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Effects of Informal Caregivers' Health on Care Recipients* 非正式照顾者的健康对受照顾者的影响*
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-06-02 DOI: 10.1111/jere.12102
Michio Yuda, Jinkook Lee

Informal care is increasingly important in countries undergoing population ageing. Previous research has discussed how the long-term care system may affect the behaviours of informal caregivers but has not paid much attention to how changes in caregivers' circumstances, particularly their health, affect those receiving their care. Using the Japanese Study of Aging and Retirement, we empirically examine how caregivers' health condition may affect the elderly parents receiving their care. We find empirical evidence that declining caregivers' health adversely affects care recipients' health. We see such links between informal caregivers and their in-laws, demonstrating that these effects go beyond genetic influences.

非正规护理在人口老龄化国家日益重要。以前的研究讨论了长期护理系统如何影响非正式照顾者的行为,但没有太多关注照顾者环境的变化,特别是他们的健康状况,如何影响接受他们照顾的人。利用日本老龄化与退休研究,我们实证研究了照顾者的健康状况如何影响接受他们照顾的老年父母。我们发现经验证据,下降照顾者的健康影响照顾者的健康。我们在非正式照顾者和他们的姻亲之间看到了这样的联系,表明这些影响超出了基因的影响。
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引用次数: 8
Public Pension Benefits Claiming Behaviour: new Evidence from the Japanese Study on Ageing and Retirement 公共养老金领取行为:来自日本老龄化与退休研究的新证据
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-05-24 DOI: 10.1111/jere.12100
Satoshi Shimizutani, Takashi Oshio

The present study explores public pension claiming behaviour among the Japanese elderly. First, we perform financial simulations, estimate expected utility and depict the typical patterns of pension benefits over a lifecycle. We show that a beneficiary's optimal retirement age depends on that beneficiary's mortality risk, discount rate, initial wealth and risk attitude. Second, we use individual-level data from the Japanese Study on Aging and Retirement (JSTAR) to empirically examine the determinants of claim timing. We find evidence that most of the factors examined in the simulation are, indeed, significantly associated with early claiming among wage earners of pension benefits.

本研究探讨了日本老年人的公共养老金申领行为。首先,我们进行财务模拟,估计预期效用,并描述整个生命周期中养老金福利的典型模式。我们发现受益人的最优退休年龄取决于受益人的死亡风险、贴现率、初始财富和风险态度。其次,我们使用来自日本老龄化与退休研究(JSTAR)的个人层面数据来实证检验索赔时间的决定因素。我们发现,有证据表明,模拟中检验的大多数因素确实与工薪阶层提前申领养老金有显著关联。
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引用次数: 3
Moment Estimation of the Probit Model with an Endogenous Continuous Regressor 内源性连续回归概率模型的矩估计
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-05-18 DOI: 10.1111/jere.12091
Daiji Kawaguchi, Yukitoshi Matsushita, Hisahiro Naito

We propose a generalized method of moments (GMM) estimator with optimal instruments for a probit model that includes a continuous endogenous regressor. This GMM estimator incorporates the probit error and the heteroscedasticity of the error term in the first-stage equation in order to construct the optimal instruments. The estimator estimates the structural equation and the first-stage equation jointly and, based on this joint moment condition, is efficient within the class of GMM estimators. To estimate the heteroscedasticity of the error term of the first-stage equation, we use the k-nearest neighbour (k-nn) non-parametric estimation procedure. Our Monte Carlo simulation shows that in the presence of heteroscedasticity and endogeneity, our GMM estimator outperforms the two-stage conditional maximum likelihood estimator. Our results suggest that in the presence of heteroscedasticity in the first-stage equation, the proposed GMM estimator with optimal instruments is a useful option for researchers.

我们提出了一个广义矩估计方法(GMM)与最优工具的概率模型,其中包括一个连续的内生回归量。该GMM估计方法结合了概率误差和误差项在第一阶段方程中的异方差,以构建最优的仪器。该估计器联合估计结构方程和第一阶段方程,基于此联合力矩条件,在GMM估计器中是有效的。为了估计第一阶段方程误差项的异方差,我们使用k近邻(k-nn)非参数估计过程。我们的蒙特卡罗模拟表明,在异方差和内生性存在的情况下,我们的GMM估计器优于两阶段条件极大似然估计器。我们的研究结果表明,在第一阶段方程中存在异方差的情况下,所提出的具有最佳工具的GMM估计器对研究人员来说是一个有用的选择。
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引用次数: 3
Patent Licensing in the Presence of Trade Barriers 贸易壁垒下的专利许可
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-04-21 DOI: 10.1111/jere.12098
Kuang-Cheng Andy Wang, Ching-Chih Tseng, Wen-Jung Liang

We develop a two-country duopoly model to explore the optimal licensing contract for an outsider licensor in terms of fixed-fee and royalty licensing by taking into account trade barriers when firms produce a homogeneous product and engage in Bertrand competition in each market. The present paper focuses on the interaction between licensing and trade barriers in two international markets. We show that both royalty and non-exclusive fixed-fee licensing can be optimal. Furthermore, exclusive fixed-fee licensing can be optimal, which is a result that is not discussed in the existing literature.

我们建立了一个两国双垄断模型,通过考虑企业生产同质产品并在每个市场上进行伯特兰竞争时的贸易壁垒,从固定费用和特许权使用费的角度探讨外部许可方的最佳许可合同。本文主要研究两个国际市场中许可和贸易壁垒之间的相互作用。我们表明,版税和非排他性固定费用许可都可能是最优的。此外,排他性固定费用许可可能是最优的,这是一个在现有文献中没有讨论的结果。
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引用次数: 4
Apportionment Behind the Veil of Uncertainty* 不确定性面纱背后的分配*
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-04-21 DOI: 10.1111/jere.12093
Junichiro Wada
Apportionment of representatives is a basic rule of everyday politics. By definition, this basic rule is a constitutional stage problem and should be decided behind the veil of uncertainty. To bring apportionment closer to quotas, we introduce f‐divergence for utilitarianism and Bregman divergence for consistent optimization. Even in our less restricted condition, we find that we must use α‐divergence for optimization and show that the minimization of α‐divergence induces the same divisor methods that correspond to the maximization of the Kolm–Atkinson social welfare function (or the expected utility function), which is bounded by constant relative risk aversion.
代表的分配是日常政治的基本规则。根据定义,这一基本规则是一个宪法阶段的问题,应该在不确定的面纱后面决定。为了使分配更接近配额,我们引入了效用主义的f散度和一致性优化的Bregman散度。即使在我们较少限制的条件下,我们也发现我们必须使用α-散度进行优化,并证明α-散度的最小化与Kolm-Atkinson社会福利函数(或期望效用函数)的最大化相对应的因子方法相同,该函数以恒定的相对风险厌恶为界。
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引用次数: 2
International Transmission of the 2007–2009 Financial Crisis: Evidence from Japan 2007-2009年金融危机的国际传播:来自日本的证据
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-04-03 DOI: 10.1111/jere.12092
Kaoru Hosono, Miho Takizawa, Kotaro Tsuru

We investigate the international transmission of the 2007–2009 financial crisis to Japanese firms by examining both stock returns and changes in operating performance during the crisis. Our results indicate that Japanese firms were affected by the crisis mainly through the trade channel in both stock returns and changes in operating performance. We also find that the liquidity channel played a role in the fall of stock returns in response to the crisis and in the changes in return on assets during the first year of the crisis. We obtain weak evidence for the credit crunch channel and no evidence to support the trade finance channel.

我们通过考察危机期间的股票收益和经营业绩变化来研究2007-2009年金融危机对日本企业的国际传导。我们的研究结果表明,日本企业受到危机的影响主要是通过股票收益和经营业绩变化的贸易渠道。我们还发现,流动性渠道在危机后股票收益率的下降和危机第一年资产收益率的变化中发挥了作用。我们得到的支持信贷紧缩通道的证据不足,没有证据支持贸易融资通道。
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引用次数: 13
The Chinese Stock Market Does not React to the Japanese Market: Using Intraday Data to Analyse Return and Volatility Spillover Effects 中国股市对日本市场没有反应:利用盘中数据分析收益和波动溢出效应
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-03-30 DOI: 10.1111/jere.12086
Yusaku Nishimura, Yoshiro Tsutsui, Kenjiro Hirayama

In this paper, we use high-frequency data to explore the effects of return and volatility spillover during periods in which trading hours in China and Japan overlap. Specifically, we utilize 5-min returns to estimate fractionally integrated asymmetric power autoregressive conditional heteroskedasticity and fractionally integrated exponential generalized autoregressive conditional heteroskedasticity models, then use the models' standardized residuals to employ a cross-correlation function approach that tests for the degree to which the Chinese and Japanese markets affect each other. Results indicate a unidirectional influence of the Chinese stock market on Japanese markets in terms of return. This result is likely attributable to restrictions on foreign investment in the Chinese market and the lack of diversified international portfolios among individual Chinese investors.

在本文中,我们使用高频数据来探讨在中国和日本的交易时间重叠期间回报和波动溢出的影响。具体来说,我们利用5分钟的回报来估计分数积分的非对称功率自回归条件异方差和分数积分的指数广义自回归条件异方差模型,然后使用模型的标准化残差采用相互关联函数方法来检验中国和日本市场相互影响的程度。结果表明,中国股市对日本股市在收益方面存在单向影响。这一结果可能归因于中国市场对外国投资的限制以及中国个人投资者缺乏多元化的国际投资组合。
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引用次数: 4
Export Experience, Product Differentiation and Firm Survival in Export Markets 出口经验、产品差异化与出口市场企业生存
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-03-29 DOI: 10.1111/jere.12083
Tomohiko Inui, Keiko Ito, Daisuke Miyakawa

This paper examines the determinants of firm survival in export markets by explicitly taking into account the impact of firms’ previous export market experience and their product differentiation. Utilizing a 16-year panel data set for Japanese manufacturing firms, we employ panel probit estimation to examine the likelihood of exit from export markets. The results of our estimations show, first, that the exit probability from export markets decreased over the export duration. Second, the probability of exiting from export markets tended to be lower when firms were more R&D intensive both prior to and after starting exporting. The first result implies that exporting experience plays an important role in firms’ survival in export markets. Our second result implies that firms producing differentiated products likely have a greater incentive to make upfront investments to start exporting, and these investments, in turn, enable such firms to survive in export markets for a longer period.

本文考察了企业在出口市场生存的决定因素,明确考虑了企业以前的出口市场经验和产品差异化的影响。利用日本制造业16年的面板数据集,我们采用面板概率估计来检验退出出口市场的可能性。我们的估计结果表明,首先,出口市场的退出概率随着出口持续时间的延长而降低。其次,当企业在开始出口之前和之后的研发密集度都较高时,退出出口市场的可能性往往较低。第一个结果表明,出口经验对企业在出口市场的生存起着重要作用。我们的第二个结果表明,生产差异化产品的公司可能有更大的动机进行前期投资以开始出口,而这些投资反过来又使这些公司能够在出口市场上生存更长时间。
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引用次数: 28
The Certification Role Of Pre-IPO Banking Relationships: Evidence From IPO Underpricing in Japan 上市前银行关系的证明作用:来自日本IPO抑价的证据
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-03-29 DOI: 10.1111/jere.12082
Yoshiaki Ogura

We find empirical evidence that pre-initial public offering (IPO) relationships with commercial banks through lending and investment via their venture capital subsidiaries significantly reduce IPO underpricing in Japan. This findings suggest that a pre-IPO banking relationship certifies the low risk of an IPO firm. Given the fact that institutional investors are a minority in the allocation of IPO stocks in Japan, this effect is expected to come mainly from reducing either the investors' winner's curse or the signaling incentive of IPO firms, rather than from the reduction in information rent for institutional investors participating in the book-building process.

我们发现实证证据表明,在首次公开发行(IPO)前,通过风险投资子公司与商业银行的贷款和投资关系显著降低了日本IPO的抑价。研究结果表明,IPO前的银行关系证明了IPO公司的低风险。考虑到机构投资者在日本IPO股票配置中占少数的事实,预计这种影响主要来自投资者的赢家诅咒或IPO公司的信号激励的减少,而不是来自机构投资者参与簿记过程的信息租金的减少。
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引用次数: 6
How Effective are Investment Promotion Agencies? Evidence from China 投资促进机构的成效如何?来自中国的证据
IF 1.2 4区 经济学 Q2 ECONOMICS Pub Date : 2016-03-29 DOI: 10.1111/jere.12089
Bin Ni, Yasuyuki Todo, Tomohiko Inui

Using both firm-level and city-level data from the Chinese National Bureau of Statistics and unique information on investment promotion agencies (IPA) in China, the present paper evaluates whether IPA affect foreign direct investment (FDI) from the perspective of both intensive and extensive margins; that is, re-investment by incumbent foreign-owned firms and total new FDI inflows into the city, respectively. After controlling for potential determinants of FDI and correcting for biases due to endogeneity, we find that, in general, IPA do not necessarily increase FDI in either case. However, IPA are found to promote re-investment by large foreign-owned firms. The results imply difficulty in the dissemination of information about the business environment to foreign investors.

本文利用中国国家统计局的企业和城市数据以及中国投资促进机构(IPA)的独特信息,从集约边际和外延边际两个角度评估了IPA对外国直接投资(FDI)的影响;即现有外资企业的再投资和流入该市的新外国直接投资总额。在控制了外国直接投资的潜在决定因素并纠正了由于内生性而产生的偏差之后,我们发现,一般来说,在任何一种情况下,IPA都不一定会增加外国直接投资。然而,IPA被发现促进了大型外资企业的再投资。结果表明,向外国投资者传播有关商业环境的信息存在困难。
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引用次数: 8
期刊
Japanese Economic Review
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