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| 1 |
ID:
110258
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| Publication |
2012.
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| Summary/Abstract |
This paper examines block transactions in the Chinese equity market. We find that most of the block transactions are traded at prices at or below the closing price of the regular continuous auction market, and more than half are traded at or below the lowest price of the day. Consistent with the price pattern indicating that the block transactions are seller-initiated, the overall market reaction is negative. However, we find a different market reaction to block transactions when the buyer is represented by China International Capital Corporation (CICC), the number one investment bank in China which counts many foreign institutional investors as its clients. The positive reaction is consistent with the buyer-certification hypothesis, that is, the fact that some smart institutional buyers enter block trade indicates the buyers' assessment of undervaluation.
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| 2 |
ID:
132682
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2014.
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| Summary/Abstract |
Coal-fired power plants in China have emitted multiple pollutants including sulfur dioxide, nitrogen oxides and fine particulates, contributing to serious environmental impairments and human health issues. To meet ambient air quality standards, the installation of effective pollution control technologies are required and consequently, the cost of installing or retrofitting control technologies is an important economic and political concern. A multi-pollutant control cost model, CoST CE, is developed to calculate the cost of multi-pollutant control strategies in the Yangtze River Delta region (YRD) of China, adopting an LP algorithm to optimize the sorting of control technology costs and quickly obtain a solution. The output shows that total costs will increase along with emission abatement. Meanwhile, the slope becomes steeper as greater emission reductions are pursued, due to the need to install highly effective, but expensive, technologies like SCR and FF. Moreover, it is evident that the cost curve shapes, maximum abatement potential and total cost for the three provinces in the YRD region are quite different due to differences in power plant type and technologies, current emission levels and existing pollution controls. The results from this study can aid policy makers to develop cost-effective control strategies for the power sector.
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| 3 |
ID:
152514
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| Summary/Abstract |
This study analyzes the transmission mechanism for the increase in the skill premium caused by international outsourcing through skill-biased technological change (SBTC). Using 2000–2013 panel data from 27 manufacturing industries in China, this study conducts both probit and Tobit tests and shows that international outsourcing led to SBTC in China's manufacturing industries. A positive correlation is found between international outsourcing and the increase in the skill premium in both static and dynamic models. For each 1-percent increase in the international outsourcing index, the skill premium will rise approximately 10 percent. This finding indicates the existence of a mechanism through which the effect of international outsourcing on the skill premium is reinforced where SBTC is occurring. However, this may enlarge wage gaps within the same industry. Therefore, China should not only use the skill premium to promote the transformation and upgrading of industries benefiting from outsourcing and optimize the structure of employment but also prevent the negative effects of an increased skill premium.
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| 4 |
ID:
179724
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| Summary/Abstract |
Prefabrication construction method has been considered an effective way for enhancing the environmental performance and sustainable development of the construction industry. Many countries have imposed policies to stimulate the implementation of prefabrication. However, the efficiency of the incentive policies in China did not turn out as expected because of the existing benefit game between real estate enterprises and the government under the influence of consumers' purchasing intention. An evolutionary game model was established on the basis of 16 variables influencing the strategy selection of game players for determining the effective incentive policies. The interaction effect of the two players’ behaviours was discussed. Four probable scenarios of evolutionary stable strategy (ESS) exist in the game. However, the probabilities of “Incentive” from the government and “Implement” from real estate enterprises depend on the values of the 16 variables. The simulation of the evolutionary system was conducted to analyze the critical variables influencing the game. The increase of reputational incentives, financial incentives, the acceptance level of consumers and penalty and the reduction of additional costs can speed up the achievement of ESS between the government and real estate enterprises. Incentive policies should focus not only on real estate enterprises but also on consumers, manufacturers of prefabricated components and contractors.
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| 5 |
ID:
159068
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| Summary/Abstract |
Based on a random sample from 1 percent population survey data of 2005, this paper studies the impacts of Tangshan Earthquake on the educational attainment and subsequent labor market outcomes of affected cohorts using the methodology of difference-in-differences model and the local average treatment effect interpretation of instrumental variables technique. We find that the schooling years of the cohorts potentially affected by Tangshan Earthquake is 14%–21% of a year of schooling lower than the non-earthquake cohorts, which can be considered as the shortterm educational cost of Tangshan Earthquake. The rate of returns to years of schooling for the earthquake cohorts is 20.93%–27.85%. The earthquake leads 3.51%–4.77% loss of average income through the reduction of schooling years. A loss of 0.30%–0.41% of GDP in 2005 can be attributed to the lower educational attainment of the earthquake cohorts, which can be considered as the long-term educational cost of Tangshan Earthquake.
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| 6 |
ID:
171894
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| Summary/Abstract |
Based on data obtained from the Survey of Industrial Firms in China, the Chinese General Social Survey and prefecture‐level city data, this paper explores whether entrepreneurship will promote productivity growth in China. The research also examines whether entrepreneurship acts as a transmission mechanism affecting productivity through market competition, knowledge spillover and factor structure. Our empirical results reveal a relatively significant U‐shaped relationship between entrepreneurship and productivity and confirm the existence of a transmission mechanism of entrepreneurship. Among the three effects, the market competition effect is the most significant, followed by knowledge spillover and factor structure effects. An entrepreneurial heterogeneity test reveals that there is no significant difference between the effect of necessity entrepreneurship and overall entrepreneurship on productivity. However, a positive correlation is found between opportunistic entrepreneurship and productivity. Therefore, entrepreneurship plays a unique role in promoting economic growth in China.
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