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Chinese born global firms and international entrepreneurial mechanism 中国诞生的全球企业与国际创业机制
Pub Date : 2016-10-20 DOI: 10.18533/JEFS.V4I05.254
Junjie Zhang, R. Cheng, Weibin Wang
This paper explores Chinese-born global firms’ entrepreneurial mechanism and development mode from multi-theoretical perspectives using company case studies. The findings suggest that for Chinese born global firms, overseas market opportunity’s recognition and exploitation is the starting point and catalyst for their establishment and growth, while global resources integration is growing mode for their continuous development. Results suggest that overseas market knowledge and organization learning are the bases for Chinese born global firms to cultivate and maintain sustainable competitive advantages after they have entered international markets.
本文以中国本土跨国企业为研究对象,从多理论视角探讨中国本土跨国企业的创业机制和发展模式。研究结果表明,对中国本土跨国企业而言,海外市场机会的识别和开发是其建立和成长的起点和催化剂,而全球资源整合则是其持续发展的成长方式。研究结果表明,海外市场知识和组织学习是中国本土跨国企业在进入国际市场后培育和保持可持续竞争优势的基础。
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引用次数: 2
Budget deficits, money supply and price level in West Africa 西非的预算赤字、货币供应和物价水平
Pub Date : 2016-10-15 DOI: 10.18533/JEFS.V4I05.209
Y. Keho
Using West African Economic and Monetary Union (WAEMU) dataset for 1970 to 2013, and Pesaran et al. (2001) methodology, this study examines the effect of budget deficit and money supply on inflation. Evidence shows that there is a long run relation among the variables in all countries except Mali. Price and budget deficit are positively related in Niger and Togo, and negatively related in Benin and Senegal. Further, money supply and price are positively related in Burkina Faso, Cote d’Ivoire and Senegal. Results from the Granger causality tests indicate that deficits cause money growth in Cote d’Ivoire, Mali and Togo, and cause the price level in Senegal. There is no causality from money supply to inflation in the short-run. Results suggest that idea that budget deficits are not inflationary in WAEMU countries. Hence, the policy of reducing inflation should focus on other macroeconomic and structural determinants of inflation across WAEMU.
本研究使用西非经济与货币联盟(WAEMU) 1970年至2013年的数据集,以及Pesaran等人(2001)的方法,考察了预算赤字和货币供应对通货膨胀的影响。有证据表明,除马里外,所有国家的变量之间都存在长期关系。价格与预算赤字在尼日尔和多哥呈正相关,在贝宁和塞内加尔呈负相关。此外,在布基纳法索、科特迪瓦和塞内加尔,货币供应量和价格呈正相关。格兰杰因果检验的结果表明,赤字导致科特迪瓦、马里和多哥的货币增长,并导致塞内加尔的价格水平。短期内,货币供给与通货膨胀之间没有因果关系。研究结果表明,预算赤字不会导致WAEMU国家的通货膨胀。因此,降低通货膨胀的政策应侧重于整个西非货币联盟通货膨胀的其他宏观经济和结构性决定因素。
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引用次数: 10
Insider ownership, power, and bank value 内部所有权、权力和银行价值
Pub Date : 2016-09-30 DOI: 10.18533/JEFS.V4I04.243
Jijun Niu
This paper examines the influence of insider ownership and power on bank value. We measure insider ownership as the fraction of the bank’s common stock owned by its directors and officers as a group, and insider power using the Milnor and Shapley (1978) power index for oceanic voting games. Using a sample of U.S. banks, we find that insider ownership is positively related to bank value, while insider power is negatively related to bank value. These results are consistent with the agency theory literature. To the extent that regulators want to increase bank value, they should encourage equity ownership by bank insiders and outside blockholders.
本文考察了内部人所有权和权力对银行价值的影响。我们将内部人所有权衡量为其董事和管理人员作为一个群体所拥有的银行普通股的比例,并使用Milnor和Shapley(1978)的权力指数来衡量内部人权力。以美国银行为样本,我们发现内部人持股与银行价值正相关,而内部人权力与银行价值负相关。这些结果与代理理论文献一致。如果监管机构希望增加银行的价值,他们就应该鼓励银行内部人士和外部大股东持有股权。
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引用次数: 1
Has the risk index of Islamic banks and conventional banks in GCC countries changed in response to the 2008 economic crisis 海湾合作委员会国家伊斯兰银行和传统银行的风险指数是否因2008年经济危机而发生变化
Pub Date : 2016-08-29 DOI: 10.18533/JEFS.V4I04.244
Talla M. Aldeehani
In this empirical study, we investigate the effect of the 2008 economic crisis on the level of risks Islamic banks (IB) and conventional banks (CB) are facing and the determinants of their risk indices. We cover 20 banks operating in the Gulf Cooperation Council (GCC) countries during 2001-2014. The results indicate that while the state of the economy had no effect on the risk index (RI) of banks, the type of bank did have an effect. The results suggest that the RI of IB was significantly lower than that of CB before and after the crisis indicating higher risks for IB. While the RI of CB is explained by solvency and liquidity variables, the RI of IB is explained by liquidity and profitability variables. Discussions, interpretations of research results and implications are provided.
在本实证研究中,我们探讨了2008年经济危机对伊斯兰银行(IB)和传统银行(CB)面临的风险水平的影响及其风险指数的决定因素。我们涵盖了2001年至2014年期间在海湾合作委员会(GCC)国家运营的20家银行。结果表明,虽然经济状况对银行的风险指数(RI)没有影响,但银行类型确实有影响。结果表明,在危机前后,IB的RI明显低于CB,表明IB的风险更高,而CB的RI由偿付能力和流动性变量解释,IB的RI由流动性和盈利能力变量解释。讨论,研究结果的解释和影响提供。
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引用次数: 1
Demand for money under low interest rates in Japan 日本低利率下的货币需求
Pub Date : 2016-08-26 DOI: 10.18533/JEFS.V4I04.247
Y. Kurihara
In both theoretical and empirical fields of economics, demand for money has been received much attention in the past. In Japan, deflation has been prevailed more than 20 years, and there is some possibility that the Bank of Japan’s monetary easing policy, which expands money to markets by buying government bonds, has had a significant influence apart from traditional factors. Also, exchange rates for Japanese currency have fluctuated greatly recently because of the introduction of unprecedented monetary policy in the 2010s that may have affected macroeconomic variables and the money demand function in Japan. Using Japanese experience with deflation over last two decades, I provide strong evidence that recent demand for money is affected by real GDP, exchange rates, and economic volatility; however, interest rates and consumer prices have not impacted demand for money. The results also show that introduction of the drastic quantitative easing policy changed the demand function for money.
在经济学的理论和实证领域,货币需求在过去都受到了很大的关注。在日本,通货紧缩已经持续了20多年,除了传统因素外,日本央行(Bank of Japan)通过购买政府债券向市场扩张资金的货币宽松政策也有可能产生了重大影响。此外,由于2010年代采取了前所未有的货币政策,日元汇率最近波动很大,这可能影响了日本的宏观经济变量和货币需求函数。根据日本过去二十年的通缩经验,我提供了强有力的证据,证明近期的货币需求受到实际GDP、汇率和经济波动的影响;然而,利率和消费价格并没有影响到货币需求。结果还表明,剧烈量化宽松政策的引入改变了货币需求函数。
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引用次数: 3
Religious holidays and analysts forecast optimism: Evidence from MENA countries 宗教节日和分析师乐观预测:来自中东和北非国家的证据
Pub Date : 2016-07-29 DOI: 10.18533/JEFS.V4I3.249
Harit Satt
We investigate the effect of religious holidays on analyst recommendation on stock markets in MENA countries stock markets (Morocco, United Arab Emirates, Saudi Arabia, Jordan, Kuwait, Lebanon, Qatar, Algeria, Bahrain) for the period of 2004 to 2015. The result shows that on pre-holidays, analysts tend to issue pessimistic recommendations, and issue optimistic recommendations on post-holidays . Prior literature on day-of –the week effect is consonant with our results which document an increase in stock prices during the week, and a decrease in stock prices over the weekend. We argue that analysts can benefit from the upward trend in stock prices during Post-Holidays by issuing an optimistic recommendation. Analysts may as well benefit from the downward trend in stock prices by issuing pessimistic recommendations on pre-holidays. We also exhibit that our results are more consistent among less experienced analysts and in firms with greater information uncertainty.
我们研究了2004年至2015年期间中东和北非国家股票市场(摩洛哥、阿拉伯联合酋长国、沙特阿拉伯、约旦、科威特、黎巴嫩、卡塔尔、阿尔及利亚、巴林)宗教节日对分析师推荐股票市场的影响。结果表明,在节前,分析师倾向于发布悲观建议,而在节后,分析师倾向于发布乐观建议。先前关于日/周效应的文献与我们的研究结果一致,我们的研究结果表明,股票价格在一周内上涨,而在周末下跌。我们认为,分析师可以通过发布乐观的建议,从假期后股价的上升趋势中受益。分析师也可能从股价下跌的趋势中受益,在假期前发布悲观的建议。我们还表明,在经验不足的分析师和信息不确定性较大的公司中,我们的结果更加一致。
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引用次数: 5
A new experimental model for profit maximization 利润最大化的新实验模型
Pub Date : 2016-07-24 DOI: 10.18533/JEFS.V4I03.235
M. Nikbakht, Mehrdad Sadr Ara
The main purpose of this study is to present a comprehensive model in experimental researches, to estimate bias and subjective judgment emphasizing the prominent role of Newsvendor model in inventory and control management that can be generalized for other financial and management areas to modify classic models. In the new approach the real information is the base of measurement and according to it, the new approach considering subjective bias, is complied, then will be comparable to other types of models. The paper also explains the process of work thoroughly.
本研究的主要目的是在实验研究中提出一个综合的模型,以估计偏差和主观判断,强调报贩模型在库存和控制管理中的突出作用,可以推广到其他财务和管理领域,对经典模型进行修正。在新方法中,真实信息是测量的基础,在此基础上,新方法考虑了主观偏差,然后与其他类型的模型具有可比性。论文还对工作过程进行了详细的说明。
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引用次数: 0
Older adults and fraud: Suggestions for policy and practice 老年人与欺诈:政策和实践建议
Pub Date : 2016-07-16 DOI: 10.18533/JEFS.V4I3.229
Olivia DaDalt
In this study I examine the issue of the vulnerability of older adults especially with regard to be a potential victim of economic fraud. A general review of current facts and figures suggest that financial fraud against older adults is rising across U.S.A totaling $36 billion. Unfortunately, most of the older adults are the baby boomers’ generation, who grow up in a relative peace and prosperity condition while facing much difficult financial realities in their old life. Result also suggest the intensity of facing financial frauds by older adults are correlated with their low level of financial literacy. Given the wider context of this phenomenon, I propose some policy measures to safeguard the financial interest of the older adults.
在这项研究中,我研究了老年人的脆弱性问题,特别是在经济欺诈的潜在受害者方面。对当前事实和数据的全面审查表明,针对老年人的金融欺诈在美国各地正在上升,总额达360亿美元。不幸的是,大多数老年人都是婴儿潮一代,他们在相对和平和繁荣的环境中长大,但在老年生活中却面临着许多困难的经济现实。结果还表明,老年人面临财务欺诈的强度与他们的低金融素养水平相关。鉴于这一现象的广泛背景,我提出了一些政策措施,以保障老年人的经济利益。
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引用次数: 2
Threshold effects of fiscal policy on economic growth in developing countries 发展中国家财政政策对经济增长的门槛效应
Pub Date : 2016-07-14 DOI: 10.18533/JEFS.V4I3.225
S. Salma, E. Idriss, Tounsi Said
We examine the relation between fiscal policy and economic growth for a panel of 40 developing countries over the period of 1990 to 2012 using eight macroeconomic variables: real GDP, budget deficit, current government spending, national saving, inflation rate, total investment, public debt, and current account balance. The study documents a double threshold effect of the fiscal balance. The first one is at a level of the deficit around 4.8% of GDP; the second one is at the fiscal surplus level of 3.2% of GDP meaning that economic growth would be negatively affected when exceeding these two different levels. The result also show that the sign of the relation between budget deficit and economic growth is conditioned by the level of total investment i.e. only for total investment higher than 23%, there exists a positive relation. However, it becomes negative, when investment falls below this threshold.
我们研究了1990年至2012年期间40个发展中国家的财政政策与经济增长之间的关系,使用了8个宏观经济变量:实际GDP、预算赤字、经常政府支出、国民储蓄、通货膨胀率、总投资、公共债务和经常账户余额。该研究记录了财政平衡的双重门槛效应。第一个是赤字占GDP的4.8%左右;第二个是财政盈余占GDP的3.2%,这意味着超过这两个不同的水平会对经济增长产生负面影响。结果还表明,预算赤字与经济增长之间的关系的标志受总投资水平的制约,即只有总投资高于23%时,才存在正相关关系。然而,当投资低于这个阈值时,它就变为负值。
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引用次数: 5
Fiscal policy, employment, and output in South Africa: An open economy analysis 南非的财政政策、就业和产出:一个开放经济分析
Pub Date : 2016-07-11 DOI: 10.18533/JEFS.V4I3.238
Mthokozisi Mlilo, Umakrishnan Kollamparambi
We provide strong evidence of a positive shock to government spending on increase in employment (public and private), an appreciation of the real effective exchange rate and deterioration in the trade balance; but it has no effect on output for South Africa during the period 1994:1-2008:4. We also document that positive shocks to net taxes generate an increase in output, private employment and have no effect on public employment; it also leads to a depreciation of the real effective exchange rate and an improvement in the trade balance. An important finding in this study is that the transmission channel between government expenditures and output is not as direct as suggested in the Keynesian doctrine, but is indirectly shown by public employment’s effects on output. We conclude that classical effects are predominant in the South African economy, i.e., only improvements in the supply-side components can be linked to increases in output.
我们提供了强有力的证据,表明就业(公共和私人)的增加对政府支出产生了积极的冲击,实际有效汇率的升值和贸易平衡的恶化;但在1994年1月至2008年4月期间,它对南非的产出没有影响。我们还证明,净税收的正面冲击会增加产出和私人就业,而对公共就业没有影响;它还导致实际有效汇率的贬值和贸易平衡的改善。本研究的一个重要发现是,政府支出和产出之间的传导渠道并不像凯恩斯主义理论所建议的那样直接,而是通过公共就业对产出的影响间接显示出来的。我们的结论是,经典效应在南非经济中占主导地位,即只有供应方面的改善才能与产出的增加联系起来。
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引用次数: 4
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Journal of Economic and Financial Studies
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