Australian Economic Papers最新文献_第5页

The Impact of Two-Way Mixing Path Choice on Corporate Innovation-A Quasi-Natural Experiment From China 双向混合路径选择对企业创新的影响——来自中国的准自然实验

IF 1.7 4区经济学

Australian Economic Papers Pub Date : 2025-03-06 DOI: 10.1111/1467-8454.12395

Kai Wan, Jia Zhao

{"title":"The Impact of Two-Way Mixing Path Choice on Corporate Innovation-A Quasi-Natural Experiment From China","authors":"Kai Wan, Jia Zhao","doi":"10.1111/1467-8454.12395","DOIUrl":"https://doi.org/10.1111/1467-8454.12395","url":null,"abstract":"<div>\u0000 \u0000 <p>This study utilizes data from Chinese publicly listed companies between 2008 and 2020 and applies the PSM-DID model to examine the impact of dual mixed-ownership reform and the shift in relative control rights on corporate innovation, as well as the underlying mechanisms. The results indicate that mixed-ownership reform significantly promotes corporate innovation, particularly enhancing innovation levels in state-owned enterprises. This positive impact of mixed-ownership reform on innovation is more pronounced in large state-owned enterprises. Moreover, when private shareholders acquire relative control, the innovation effect of mixed-ownership reform is amplified. The transfer of relative control rights in smaller private enterprises has an even greater positive effect on innovation. Further analysis reveals that market mechanisms can strengthen the innovation effect of mixed-ownership reform in private enterprises and that such reforms also significantly improve corporate economic performance. Our findings are of great significance for the breakthrough of mixed ownership reform from “quantitative change” to “qualitative change” as well as for promoting reform through classification and stratification.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 3","pages":"309-319"},"PeriodicalIF":1.7,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

An Exploration of Auction Price Concentration at the Artist Level 艺术家层面的拍卖价格集中度探讨

IF 1.7 4区经济学

Australian Economic Papers Pub Date : 2025-03-02 DOI: 10.1111/1467-8454.12394

Tim R. L. Fry

引用次数: 0

The Effectiveness of Macroprudential Policies on Credit Growth in Vietnam 宏观审慎政策对越南信贷增长的有效性

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2025-02-11 DOI: 10.1111/1467-8454.12393

Thi Thu Hong Dinh, Tuan Huu Nguyen

引用次数: 0

Dynamic Interconnectedness of ESG Indices and Crude Oil Prices: A Wavelet Coherence Approach in Asia-Pacific Markets 亚太市场ESG指数与原油价格的动态关联：小波相干性方法

IF 1.7 4区经济学

Australian Economic Papers Pub Date : 2025-01-30 DOI: 10.1111/1467-8454.12392

Chandan Sharma, Priya Rani

{"title":"Dynamic Interconnectedness of ESG Indices and Crude Oil Prices: A Wavelet Coherence Approach in Asia-Pacific Markets","authors":"Chandan Sharma, Priya Rani","doi":"10.1111/1467-8454.12392","DOIUrl":"https://doi.org/10.1111/1467-8454.12392","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the interconnectedness between crude oil prices and ESG (environmental, social, and governance) indices in major Asian economies, using wavelet coherence analysis to explore their dynamic co-movements. The analysis includes daily data from January 2019 to March 2024 for nine economy-specific ESG indices, an ASEAN regional ESG index, and the Dow Jones Brent Crude Oil Index. Wavelet coherence results reveal high coherence amidst ESG indices and the crude oil index during the COVID-19 pandemic, indicating a significant synchronized impact on global markets. Post-2020, the relationship becomes more variable, with intermittent coherence reflecting different phases of economic recovery and responses to new market conditions. Notably, ESG indices often lead crude oil prices, suggesting that they respond anticipatorily to economic signals, sustainability trends, and policy changes. The results highlight the complex and diverse relationships between oil prices and ESG indices. This underscores important implications for investors and policy-makers striving to balance sustainability goals with economic stability. By contributing to the understanding of regional market dynamics, this research offers valuable insights for developing resilient investment strategies and policies in the context of sustainable finance in Asia.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 3","pages":"289-298"},"PeriodicalIF":1.7,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144927721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Government Intervention in Land Markets: The Role of Industrial Policies in Shaping Land Use Costs 政府对土地市场的干预：产业政策对土地使用成本的影响

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2025-01-22 DOI: 10.1111/1467-8454.12391

Kaishun Li, Kaiming Li

{"title":"Government Intervention in Land Markets: The Role of Industrial Policies in Shaping Land Use Costs","authors":"Kaishun Li, Kaiming Li","doi":"10.1111/1467-8454.12391","DOIUrl":"https://doi.org/10.1111/1467-8454.12391","url":null,"abstract":"<div>\u0000 \u0000 <p>Industrial policies influence national economic development by allocating industrial land resources. Unlike the market-oriented industrial land transaction systems in developed countries, China's industrial land transactions are significantly influenced by governmental intervention. However, there is insufficient research on the extent and mechanisms of industrial policy's influence on land use costs in this context. Therefore, this study combines land transactions, industrial policy, urban statistics, and listed company data, creating a dataset of 9705 land transactions from 2011 to 2020 to analyze industrial policies' impact on land use costs. The findings are as follows: First, different industrial policies have differentiated effects on land use costs, with lower costs for key industries and higher costs for heavily polluting industries. Second, the impact is more pronounced when the land parcel is situated outside the development zone, transferred by the prefecture-level city government, and the proportion of the tertiary industry in the province is relatively low. Third, local governments achieve regulation of land use costs through industrial policies by employing listing method and transferring land to state-owned enterprises. Furthermore, subsequent investigations reveal that industrial policies can mitigate the decline in total factor productivity caused by increased land use costs for enterprises. This article holds significant implications for optimizing industrial land resource allocation and facilitating industrial transformation and upgrading in developing countries.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"267-278"},"PeriodicalIF":1.2,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Hourly Asymmetric Multifractality and Dynamic Efficiency in Cryptocurrency Markets: The Effects of COVID-19 and Russia–Ukraine Tension 加密货币市场的小时不对称多重分形和动态效率：COVID-19和俄罗斯-乌克兰紧张局势的影响

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2025-01-07 DOI: 10.1111/1467-8454.12390

Walid Mensi, Ramzi Nekhili, Xuan Vinh Vo, Sang Hoon Kang

{"title":"Hourly Asymmetric Multifractality and Dynamic Efficiency in Cryptocurrency Markets: The Effects of COVID-19 and Russia–Ukraine Tension","authors":"Walid Mensi, Ramzi Nekhili, Xuan Vinh Vo, Sang Hoon Kang","doi":"10.1111/1467-8454.12390","DOIUrl":"https://doi.org/10.1111/1467-8454.12390","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the hourly downward/upward multifractality and dynamic efficiency of four cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC)— before and during the COVID-19 pandemic, and during the Russia–Ukraine tension. Using the asymmetric multifractal detrended fluctuation analysis method, the results show significant asymmetric multifractality in all series, which intensifies for BTC only throughout the COVID-19 crisis and narrows for ETH, XRP, and LTC. Moreover, we show that cryptocurrency markets are more inefficient during the upward (downward) trend and before (during) the COVID-19 crisis. LTC is the least inefficient market pre COVID-19, whereas XRP is the least inefficient during the pandemic crisis. The results show evidence of excessive asymmetric multifractality for all four crypto markets. Before the COVID-19 crisis, positive values of excess asymmetry in multifractality have been identified for BTC and LTC markets, whereas the excess asymmetry values were negative for ETH and XRP markets. BTC and ETH markets showed wider multifractality fluctuations compared to LTC and XRP, indicating a stronger reaction to the war's impact.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"251-266"},"PeriodicalIF":1.2,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Predictive Power of Economic Policy Uncertainty for Exchange Rate Volatility: Evidence From Multiple Economies 经济政策不确定性对汇率波动的预测能力：来自多个经济体的证据

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-12-25 DOI: 10.1111/1467-8454.12389

Qing Wei, Bisharat Hussain Chang, Yingyuan Cai

{"title":"The Predictive Power of Economic Policy Uncertainty for Exchange Rate Volatility: Evidence From Multiple Economies","authors":"Qing Wei, Bisharat Hussain Chang, Yingyuan Cai","doi":"10.1111/1467-8454.12389","DOIUrl":"https://doi.org/10.1111/1467-8454.12389","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper evaluates the in-sample and out-of-sample forecasting performance of EPU vis-à-vis other widely used macroeconomic variables for volatility in exchange rate variability. Our findings, based on both in-sample and out-of-sample forecasting across a range of economies, indicate that the differential of the EPU between any two nations is persistently one step ahead of alternative macroeconomic predictors. Monte Carlo simulations and mechanism analysis indicate that a greater differential of the EPU is negatively correlated with bilateral trade, on the one hand, and positively with bilateral foreign exchange trading activities, on the other hand. The findings further indicate that EPU is a formidable predictor of both short-run and long-run exchange rate volatility once the endogeneity problem has been addressed, along with using multiple proxies. These results have important implications for studies about the causes of exchange rate fluctuations and enlighten policymakers and market participants on managing foreign exchange risks.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"235-250"},"PeriodicalIF":1.2,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Petrol Prices, Food Prices, and Inflation Perceptions in New Zealand—Evidence From a Threshold Analysis 新西兰的汽油价格、食品价格和通货膨胀感知——来自阈值分析的证据

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-11-27 DOI: 10.1111/1467-8454.12388

Puneet Vatsa, Gabriel Pino

引用次数: 0

Effective Market Power and Welfare Loss 有效市场力量与福利损失

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-11-19 DOI: 10.1111/1467-8454.12386

Zhongqi Deng, Yue Luo, Cailin Yang, Xuecheng Fan

引用次数: 0

Analyzing Healthcare Production Under Uncertainty in a State-Contingent Framework 状态-条件框架下不确定性下的医疗保健生产分析