Working Papers
WP1169Title:The Impact of Unique Corporate Governance Mechanisms on Corporate InnovationAuthor:Shi  Xiaojun  and  Wang  Aoran   View Count:14
       Abstract:Dual-class Structure is increasingly used in emerging high-tech firms. Existing literature on this emerging corporate governance mechanism mainly focuses on principal-agent problems caused by it. While, its impact on innovation is rarely studied. This paper theoretically analyses this impact by introducing short-term performance sensitivity into Chemmanur-Jiao model and empirically tests the theor
WP1168Title:Contractual Arrangements, Choice Preferences and Empirical Research for Small-HoldersAuthor:Huang  Zuhui  and  Peng  Wenhuan   View Count:8
       Abstract:This paper firstly treats contracts as the combinations of contractual arrangements, and puts forward the point that smallholders decide to sign a contract or not depend on whether the contractual arrangements can satisfy their preferences. Then we use choice experiment to investigate contractual arrangements, smallholders’ preferences and their relationships. Based on the data collected among fru
WP1167Title:The Effects of "Business Tax Replaced with VAT Reform" on Firms' Tax:Cut and Industrial DivisionAuthor:Fan  Ziying  and  Peng  Fei   View Count:13
       Abstract:The "Business Tax Replaced with VAT Reform" is the most important reform since 1994, which can reduce the corporate tax burden and deepen the industrial division which two requirement: strong Input-output connections with upward industries and VAT system. Using China input-output table data of 135 industries, this article calculates the industrial linkage between services and upward industries, ma
WP1166Title:Innovation or Rent-seeking? Allocation of Entrepreneurial Effort in Chinese Private FirmsAuthor:He  Xiaogang,Li  Xinchun,  Jia  Zhihan,  Deng  Hao  and  Wang  Bolin   View Count:28
       Abstract:Since Baumol (1990) explored the productive, unproductive, and destructive entrepreneurship, scholars have recognized that it was necessary to compare the positive or negative effect of entrepreneurial behavior on the social level. It is still an unresolved theoretical problem that under what circumstances entrepreneurs prefer innovation or rent-seeking. In this paper, we establish a model of the
WP1165Title:Central Bank Communication, Adaptive Learning and Monetary Policy EffectivenessAuthor:Zhou  Yumei  and  Zhou  Xuan   View Count:20
       Abstract:Communication has become the main way for the central bank to guide market expectations in developed countries. This paper introduces public information, private information and adaptive learning into a standard dynamic stochastic general model to study the impact of central bank’s communication on monetary policy effectiveness. The model shows that the public information revealed by central bank
WP1164Title:Expectation Shock, House Price Movements and Economy FluctuationAuthor:Wang  Pin  and  Hou  Chengqi   View Count:26
       Abstract:This article introduces expectation shocks on house transaction cost and house price in a dynamic stochastic general equilibrium model where households consist of a patient one and an impatient one and production sectors consist of a consumer goods sector and a real estate sector, and studies the influence of expectation on house price and macroeconomy. We find that, (1) rise of current house pric
WP1063Title:Industry Transfer in China, East-west or North-south?Author:An  Husen  and  Zheng  Wenguang   View Count:28
       Abstract:Under the perspective of continuous space, this paper makes a deep research on the industrial transfer pattern of China, since reform and opening-up, by constructing an industrial transfer model consists of labor force growth and technological innovation. The research shows that the existence of labor growth rate and technical level gradient is the basic condition of industrial transfer, and the h
WP1062Title:Who is willing to destock, state-owned or non-state-owned real estate business?Author:Liu  Bin,  Huang  Kun  and  Wang  Lei   View Count:21
       Abstract:The irrational exuberance of the real estate market led to industrial over-investment and overstock. Based on unique institutional background of China’s transition economy, this paper investigates whether ownership will impact over-production and destocking behavior of the real estate business from the perspective of stock investment. We find that state-owned real estate companies are more likely
WP1061Title:How Can Mirror Strategy Resolve Trade Conflicts: A Political Economy AnalysisAuthor:Ju  Jiandong,  Ma  Jie  and  Wei  Dong   View Count:29
       Abstract:“Mirror strategy” is a commitment made by a country to let its trade policy to be a function of the trade policy of another country. This paper studies the effectiveness of “mirror strategy” in inhibiting trade protectionism and its underlying mechanism. Motivated by China-EU trade dispute in photovoltaic industry, we introduce “mirror strategy” into Grossman and Helpman’s (1995) “trade war” model