Growing Like China Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio
The American economic review,
02/2011, Letnik:
101, Številka:
1
Journal Article
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We construct a growth model consistent with China's economic transition: high output growth, sustained returns on capital, reallocation within the manufacturing sector, and a large trade surplus. ...Entrepreneurial firms use more productive technologies, but due to financial imperfections they must finance investments through internal savings. State-owned firms have low productivity but survive because of better access to credit markets. High-productivity firms outgrow low-productivity firms if entrepreneurs have sufficiently high savings. The downsizing of financially integrated firms forces domestic savings to be invested abroad, generating a foreign surplus. A calibrated version of the theory accounts quantitatively for China's economic transition.
This study examines the causal relationship between renewable energy consumption and economic growth for 13 countries within Eurasia over the period 1992–2007 within a multivariate panel data ...framework. The heterogeneous panel cointegration test reveals a long-run equilibrium relationship exists between real GDP, renewable energy consumption, real gross fixed capital formation, and labor force. The results from the error correction models indicate bidirectional causality between renewable energy consumption and economic growth in both the short-run and long-run. Thus, the empirical findings lend support for the feedback hypothesis of the interdependent relationship between renewable energy consumption and economic growth.
CHANGES IN CHINA'S WAGE STRUCTURE Ge, Suqin; Yang, Dennis Tao
Journal of the European Economic Association,
April 2014, Letnik:
12, Številka:
2
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Using a national sample of Urban Household Surveys, we document several profound changes in China's wage structure during a period of rapid economic growth. Between 1992 and 2007, the average real ...wage increased by 202%, accompanied by a sharp rise in wage inequality. Decomposition analysis reveals 80% of this wage growth to be attributable to higher pay for basic labor, rising returns to human capital, and increases in the state-sector wage premium. By employing an aggregate production function framework, we account for the sources of wage growth and wage inequality amid fast economic growth and transition. We find capital accumulation, skill-biased technological change, and rural–urban migration to be the major forces behind the evolving wage structure in urban China.
The Wages of Social Responsibility Statman, Meir; Glushkov, Denys
Financial analysts journal,
07/2009, Letnik:
65, Številka:
4
Journal Article
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Typical socially responsible investors tilt their portfolios toward stocks of companies with high scores on social responsibility characteristics and shun stocks of companies associated with tobacco, ...alcohol, gambling, firearms, and military or nuclear operations. Analyzing 1992-2007 returns of stocks rated on social responsibility, this study found that this tilt gave such investors an advantage over conventional investors. The study also found that shunning resulted in a disadvantage for such investors relative to conventional investors. The advantage from tilting toward stocks of companies with high social responsibility scores is largely offset by the disadvantage from the exclusion of stocks of shunned companies. Socially responsible investors can thus do both well and good by adopting the best-in-class method in constructing their portfolios: tilting toward stocks of companies with high scores on social responsibility characteristics but refraining from shunning stocks of any company.
Does the Market Value CEO Styles? Schoar, Antoinette; Zuo, Luo
The American economic review,
05/2016, Letnik:
106, Številka:
5
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We study how investors perceive the skill set that different types of CEOs bring into their companies. We compare CEOs who started their careers during a recession with other CEOs. We show that the ...announcement return around the appointment of a recession CEO is very significant and positive, and this positive market reaction is driven by cases where a recession CEO replaces a non-recession CEO. Our results indicate that the market assigns a positive and economically meaningful value to a recession CEO, suggesting that there is a limited supply of these types of CEOs in the executive labor market.
This paper investigates whether firm characteristics that are related to firm growth in the literature are also related to the development path of firms. This means that we test which firm ...characteristics accompany growth dynamics during a longer period of time, referring to the sequence of growth and decline steps. We examine three variables: firm size, innovation effort, and export share. To this end, we use panel data on 178 erman manufacturing firms over the period from 1992 to 2007. We find that the determinants of growth paths are not the same as the determinants of firm growth at one point in time.
We study cross-subsidization among U.S. equity products managed by institutional asset management firms. We find returns-based evidence consistent with both cross-subsidization receipt by strong ...recent performers that are relatively small in their firms and provision by products that are relatively large in their firms. Tax-exempt investors and taxable investors do not have a clear ranking by expertise, but tax-exempt investors’ agency issues are more complex. Accordingly, taxable clients have more flow-performance nonlinearity and receive more (and provide less) cross-subsidization. Taxable investor flows appear more discerning, but only under the circumstances conducive to cross-subsidization, suggesting that “more discerning” likely means “more cross-subsidized.”
Cet article étudie la relation entre les flux nets et la rentabilité relative des fonds actions français pendant la période 1992-2007. En utilisant la méthode des doubles clusters, on montre qu'il ...existe une relation convexe entre les flux nets et le rang de performance d'un fonds pour l'année précédente. Ainsi, au sein des fonds « stars », le rang de performance influence positivement l'attractivité du fonds, alors que pour les fonds de performance relative moyenne ou faible il n'y a pas d'effet des performances passées. Nous montrons également que les classements des fonds se fondent vraisemblablement sur des horizons courts, au sein de catégories distinguant seulement la spécialisation géographique des fonds et que le risque individuel des fonds ne semble pas affecter ces choix. Toutefois, la relation flux performance est quantitativement et qualitativement moins marquée que dans le cas américain, ce qui traduit probablement les spécificités françaises en matière de distribution des fonds. Comme dans le cas américain, la convexité est plus importante pour les « jeunes » fonds. Enfin, la convexité n'apparaît que dans les segments les moins spécialisés du marché (France et Europe). This article studies the flow-performance relationship in French equity mutual funds between 1992 and 2007. Using standard errors with clustering in two dimensions we find a convex relation between current net flows and past relative performance. For high performance funds, ranks of performance influence positively the flows of funds whereas for the medium or low performing funds, there is no significant effect of past performance. However, the relation seems qualitatively lower than in the American case. This is probably due to the specificities of French market, where most funds are distributed by banks. We also show that investors seem to consider rankings within funds categories defined by their geographic specialisation. They also appear concerned about short horizons relative performance and do not seem to consider the funds risk level. Moreover, convexity is more important for the "young" funds. Lastly, the convexity appears only in the standard market segments (France and Europe).
Este artigo investiga a evolução da produtividade total dos fatores (PTF) para a economia brasileira no período de 1992 a 2007, utilizando uma medida de capital humano baseada em dados ...microeconômicos. Uma das principais contribuições deste artigo é a construção de uma medida específica de capital humano que permite mensurar tanto a evolução da participação dos diversos níveis de escolaridade e experiência do trabalhador no total de horas trabalhadas como a variação em sua produtividade ao longo do tempo. Os resultados mostram que a PTF teve um crescimento de apenas 11,3% entre 1992 e 2007, contribuindo com cerca de 22,9% do crescimento do PIB verificado no período. Outro resultado importante é que o capital humano da força de trabalho no Brasil manteve-se virtualmente estacionário durante o período sob análise. Isto ocorreu devido ao fato da elevação do componente de participação do capital humano ter sido compensada por uma redução do componente de produtividade. Por último, mostra-se que o aumento da oferta de trabalho qualificado é o fator que explica a queda da remuneração do capital humano. Em particular, a necessidade de mão-de-obra mais qualificada não parece ter imposto uma restrição ao crescimento da economia, já que sua oferta cresceu em ritmo superior à demanda.
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