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ID:
182769
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| Summary/Abstract |
There is growing evidence that in developed countries, mortality rises (falls) in economic booms (busts). However, little is known about the cyclical pattern of mortality in developing countries. Using China's city-year data, we find that the total mortality in China also exhibits procyclical fluctuations. In exploring the mechanisms, we find that air pollution is one of the reasons for procyclical fluctuations in total mortality. Specifically, economic booms lead to severe air pollution, worsening human health and thus increasing death rates. Moreover, we find that changes in lifestyles may not be an important reason for procyclical mortality in China.
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| 2 |
ID:
170101
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| Summary/Abstract |
In this paper, we attempt to reconcile the mixed effects of political connections on corporate innovation. Using the China Employer-Employee Survey (CEES), we find political connections contribute to innovative activities for those firms with innovative entrepreneurs but impedes innovative activities for those without innovative entrepreneurs. After solving the endogeneity problems and correcting the sample selection bias, the baseline results do not change much. Moreover, we find political connections can help firms obtain economic benefits such as tax preference and government subsidies which, however, are utilized by firms to increase fixed asset investment. But such positive effect of political connections on fixed asset investment greatly reduces when the firm's entrepreneur has a strong spirit of innovation. These results provide a reasonable explanation for the change in the direction of the effect of political connections on corporate innovation. This paper succeeds in reconciling the mixed effects of political connections on corporate innovation by taking the entrepreneur's innovative spirit into account.
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| 3 |
ID:
182745
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| Summary/Abstract |
This paper examines the maintenance decisions for intellectual property (IP) that require continuous investment in an uncertain market environment. We propose a microfoundation-based theory that incorporates market friction, market connection and escalation of commitment from the managers. In a dynamic market with frictions, managers with weak market connection need longer time to reach successful transactions, compared to the strongly connected ones. Moreover, escalating behavior could make it harder for the less connected managers to abandon their IP assets even when the embedded value becomes obsolete, which leads to inefficiently longer maintenance and an unforeseen social loss. The model further suggests that removing frictions in the market facilitates transactions and reduces the performance gap between different managers. We provide empirical evidence that is consistent with the theory, using data on patents from individual innovators with different levels of market connection. The study contributes to the discussion on organizational implications of escalation of commitment, and also shed light on the importance of market connection to value capture of small innovative businesses.
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