Institutions & Transition Economics: Microeconomic Issues eJournal最新文献_第2页

Heterogeneous Stock Market Reactions to COVID-19: More Hidden Mechanisms 股市对COVID-19的异质反应:更多隐藏机制

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-09-27 DOI: 10.2139/ssrn.3697622

Zhifeng Liu, Tingting Zhang, Guoqing Zhang

{"title":"Heterogeneous Stock Market Reactions to COVID-19: More Hidden Mechanisms","authors":"Zhifeng Liu, Tingting Zhang, Guoqing Zhang","doi":"10.2139/ssrn.3697622","DOIUrl":"https://doi.org/10.2139/ssrn.3697622","url":null,"abstract":"This paper studies the heterogeneous effects of the COVID-19 outbreak on stock prices in China and its hidden mechanisms from multi perspectives. First, we confirm the recent conclusion that the spread of the epidemic has a significant negative impact on stock market returns. However, this effect is heterogeneous for different industries. In particular, stocks not only in the pharmaceutical manufacturing industry but also in its upstream industry, the chemical industry, even benefit from the epidemic. Second, we construct a fear sentiment index by using data from searching volume of COVID-19 related words and find that the fear sentiment can directly cause the stock price to fall. Moreover, the panic will exacerbate the negative impact of the epidemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms from four firm characteristics. The results show that companies with high asset intensity, low labor intensity, high inventory-to-revenues ratio, and small market value are more negatively affected. We argue that the labor employment in state-owned enterprises is less flexible, so for labor-intensive state-owned firms, their stock performance worsens because of higher idle labor costs. Our evidence also strongly supports this hypothesis. Finally, we create a brand new index based on the WIOD input-output database to measure the relative position of an industry in the supply chain. Our findings show that companies located downstream are more vulnerable to the COVID-19 outbreak.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76612820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Road to Free labour Market: The Impact of Abolition of Job Assignment Reform in China 自由劳动力市场之路:中国劳动分配改革取消的影响

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-08-23 DOI: 10.2139/ssrn.3680123

Yucheng Wang

引用次数: 0

Why Wealth Inequality Differs Between Post-Socialist Countries? 为什么后社会主义国家之间的财富不平等不同?

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-06-19 DOI: 10.2139/ssrn.3631191

M. Brzeziński, Katarzyna Sałach

{"title":"Why Wealth Inequality Differs Between Post-Socialist Countries?","authors":"M. Brzeziński, Katarzyna Sałach","doi":"10.2139/ssrn.3631191","DOIUrl":"https://doi.org/10.2139/ssrn.3631191","url":null,"abstract":"We provide the first attempt to understand how differences in householdsâ€™ socio-demographic and economic characteristics account for disparities in wealth inequality between five post-socialist countries of Central and Eastern Europe. We use 2013/2014 data from the second wave of the Household Finance and Consumption Survey (HFCS) and the reweighted Oaxaca-Blinder-like decompositions based on recentered influence function (RIF) regressions. Our results show that the differences in homeownership rates account for up to 42% of the difference in wealth inequality measured with the Gini index and for as much as 63-109% in case of the P50/P25 percentile ratio. Differences in homeownership rates are related to alternative designs of housing tax policies but could be also driven by other factors. We correct for the problem of the â€˜missing richâ€™ in household surveys by calibrating the HFCS survey weights to top wealth shares adjusted using wealth data from national rich lists. Empirically, the correction procedure strengthens the importance of homeownership rates in accounting for cross-country wealth inequality differences, which suggests that our results are not sensitive to the significant underestimation of top wealth observations in the HFCS.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86380556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Internal Migration and Youth Entrepreneurship in the Democratic Republic of the Congo 刚果民主共和国的国内移民和青年创业

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-06-09 DOI: 10.1111/rode.12669

Alain Kikandi Kiuma, A. Araar, C. Kaghoma

{"title":"Internal Migration and Youth Entrepreneurship in the Democratic Republic of the Congo","authors":"Alain Kikandi Kiuma, A. Araar, C. Kaghoma","doi":"10.1111/rode.12669","DOIUrl":"https://doi.org/10.1111/rode.12669","url":null,"abstract":"This paper analyzes youth internal migration in the Democratic Republic of the Congo (DRC) and its impact on entrepreneurship startup in a fresh post‐conflict context. Building on a national representative survey conducted in 2005, a recursive bivariate probit specification is used to jointly estimate the decision models of both migration and entrepreneurship. To evaluate the robustness of results, the propensity score matching method is used to test the concordance of the results after eliminating the redundant impact of unobserved factors. The two main conclusions are that youth migration increases the probability of being an entrepreneur, but in the informal sector. In addition, like secondary and post‐secondary education, the duration of stay after migrating is an important factor to being an entrepreneur in the formal sector. These conclusions are expected to enlighten policy‐makers as to the importance of promoting secondary and post‐secondary education as well as inclusive growth investments that may absorb more youth labor in formal sectors. This is the first exercise in the case of the DRC and since it focuses on youth, the paper makes a unique contribution to the literature related to the link between migration and entrepreneurship in a post‐war context.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73985481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

How Do Individual Politicians Affect Privatization? Evidence from China 政治家个人如何影响私有化?来自中国的证据

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-06-09 DOI: 10.2139/ssrn.3251361

Hong Ru, Kunru Zou

引用次数: 3

Innovative Activity and Some Features of Taxation 创新活动与税收的一些特征

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-05-05 DOI: 10.1051/e3sconf/202016410027

L. Pushkareva

{"title":"Innovative Activity and Some Features of Taxation","authors":"L. Pushkareva","doi":"10.1051/e3sconf/202016410027","DOIUrl":"https://doi.org/10.1051/e3sconf/202016410027","url":null,"abstract":"Innovation activity at an industrial enterprise is a set of conditions affecting the relationship of the interaction of the business structure with other business entities and the state. The environment of innovative activity at the enterprise is variable, heterogeneous, dependent on many positive or negative factors acting on it. The ratio of these factors makes the environment either favorable, i.e. conducive to the implementation of entrepreneurial innovative ideas or adverse (risky) for the normal development of innovation. In the coming years, the structure of sources of financing technological innovation in industry will not change significantly, therefore it is important to create such conditions for organizations so that they can finance innovation in the future. In this significant role belongs to taxes. There are a number of articles in the Tax Code, a slight change of which will create a more favorable climate for innovation. In some cases, it is important for a taxpayer to receive a deferral or installment plan for a tax payment. Investment tax credit also represents a deferred payment; it can be granted to organizations that perform R&D; either technical re-equipment of own production; or carry out innovative or innovative activities, including creating new or improving applied technologies, etc.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81249621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 11

A Statistical Mechanics Sampling of Financial Networks Under Bilateral Netting Constraints 双边网络约束下金融网络的统计力学抽样

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-05-05 DOI: 10.2139/ssrn.3532304

S. Giansante, Douglas Asthon, T. Rogers

引用次数: 0

The Role of Foreignness in the Relationship between Disruptive Innovation and MNE Performance 外来性在破坏性创新与跨国公司绩效关系中的作用

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-05-01 DOI: 10.37625/abr.23.1.18-34

Chuandi Jiang, Xinglu Zhao

引用次数: 1

Market Power, Productivity and Distribution of Wages: Theory and Evidence With Micro Data 市场力量、生产率与工资分配:基于微观数据的理论与证据

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-05-01 DOI: 10.2139/ssrn.3609821

Oleksandr Shepotylo, V. Vakhitov

引用次数: 3

A General Equilibrium Approach to Taxonomy of Institutional Proxies for Innovation Outcomes 创新成果制度代理分类的一般均衡方法

Institutions & Transition Economics: Microeconomic Issues eJournal Pub Date : 2020-04-21 DOI: 10.2139/ssrn.3581880

Oghenovo A. Obrimah

{"title":"A General Equilibrium Approach to Taxonomy of Institutional Proxies for Innovation Outcomes","authors":"Oghenovo A. Obrimah","doi":"10.2139/ssrn.3581880","DOIUrl":"https://doi.org/10.2139/ssrn.3581880","url":null,"abstract":"This study develops a new formal theoretical rubric for ranking of proxies for institutional factors that, conceptually, have taxonomy of either of facilitators of, or constraints on economic development. Illustrative implementations of the formal theoretical rubric reveal that spending on each of elementary or secondary education has taxonomy, not of social capital, but of `Productive Capability'. Conditional on optimal spending on primary and secondary education, stock markets are beneficial for welfare of individuals, and are shown to have taxonomy, not of investment capability, but of `Innovation Capability'. An hitherto unexplored factor shown to rank high as facilitator of economic development is `Policy Capability' that incentivizes export orientation within a domestic economy. Alongside spending on education, and stock market size, this policy capability is shown to be more important for realization of economic development than the stock of physical capital within an economy. All rank preferences are shown to satisfy the Strong Axiom of Revealed Preference (SARP). Empirical tests reveal importance of availability and application of formal theoretical rubrics to characterization and interpretation of effects of institutional factors that, conceptually, have taxonomy of facilitators of, or constraints on economic development.","PeriodicalId":13677,"journal":{"name":"Institutions & Transition Economics: Microeconomic Issues eJournal","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90855436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6