Pub Date : 2023-08-09DOI: 10.1080/14765284.2023.2245275
Feyyaz Zeren, Mustafa Kevser, Samet Gürsoy
ABSTRACT This study aimed to reveal the emergence of the vaccine against COVID-19 and its influence on the stock markets. In line with this purpose, this study seeks answers to some questions, whether vaccination supports the recovery of financial markets or not, and in which direction the effect is similar in the context of developed and developing countries, considering the United States and China samples. Fourier-based cointegration and causality tests were used to reveal the effect of COVID-19 vaccination on stock markets in the paper, which used daily data between March-2021 and September-2022. According to the results vaccination rates triggered the stock market prices in the U.S.A.. Moreover obtained findings show that the Chinese stock market and COVID-19 vaccination act together in the long term during the data range examined. Finally, it seems possible to state that it would be beneficial for investors investing in both the U.S.A. and China markets.
{"title":"The impact of covid-19 vaccination on stock markets: a comparative analysis of the USA and China","authors":"Feyyaz Zeren, Mustafa Kevser, Samet Gürsoy","doi":"10.1080/14765284.2023.2245275","DOIUrl":"https://doi.org/10.1080/14765284.2023.2245275","url":null,"abstract":"ABSTRACT This study aimed to reveal the emergence of the vaccine against COVID-19 and its influence on the stock markets. In line with this purpose, this study seeks answers to some questions, whether vaccination supports the recovery of financial markets or not, and in which direction the effect is similar in the context of developed and developing countries, considering the United States and China samples. Fourier-based cointegration and causality tests were used to reveal the effect of COVID-19 vaccination on stock markets in the paper, which used daily data between March-2021 and September-2022. According to the results vaccination rates triggered the stock market prices in the U.S.A.. Moreover obtained findings show that the Chinese stock market and COVID-19 vaccination act together in the long term during the data range examined. Finally, it seems possible to state that it would be beneficial for investors investing in both the U.S.A. and China markets.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49619459","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}
Pub Date : 2023-08-09DOI: 10.1080/14765284.2023.2245279
Boyang Chen, Zongxiao Wu, Ruoran Zhao
ABSTRACT Generative Artificial Intelligence (AI), such as ChatGPT by OpenAI, has revolutionized the business world, with benefits including improved accessibility, efficiency, and cost reduction. This article reviews recent developments of generative AI in business and finance, summarizes its practical applications, provides examples of the latest generative AI tools, and demonstrates that generative AI can revolutionize data analysis in industry and academia. To test the ability of generative AI to support decision-making in financial markets, we use the ChatGPT to capture corporate sentiments towards environmental policy by inputting text extracted from corporate financial statements. Our results demonstrate that the sentiment scores generated by ChatGPT can predict firms’ risk-management capabilities and stock return performance. This study also highlights the potential challenges and limitations associated with generative AI. Finally, we propose several questions for future research at the intersection of generative AI with business and finance.
{"title":"From fiction to fact: the growing role of generative AI in business and finance","authors":"Boyang Chen, Zongxiao Wu, Ruoran Zhao","doi":"10.1080/14765284.2023.2245279","DOIUrl":"https://doi.org/10.1080/14765284.2023.2245279","url":null,"abstract":"ABSTRACT Generative Artificial Intelligence (AI), such as ChatGPT by OpenAI, has revolutionized the business world, with benefits including improved accessibility, efficiency, and cost reduction. This article reviews recent developments of generative AI in business and finance, summarizes its practical applications, provides examples of the latest generative AI tools, and demonstrates that generative AI can revolutionize data analysis in industry and academia. To test the ability of generative AI to support decision-making in financial markets, we use the ChatGPT to capture corporate sentiments towards environmental policy by inputting text extracted from corporate financial statements. Our results demonstrate that the sentiment scores generated by ChatGPT can predict firms’ risk-management capabilities and stock return performance. This study also highlights the potential challenges and limitations associated with generative AI. Finally, we propose several questions for future research at the intersection of generative AI with business and finance.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48777098","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}
Pub Date : 2023-08-09DOI: 10.1080/14765284.2023.2245277
Rachana Jaiswal, Shashank Gupta
{"title":"Money talks, happiness walks: dissecting the secrets of global bliss with machine learning","authors":"Rachana Jaiswal, Shashank Gupta","doi":"10.1080/14765284.2023.2245277","DOIUrl":"https://doi.org/10.1080/14765284.2023.2245277","url":null,"abstract":"","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49355197","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}
Pub Date : 2023-06-20DOI: 10.1080/14765284.2023.2222567
S. Pan, Hao-nan Wang, Y. Li, Li-Bo Chen
ABSTRACT By adjusting the spatial and temporal distance between small and medium-sized cities and provincial capital cities, high-speed rail has reshaped the distribution of innovation resources, and eventually significantly affected China’s economy. Employing data from 284 Chinese prefecture-level cities for the period of 2005 to 2015, this paper uses the propensity score matching model (PSM-DID) to analyze the relationship between the high-speed rail opening and urban innovation in China. Our empirical results show that: 1) the opening of high-speed rail significantly improves the overall level of urban innovation in China, but affected by “the distance from provincial capital” which present a “∽”-type structural feature 2) the mechanism of the effect of high-speed rail on urban innovation is mainly to promote economic agglomeration; and 3) the impact of high-speed rail opening on urban innovation has gradually declined characteristics based on opening time and regional economy heterogeneity.
{"title":"High-speed rail, economic agglomeration and urban innovation —— Analysis of Chinese evidence","authors":"S. Pan, Hao-nan Wang, Y. Li, Li-Bo Chen","doi":"10.1080/14765284.2023.2222567","DOIUrl":"https://doi.org/10.1080/14765284.2023.2222567","url":null,"abstract":"ABSTRACT By adjusting the spatial and temporal distance between small and medium-sized cities and provincial capital cities, high-speed rail has reshaped the distribution of innovation resources, and eventually significantly affected China’s economy. Employing data from 284 Chinese prefecture-level cities for the period of 2005 to 2015, this paper uses the propensity score matching model (PSM-DID) to analyze the relationship between the high-speed rail opening and urban innovation in China. Our empirical results show that: 1) the opening of high-speed rail significantly improves the overall level of urban innovation in China, but affected by “the distance from provincial capital” which present a “∽”-type structural feature 2) the mechanism of the effect of high-speed rail on urban innovation is mainly to promote economic agglomeration; and 3) the impact of high-speed rail opening on urban innovation has gradually declined characteristics based on opening time and regional economy heterogeneity.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"363 - 386"},"PeriodicalIF":2.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47153687","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}
Pub Date : 2023-06-09DOI: 10.1080/14765284.2023.2219439
Alex Edmans
Abstract Critics of capitalism argue that companies need to be heavily regulated, to reduce their profits and redistribute value to society. Defenders of capitalism reply that profits are essential to a well-functioning economy; they fund future investment by companies and provide returns to shareholders, such as households and pension funds. Both views are based on the pie-splitting mentality, that the value created by a company is a fixed pie that shareholders and society fight over. This article describes the pie-growing mentality, that shareholders and society are not in conflict. By having a purpose – being driven by the desire to create value for society – companies grow the pie, increasing shareholders as well as stakeholder value. It discusses how companies can put purpose into practice and how citizens can play their part.
{"title":"How great companies deliver both purpose and profit","authors":"Alex Edmans","doi":"10.1080/14765284.2023.2219439","DOIUrl":"https://doi.org/10.1080/14765284.2023.2219439","url":null,"abstract":"Abstract Critics of capitalism argue that companies need to be heavily regulated, to reduce their profits and redistribute value to society. Defenders of capitalism reply that profits are essential to a well-functioning economy; they fund future investment by companies and provide returns to shareholders, such as households and pension funds. Both views are based on the pie-splitting mentality, that the value created by a company is a fixed pie that shareholders and society fight over. This article describes the pie-growing mentality, that shareholders and society are not in conflict. By having a purpose – being driven by the desire to create value for society – companies grow the pie, increasing shareholders as well as stakeholder value. It discusses how companies can put purpose into practice and how citizens can play their part.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"465 - 469"},"PeriodicalIF":2.0,"publicationDate":"2023-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46630866","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}
Pub Date : 2023-06-06DOI: 10.1080/14765284.2023.2220271
Klaus F. Zimmermann, Amelie Constant, Simone Schüller
The role of ethnic clustering in ethnic identity formation has remained unexplored, mainly due to missing detailed data. This study closes the knowledge gap for Germany by employing a unique combination of datasets, the survey data from the German Socio-Economic Panel and disaggregated information at low geographical levels from the last two but still unexploited full German censuses, 1970 and 1987. Utilizing the exogenous placement of immigrants during the recruitment era in the 1960s and 1970s we find that local co-ethnic concentration affects immigrants’ ethnic identity. While residential ethnic clustering strengthens immigrants’ retention of an affiliation with their origin (minority identity), it weakens identification with the host society (majority identity). The effects are nonlinear and become significant only at relatively high levels of co-ethnic concentration for the minority identity and at very low levels of local concentration for the majority identity. The findings are robust to an instrumental variable approach.
{"title":"Ethnic spatial dispersion and immigrant identity*","authors":"Klaus F. Zimmermann, Amelie Constant, Simone Schüller","doi":"10.1080/14765284.2023.2220271","DOIUrl":"https://doi.org/10.1080/14765284.2023.2220271","url":null,"abstract":"The role of ethnic clustering in ethnic identity formation has remained unexplored, mainly due to missing detailed data. This study closes the knowledge gap for Germany by employing a unique combination of datasets, the survey data from the German Socio-Economic Panel and disaggregated information at low geographical levels from the last two but still unexploited full German censuses, 1970 and 1987. Utilizing the exogenous placement of immigrants during the recruitment era in the 1960s and 1970s we find that local co-ethnic concentration affects immigrants’ ethnic identity. While residential ethnic clustering strengthens immigrants’ retention of an affiliation with their origin (minority identity), it weakens identification with the host society (majority identity). The effects are nonlinear and become significant only at relatively high levels of co-ethnic concentration for the minority identity and at very low levels of local concentration for the majority identity. The findings are robust to an instrumental variable approach.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135493335","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}
Pub Date : 2023-05-15DOI: 10.1080/14765284.2023.2210016
J. Knight, Haiyuan Wan
{"title":"The receding housing ladder: house price inflation, parental support, and the intergenerational distribution of housing wealth in China","authors":"J. Knight, Haiyuan Wan","doi":"10.1080/14765284.2023.2210016","DOIUrl":"https://doi.org/10.1080/14765284.2023.2210016","url":null,"abstract":"","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42626834","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}
Pub Date : 2023-05-14DOI: 10.1080/14765284.2023.2210481
H. Kratou, Rekha Pillai, Taimur Sharif
{"title":"Do low-skilled migrant remittances help achieve SDG 10?","authors":"H. Kratou, Rekha Pillai, Taimur Sharif","doi":"10.1080/14765284.2023.2210481","DOIUrl":"https://doi.org/10.1080/14765284.2023.2210481","url":null,"abstract":"","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41559505","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}
Pub Date : 2023-05-11DOI: 10.1080/14765284.2023.2210014
Nengzhi(chris) Yao, Karena Yan, Christos Tsinopoulos, Junhong Bai
This paper aims to explore the organizational determinants of open innovation (OI). A review of 154 publications taken from management and innovation journals makes us identify four dimensions of ‘resource-related’ organizational factors that can determine OI: resource investment (what or how many resources are being invested), organizational structure (where resources are being attributed), human capital (who or what individual-level characteristics are) and the attitudes of individuals (how resources are being treated). We also identify core theoretical lenses and propose moderating and mediating mechanisms that can explain the relationship between the dimensions and OI. Based on this, we generate a literature framework and propose that the effects of organizational factors on the implementation of OI can be achieved by influencing firms’ dynamic abilities, and that these effects vary across costs-related contingencies. We also suggest several directions for addressing relevant unexplored questions within the framework.
{"title":"The organizational determinants of open innovation: a literature framework and future research directions","authors":"Nengzhi(chris) Yao, Karena Yan, Christos Tsinopoulos, Junhong Bai","doi":"10.1080/14765284.2023.2210014","DOIUrl":"https://doi.org/10.1080/14765284.2023.2210014","url":null,"abstract":"This paper aims to explore the organizational determinants of open innovation (OI). A review of 154 publications taken from management and innovation journals makes us identify four dimensions of ‘resource-related’ organizational factors that can determine OI: resource investment (what or how many resources are being invested), organizational structure (where resources are being attributed), human capital (who or what individual-level characteristics are) and the attitudes of individuals (how resources are being treated). We also identify core theoretical lenses and propose moderating and mediating mechanisms that can explain the relationship between the dimensions and OI. Based on this, we generate a literature framework and propose that the effects of organizational factors on the implementation of OI can be achieved by influencing firms’ dynamic abilities, and that these effects vary across costs-related contingencies. We also suggest several directions for addressing relevant unexplored questions within the framework.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135473342","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}
Pub Date : 2023-05-02DOI: 10.1080/14765284.2023.2206897
M. Nyangu, N. Marwa, A. Fanta
ABSTRACT The paper examines the joint effect of market power and different types of bank efficiency on financial stability across 5 countries within the East African Community. Unlike existing studies which have employed efficiency in a broad way, it is decomposed into five different types, that is, technical, pure technical, scale, cost and revenue efficiency. Using a two-step system GMM on 149 banks with 1,805 observations over the period 2001–2018, empirical findings reveal that the joint effect of market power and bank efficiency is critical on financial stability and the effect varies with the specific type of efficiency being explored. Increased market power is observed to have a direct positive effect on bank stability. With respect to bank efficiency, cost and revenue efficiency have a positive significant effect with bank stability while the effect of technical, pure technical and scale efficiency is insignificant. In overall, concentrated banks with higher cost and revenue efficiency are more stable compared to the inefficient banks. The findings highlight that an eclectic policy to ensure a trade-off between bank concentration and competition should be ensured by the bank regulators.
{"title":"What drives financial stability? the nexus between market power and bank efficiency within the East African Community","authors":"M. Nyangu, N. Marwa, A. Fanta","doi":"10.1080/14765284.2023.2206897","DOIUrl":"https://doi.org/10.1080/14765284.2023.2206897","url":null,"abstract":"ABSTRACT The paper examines the joint effect of market power and different types of bank efficiency on financial stability across 5 countries within the East African Community. Unlike existing studies which have employed efficiency in a broad way, it is decomposed into five different types, that is, technical, pure technical, scale, cost and revenue efficiency. Using a two-step system GMM on 149 banks with 1,805 observations over the period 2001–2018, empirical findings reveal that the joint effect of market power and bank efficiency is critical on financial stability and the effect varies with the specific type of efficiency being explored. Increased market power is observed to have a direct positive effect on bank stability. With respect to bank efficiency, cost and revenue efficiency have a positive significant effect with bank stability while the effect of technical, pure technical and scale efficiency is insignificant. In overall, concentrated banks with higher cost and revenue efficiency are more stable compared to the inefficient banks. The findings highlight that an eclectic policy to ensure a trade-off between bank concentration and competition should be ensured by the bank regulators.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"403 - 428"},"PeriodicalIF":2.0,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44835047","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}
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