We measure the quality of provisions for bad debts, based on both the cross-sectional and time-series basis. Empirical tests show the impacts on earnings information contents, as well as on the incremental information...We measure the quality of provisions for bad debts, based on both the cross-sectional and time-series basis. Empirical tests show the impacts on earnings information contents, as well as on the incremental information content of cash flows.展开更多
'The global financial tsunami of 2008 has affected all major export markets. The situation is much more severe than in previous crises.World trade is seriously affected as the credit crisis has led to an interrupt...'The global financial tsunami of 2008 has affected all major export markets. The situation is much more severe than in previous crises.World trade is seriously affected as the credit crisis has led to an interruption in the normal展开更多
Local governmental debts in China seem to be in a more precarious position than local government debts in the USA. The scale of Chinese local government debts far surpasses that of the USA. Further, Chinese local gove...Local governmental debts in China seem to be in a more precarious position than local government debts in the USA. The scale of Chinese local government debts far surpasses that of the USA. Further, Chinese local government debts appear to be expanding at an alarming rate in the past decade or so. This research focuses on grand strategies for dealing with Chinese local government debts. There are five research questions for this paper： 1） What is the size of the Chinese government debts？ 2） Are Chinese local government debts controllable？ 3） Who or what caused the rapid increase of the Chinese local government debts？ 4） Is it possible to have individual accountability for increasing local government debts in the future？ and 5） Will it be helpful to create a local government debt management organization in the Chinese central government？ Based on the available literature, this analysis also utilizes in death interviews with 13 government officials, policy analyst, and scholars. First, this paper identifies the size and categories of debts related to Chinese local governments. Then this paper illustrates various ways and methods of Chinese local governments to obtain leverage. After analyzing the causes and origins of these debts, the research demonstrates a potential local systematic risk. By contrast to its advantages and disadvantages, the paper suggests that the local governmental debts need to be constrained. It is important to restrict debt growth in terms of issuing, buying, repurchasing, collateralizing, etc. within a legal framework. With the consideration of political mechanisms in China, the research suggests that the central government establishes a specific organization to help normalize the local governmental debts with the function of supervision and management. The research also believes that it will be an effective way to control the growth of local debts if the central government can hold the relevant top leaders/officials of local governments to be accountable for their performances related to debt accumulation.展开更多
The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the sto...The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.展开更多
In dealing with the problem of determining whether a debt should be a marital community debt and how such a debt should be collected,judges may have different value orientations regarding the tradeoff between the prot...In dealing with the problem of determining whether a debt should be a marital community debt and how such a debt should be collected,judges may have different value orientations regarding the tradeoff between the protection of marriage and family and the protection of the creditors,which needs to be studied based on empirical evidence.After the Judicial Interpretationss[2018]No.2(Fa Shi[2018]No.2)was enacted,we analyzed 863 judgments and motions of the Supreme People's Court of the People's Republic of China(PRC)and the high people's courts,and found that under the framework of existing normative regime,judges can still reach different valuejudgmentssbasedondifferent interpretative techniques.Judges differed in interpreting the terms of“common intent,”“family daily needs,”“common livelihood,”and1“joint production and operation,”and they applied various debt collection rules.These facts indicate that sometimes judges have a complex value balancing process in marginal cases,and they have made different value judgmenttthroughh extending or confining debt determination rules or debt collection rules.In some other cases,the different application of rules indicate that judges have interpreted those rules in a wrong way.By studying the judges'existing value orientations and how judges made their decisions,we can evaluate whether existing rules for determining and collecting marital community debts have balanced conflicting values properly,and such facts can also build further consensus for the development of rules.展开更多
An analysis of the context of the U.S. debt ceiling debate helps put the crisis into perspective The months-long debt ceiling debate in the United States has affected the global financial market,and its impact may fur...An analysis of the context of the U.S. debt ceiling debate helps put the crisis into perspective The months-long debt ceiling debate in the United States has affected the global financial market,and its impact may further spread to the real economy and even展开更多
Local governments’ reliance on borrowed money to spur economic development ignites worries Recently proposed Ministry of Finance measures to supervise the financing platforms of local governments and to regulate and ...Local governments’ reliance on borrowed money to spur economic development ignites worries Recently proposed Ministry of Finance measures to supervise the financing platforms of local governments and to regulate and avert risks in managing local debts have met with展开更多
Traditionally,the Common Law System exercises a legal separation of marital property regime between husband and wife;this regime still has interpretation theory value for functional comparison to that of China.The hus...Traditionally,the Common Law System exercises a legal separation of marital property regime between husband and wife;this regime still has interpretation theory value for functional comparison to that of China.The husband-wife personality integration in the early days of the Common Law System goes back to the original agency of necessity similar to that of the daily family agency of the Civil Law System;the aim was to strengthen marital coherence rather than protect creditors.The“daily family needs”should beidentifiedwithoutexcluding the husband-and-wife separation period,and be based on the consumption level during the time that a couple have lived together.The current mainstream mode of the Common Law System starts from the“Consensual Approach”under the legal regime of separation of property between husband and wife,and limits the“Purpose Theory”to cases of insufficient consensual evidence.Moreover,thismainstream mode is supplemented by the“Presumption Theory”that only exists as a method of proof,and is similar to the current Chinese position of co-debt and co-signing.When a nondebtor consents a debtor to borrow money in the name of husband and wife,this consent can be used as a yardstick to determine their marital community debt and to identify the nature of various debts in the context of marital community debt.展开更多
Urban innovation is essential to strengthening national innovation capacity and technological capabilities,placing its sustained development at the heart of scholarly debate.This study explores the impact of productiv...Urban innovation is essential to strengthening national innovation capacity and technological capabilities,placing its sustained development at the heart of scholarly debate.This study explores the impact of productive-oriented local government debt expansion on urban innovation,leveraging China’s“Four Trillion Yuan”stimulus plan in 2008 as a natural experiment and drawing on urban panel data.Through the lens of productive government debt,we find that such expansion significantly boosts urban innovation,driven by three key mechanisms:infrastructure support,government innovation subsidies,and talent agglomeration.However,heterogeneity analysis reveals that this positive effect weakens in China’s central and western regions,cities with higher administrative status,and those with lower marketization levels,where the impact becomes negligible.Further scrutiny shows that local government financing vehicle(LGFV)bonds and special local government bonds earmarked for infrastructure effectively spur urban innovation,whereas general bonds and LGFV bonds used for“borrowing new to repay old”yield little to no benefit.These findings underscore that local government debt,when channeled toward productive ends,can fuel urban innovation.As the central government works to mitigate implicit debt risks,it must weigh the distinct roles of debt funds-considering regional economic conditions and institutional contexts-and tailor policies to time and place.This study offers theoretical insights and practical guidance for decoding the intricate link between government debt and innovation,enriching both scholarship and policy discourse.展开更多
This study explores the relationship between corporate environmental,social,and governance(ESG)disagreements and corporate debt maturity.By examining panel samples from Chinese non-financial listed companies covering ...This study explores the relationship between corporate environmental,social,and governance(ESG)disagreements and corporate debt maturity.By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020,we find that ESG disagreements negatively influence corporate debt maturity.Even after conducting a series of robustness tests and addressing endogeneity concerns,the adverse effects of ESG disagreements persisted.A heterogeneity analysis shows that this negative impact is more significant for non-state-owned enterprises,small enterprises,enterprises with high capital intensity,enterprises with low analyst attention,and enterprises in high-tech industries.Through a mechanism analysis,we discovered that ESG disagreements can lead to information asymmetry and heightened default risk,subsequently affecting the maturity of corporate debt.Further analysis confirms that the negative impact of ESG on the debt structure inhibits long-term investment and exacerbates the mismatch between investment and financing terms.展开更多
Social media, especially among the youth, is growing exponentially in our world today as more people gain access to the internet. However, the sharp increase in social media usage has led to concerns about mental heal...Social media, especially among the youth, is growing exponentially in our world today as more people gain access to the internet. However, the sharp increase in social media usage has led to concerns about mental health and overall well-being. While social media can be valuable for staying connected with friends and being informed about the world, it can also bring about a multitude of problems, especially among the youth. This paper aims to examine available research on the relationship between social media and issues such as depression, anxiety, and cyberbullying among adolescents. Furthermore, it will explore how childhood maltreatment can affect how an individual interacts with social media. This paper not only explains how social media could have a negative effect on adolescents, with many of the aforementioned problems being linked to social media usage, but also how social media could also bring about some benefits. However, further research is needed to better understand the complexity of youth’s relationship with social media.展开更多
Given the existence of real estate market bubbles and risks arising from high government debt,countries are faced with the challenge of preventing systemic risks.This study investigates the macroeconomic dynamics of t...Given the existence of real estate market bubbles and risks arising from high government debt,countries are faced with the challenge of preventing systemic risks.This study investigates the macroeconomic dynamics of the real estate market and local government debt risk from the perspective of liquidity constraints.We build a dynamic stochastic general equilibrium model with real estate and local government debt risk based on the New Keynesian-Dynamic Stochastic General Equilibrium Model(NK-DSGE)model to investigate the transmission path of local government debt risk under real estate regulation.In addition,we analyze the risk transmission between the real estate market and local government under different tax systems and investigate the shock to household welfare from a local government debt default.The results show monetary policy can effectively control the scale of local government debt to reduce default risk.An increase in property taxes that restrains housing demand can effectively regulate the real estate market.Although reducing taxes can increase macroeconomic output,reducing tax rates on consumption,capital,and labor weakens the liquidity of household assets.Further,lowering taxes increases local government default risk,which reduces household welfare and makes it more difficult for local governments to deleverage.Our findings provide important insights for countries seeking an effective real estate regulation mechanism to curb local government default risk.展开更多
Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the deb...Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.展开更多
Using household-level data from the Panel Study of Income Dynamics, we estimate the extent to which medical expenses are responsible for driving households to bankruptcy. Our results suggest that an increase of 10 per...Using household-level data from the Panel Study of Income Dynamics, we estimate the extent to which medical expenses are responsible for driving households to bankruptcy. Our results suggest that an increase of 10 percent in medical debts would cause a 27 percent increase in the filing propensity of households with primarily medical debt, and an approximately 36 percent increase in filing propensity of households where medical debts co-exist with primarily credit card debts. Studying the post-bankruptcy scenario, we find that filers are 19 percent less likely to own a home even several years after the filing, compared to non-filers. However, the consequences are less adverse for medical filers i.e. those who filed due to high medical bills compared to other filers.展开更多
The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the ...The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.展开更多
The 1989 and following years were the periods in which many important economic and political tumovers took place in the world. That was the time when Berlin Wall fell down with scattering the Eastern block and many po...The 1989 and following years were the periods in which many important economic and political tumovers took place in the world. That was the time when Berlin Wall fell down with scattering the Eastern block and many politically independent states came into being, at the same time, ongoing about 70 years socialist system also started to change into liberal system. The constituted 27 states in 1991 were tended to liberal economic system instead of socialist economy, and these states were called as transition economies. In this study, the relationship between indebtedness and growth rate of transition countries were analyzed by panel autoregressive distributed lag model （ARDL）. Before panel ARDL application, stationary properties of the variables have been checked with first and second generation unit root test. For the second generation unit root tests, CADF tests have been used. Also cross section dependency has been examined by LM tests.展开更多
Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negati...Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negative implications do not outweigh its advantages.A lot of research has been conducted to show that TD has evolved into a common problem with considerable financial burden.Test technical debt is the technical debt aspect of testing(or test debt).Test debt is a relatively new concept that has piqued the curiosity of the software industry in recent years.In this article,we assume that the organization selects the testing artifacts at the start of every sprint.Implementing the latest features in consideration of expected business value and repaying technical debt are among candidate tasks in terms of the testing process(test cases increments).To gain the maximum benefit for the organization in terms of software testing optimization,there is a need to select the artifacts(i.e.,test cases)with maximum feature coverage within the available resources.The management of testing optimization for large projects is complicated and can also be treated as a multi-objective problem that entails a trade-off between the agile software’s short-term and long-term value.In this article,we implement a multi-objective indicatorbased evolutionary algorithm(IBEA)for fixing such optimization issues.The capability of the algorithm is evidenced by adding it to a real case study of a university registration process.展开更多
Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio...Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.展开更多
Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of man...Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.展开更多
Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries usi...Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries using the difference-in-differencesin-differences(DDD)method.Our study finds that the BRI has significantly increased transportation investments by Chinese companies in the BRI countries without causing significant rise in problem transactions.The"debt trap"narrative that the BRI aims to take control over host countries’sovereign rights in exchange for debt write-offs is not supported by evidence.Discussions on sub-samples reveal that the BRI has mainly propelled SOEs in making transportation investments to generate development effects in host countries,most of which are Asian countries,and that the preferred mode of investment is cross-border M&As.展开更多
文摘We measure the quality of provisions for bad debts, based on both the cross-sectional and time-series basis. Empirical tests show the impacts on earnings information contents, as well as on the incremental information content of cash flows.
文摘'The global financial tsunami of 2008 has affected all major export markets. The situation is much more severe than in previous crises.World trade is seriously affected as the credit crisis has led to an interruption in the normal
文摘Local governmental debts in China seem to be in a more precarious position than local government debts in the USA. The scale of Chinese local government debts far surpasses that of the USA. Further, Chinese local government debts appear to be expanding at an alarming rate in the past decade or so. This research focuses on grand strategies for dealing with Chinese local government debts. There are five research questions for this paper： 1） What is the size of the Chinese government debts？ 2） Are Chinese local government debts controllable？ 3） Who or what caused the rapid increase of the Chinese local government debts？ 4） Is it possible to have individual accountability for increasing local government debts in the future？ and 5） Will it be helpful to create a local government debt management organization in the Chinese central government？ Based on the available literature, this analysis also utilizes in death interviews with 13 government officials, policy analyst, and scholars. First, this paper identifies the size and categories of debts related to Chinese local governments. Then this paper illustrates various ways and methods of Chinese local governments to obtain leverage. After analyzing the causes and origins of these debts, the research demonstrates a potential local systematic risk. By contrast to its advantages and disadvantages, the paper suggests that the local governmental debts need to be constrained. It is important to restrict debt growth in terms of issuing, buying, repurchasing, collateralizing, etc. within a legal framework. With the consideration of political mechanisms in China, the research suggests that the central government establishes a specific organization to help normalize the local governmental debts with the function of supervision and management. The research also believes that it will be an effective way to control the growth of local debts if the central government can hold the relevant top leaders/officials of local governments to be accountable for their performances related to debt accumulation.
文摘The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.
文摘In dealing with the problem of determining whether a debt should be a marital community debt and how such a debt should be collected,judges may have different value orientations regarding the tradeoff between the protection of marriage and family and the protection of the creditors,which needs to be studied based on empirical evidence.After the Judicial Interpretationss[2018]No.2(Fa Shi[2018]No.2)was enacted,we analyzed 863 judgments and motions of the Supreme People's Court of the People's Republic of China(PRC)and the high people's courts,and found that under the framework of existing normative regime,judges can still reach different valuejudgmentssbasedondifferent interpretative techniques.Judges differed in interpreting the terms of“common intent,”“family daily needs,”“common livelihood,”and1“joint production and operation,”and they applied various debt collection rules.These facts indicate that sometimes judges have a complex value balancing process in marginal cases,and they have made different value judgmenttthroughh extending or confining debt determination rules or debt collection rules.In some other cases,the different application of rules indicate that judges have interpreted those rules in a wrong way.By studying the judges'existing value orientations and how judges made their decisions,we can evaluate whether existing rules for determining and collecting marital community debts have balanced conflicting values properly,and such facts can also build further consensus for the development of rules.
文摘An analysis of the context of the U.S. debt ceiling debate helps put the crisis into perspective The months-long debt ceiling debate in the United States has affected the global financial market,and its impact may further spread to the real economy and even
文摘Local governments’ reliance on borrowed money to spur economic development ignites worries Recently proposed Ministry of Finance measures to supervise the financing platforms of local governments and to regulate and avert risks in managing local debts have met with
文摘Traditionally,the Common Law System exercises a legal separation of marital property regime between husband and wife;this regime still has interpretation theory value for functional comparison to that of China.The husband-wife personality integration in the early days of the Common Law System goes back to the original agency of necessity similar to that of the daily family agency of the Civil Law System;the aim was to strengthen marital coherence rather than protect creditors.The“daily family needs”should beidentifiedwithoutexcluding the husband-and-wife separation period,and be based on the consumption level during the time that a couple have lived together.The current mainstream mode of the Common Law System starts from the“Consensual Approach”under the legal regime of separation of property between husband and wife,and limits the“Purpose Theory”to cases of insufficient consensual evidence.Moreover,thismainstream mode is supplemented by the“Presumption Theory”that only exists as a method of proof,and is similar to the current Chinese position of co-debt and co-signing.When a nondebtor consents a debtor to borrow money in the name of husband and wife,this consent can be used as a yardstick to determine their marital community debt and to identify the nature of various debts in the context of marital community debt.
基金Youth Program of the National Social Science Foundation of China(NSSFC),“Research on the Impact of Land Transfer Marketization on the Transformation and Upgrading of Manufacturing in the New Era”(Grant No.23CJL010)Major Project of Renmin University of China Scientific Research Fund,“Research on the Mechanism of Government Guidance Funds Promoting High-Quality Development”(Grant No.23XNL007)funded by the Advantageous Discipline Project under the Peak Strategy of the CASS(industrial economics).
文摘Urban innovation is essential to strengthening national innovation capacity and technological capabilities,placing its sustained development at the heart of scholarly debate.This study explores the impact of productive-oriented local government debt expansion on urban innovation,leveraging China’s“Four Trillion Yuan”stimulus plan in 2008 as a natural experiment and drawing on urban panel data.Through the lens of productive government debt,we find that such expansion significantly boosts urban innovation,driven by three key mechanisms:infrastructure support,government innovation subsidies,and talent agglomeration.However,heterogeneity analysis reveals that this positive effect weakens in China’s central and western regions,cities with higher administrative status,and those with lower marketization levels,where the impact becomes negligible.Further scrutiny shows that local government financing vehicle(LGFV)bonds and special local government bonds earmarked for infrastructure effectively spur urban innovation,whereas general bonds and LGFV bonds used for“borrowing new to repay old”yield little to no benefit.These findings underscore that local government debt,when channeled toward productive ends,can fuel urban innovation.As the central government works to mitigate implicit debt risks,it must weigh the distinct roles of debt funds-considering regional economic conditions and institutional contexts-and tailor policies to time and place.This study offers theoretical insights and practical guidance for decoding the intricate link between government debt and innovation,enriching both scholarship and policy discourse.
基金STU Scientific Research Initiation Grant[Grant No.STF24004T]Natural Science Foundation of Guangdong Province of China[Grant No.2021B1515020103].
文摘This study explores the relationship between corporate environmental,social,and governance(ESG)disagreements and corporate debt maturity.By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020,we find that ESG disagreements negatively influence corporate debt maturity.Even after conducting a series of robustness tests and addressing endogeneity concerns,the adverse effects of ESG disagreements persisted.A heterogeneity analysis shows that this negative impact is more significant for non-state-owned enterprises,small enterprises,enterprises with high capital intensity,enterprises with low analyst attention,and enterprises in high-tech industries.Through a mechanism analysis,we discovered that ESG disagreements can lead to information asymmetry and heightened default risk,subsequently affecting the maturity of corporate debt.Further analysis confirms that the negative impact of ESG on the debt structure inhibits long-term investment and exacerbates the mismatch between investment and financing terms.
文摘Social media, especially among the youth, is growing exponentially in our world today as more people gain access to the internet. However, the sharp increase in social media usage has led to concerns about mental health and overall well-being. While social media can be valuable for staying connected with friends and being informed about the world, it can also bring about a multitude of problems, especially among the youth. This paper aims to examine available research on the relationship between social media and issues such as depression, anxiety, and cyberbullying among adolescents. Furthermore, it will explore how childhood maltreatment can affect how an individual interacts with social media. This paper not only explains how social media could have a negative effect on adolescents, with many of the aforementioned problems being linked to social media usage, but also how social media could also bring about some benefits. However, further research is needed to better understand the complexity of youth’s relationship with social media.
基金supported by the National Natural Science Foundation of China(Nos.72271135,72141304,71901130)National Social Science Fund of China(22&ZD117)+3 种基金Laboratory of Computation and Analytics of Complex Management Systems(Tianjin University)Special Funds for Taishan Scholars(tsqn202211120)2024 Qingdao Finance Society Key Project2024 Qingdao Social Science Planning Project.
文摘Given the existence of real estate market bubbles and risks arising from high government debt,countries are faced with the challenge of preventing systemic risks.This study investigates the macroeconomic dynamics of the real estate market and local government debt risk from the perspective of liquidity constraints.We build a dynamic stochastic general equilibrium model with real estate and local government debt risk based on the New Keynesian-Dynamic Stochastic General Equilibrium Model(NK-DSGE)model to investigate the transmission path of local government debt risk under real estate regulation.In addition,we analyze the risk transmission between the real estate market and local government under different tax systems and investigate the shock to household welfare from a local government debt default.The results show monetary policy can effectively control the scale of local government debt to reduce default risk.An increase in property taxes that restrains housing demand can effectively regulate the real estate market.Although reducing taxes can increase macroeconomic output,reducing tax rates on consumption,capital,and labor weakens the liquidity of household assets.Further,lowering taxes increases local government default risk,which reduces household welfare and makes it more difficult for local governments to deleverage.Our findings provide important insights for countries seeking an effective real estate regulation mechanism to curb local government default risk.
文摘Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.
文摘Using household-level data from the Panel Study of Income Dynamics, we estimate the extent to which medical expenses are responsible for driving households to bankruptcy. Our results suggest that an increase of 10 percent in medical debts would cause a 27 percent increase in the filing propensity of households with primarily medical debt, and an approximately 36 percent increase in filing propensity of households where medical debts co-exist with primarily credit card debts. Studying the post-bankruptcy scenario, we find that filers are 19 percent less likely to own a home even several years after the filing, compared to non-filers. However, the consequences are less adverse for medical filers i.e. those who filed due to high medical bills compared to other filers.
文摘The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.
文摘The 1989 and following years were the periods in which many important economic and political tumovers took place in the world. That was the time when Berlin Wall fell down with scattering the Eastern block and many politically independent states came into being, at the same time, ongoing about 70 years socialist system also started to change into liberal system. The constituted 27 states in 1991 were tended to liberal economic system instead of socialist economy, and these states were called as transition economies. In this study, the relationship between indebtedness and growth rate of transition countries were analyzed by panel autoregressive distributed lag model （ARDL）. Before panel ARDL application, stationary properties of the variables have been checked with first and second generation unit root test. For the second generation unit root tests, CADF tests have been used. Also cross section dependency has been examined by LM tests.
基金The authors would like to thank the Deanship of Scientific Research at Umm Al-Qura University for supporting this work by Grant Code:(22UQUyouracademicnumberDSRxx).
文摘Technical debt(TD)happens when project teams carry out technical decisions in favor of a short-term goal(s)in their projects,whether deliberately or unknowingly.TD must be properly managed to guarantee that its negative implications do not outweigh its advantages.A lot of research has been conducted to show that TD has evolved into a common problem with considerable financial burden.Test technical debt is the technical debt aspect of testing(or test debt).Test debt is a relatively new concept that has piqued the curiosity of the software industry in recent years.In this article,we assume that the organization selects the testing artifacts at the start of every sprint.Implementing the latest features in consideration of expected business value and repaying technical debt are among candidate tasks in terms of the testing process(test cases increments).To gain the maximum benefit for the organization in terms of software testing optimization,there is a need to select the artifacts(i.e.,test cases)with maximum feature coverage within the available resources.The management of testing optimization for large projects is complicated and can also be treated as a multi-objective problem that entails a trade-off between the agile software’s short-term and long-term value.In this article,we implement a multi-objective indicatorbased evolutionary algorithm(IBEA)for fixing such optimization issues.The capability of the algorithm is evidenced by adding it to a real case study of a university registration process.
文摘Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.
文摘Based on the behavioral finance theory and the upper echelons theory, this paper employs the data of China's A-share listed companies from 2008 to 2013 as research samples, and empirically tests the effects of managers with different characteristics on debt financing and firm value for enterprises of different ownership nature. Results of this study indicate that the debt financing of the listed companies in China can reduce the agency cost with a positive governance effect that promotes firm value. Male, better educated, short-tenured, and financially experienced managers are more likely to be overconfident and prefer debt financing. Specifically, the manager's age, level of education, and work experience can significantly promote the effect of debt financing on firm value. Compared with SOEs, private enterprises can improve their firm value more significantly through debt financing;the education and work experience of the managers of private enterprises are more positively correlated with debt financing and can more significantly improve firm value through debt financing. This paper's findings suggest that the manager's characteristics and firm ownership nature must be taken into account to reach valid conclusions on the governance effects of debt financing on firm value. Meanwhile, these conclusions help unravel the mechanism and economic implications of debt financing, and contribute to the improvement of the capital structure decisions and human resources management practices of China's listed companies. This study not only enriches the literature and empirical evidence on the correlation between managers' characteristics and firm financing, but indicate that managers' characteristics and firm ownership are important considerations for investigating the governance effects of debt financing on firm value and have a vital impact on the formulation and implementation of firm financing decisions.
基金supported by the National Natural Science Foundation of China(NSFC)Youth Program“Study on the Diffusion Mechanism and Policy Effects of Local Environmental Management Policies:an Example of the‘River Chief System’”(Grant No.:71903085)the National Social Science Foundation of China Key Research Program“Study on BRI Trade and Investment Liberalization and Facilitation:Quantitative Evaluation and Implementation Strategies”(Grant No.:18VDL014)”the National Social Science Foundation of China Key Program“Study on China’s Economic Growth Potentials and Drivers”(Grant No.:14ZDA023)。
文摘Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries using the difference-in-differencesin-differences(DDD)method.Our study finds that the BRI has significantly increased transportation investments by Chinese companies in the BRI countries without causing significant rise in problem transactions.The"debt trap"narrative that the BRI aims to take control over host countries’sovereign rights in exchange for debt write-offs is not supported by evidence.Discussions on sub-samples reveal that the BRI has mainly propelled SOEs in making transportation investments to generate development effects in host countries,most of which are Asian countries,and that the preferred mode of investment is cross-border M&As.
