Dr. Heiner Mikosch - Seminar Presentation

Date and Time: June 17th, 2019, 4:00 - 6:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

The aim of this paper is to shed some new light on the relationship between financial development and trade in value-added also known as global value chains (GVC). Following the literature emphasizing the channel by which the first factor impacts upon the second one, we consider the position in GVC as being a variable likely to convey this influence in the current context of cross-border sharing activities.

Date and Time: June 13th, 2019, 10:00 am - 12:00pm

Room: A 101 in the Economics Building (Museum)

Abstract (only available in Chinese)

报告摘要:实证经济学研究虽然以数据分析为主,对经济理论模型的应用也相当广泛。

Date and Time: June 11th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

Behavioral economics, notably developed by Daniel Kahneman, Amos Tversky and Richard Thaler, has found consistent and pervasive anomalies in common people’s daily behaviors. This paper has employed the concepts in traditional economics (e.g., choice, relative price, and opportunity cost) to analyze the anomalies found in behavioral economics. The results show that quite a few anomalies, such as preference reversal, 

Date and Time: June 10th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

Consumer often stockpile for future consumption. In this paper, we connect consumer stockpiling and market entry by introducing consumer stockpiling behaviour into a dynamic circumstance of n-firm oligopoly with differentiated products. First, we show that for any finite number of firms and positive transaction costs, any symmetric equilibrium involves a positive level of consumer stockpiling. Second, by introducing free entry, we show that the excess entry theorem continues to hold despite the extra inter-temporal effects on consumer stockpiling. Our result extends to the case of new consumers in the future market, and the case where firm to incur an inventory cost.

Date and Time: June 3rd, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

Team diverstiy is beneficial for performance but also decrease team cohesion (O´Reilly et.al. 1989; Milliken & Martins, 1996), then when hiring a team member how do the leader treat the cultural difference between them? This paper address this problem using a novel database drawing from the Chinese job-interview television show Only You during 2010-2016, and study how the dialectal distance between the applicant and the interviewer, who is also the team leader, affect the outcome of hiring.

Date and Time: May 20th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

About the Speaker

Qian Han is associate professor of finance at Xiamen University. His research areas are derivatives, financial market microstructure, and macroeconomics and financial markets.

Abstract (only available in Chinese)

本文通过上市企业的财务数据,从微观角度识别“市场化”货币政策和“结构性”货币政策对企业投融资行为的影响,区分不同货币政策的传导机制和信用分配效应。实证结果发现,“市场化”货币政策和“结构性”货币政策对企业的投融资行为有显著不同且异质性的影响。首先,“市场化”货币供给增加显著提高了上市公司企业的投资和外部融资金额。并且,货币供给对企业投融资的影响,与企业自身的特征和财务状况有关。在投资行为中,“市场化”货币政策对企业投资的影响会随着企业上市年限的上升而减弱,这意味着“市场化”货币政策对年轻企业的投资影响更为显著。而在融资行为中,“市场化”货币政策对杠杆率低的企业影响显著更高,这意味着在货币供给出现外生增加之后,杠杆率低的企业所得到的融资增加更多。其次,中国央行所主导的“结构性”货币供给增加显著的降低了上市公司的投资金额。而在融资金额方面,尽管“结构性”货币供给增加尽管显著的提升企业的融资金额,但是对杠杆率高的企业影响显著更强,这意味着在“结构性”货币供给出现外生增加之后,杠杆率高的企业所得到的融资增加更多。

Date and Time: April 29th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

Whether capital is efficiently allocated between urban and rural China can have a profound implication for both production efficiency and distributive equity. However, there is little empirical evidence and analysis of rural-urban capital misallocation in China. This paper attempts to fill this gap. We find that on average marginal product of capital tends to be lower in urban areas, indicating that rural areas face a shortage of capital. Further, we find that rural-urban MPK differences are largely due to MPK differentials across state-owned enterprises in rural and urban areas.

Date and Time: April 24th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

About the Speaker

Kent Deng is professor of economic history at the London School of Economics. Furthermore, he is Director of China in Comparative Perspective Network (CCPN) and Co-Director of the Confucius Institute for Business London (CIBL) at LSE; and is also a Fellow of the Royal Historical Society (FRHistS) and Secretary of the "History and Economic Development Group", UK. Professor Deng research interests and writing includes the rise of the literati in the economic life of pre-modern China; the maritime economic history of pre-modern China; the economic role of the Chinese peasantry.

Date and Time: April 15th, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

This paper provides evidence on the political economy of environmental data manipulation in China. We use a unique panel data set of 111 cities between 2001 and 2010. The data set includes reported daily air pollutant concentrations as well as demographic, education and experience characteristics of city party secretaries and mayors. We develop an innovative censored MLE strategy to estimate the proportion of manipulated blue-sky days for each city/year. Then we use the LASSO shrinkage technique to find potential predictors of city-level manipulation patterns among a large set of party secretary and mayor characteristics.

Date and Time: April 1st, 2019, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

We model parents´ fertility and child-raising decisions under competition. We show that if the consequences of failure and the intensity of competition are sufficiently high, some potential parents forego having children in the resulting equilibrium. Moreover, parents having children prefer to have only one child and put all their resources into raising that child rather than have multiple children.

Date and Time: March 18th, 2018, 3:00 pm - 5:00pm

Room: A 101 in the Economics Building (Museum)

Abstract

The model considers inputs, outputs, and dual-role factors in each dimension of sustainability. A cross-efficiency data envelopment analysis approach is used to assess corporate sustainability of the power generation industry in China. Results confirmed model´s usefulness and showed that each dual-role factor can act as either input, output, or in equilibrium status.

Date and Time: November 29th, 2018, 10:00 am - 11:30 am

Room: A 101 in the Economics Building (Museum)

Abstract

We study what happens to identified shocks and to dynamic responses when the structural model features q disturbances and m endogenous variables, q ≤ m, but only m1 < q variables are used in the empirical model. Aggregation create problems. Appropriate theoretical restrictions may be insufficient to obtain the structural disturbances and the dynamics they produce. Identified shocks do not necessarily combine structural disturbancees of the same type.

Date and Time: May 17th, 2018, 10:00 am - 12:00 pm

Room: A 101 in the Economics Building (Museum)

Abstract

This study explores the welfare and distributional effects of fiscal volatility using a neoclassical stochastic growth model with incomplete markets. In our model, households face uninsurable idiosyncratic risks in their labor income and discount factor processes, and ...

Date and Time: April 16th, 2018, 9:00 - 11:00 am

Room: A 101 in the Economics Building (Museum)

Abstract

China´s highly controversial one-child policy was implemented from 1979 to 2015. It was amended several times and resulted in differential treatments in the birth policy depending on the parent(s)`s status of being an only-child or not. In January 2016 the one-child policy was abolished, and all families are now allowed to have up to two children.

Date and Time: April 4th, 2018, 3:00 - 5:00 pm

Room: A 101 in the Economics Building (Museum)

Abstract

In this paper I develop a model of a competing mechanism allowing buyers already engaged in an auction to decide whether to stay in it or buy an object from a posted price outside.

Date and Time: March 27th, 2018, 9:00 - 11:00 am

Room: A 101 in the Economics Building (Museum)

Abstract

This paper revisits and refines the definition of zombie firms in China from manufacturing sector. These statified zombie firms are heavily indebted, strongly linked with state ownership, with a higher inventory-to-output ratio. Based on China Industrial Census Survey, this study documents the evidence suggesting a trade-off between misallocation and stimulation economic policies. China implemented an enormous monetary expansion for the post-2008 periods. It shwos the number and the magnitude of undesirable zombie firms increased sharply since then.

Date and Time: January 16th, 2018, 10:00 - 11:30 am

Room: A 101 in the Economics Building (Museum)

Abstract

By a theorem due to Sklar in 1959, a multivariate distribution can be represented in terms of its underlying margins by binding them together a copula function. Copulas are useful devices to explain the dependence structure between variables by eliminating the influence of marginals.

Date and Time: December 26th, 2017, 10:00 - 11:30 am

Room: A 101 in the Economics Building (Museum)

Abstract

This paper examines crashes following price run-ups and rebounds following price declines in U.S. state-level housing markets over the past 40 years. We find that a sharp increase in house prices predicts a higher probability of a crash, and likewise a sharp decline in house prices predicts a higher probability of a rebound.

Date and Time: December 14th, 2017, 2:00 - 3:30 pm

Room: A 101 in the Economics Building (Museum)

Abstract

The effects of asymmetric information are often difficult to detect empirically, such as in insurance settings (Chiappori, Jullien, Salanie and Salanie, 2006). We show that allowing for the possiblity of reference-dependent preferences can assist with this callenge. Using detialed auto insurance claims data and adopting the methodology of Allen, DeChow, Pope and Wu (forthcoming) which studies reference-dependence in marathon finishing times, we show that policy holders exaggerate their damage claims in a manner consistent with reference dependent moral hazard with the original premium as a reference point.

Date and Time: December 14th, 2017, 10:00 - 11:30 pm

Room: A 101 in the Economics Building (Museum)

 

Abstract

How does an individual`s position within a social distribution influence their desire to take risk? Reference-dependent loss aversion (Kahnemann and Tversky, 1979; Koszegi and RAbin, 2006, 2007) adapted to a social setting, suggests that individuals may find risk more appealing when they are doing especially well or poorly compared to their peers. We examine the effects of a social position on risk attitudes in a simple experiment which allows subjects to take risks at different locations in the social distribution against a backdrop of real effort tasks.