Author
Yang Gao
Bio: Yang Gao is an academic researcher from Yunnan University of Finance and Economics. The author has contributed to research in topics: Economics & Diversification (marketing strategy). The author has an hindex of 1, co-authored 1 publications receiving 2 citations.
Papers
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TL;DR: In this article, the authors build a macro-dynamic model with investment and price as the core macroeconomic variables and show that the interaction between the stabilization mechanism (price adjustment) and the destabilization mechanism (investment adjustment) generates fluctuations and cycles.
3 citations
TL;DR: Wang et al. as mentioned in this paper analyzed the interconnectedness between investor sentiments and stock price volatility based on the two-layer network models, and the results verify strong two-way spillover effects of investor sentiment and jump volatility among green industries.
1 citations
TL;DR: Wang et al. as mentioned in this paper used the balanced panel data of 340 listed companies in China's manufacturing industries from 2014 to 2019 as samples and conducted an empirical test to evaluate the relationship between technological diversification and firm growth.
Abstract: Technological diversification and slack resources management are important means for enterprises to achieve endogenous growth. Based on the resource-based theory, this paper used the balanced panel data of 340 listed companies in China’s manufacturing industries from 2014 to 2019 as samples and conducted the empirical test. The main findings are as follows: (1) Technological diversification has an N-shaped influence on firm growth, related technological diversification has a positive effect on firm growth, and unrelated technological diversification has an inverted U-shaped influence on firm growth. (2) The absorbed slack has a negative moderating effect on the relationship between technological diversification and firm growth.
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Journal Article•
37 citations
Posted Content•
TL;DR: It is found that distortions in the capital market, per se, do not play a major role and it is shown that, for empirically plausible values of elasticity of substitution between inputs, indeterminacy requires a minimal degree of distortions.
Abstract: We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations. Most of the specific market imperfections considered in the related literature are particular cases of our framework. Comparing them we obtain several equivalence results in terms of local dynamic properties, highlighting the main chanels and classes of distortions responsible for indeterminacy. Our methodolgy consists in introducing general specifications for the elasticities of the crucial functions defining the aggregate equilibrium dynamics of the model. This allows us to study how market distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and bifurcations occur. Applying this methodology to the Woodford (1986) framework we find that distortions in the capital market, per se, do not play a major role. We further show that, for empirically plausible values of elasticity of substitution between inputs, indeterminacy requires a minimal degree of distortions. This degree seems to be high under output market distortions, while with labor market distortions the required degree is empirically plausible.
12 citations
TL;DR: Wang et al. as discussed by the authors developed a real-time monitoring system of China's macroeconomic prosperity by incorporating monthly and quarterly macroeconomic data with highfrequency daily Internet search data from January 1, 2012 to March 31, 2019.