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Stock liquidity and the signaling value of patents: Evidence from china's national equities exchange and quotations market
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-12-01 DOI: 10.1016/j.jce.2024.07.002
Ruigang Bi , Zonglai Kou , Pingyi Lou , Hong Song
Young and technology-oriented firms suffer from asymmetric information in seeking access to finance. An increase in stock liquidity can improve a firm's stock price informativeness and mitigate such information problems. We expect that firms will patent less when they face an increase in liquidity if patenting is used as a costly signal mechanism to demonstrate firm quality. By examining an exogenous policy shock that dramatically improves the stock liquidity of treated firms in China's National Equities Exchange and Quotations (NEEQ) market, we document evidence that treated firms patent less after the shock. Our findings reveal the importance of liquidity in reducing the deadweight costs caused by asymmetric information and the signaling value of patenting, and urge caution regarding the sole use of patent applications to measure innovation performance in entrepreneurial firms.
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引用次数: 0
The impact of an online game-based financial education course: Multi-country experimental evidence
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-12-01 DOI: 10.1016/j.jce.2024.08.001
Marta Cannistrà , Kenneth De Beckker , Tommaso Agasisti , Aisa Amagir , Kaire Põder , Lukáš Vartiak , Kristof De Witte
This paper evaluates the impact of an online game-based financial education tool on students' financial literacy levels. By conducting a Randomized Controlled Trial (RCT) involving 2,220 students across four countries in a multi-country experimental setting, we demonstrate that the intervention significantly enhances students' financial literacy levels by 0.313 SD. This study contributes to the emerging academic literature concerning the evaluation of financial education interventions that incorporate learning-by-playing. The participation of students from four countries adds relevance by facilitating cross-comparison of outcomes and stimulating discussions about country-specific factors and peculiarities influencing youth financial literacy.
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引用次数: 0
Management practices and energy efficiency: Evidence from firms in China
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-12-01 DOI: 10.1016/j.jce.2024.08.004
Jing Cao , Soo Keong Yong
Do well-managed firms use energy less intensively in developing countries? Using data from the World Management Survey, we investigate whether there is any relation between firms’ management practices and energy efficiency within China. We find that firms that are competently managed use substantially less electricity: a one standard deviation improvement in management practices is associated with a 14.9% reduction in usage intensity. The management ‘premium’ is also significant after accounting for policy effects, with well-managed firms regulated under an energy policy reducing electricity intensity significantly more than the less-well managed firms. However, the general management-energy relationship is not significant for fossil fuels. Management quality is non-monotonically related to different quantiles of energy intensity usage. Overall, there is evidence of management benefits to energy efficiency, but these are mainly restricted to electricity utilization.
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引用次数: 0
Can digital financial inclusion facilitate intergenerational income mobility? Evidence from China
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-12-01 DOI: 10.1016/j.jce.2024.09.001
Xiaolan Yang , Lele Zhang , Xiaoyue Hong , Wenchao Li
We present an empirical study on the impact of digital finance development on intergenerational income mobility. Combining nationally representative Chinese household survey data with indices for digital financial inclusion (DFI), we find that the development of digital finance leads to a lower correlation between children's income and their fathers’ income, significantly enhancing intergenerational mobility. Specifically, a one standard deviation increase in the DFI index is associated with a decrease in intergenerational income elasticity by 0.04–0.05. The effect is particularly pronounced in rural and inland regions. Furthermore, we find that digital finance development stimulates household entrepreneurial activities, which in turn enhance the role of digital finance in reducing intergenerational income correlation.
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引用次数: 0
Land reform and health endowments at birth
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-11-26 DOI: 10.1016/j.jce.2024.11.001
Yawen Ding , Xiaobing Wang , Huayu Xu
This study examines the impact of China's Household Responsibility System (HRS) reform—a significant land reform that boosted labor productivity in rural areas—on birth outcomes. Leveraging the staggered rollout of the reform across counties and data from the earliest available fertility surveys in China, we provide evidence that prenatal exposure to the reform leads to an average increase in birth weight of about 55 grams. Further analyses suggest that this improvement is most likely driven by better nutrition during gestation, rather than improved access to prenatal health care or an increase in selective births. Moreover, this effect is more pronounced in areas where women have a comparative advantage in agricultural production, underscoring the critical role of women's economic standing in shaping child health outcomes.
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引用次数: 0
Pandemic lockdowns and trust in local government in China
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-11-20 DOI: 10.1016/j.jce.2024.11.002
Yucong Zhao , Ting Wang , Bing Ye
The COVID-19 pandemic has presented a distinctive opportunity to reassess trust in government by evaluating its performance amidst a critical crisis. This paper employs a generalized difference-in-differences method to probe the causal effects of prolonged lockdown durations on public trust in local governments in China. Drawing on panel data of 44,861 observations from the 2018 and 2020 survey waves, the findings reveal a pervasive decline in government trust caused by extended lockdown durations in China. Specifically, an additional 40 days of lockdown resulted in an average 7.77 % decrease in government trust, with the largest declines seen among individuals with lower education, those born before 1970, those with health issues, and those with rural residence registration. This erosion of trust primarily stemmed from the lockdowns’ detrimental impacts on economic production, financial security, and the conveniences of daily life.
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引用次数: 0
Changes to our editorial board 编辑部的变动
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-08-02 DOI: 10.1016/j.jce.2024.06.002
Ruben Enikolopov , Timur Kuran , Hongbin Li
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引用次数: 0
Individualism and the legal status of prostitution 个人主义与卖淫的法律地位
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-29 DOI: 10.1016/j.jce.2024.07.001
Lewis S. Davis , Astghik Mavisakalyan

We know very little about why the legal status of prostitution varies across countries. Drawing on central arguments in the normative literature on the legal status of prostitution, in which a central argument concerns the sexual and bodily autonomy of women, we ask whether a country's position on the individualism-collectivism affects the legal status of prostitution. We investigate this question using a panel of 61 countries, finding a robust positive relationship between individualism and the legality of prostitution. In the baseline model, a one-standard deviation increase in individualism is associated with a ten percentage point increase in the likelihood that prostitution is legal. This relationship is robust to controls for institutional structure, other dimensions of culture, and measures of women's economic status and historical patriarchy. It is also robust to the use of instrumental variable analysis to address issues of endogeneity and measurement error. Our results also shed light on two additional aspects of the normative debate over legal prostitution. In particular, we find that prostitution is more likely to be legal in countries in which women enjoy greater economic status, but we fail to find a consistent empirical relationship between historical patriarchy and legal prostitution.

我们对各国卖淫的法律地位为何不同知之甚少。根据有关卖淫法律地位的规范性文献中的核心论点(其中一个核心论点涉及妇女的性自主和身体自主),我们询问一个国家在个人主义-集体主义上的立场是否会影响卖淫的法律地位。我们利用 61 个国家的面板研究了这一问题,发现个人主义与卖淫合法性之间存在稳健的正相关关系。在基线模型中,个人主义每增加一个标准差,卖淫合法化的可能性就会增加 10 个百分点。这种关系与制度结构、文化的其他维度以及妇女经济地位和历史上父权制的衡量标准等控制因素是稳健的。使用工具变量分析来解决内生性和测量误差的问题也是稳健的。我们的研究结果还揭示了有关合法卖淫的规范性辩论的另外两个方面。特别是,我们发现在妇女享有更高经济地位的国家,卖淫更有可能合法化,但我们未能发现历史父权制与合法卖淫之间存在一致的经验关系。
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引用次数: 0
Bureaucracy-business relationship, corruption and the implications for marketization 官商关系、腐败及对市场化的影响
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-08 DOI: 10.1016/j.jce.2024.06.004
Shaoqing Huang , Weisi Xie , Xiaoshu Xu

This paper employs a novel game-theory model to characterize the impact and the resulting welfare implications of a corrupt relationship in the marketization process in an economy with weak institutions. This relationship between a bureaucrat and a domestic firm enables the bureaucrat to share part of the domestic firm’s gain generated by the bureaucrat’s imposition of barriers to deter the entry of foreign firms. When the barrier has an upper bound and both the bureaucrat and the foreign firm have sufficient knowledge regarding the domestic firm’s cost information, the equilibrium level of the barrier would first equal the upper bound and then decrease with the domestic firm’s cost. This result is robust regardless of whether the cost of the domestic firm and the foreign firm are positively correlated or independent. The welfare loss is largest in industries where a firm’s cost relies heavily on its private advantage: e.g., innovation-intensive industries, and when the domestic firm has a relatively large cost disadvantage. This paper provides novel and insightful implications for marketization in countries with weak institutions.

本文采用了一个新颖的博弈论模型来描述在一个制度薄弱的经济体中,市场化进程中的腐败关系所产生的影响及其对福利的影响。官僚与国内企业之间的这种关系使官僚能够分享国内企业因官僚设置障碍阻止外国企业进入而获得的部分收益。当壁垒有一个上限,且官僚和外国企业都充分了解本国企业的成本信息时,壁垒的均衡水平将首先等于上限,然后随着本国企业成本的降低而降低。无论本国企业和外国企业的成本是正相关还是独立,这一结果都是稳健的。在企业成本严重依赖其私人优势的行业(如创新密集型行业),以及国内企业具有相对较大的成本劣势时,福利损失最大。本文为制度薄弱国家的市场化提供了新颖而深刻的启示。
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引用次数: 0
Closing the digital divide: The impact of teachers’ ICT use on student achievement in China 缩小数字鸿沟:中国教师使用信息与传播技术对学生成绩的影响
IF 2.8 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-07 DOI: 10.1016/j.jce.2024.06.003
Junjie Hong , Wanlin Liu , Qing Zhang

There is growing interest in exploring the use of information and communication technology (ICT) to enhance academic performance. Whereas previous studies have predominantly focused on the direct effects of ICT on education quality, only limited attention has been paid to the interactions between teachers’ use of ICT in the classroom and the students’ use of ICT at home and the role of teachers in the pedagogical process. In this study, we use a nationally representative survey of secondary school students in China to investigate the impact of teachers’ integration of ICT into the instructional process and the impact of the interactions between home ICT resources and school ICT use on students’ academic performance. Our findings indicate that teachers’ increased frequency of ICT use during instruction improves the current and long-term academic performance of students who lack access to computers at home, compared with those with home computers. These positive effects can be attributed to improvements in the quality and preparation time of teachers’ lessons, increased use of interactive teaching methods, and heightened student motivation to learn.

人们对探索利用信息和传播技术(ICT)提高学习成绩的兴趣与日俱增。以往的研究主要关注信息与传播技术对教育质量的直接影响,而对教师在课堂上使用信息与传播技术与学生在家中使用信息与传播技术之间的相互作用以及教师在教学过程中的作用关注有限。在本研究中,我们利用一项对中国中学生进行的具有全国代表性的调查,研究了教师将信息和通信技术融入教学过程的影响,以及家庭信息和通信技术资源与学校信息和通信技术使用之间的相互作用对学生学业成绩的影响。我们的研究结果表明,与家中有电脑的学生相比,教师在教学过程中增加信息与传播技术的使用频率,可提高家中没有电脑的学生的当前和长期学业成绩。这些积极影响可归因于教师上课质量的提高和备课时间的增加、互动教学方法使用的增多以及学生学习积极性的提高。
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Journal of Comparative Economics
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