Full-sample Regression Research Articles

Corporate Innovation Mechanisms in The Yangtze River Delta Catalyzed by Digital Finance: Research on The Impact of Financing Constraints and Corporate Digital Transformation

Taking the data of Shanghai and Shenzhen A-share enterprises in 41 cities in the Yangtze River Delta (YRD) region from 2012 to 2022 as research samples, we constructed two-way stationary models, mediation models, and carried out research on the impact of digital finance on enterprise innovation in YRD. The results of full-sample regression show that digital finance has a positive role in promoting enterprise innovation, and all three sub-dimensions of digital finance have a significant role in promoting enterprise innovation. The results analysed through the mediation effect show that digital finance can promote the motivation of enterprise innovation by alleviating the financing constraints and providing more financing channels for enterprises, so that enterprises can have wider access to financing funds. By providing financing support, data analysis tools, cooperation platforms and technological innovation, digital finance effectively promotes the digital transformation of enterprises, which in turn promotes the innovative development of enterprises.

COVID-19 Related Early Google Search Behavior and Health Communication in the United States: Panel Data Analysis on Health Measures.

The COVID-19 outbreak at the end of December 2019 spread rapidly all around the world. The objective of this study is to investigate and understand the relationship between public health measures and the development of the pandemic through Google search behaviors in the United States. Our collected data includes Google search queries related to COVID-19 from 1 January to 4 April 2020. After using unit root tests (ADF test and PP test) to examine the stationary and a Hausman test to choose a random effect model, a panel data analysis is conducted to investigate the key query terms with the newly added cases. In addition, a full sample regression and two sub-sample regressions are proposed to explain: (1) The changes in COVID-19 cases number are partly related to search variables related to treatments and medical resources, such as ventilators, hospitals, and masks, which correlate positively with the number of new cases. In contrast, regarding public health measures, social distancing, lockdown, stay-at-home, and self-isolation measures were negatively associated with the number of new cases in the US. (2) In mild states, which ranked one to twenty by the average daily new cases from least to most in 50 states, the query terms about public health measures (quarantine, lockdown, and self-isolation) have a significant negative correlation with the number of new cases. However, only the query terms about lockdown and self-isolation are also negatively associated with the number of new cases in serious states (states ranking 31 to 50). Furthermore, public health measures taken by the government during the COVID-19 outbreak are closely related to the situation of controlling the pandemic.

Impact of environmental absorption capacity on PM2.5 concentration in China

Air pollution, especially fine particulate matter (PM2.5) pollution, has a great negative impact on human production and normal life. It is a hot issue of global concern, and it is also a huge test for China’s high-quality socioeconomic development. Environmental absorption capacity (EAC) is the guarantee of the structure and function of a healthy atmospheric environmental system. It plays an important role in the automatic accommodation, absorption, and digestion of air pollutants produced by humans in the process of industrialization and civilization. Understanding the absorption capacity of environmental elements on PM2.5, and exploring the impact of EAC on PM2.5 concentration are of great significance to the development of new ideas for air pollution control. This paper constructed an index system to calculate the EAC index from two dimensions (natural resource endowment and impact of human activities), analyzed and discussed the impact of EAC on PM2.5 concentration and its heterogeneity effect through panel regression model, generalized panel quantile regression based on MCMC optimization and scenario analysis, by using the panel data of 30 provinces in China from 2004 to 2017. The results suggested that: (i) The overall level of national EAC was low, and the regional differences were large. EAC was influenced by natural resource endowment and human activities, while natural endowment was the main factor affecting EAC, and human activities were the main factor causing the fluctuation and the regional difference of EAC. (ii) As the result of full sample regression demonstrated, the enhancement of EAC had a significant negative influence on the reduction of PM2.5 concentration. In areas with high PM2.5 concentration, the effect of EAC was more obvious, but the effect did not necessarily increase with the increase of PM2.5 concentration. Also, in extreme cases, the effect did not pass the significance test. (iii) According to the results of heterogeneity effect analysis, the effect of EAC on PM2.5 concentration was significantly negative in sustainable scenario and emergency scenario, while the effect was not significant in Soylent Green scenario. The conclusion provides important implications for the prevention and control of air pollution and the improvement of atmospheric environmental quality.

Queen Bees: How Is Female Managers' Happiness Determined?

This paper aims to study the determinants of subjective happiness among working females with a focus on female managers. Drawn on a large social survey data set (N = 10470) in China, this paper constructs gender development index at sub-national levels to study how institutional settings are related to female managers’ happiness. We find that female managers report higher levels of happiness than non-managerial employees. However, the promoting effect is contingent on individual characteristics and social-economic settings. The full sample regression suggests that female managers behaving in a masculine way generally report a high level of happiness. Meanwhile, female managers who refuse to support gender equality report low happiness levels. Sub-sample analysis reveals that these causalities are conditioned on regional culture. Masculine behavior and gender role orientation significantly predict subjective happiness only in gender-egalitarian regions. This study is one of the first to consider both internal (individual traits) and external (social-economic environment) factors when investigating how female managers’ happiness is impacted. Also, this study challenges the traditional wisdom on the relationship between female managers’ job satisfaction and work-home conflict. This study extends the literature by investigating the impacts of female managers’ masculine behavior on their happiness. This study is useful for promoting female managers’ leadership effectiveness and happiness.

Economic Inequality and COVID-19 Deaths and Cases in the First Wave: A Cross-Country Analysis.

The cross-country relationship of coronavirus disease 2019 (COVID-19) case and death rates with previously measured income inequality and poverty in the pandemic’s first wave is studied, controlling for other underlying factors, in a worldwide sample of countries. If the estimated associations are interpreted as causal, the Gini coefficient for income has a significant positive effect on both cases and deaths per capita in regressions using the full sample and for cases but not for deaths when Organisation for Economic Co-operation and Development (OECD) and non-OECD sub-samples are treated separately. The Gini coefficient for wealth has a significant positive effect on cases, but not on deaths, in both sub-samples and in the full sample. Poverty generally has weak positive effects in the full and non-OECD samples, but a relative poverty measure has a strong positive effect on cases in the OECD sample. Analysis of the gap between COVID-19 first-wave cases and deaths per capita in Canada and the higher rates in the United States indicates that 37 percent of the cases gap and 28 percent of the deaths gap could be attributed to the higher-income Gini in the United States according to the full-sample regressions.

The Influence of Housing Investment on Urban Innovation: An Empirical Analysis Based on City-Level Panel Data in China

The reasonable control of housing investment and the encouragement of innovation are two major tasks for the Chinese government. This article uses city-level urban panel data over 2001-2015 to study the effect of housing investment on urban innovation in China. The full-sample regression result shows that housing investment inhibits urban innovation. Housing investment can curb urban capital flow and reduce the gross profits of enterprises, which can hinder the improvement of urban innovation. As for different regions, the eastern region has been more obviously influenced by housing investment, while it has led to less influence on the middle and western regions in China. The conclusions of this study can help to clarify the internal relationship between housing investment and urban innovation, identify how to promote the current transformation and upgrading of China’s real estate investment, and improve the vitality of the real economy.

The Fear of Being Bullied on the School Bus: Perceptions, Correlations, and Sex Differences

The goals of this study were to determine whether children who took the bus to school on a regular basis felt safest during the commute to school, in school, or on the commute home from school, and to identify the factors that correlate with fear of being bullied on the bus. A sample of 610 students (296 boys, 313 girls; mean age = 11.25 years, SD = 0.51) was surveyed during the fall semester of their first year of middle school (sixth grade). Students indicated that they felt safer in school than they did on the commute to or from school, which nearly always occurred by bus. Sex differences were investigation and found to be small in number and magnitude. These differences were limited to slightly more girls than boys reporting feeling safer in school, slightly more boys than girls reporting feeling safer on the commute home from school, and a modestly stronger association between bullying victimization and fear of being bullied on the school bus in boys than in girls, although the effect was significant in both sexes. There were no significant differences between boys and girls in their overall level of fear of bullying on the bus. A full sample regression analysis revealed significant correlations between the risk factors of bullying victimization and depression, and a child’s fear of being bullied on the bus, suggesting that such fears are related to past victimization and current feelings of sadness, loneliness, and reduced energy.

Momentum? What Momentum?

Risk-adjusted momentum returns are usually estimated by constructing momentum portfolios and then running a full-sample regression of their returns on a set of factors (portfolio-level risk adjustment). This approach implicitly assumes constant factor exposure of the momentum portfolio. However, momentum portfolios are characterized by strong turnover and time-varying factor exposure. We propose to estimate the risk exposure at the stock-level. The risk-adjusted return of the momentum portfolio in month t then is the actual return minus the weighted average of the expected returns of the component stocks (stock-level risk adjustment). Based on evidence from the universe of CRSP stocks, from sub-periods and size-based sub-samples, from volatility-scaled momentum strategies (Barroso and Santa-Clara 2015) and from an international sample covering 22 developed countries we conclude that the momentum effect may be much weaker than previously thought.

Research on full cycle cost Prediction Model of Construction Engineering based on BIM

The capability of full cycle cost prediction of construction cost and reduce the cost of construction project needs to be improved, a design model of full cycle cost prediction model of construction cost based on BIM is proposed. The game model of full cycle cost prediction of construction cost is constructed, and the balanced control of construction cost is carried out by combining the quality constraint and cost constraint. The information management model of construction cost is designed by using BIM, and the adaptive optimization of the whole cycle cost prediction objective function is carried out by using the method of full sample regression analysis, which combines the method of minimum cost and best balance of quality. The full cycle cost prediction of construction cost under BIM is realized. The software design of the construction engineering cost prediction information management system adopts the Linux2.6.32 kernel design scheme and realizes the software development and design of the full cycle cost prediction model under BIM. The simulation results show that the stability of the model is good, the cost of construction process reaches the minimum, and the quality of information management of construction project is improved.

US Interest Rate Policy Spillover and International Capital Flow: Evidence from Korea

This study empirically investigates the spillover effect of the US Fed’s monetary policy on the international capital flow in South Korea. Novel high frequency data from the EPFR Global and the event study strategy allow us to identify the Fed’s policy shock with minimal assumptions. In contrast to the conventional wisdom, our identification strategy finds that contemporary cross-border equity flows increase upon a (more-than-expected) contractionary interest rate policy during the event week. This result is robust to exclusion of influential observations, alternative estimation methods as well as inclusion of an additional explanatory variable which explicitly controls for possible endogeneity. When the business cycle asymmetry is taken into account, our simplistic model explains the variation in the active equity flow up to 72%. International bond investors also respond positively to the Fed policy surprise, in one week prior to the policy event. The effect of the US policy shock does not last longer than a week’s time after the initial impact for both equity and bond flows. Finally, we replicate the negative estimators found in the literature using full sample regressions. This result indirectly show that differences in results are potentially attributed to the difference in identification methodologies, not the data. Our findings suggest that the implicit identification assumptions in conventional empirical capital flow literature need further investigations.

The relative term structure and the Australian-US exchange rate

Purpose The purpose of this paper is to investigate whether the factors that summarise the information in the yield curves of Australia and the USA can predict changes in the Australian–USA exchange rate (i.e. the AUD/USD rate) and Australian dollar excess returns. Design/methodology/approach The paper extracts the three Nelson–Siegel factors (level, slope and curvature) from the relative yield curve of Australia with the USA to predict changes in the bilateral exchange rate and excess returns on the Australian dollar. The full sample regressions allow for a shift in the coefficient on the relative curvature factor which can account for the impact of the Fed’s changed monetary policy to one of quantitative easing. Findings The paper finds that the relative curvature factor strongly predicts changes in the AUD/USD exchange rate and Australian dollar excess returns out to 12 months ahead in the sample that precedes the Fed’s policy of quantitative easing. The relative curvature factor retains its predictive power in the full sample regressions but anticipates smaller exchange rate changes and excess currency returns in in-sample predictions made from August 2007. Practical implications The yield curves of Australia and the USA reliably reflect investor’s expectations about prospective monetary policies in each economy. Originality/value The paper investigates the predictive content of the relative Nelson–Siegel factors for changes in the AUD/USD exchange rate and for Australian dollar excess returns over various forecast horizons for a period that covers the Fed’s policy of quantitative easing.

US Interest Rate Policy Spillover and International Capital Flow: Evidence from Korea

Using the novel high frequency capital flow dataset from the EPFR Global, this study empirically investigates the spillover effects of the US Fed's monetary policy on the international capital flow in South Korea. Around the Fed's monetary policy announcement (event) week, we find that equity investors appear to temporarily increase (decrease) their portfolio holdings in South Korea upon a more-than-expected contractionary (expansionary) interest rate policy, while bond investors do not change their portfolio holdings much. This result is robust to the exclusion of influential observations, alternative estimation methods as well as inclusion of an additional explanatory variable which explicitly controls for possible endogeneity. Additionally, we conduct the full sample regression analysis including event and non-event weeks after controlling for the pull and push factors that are likely to be associated with the international capital flow. Our empirical evidence shows that unexpected US policy shocks have a significant negative impact on certain types of international capital flow. Specifically, the unexpected US contractionary monetary policy appears to be associated with equity fund outflow from the US, passive and institutional investors and bond fund outflow from retail investors.

Exploring Relationships between Passion and Attitudes Toward Performance Enhancing Drugs in Canadian Collegiate Sport Contexts

The purpose of this study was to explore relationships between passion and attitudes toward performance enhancing drugs (PEDs). Participants were 587 male and female varsity and coed intramural athletes from four Southern Ontario universities. Athletes completed the passion scale (Vallerand et al., 2003) and the performance enhancement attitudes scale (Petroczi, 2006). Full sample regression analyze revealed that higher scores on obsessive passion items were associated with more permissive attitudes toward PEDs (B =, 26, p < .001), while higher scores on harmonious passion items were associated with less permissive attitudes toward PEDs (B = -.29, p < .001). Moreover, obsessive passion emerged as a significant positive predictor of attitudes toward PEDs in all study contexts (i.e., coed recreational athletes, male/female varsity athletes). Implications for sport administrators, study limitations, and possible avenues for future research are discussed.

ASYMMETRIC INFORMATION AND RETURNS TO REPUTATION IN ONLINE AUCTIONS*

In this paper, we explore whether seller reputation can help alleviate asymmetric information in Internet online auctions, using Taiwanese data. This study reveals that the influence of seller reputations on prices is statistically significant, indicating little cultural difference in online auction behaviors, especially the attitude towards seller reputation. Although negative scores do not affect auction prices in full sample regressions, the impact of negative scores becomes statistically significant in the separated sample (low‐reputation auctions). Bidders are cautious about sellers who have not built enough reputation.

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Cerebral blood flow patterns underlying the differential impairment in category vs letter fluency in Alzheimer’s disease

Verbal fluency tasks are used to assess language functioning in Alzheimer’s disease (AD), and performance typically declines as the disease progresses. However, several studies have shown that Category Fluency performance (produce words from a category) declines faster than Letter Fluency performance (produce words beginning with a certain letter), which is not the case for other dementias. The purpose of this study was to determine if each of these two types of fluency tasks was associated with different patterns of cerebral blood flow abnormality in AD. A resting, Xenon-inhalation regional cerebral blood flow measurement ( 133Xe rCBF) and neuropsychological evaluation was administered to 25 patients with probable AD and 24 healthy elderly controls. Stepwise regression using rCBF measures as predictor variables was used to predict Category and Letter Fluency performance, in both a combined group of patients and controls, and in the patient group alone. Correlations were also computed between rCBF variables and the difference between normatively corrected scores on each task for each subject, which characterized the extent of the discrepancy between them. In full sample regressions, both Category and Letter Fluency were predicted by education and the decline in left inferior parietal flow, a focal AD-related deficit. Additional variance in Category fluency, however, was predicted by global mean flow, while additional variance in Letter Fluency was predicted by frontal flow. Within the patient sample, in turn, the primary predictor of Category Fluency was mean flow; the primary predictor of Letter Fluency was left-sided frontal flow. Analysis of the fluency difference score revealed that relatively greater impairment of Category Fluency was associated with more typical, AD-related deficits in posterior temporal and parietal perfusion. When the two were equivalently impaired, typical AD-related deficits were accompanied by marked deficits in frontal perfusion. These findings are consistent with the underlying neuropsychology of these tasks, and suggest that Category Fluency’s stronger association to the most typical CBF deficits of AD account for its greater sensitivity to this disease. Letter Fluency deficits, on the other hand, carry significant information about the degree to which perfusion deficits have spread to frontal cortex.

The Earnings of Female and Male Middle Managers: A Canadian Case Study

Earnings functions are estimated for a sample of 428 male and 256 female middle managers in one Canadian firm. For the full sample, human capital, behavioral, and organizational factors all have significant impacts on earnings differences, as does the gender coefficient, which accounts for a 10 percent differential against females. The female-male earnings differences are also decomposed into their coefficients, attributes, and interaction components, revealing that the differences are adequately represented in the full-sample regression by the coefficient on gender. A static model, in which returns are independent of attributes, appears to be an adequate representation of the relevant earnings function.

Financial innovation, depository-institution deregulation, and the demand for money

Our hypothesis is that financial innovation and depository-institution deregulation explain much of the seeming instability in the post-1973 money demand. Following a procedure similar to that employed by Hafer and Hein (1982) and Hafer (1982), we conclude that money demand experiences three periods of gradual intercept drift—two down and one up—rather than several one-time shifts. The gradual intercept drift is consistent with our hypothesis of financial innovation and depository-institution deregulation. Furthermore, after accounting for the gradual drift, the resulting full-sample regression are well-behaved.