投资者情绪生成机理的研究

基于标准金融理论与行为金融理论相结合的思想，力图刻画投资者情绪的生成机理。以引起投资者情绪变化的货币环境、市场收益、市场波动、相关资产收益等因素为起点，引入市场投资价值、市场预期两个中间变量，建立了包含直接和间接影响两类路径的投资者情绪生成概念模型。使用中国股市2014年7月1日至2017年3月31日间的667组日度数据，在VAR建模的基础上开展实证研究。实证结果表明市场收益对投资者情绪具有直接的正向影响，市场波动和相关资产收益两因素基于市场预期中介变量间接负向作用于投资者情绪，而修正后引入的经济周期波动变量可以基于市场投资价值中介变量对投资者情绪产生正向影响，并进一步发现了市场收益、市场投资价值与投资者情绪之间存在正反馈强化过程。研究揭示出了投资者情绪生成的影响因素体系及其实现路径，将该领域研究深入到机理分析层面，并从一个侧面佐证了中国股市过度投机行为的存在。     

Do greater amounts of FDI cause higher pollution levels? Evidence from OECD countries

Using an ARDL model for a panel of 15 OECD countries, this work analyses the impact that FDI, both jointly and by sector, has on CO₂ emissions. The findings reveal that these countries are yielding to the pressure on the trade sector. Unexpectedly, gross fixed capital formation shrink pollution, excluding in the mining sector. With findings supporting the Pollution Haven Hypothesis, policymakers must pay attention to FDI inflows, ensuring that FDI place high importance on the transfer of green technologies to improve the efficiency. These goals could be achieved through an increase in the stringency of environmental laws within the host countries, especially the ones related to FDI.     

Gender differences in willingness to compete: The role of public observability

A recent literature emphasizes that gender differences in the labor market may in part be driven by a gender gap in willingness to compete. However, whereas experiments in this literature typically investigate willingness to compete in private environments, real world competitions often have a more public nature, which introduces potential social image concerns. If such image concerns are important, and men and women differ in the degree to which they want to be seen as competitive, making tournament entry decisions publicly observable may further exacerbate the gender gap. We test this prediction using a laboratory experiment (N = 784) that varies the degree to which the decision to compete, and its outcome, is publicly observable. We find that public observability does not alter the magnitude of the gender gap in willingness to compete in an economically or statistically significant way.     

Effects of urbanization on trust: Evidence from an experiment in the field

I conducted a trust game in the field within a natural experiment paradigm to test the effects of urbanization on both in- and out-group trust. I found that urbanization has a larger positive effect on out-group trust than on in-group trust. My findings provide new knowledge to the literature on the intricacy of the urbanization-trust relationship and contribute to the ongoing discourse on the different foundations underpinning in-group and out-group trust.     

Cognitive abilities,self-efficacy,and financial behavior

This paper investigates the effect of cognitive abilities on financial behavior among older adults. Using the U.S. Health and Retirement Study, I find that cognitive abilities significantly affect financial behavior through two channels: ability and self-efficacy. People with higher cognition scores achieve better financial outcomes. This positive association is especially strong in tasks having high demand of cognitive abilities, which confirms the ability channel of the cognitive ability effect. In addition, there is evidence for the self-efficacy channel as a secondary source of cognitive influence. Lower cognitive abilities decrease people’s sense of self-efficacy, which, in turn, significantly decreases financial management efficiency. The findings have important policy implications, specifically that more effort is needed to assist the growing older population through the cognitive aging process and that noncognitive skills, as a secondary source of influence, also warrant attention.     

Credit access,macroprudential rules and policy interventions: Lessons for potential first time buyers

Given the increased popularity of macroprudential measures in the aftermath of the great financial crisis (GFC), a key policy question to arise in certain mortgage markets is whether a significant access to credit issue exists amongst prospective homeowners because of these new policies. In this paper we assess whether such a problem arises in the context of the Irish mortgage market – a market particularly adversely impacted by the GFC. We use a microsimulation model to estimate the level of latent credit demand that could be serviced by the market given prudent credit risk assessment and the current macroprudential regulations. We then compare this demand to current market provision to explore whether a credit gap exists. Finally, we simulate how a public mortgage credit scheme or equity “help-to-buy” type instrument may help credit access. We find both instruments to be effective but would lead to somewhat higher house prices.     

双循环新发展格局下中国双向直接投资研究

构建以国内大循环为主体、国内国际双循环相互促进的新发展格局,是对未来中国经济发展路径做出的重大战略部署,作为连接国内国际双循环的纽带,双向直接投资的发展战略和路径面临重塑和调整。研究认为,应当以推动新时代科技创新和产业升级为目标,提高双向直接投资的质量,畅通供应链和产业链; 以“一带一路”倡议为依托,通过更高水平的双向投资带动中国与沿线国家贸易水平的提高; 建设高水平自贸区和自贸港,提高对外开放标准,更高质量吸引外资,提升参与国际大循环的技术含量和自主性; 在畅通要素流动领域,建立更加完善的现代化物流体系,建设更高标准的要素流通市场体系,降低制度性交易费用,提高生产率和对高质量外资的吸引能力。     

资本结构与员工劳动生产率

债务作为重要的公司治理手段，可以降低企业、管理层与员工之间的委托代理成本，提高员工劳动生产率.同时，债务水平上升将提高企业破产风险，对企业和员工的人力资本投入与员工劳动生产率可能产生不利影响.以我国1999年一2014年工业企业上市公司为样本，本文不同佑计方法的实证结果均表明企业的债务水平越高，员工劳动生产率越低.在其他因素不变的情况下，企业的财务困境加剧了债务对员工劳动生产率的不利影响;债务对员工劳动生产率的负作用在人力资本依赖度高的公司以及在外部就业环境好的地区更加显著.对于债务与员工劳动生产率作用的中介效应分析与分位数回归结果也说明债务上升可能导致企业人力资本投资下降，对员工劳动生产率产生不利影响.研究为我国“去杠杆”经济政策提供了微观企业层面的经验证据.     

Policies to Attract R&D-related FDI in Small Emerging Countries: Aligning Incentives With Local Linkages and Absorptive Capacities in Chile

Over the last decade we have witnessed an unprecedented growth in the number of cross-border R&D investments towards large emerging countries such as China and India. However, small middle-income countries have played a marginal role as recipients of R&D-related FDI despite increasing policy efforts. In particular, several Latin American countries have recently launched new policy programs with the aim of attracting this kind of investments, but it remains uncertain whether public incentives can be useful to compensate for other locational disadvantages. The case of Chile provides an interesting empirical setting to explore these issues because during the last decade its government has been actively promoting R&D-related FDI through a new policy mix. This article suggests that for national innovation systems to benefit from the attraction of internationally-mobile R&D it is critical for public policies to ensure that appropriate linkages are established with local actors that hold absorptive capacities. Equally important for a small emerging economy like Chile is to prioritize R&D-related FDI in strategic technology niches where the country can realistically attain critical mass.