companies and document their pull, push factors, and entry mode strategies. Empirical findings are consistent with the theoretical literature.
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| 4 |
ID:
109907
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| Publication |
2012.
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| Summary/Abstract |
Understanding the determinants of consumers' acceptance towards genetically modified food (GMF) is critically important for the biotechnology industry. Based on a unique data set collected by the authors in 2002 and 2003 in 11 cities of China, an econometric model of consumers' acceptance of GMF is estimated. The results show that consumers' acceptance of GMF is high in urban China and consumers' trust in government has a significantly positive effect on consumers' acceptance of GMF. Our study also shows that failure to consider the endogeneity of consumers' trust in government will lead to serious underestimation of its impacts on consumers' acceptance of GMF. This is, to the best of our knowledge, the first study on the impact of consumers' trust in government with consideration of the endogenous problems that often are encountered in consumer perception studies.
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| 5 |
ID:
109908
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| Publication |
2012.
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| Summary/Abstract |
Using the most comprehensive weekly dataset of 'A' shares listed on the Chinese stock market, this paper examines short-term contrarian strategies under different market states from 1995-2010. We find statistically significant profits from contrarian strategies, especially during the period after 2007, when China (along with other countries) experienced an economic downturn following the worldwide financial crisis. Our empirical evidence suggests that: (1) no significant profit is generated from either momentum or contrarian strategies in the intermediate horizon; (2) after microstructure effects are adjusted for, contrarian strategies with only four to eight weeks holding periods based on the stocks' previous four to eight week's performance generate statistically significant profits of around 0.2% per week; (3) the contrarian strategy following a 'down' market generates higher profit than those following an 'up' market, suggesting that a contrarian strategy could be used as a shelter when the market is in decline. The profits following a 'down' market are robust after risk adjustment.
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