The Relationship between Age and Growth Rate of Wages and the Gender Wage Gap in the Financial Sector in China

Using CGSS data, this paper explores the relationship between age and wage growth rates in China’s financial sector by developing a fixed effects model. I find that the wage growth rate declines slowly with age, although the absolute value of wages has been rising. After a brief comparison of the financial sector, the information technology sector, and agriculture, I find that the pattern of their wage growth rates is similar, i.e., the wage growth rate declines slowly with age. Then, through empirical tests, I find that a gender wage gap does exist in the finance industry and that the gender wage gap gradually increases with age. Based on this, I further investigate the relationship between the age of female workers and the wage growth rate, and the possible reasons why the wages of female workers are lower than those of male workers. I find that the wage growth rate of female workers also gradually decreases as their age increases. Moreover, having children has a significant negative effect on the wage growth rate, but the marital status does not

The Market Reaction to Stock Split Announcement and the Underlying Explanations

This paper examines the market reaction to stock splits announcements during the period 2003 to 2013. We find a significantly positive Cumulative Average Abnormal Return (CAAR) on the announcement day as well as the following day. Both liquidity and signaling reasons contribute to this result

Simplified Multiuser Detection for SCMA with Sum-Product Algorithm

Sparse code multiple access (SCMA) is a novel non-orthogonal multiple access technique, which fully exploits the shaping gain of multi-dimensional codewords. However, the lack of simplified multiuser detection algorithm prevents further implementation due to the inherently high computation complexity. In this paper, general SCMA detector algorithms based on Sum-product algorithm are elaborated. Then two improved algorithms are proposed, which simplify the detection structure and curtail exponent operations quantitatively in logarithm domain. Furthermore, to analyze these detection algorithms fairly, we derive theoretical expression of the average mutual information (AMI) of SCMA (SCMA-AMI), and employ a statistical method to calculate SCMA-AMI based specific detection algorithm. Simulation results show that the performance is almost as well as the based message passing algorithm in terms of both BER and AMI while the complexity is significantly decreased, compared to the traditional Max-Log approximation method

Carbothermal Synthesis of Spherical AlN Fillers

Micro-sized spherical AlN particles have presented great commercial potential as thermally conductive fillers for high-performance thermal interface materials, benefiting from their high thermal conductivity and good fluidity in the polymers. In this chapter, recent research progress in the carbothermal synthesis of spherical AlN fillers is highlighted. The influences of various synthetic parameters, including N2 gas pressure, additive content, additive particle size, reaction temperature, reaction time, carbon content, and additive types, on the nitridation rate and the particle size and morphology of final AlN powders are summarized. More importantly, the growth mechanism of micro-sized spherical AlN granules is deeply discussed as well

Economic Policy Uncertainty and Corporate Mergers and Acquisitions

In recent years, the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously. The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises. Then, how does economic policy uncertainty (EPU) affect mergers and acquisitions (M&A) behavior? What’s the mechanism? Based on the above questions, this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A. The study shows that rising EPU will promote corporate M&A behavior, and this effect is more significant in slow-growth companies. The relationship between EPU and M&A is affected by corporate governance, stock price volatility and financing constraints. Specifically, the company’s M&A size is more sensitive to EPU with higher level of corporate governance, higher level of stock price volatility, and lesser financing constraints. Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term, but this effect does not exist in the long-term. Various robustness checks do not change the empirical results of this paper

Information Elicitation from Decentralized Crowd Without Verification

Information Elicitation Without Verification (IEWV) refers to the problem of eliciting high-accuracy solutions from crowd members when the ground truth is unverifiable. A high-accuracy team solution (aggregated from members' solutions) requires members' effort exertion, which should be incentivized properly. Previous research on IEWV mainly focused on scenarios where a central entity (e.g., the crowdsourcing platform) provides incentives to motivate crowd members. Still, the proposed designs do not apply to practical situations where no central entity exists. This paper studies the overlooked decentralized IEWV scenario, where crowd members act as both incentive contributors and task solvers. We model the interactions among members with heterogeneous team solution accuracy valuations as a two-stage game, where each member decides her incentive contribution strategy in Stage 1 and her effort exertion strategy in Stage 2. We analyze members' equilibrium behaviors under three incentive allocation mechanisms: Equal Allocation (EA), Output Agreement (OA), and Shapley Value (SV). We show that at an equilibrium under any allocation mechanism, a low-valuation member exerts no more effort than a high-valuation member. Counter-intuitively, a low-valuation member provides incentives to the collaboration while a high-valuation member does not at an equilibrium under SV. This is because a high-valuation member who values the aggregated team solution more needs fewer incentives to exert effort. In addition, when members' valuations are sufficiently heterogeneous, SV leads to team solution accuracy and social welfare no smaller than EA and OA