the distribution of income in china preface notes on the contributors introduction k griffin z renwei part 1 the distribution of income household income and its distribution a r khan k griffin c riskin z renwei three features of the distribution of income during the transition to reform z renwei part 2 income and wealth in rural china the determinants of household income in rural china a r khan the distribution of wealth in rural china t mckinley income distribution and poverty in rural china c riskin part 3 employment and human capital workers in china s rural industries j knight s lina why urban wages differ in china j knight s lina the determinants of educational attainment j knight l shi annex the 1988 household sample survey m eichen z ming index

regional variation in earnings inequality in reform era urban china this article studies the regional variation in earnings inequality in contemporary urban china focusing on the relationship between the pace of economic reforms and earning determination through

a market microstructure explanation for predictable variations in stock returns following large price changes prior empirical evidence of predictable variations in stock returns following large price changes is found to be at least in part driven by the sample selection bias arising from the systematic movement of closing transaction prices within the bid ask spread by using the average of the bid ask prices in the sample selection process the price reversal on the day following the events day 1 disappears for a short run period after day 1 however systematic abnormal return patterns are still observed these short run price reversals persist even after controlling for the influence of systematic trading patterns around the events however investigation of contrarian investment profits from these short run price reversals shows that the average abnormal returns are not large enough to cover the transaction price movement between the bid and ask prices

corporate venturing and value creation a review and proposed framework abstract over the past decade companies worldwide have used corporate venturing cv as a means of revitalizing their operations building new capabilities and achieving strategic renewal creating value for shareholders business interest in cv has stimulated academic interest in the topic resulting in a rapidly growing but fragmented body of literature despite the growing international scholarly interest in cv researchers have devoted little effort to integrating prior findings in a cumulative fashion as a result studies do not build upon one another making it difficult to gauge the progress being made in addressing the fundamental research questions related to cv in this paper we examine the literature on cv seeking to synthesize integrate and link its key findings to do so we analyze this literature over the past decade to identify its major themes and research findings setting the stage for greater coherence in future research on cv we give special attention to the challenges and rewards of theory building in future cv research our review clearly shows that cv is an area of scholarly inquiry that has important implications for managerial practice

impact of institutions on social network formation communist party membership and social network investment in china using the 2003 wave of china general social survey 2003cgss we study the influence of the communist party on individual s social networks in urban china and thereby present a case of socio political institutions being an important ingredient in social network formation we adopt a counterfactual framework and estimate the effect of communist party membership on social network investment as an average treatment effect we find the treatment to be significant

redistribution and government tactical behaviour an analysis of local public expenditure in china after the 1994 tax reform during the last few decades significant changes have affected chinese public finance in 1994 a major tax reform was undertaken and central local sharing arrangements were deeply modified the evolutions of regional public expenditure in the years following the reform deserve to be analysed the issue is relevant for two additional reasons first income inequality is becoming a relevant issue and it is therefore important to understand whether the chinese government is pursuing some kind of redistribution policy second an analysis of the local expenditure dynamics might provide some important information concerning the objectives and the behaviour of the chinese government the article considers a set of structural political and socio economic variables to analyse the determinants of local public expenditure in 30 chinese regions over the period 1995 2007 the results reveal that redistribution seems not to be a priority for the chinese government expenditure is higher in richer and more internationally open regions and the only redistribution evidence that emerges is related to urban rural disparities

short term reaction of stock markets in stressful circumstances abstract in this paper we document the short term stock price behaviour following a period of stock market stress we focus on price behaviour using daily market indexes from 39 stock exchanges over the period 1989 1998 our results are not consistent with the overreaction hypothesis we find positive negative abnormal price performance in the short term window up to 10 days following positive negative price shocks our analysis also highlights differences between developed and emerging markets we show that the post shock abnormal performances are significantly larger for emerging markets but that this momentum behaviour is markedly less in the late 1990s we find the size of the after shock tremors to be related to market liquidity with larger post shock price changes in less liquid markets

fishing upstream firm innovation strategy and university research alliances this paper examines how innovation strategy influences firms level of involvement with university based research our results suggest that firms with internal r d strategies more heavily weighted toward exploratory activities allocate a greater share of their r d resources to exploratory university research and develop deeper multifaceted relationships with their university research partners in addition firms with more centralized internal r d organizations spend a greater share of their r d dollars on exploratory research conducted at universities in contrast to other external partners we find evidence suggesting that universities are preferred when the firm perceives potential conflicts over intellectual property 2007 elsevier b v all rights reserved

are researchers deliberately bypassing the technology transfer office an analysis of tto awareness most universities committed to the commercialization of academic research have established technology transfer offices ttos nonetheless many researchers bypass these ttos and take their inventions directly to the marketplace while tto bypassing has typically been portrayed as deliberate and undesirable behavior we argue that it could be unintentional as many researchers may simply be unaware of the tto s existence taking an information processing perspective and using data on 3250 researchers in 24 european universities we examine researcher attributes associated with tto awareness our evidence confirms that only a minority of researchers are aware of the existence of a tto at their university tto awareness is greater among researchers who possess experience as entrepreneurs closed many research and consulting contracts with industry partners conduct research in medicine engineering or life sciences or occupy postdoctoral positions policy implications of these findings are discussed

a theory of market transition from redistribution to markets in state socialism state socialist redistributive economies are characterized by the allocation and distribution of goods through central planning this paper develops a theory of market transition which argues that in reforming socialist economies the transition from redistributive to market coordination shifts sources of power and privilege to favor direct producers relative to redistributors the shit improves incentives for direct producers stimulates the growth of private markets and provides to entrepreneurs an alternative path for socioeconomic mobility a set of hypotheses test the market transition theory with householdand village level data

institutions supporting technical advance in industry elsewhere 1982 economists beliefs that modern capitalism is a fine innovation generating machine have no intellectual grounding in contemporary neoclassical theory the twin theorems take technologies as given the apparent effectiveness of capitalism in this arena must reside in characteristics and mechanisms other than those featured in the microeconomic theory textbooks in our book we attempt to analyze these it also is true that the capitalist engine is a much more complicated one than many economists seem to think i presently am

getting ahead in urban china this article argues that structural segmentation is a universal phenomenon in all complex societies and across political economies each political economy uses specific criteria in delineating segments of its economic and work organizations furthermore it is argued that segmentation identification constitutes a critical destination status for individuals engaged in the status attainment process a representative sample of the working population in tianjin china is analyzed to show that entrance into the core sectors state agencies and enterprises rather that the job per se constitutes the primary goal of status attainment entering into a more desirable work unit sector in china takes on differential significance and process for males and females formales the direct effect of intergenerational factors i e the effect of father s work unit sector is evident for females such an effect is only indirect instead to a great extent their status attainment also upward occupational mobility acr

the emergence of a market society changing mechanisms of stratification in china this article examines the effect of institutional change the shift from redistribution to markets in altering the mechanisms of stratification new institutionalists maintain that interests are emb

social inequalities in reforming state socialism between redistribution and markets in china this article extends market transition theory to an analysis of inequality under the conditions of partial reform in china logit regression analysis indicates cadres officials have no greater odds than other households of being among the privileged or avoiding poverty entrepreneurs andformer team cadres however are advantaged despite the rise of a hybrid elite of entrepreneurs who are currently cadres that capitalizes on redistributive power to gain competitive advantage in the marketplace increases in income inequality are modest when market reform stimulates improved economic performance the poor appear to benefit and experience comparable improvements in household income as a result there is only a slight increase in inequality at least in the early stages of market reform the empirical analysis is based on survey data collected in rural china in 1985

the contrarian investment strategy does not work in canadian markets this paper tests the overreaction hypothesis using monthly data for stocks listed on the toronto stock exchange over the 1950 1988 period unlike de bondt and thaler 1985 1987 it finds statistically significant continuation behavior for the next one and two year s for winners and losers and insignificant reversal behavior for winners and losers over longer formation test periods of up to ten years while the systematic risks of the winners decrease significantly over all test periods the systematic risks of the losers increase significantly for only the 12 month formation test periods unlike chan 1988 the only significant change in variance from the formation to test periods occurs for the losers for the 12 month formation test periods the findings are robust for january versus non january and size based portfolios unlike zarowin 1989 1990 the findings are robust for various performance measures specifically market adjusted car and the jensen 1968 and sharpe 1966 portfolio performance measures

scott a shane winner of the global award for entrepreneurship research scott a shane is the 2009 winner of the global award for entrepreneurship research in this article we discuss and analyze shane s most important contributions to the field of entrepreneurship his contribution is extraordinarily broad in scope which makes it difficult to pinpoint one or a few specifics that we associate with shane s scholarship instead they can be summarized in the following three points first he has influenced what we view as central aspects of entrepreneurship shane has been a leading figure in redirecting the focus on entrepreneurship research itself second he has influenced how we view entrepreneurship shane s research is arguably theory driven and it applies and develops theoretical lenses that greatly improve our understanding of entrepreneurship third he has contributed to how we conduct entrepreneurship research shane has been a forerunner in examining relevant units of analysis that are difficult to sample research designs and databases specifically designed for studying entrepreneurial processes and sophisticated analytical methods this has contributed to advancing the methodological rigor of the field summing them up the contributions are very impressive indeed

membership has its privileges the socioeconomic characteristics of communist party members in urban china this article compares the relative importance of political capital in the form of membership in the chinese communist party and human capital in the form of higher education in urban china survey data from urban china strongly support two key elements of the intellectual new class theory intellectuals will have privileged access into the party and the importance of education relative to political reliability will increase over time the data also show how political capital and human capital are converted into high paying and prestigious jobs there is also evidence of a separate path of career mobility for the most socially prestigious jobs a college degree not a party card is the key economic reforms of the post mao era are creating a gap between political power on one hand and social prestige and economic power on the other this gap can be expected to grow as the reforms continue

on the sources and significance of interindustry differences in technological opportunities abstract the set of technological opportunities in a given industry is one of the fundamental determinants of technical advance in that line of business we examine the concept of technological opportunity and discuss three categories of sources of those opportunities advances in scientific understanding and technique technological advances originating in other industries and in other private and governmental institutions and feedbacks from an industry s own technological advances data from the yale survey on industrial research and development are used to measure the strength of various sources of technological opportunity and to discern interindustry differences in the importance of these sources we find that interindustry differences in the strength and sources of technological opportunities contribute importantly to explanations of cross industry variation in r d intensity and technological advance

risk aversion uncertain information and market efficiency abstract this paper develops and tests the uncertain information hypothesis as a means of explaining the response of rational risk averse investors to the arrival of unanticipated information the theory predicts that following news of a dramatic financial event both the risk and expected return of the affected companies increase systematically and that prices react more strongly to bad news than good an empirical investigation of over 9000 marketwide and firm specific events produces results consistent with these predictions we conclude that the market reacts to uncertain information in an efficient if not instantaneous manner

universities as engines of r d based economic growth they think they can two issues raised by increased participation of universities in equity arrangements designed to commercialize faculty research are addressed a the effects that an increased emphasis on patenting faculty research and on enhancing the commercial value of these patents has on the characteristics of academic research net revenue streams and existing channels through which academic research enters the market and b processes of institutional change and imitation whereby changes in the policies of elite research universities exert competitive and emulative pressures on other institutions increased efforts by universities to foster the commercialization of technological innovations erodes the singular position of institutions of higher learning in the united states based on past performance there is little reason to expect that a substantial reallocation of faculty effort towards commercially oriented r d will generate appreciable net revenues for other than a select number of universities these ventures also serve to shift academic researchers from the social roles in which they are most efficient as suppliers of a collective goodscientific and technological knowledge just as very few men are both capable business managers and ingenious inventors so few are at the same time ingenious inventors and exalted altruists some twenty years ago a university professor devised a method for measuring with accuracy the content of butterfat in milk the device if patented would doubtless have yielded him a very handsome income the inventor gave it freely to the public saying modestly that to do so was but part of his duty as a servant of the people and it has come into use the world over we call his conduct noble but our very recognition of its nobility is an admission of its rarity f w taussig inventors and money makers 1915 58

academic patent quality and quantity before and after the bayh dole act in the united states abstract this paper summarizes the results of empirical analyses of data on the characteristics of the pre and post 1980 patents of three leading us academic patenters the university of california stanford university and columbia university we complement the analysis of these institutions with an analysis of the characteristics of the patents issued to all us universities before and after 1980 our analysis suggests that the effects of the bayh dole act on the content of academic research and patenting at stanford and the university of california were modest the most significant change in the content of research at these universities one associated with increased patenting and licensing at both universities before and after 1980 was the rise of biomedical research and inventive activity but bayh dole had little to do with this growth both uc and stanford university administrators intensified their efforts to market faculty inventions in the wake of bayh dole this enlargement of the pool of marketed inventions appears to have reduced the commercial yield of this population at both universities but we find no decline in the importance or generality of the post 1980 patents of these two universities the analysis of overall us university patenting suggests that the patents issued to institutions that entered into patenting and licensing after the effective date of the bayh dole act are indeed less important and less general than the patents issued before and after 1980 to us universities with longer experience in patenting inexperienced academic patenters appear to have obtained patents that proved to be less significant in terms of the rate and breadth of their subsequent citations than those issuing to more experienced university patenters bayh dole s effects on entry therefore may be as important as any effects of the act on the internal research culture of us universities in explaining any decline in the importance and generality of us academic patents after 1980

property rights and stratification in socialist redistributive economies in socialist economies work organizations differ widely in the compensation they provide employees despite the absence of key product and labor market processes thought to ex plain such inequalities in market economies existing theories of stratification in socialist economies focus on the power and privilege of elites but inequalities among organizations are not created by political particularism or elite power in this paper i sketch elements of an institutional theory of stratification anchored in a conception of property rights the right to derive income from productive assets two aspects of property rights guide the analysis 1 the dispersion of property rights across a hierarchy of governmentjurisdictions and 2 the exercise of these rights by government jurisdictions as they extract revenues primarily through taxation extraction of revenues from a work organization varies with the budgetary resources of a government jurisdiction and the dependence of that jurisdiction on the out puts of the organization variation in revenue extraction in turn creates inequalities among work organizations in their abilities to provide benefits to employees an analysis of survey data on the provision of housing and benefits by work organizations in the large industrial city of tianjin china provides provisional support for these ideas s tudents of communist states have had little reason to dispute lenski s 1966 claim that the distribution of rewards in a society is a func tion of the distribution of power p 63 as ex emplified in szelenyi s wedding of elite theory to institutional economics this idea has been de veloped primarily in terms of the power of class es or occupational groups szelenyi 1978 be gan with the observation that planned economies operate according to redistributive rather than market principles however the process of re

the first shall be last entrepreneurship and communist cadres in the transition from socialism this article reviews the sociological literature on the transition from socialism to capitalism it distinguishes between the erosion and transition phases and between traditional and corporate segments in the emerging private sector panel survey data from hungary show that during the transition ex communist cadres maintain their advantageous position and do especially well in the more dynamic corporate segment they are successful because human capital is important in both capitalism and socialism and because the cadres are able to convert past political power to economic advantage contrary to the findings of studies based only on agriculture the transition increases income inequalities

predictable patterns after large stock price changes on the tokyo stock exchange this paper extends to japanese stocks recent research on short term stock price adjustment to new information using standard methodologies we find that stock returns of firms included in the nikkei 300 tend to be significantly positive after large price decreases this is similar to the pattern observed for american stocks in other research the pattern remains when returns are adjusted for market movements and exists independently of the october 1987 market break we find little evidence of significant patterns following large stock price increases we also find little evidence that non transaction prices explain the persistent significant returns observed following large price decreases on the tokyo stock exchange we conjecture that broker dealers and tse member firms respond to large price decreases not by trading for their own profit but rather by selectively supplying liquidity to their preferred retail customers we conclude that ordinary investors probably cannot earn economic profits from these statistically significant patterns

overoptimism and the performance of entrepreneurial firms recent theoretical and empirical research on cognitive bias in decision making suggests that overoptimism critically influences entrepreneurs decisions to establish and sustain new ventures we investigate whether such cognitive bias influences entrepreneurial venture performance using data on commercialization efforts for university inventions in contrast to prior studies our results suggest that entrepreneurial overoptimism does not appear to be the determining factor in the decision to found a firm we do find that entrepreneurs continue unsuccessful development efforts for longer periods of time than do established firms which is consistent with entrepreneurial overoptimism in the development of technologies with uncertain market prospects this latter finding is also consistent with rationality based models of decision making behavior however we find that the economic returns associated with many of the technologies in our sample are realized after the start up has been acquired by an established firm suggesting that start ups may serve as a transitional organizational form in the market for technology commercialization

the reversal of large stock price decreases extremely large negative 10 day rates of return are followed on average by largerthan expected positive rates of return over following days this price adjustment lasts approximately 2 days and is observed in a sample of firms that is largely devoid of methodological problems that might explain the reversal phenomenon while perhaps not representing abnormal profit opportunities these reversals present a puzzle as to the length of the price adjustment period such a slow recovery is inconsistent with the notion that market prices quickly reflect relevant information recent research on stock returns has uncovered a substantial number of empirical findings that are broadly inconsistent with popular asset pricing models for example keim and stambaugh 1985 cross 1973 french 1980 gibbons and hess 1981 and rogalski 1984 find evidence of day ofthe week and weekend effects on stock returns while banz 1981 and reinganum 1983 find evidence of a size effect this paper presents evidence of another empirical puzzle consider the behavior of a firm s rate of return on days after it has experienced a large negative one day rate of return less than say 10 observed daily stock returns after such an extreme event are significantly larger than average on following days for a 10 fall the return above average is 1 773 for the day after and rises cumulatively to 2 215 by the second day this multiple day price adjustment is observed in a sample of firms that is largely devoid of methodological problems that might explain the reversal phenomenon the major interest of this phenomenon is the long recovery period of the stock price reversal such a slow recovery is inconsistent with the notion that market prices fully and quickly reflect relevant information

a comparative study of new venture top management team composition dynamics and performance between university based and independent start ups the current study tests for differences in top management team tmt composition education functional expertise industry experience and skill dynamics shared strategic cognition potency cohesion and conflict and performance net cash flow and revenue growth between a sample of 102 high technology university based start ups and an otherwise equivalently matched sample of 154 independent high technology new ventures the results find university based start ups to be comprised of more homogenous tmts with less developed dynamics than their independent counterparts further university based start ups are found to be significantly lower performing in terms of net cash flow and revenue growth than independent new ventures 2005 published by elsevier b v

evolutionary analysis of innovation and entrepreneurship sidney g winter recipient of the 2015 global award for entrepreneurship research this article reviews the intellectual contributions of professor sidney g winter who is the recipient of the 2015 global award for entrepreneurship research professor winter has contributed through his theoretical as well as empirical understanding of schumpeterian processes of dynamic competition the generation of differential technological opportunities through appropriability conditions and the mechanisms driving dynamic capabilities in firms his work especially the joint work on evolutionary economics with richard r nelson has led to a revival of interest in theories based upon schumpeterian economics within the study of both entrepreneurship and innovation his work on dynamic capabilities has been highly influential in management professor sidney g winter is deloitte and touche professor emeritus of management the wharton school university of pennsylvania

evidence on stock market overreaction 1986 evidence on stock market overreaction financial analysts journal vol 42 no 4 pp 74 77

returns to education in china we were fortunate in having access to a survey of 800 adults in nanjing that was conducted by the international wool secretariate in 1986 the survey was intended for market research e g brand recognition but questions were asked about the respondent s age occupation income and education level these questions though not ideally worded were sufficient for the undertaking of a returns to education study we believe the data to be unique and of course the issue of interest is whether a member of the workforce in china faces investment decisions on education similar to those faced elsewhere the influence of sex and marital status on the level of income achieved by an individual was also examined the basic equation modeled personal income as a nonlinear function of schooling and experience but multicollinearity problems were encountered as a result a production function approach was successfully adapted to the returns toeducation model the collinearity problem was overcome and this approach allowed the ease of substitution of education for experience in income generation to be examined more formally an additional problem of errors in variables arose from a failing in questionnaire design and was handled statistically

encouraging university entrepreneurship the effect of the bayh dole act on university patenting in the united states abstract universities are seen as a source of technology development that is useful to entrepreneurial activity as a result policy makers often consider mechanisms to stimulate technology commercialization at research universities as a way to encourage entrepreneurial activity in a region however the transfer of technology from universities to the private sector requires the exploitation of markets for knowledge which are fraught with difficulty arrow k 1962 economic welfare and the allocation of resources for inventions in nelson r ed the rate and direction of inventive activity princeton nj princeton univ press this article examines the effect of one u s public policy initiative the bayh dole act in the united states on one aspect of technology commercialization university patenting specifically the article explores the university share of patents from 1969 through 1996 across 117 lines of business and shows that the effectiveness of licensing in a line of business is significantly correlated with university share of patents in the post bayh dole period but not in the pre bayh dole period these results suggest that the bayh dole act provided incentives for universities to increase patenting in those fields in which licensing is an effective mechanism for acquiring new technical knowledge the paper discusses the implications of this shift in patenting for research and public policy

overreaction in the brazilian stock market abstract the overreaction hypothesis on a new set of data for the brazilian stock market over the period 1970 1989 is investigated both market adjusted returns and the standard sharpe lintner capm adjusted returns are used price reversals in 2 year returns are detected and the results contrast with the u s evidence in that the magnitude of the effect is more pronounced than in the u s the results also suggest that differences in risk as measured by capm betas using the method suggested by chan chan k c 1988 on the contrarian investment strategy journal of business 61 147 163 cannot account for the overreaction effect i also examine the issue of asymmetry versus symmetry in the overreaction effect using the criterion proposed by dissanaike dissanaike g 1992 are stock price reversals really symmetric university of cambridge department of applied economics discussion paper af series no 4 i find evidence that the price reversals are asymmetric

price reversals bid ask spreads and market efficiency we examine the behavior of common stock prices after a large change in price occurs during a single trading day and find evidence that the stock market appears to have overreacted especially in the case of price declines however the magnitude of the overreaction is small compared to the bid ask spreads observed for the individual stocks in the sample we interpret this finding as being consistent with a market that is efficient after transactions costs are considered

entrepreneurial orientation technology transfer and spinoff performance of u s universities this paper adopts a resource based perspective to understand why some universities are more successful than others at generating technology based spinoff companies in this respect we derive eight hypotheses that link attributes of resources and capabilities institutional financial commercial and human capital to university spinoff outcomes using panel data from 1980 to 2001 our econometric estimators reveal evidence of history dependence for successful technology transfer to occur although faculty quality size and orientation of science and engineering funding and commercial capability were also found to be predictors of university spinoff activity we conclude by drawing implications for policy makers and university heads