Comment on "Critical and slow dynamics in a bulk metallic glass exhibiting strong random magnetic anisotropy" [Appl. Phys. Lett. 92, 011923 (2008)]

In this comment, by using Monte Carlo simulation, we show that the perpendicular shift of hysteresis loops reported in the commented work is nothing special but simply due to the fact that the range of field does not surpass the reversible field beyond which the two branches of the loop merge. If the reversible field is exceeded, the shift is no longer observed. Moreover, we point out that even using a small range of field, the shift will not be observed if the observation time is long enough for the reversible field to drop within the range.Comment: 2 pages, 2 figures, accepted for publication in Applied Physics Letters Volume 94, Issue 15, Issue date 13 April 200

Mangetic phase transition for three-dimensional Heisenberg weak random anisotropy model: Monte Carlo study

Magnetic phase transition (MPT) to magnetic quasi-long-range order (QLRO) phase in a three-dimensional Heisenberg weak (D/J=4) random anisotropy (RA) model is investigated by Monte Carlo simulation. The isotropic and cubic distributions of RA axes are considered for simple-cubic-lattice systems. Finite-size scaling analysis shows that the critical couplings for the former and latter are K_c= 0.70435(2) and K_c=0.70998(4), respectively. While the critical exponent 1/\nu =1.40824(0) is the same for both cases. A second-order MPT to the QLRO phase is therefore evidenced to be possible in favor with the existence of the QLRO predicted by recent functional renormalization group theories.Comment: 9 pages, 3 figures. to be appeared in Journal of Applied Physics Volume 105 Issue 7 on April 1, 200

An ac field probe for the magnetic ordering of magnets with random anisotropy

A Monte Carlo simulation is carried out to investigate the magnetic ordering in magnets with random anisotropy (RA). Our results show peculiar similarities to recent experiments that the real part of ac susceptibility presents two peaks for weak RA and only one for strong RA regardless of glassy critical dynamics manifested for them. We demonstrate that the thermodynamic nature of the low-temperature peak is a ferromagnetic-like dynamic phase transition to quasi-long range order (QLRO) for the former. Our simulation, therefore, is able to be incorporated with the experiments to help clarify the existence of the QLRO theoretically predicted so far.Comment: 10 pages, 4 figures, to appear in Appl. Phys. Lett. volume 95, Issue 22, Isue date: 30 November 200

Inequality and Internal Migration in China: Evidence from Village Panel Data

This paper analyzes the impact of rural-to-urban migration on income inequality and gender wage gap in source regions using a newly constructed panel dataset for around 100 villages over a ten-year period from 1997 to 2006 in China. Since income inequality is time-persisting, we use a system GMM framework to control for the lagged income inequality, in which contemporary emigration is also validly instrumented. We found a Kuznets (inverse U-shaped) pattern between migration and income inequality in the sending communities. Specifically, contemporary emigration increases income inequality, while lagged emigration has strong income inequalityreducing effect in the sending villages. A 50-percent increase in the lagged emigration rate translates into one-sixth to one-seventh standard deviation reduction in inequality. These effects are robust to the different specifications and different measures of inequality. More interestingly, the estimated relationship between emigration and the gender wage gap also has an inverse Ushaped pattern. Emigration tends to increase the gender wage gap initially, and then tends to decrease it in the sending villages.Internal Migration; Inequality; System GMM

Internal Migration and Income Inequality in China: Evidence from Village Panel Data

Existing studies on the impact of migration on income inequality at sending communities suffer from severe methodology defects and data limitations. This paper analyzes the impact of rural-to-urban migration on inequality using a newly constructed panel dataset for around 100 villages over a ten-year period from 1997 to 2006 in China. To our best knowledge, this is the first paper that examines the dynamic aspects of migration and income inequality employing a dynamic panel data analysis. Unlike earlier studies focusing exclusively on remittances, our data include the total labor earnings of migrants in destination areas. Furthermore, we look at the gender dimension of the impact of migration on wage inequality within the sending communities. Since income inequality is time-persisting, we use a system GMM framework to control for the lagged income inequality in estimating the effect of emigration on income inequality in the sending villages. At the same time, contemporary emigration is validly instrumented in the GMM framework because of the unobserved time-varying community shock that correlates with emigration and income inequality, as well as with the potential reverse causality from income inequality to emigration. We found a Kuznets (inverse U-shaped) pattern between migration and income inequality in the sending communities. Specifically, contemporary emigration increases income inequality, while lagged emigration has strong income inequality-reducing effect in the sending villages. A 50-percent increase in the lagged emigration rate translates into one-sixth to one-seventh standard deviation reduction in inequality. Contemporary emigration has slightly smaller effects in raising the income inequality within villages. These effects are robust to the different specifications and different measures of inequality. More interestingly, the estimated relationship between emigration and the gender wage gap also has an inverse U-shaped pattern. Emigration tends to increase the gender wage gap initially, and then tends to decrease it in the sending villages.Internal Migration; Inequality; System GMM.

Brain Drain, Brain Gain, and Economic Growth in China

This paper examines the effects of both permanent and temporary emigration on human capital formation and economic growth of the source regions. To achieve this end, this paper explores the Chinese provincial panel data from 1980 to 2005. First, the fixed effects model is employed to estimate the effect of emigration on school enrollment rates in the source regions. Relative to this aspect, we find that the magnitude (scale) of permanent emigrants (measured by the permanent emigration ratio) is conducive to the improvement of both middle and high schools enrollments. In contrast, the magnitude of temporary emigrants has a significantly positive effect on middle school enrollment but does not have a significant effect on high school enrollment. More interestingly, different educational attainments of temporary emigrants have different effects on school enrollment. Specifically, the share of temporary emigrants with high school education positively affects middle school enrollment, while the share of temporary emigrants with middle school education negatively affects high school enrollment. Second, the instrumental variable method is applied to estimate the effect of emigration on economic growth within the framework of system Generalized Method of Moments (GMM). The estimation results suggest that both permanent and temporary emigrations have a detrimental effect on the economic growth of the source regions. Our empirical tests provide some new evidence to the "brain drain" debate, which has recently received increasing attention.Brain drain, human capital, emigration, economic growth

Brain Drain, Brain Gain and Economic Growth in China

This paper examines the effects of both permanent and temporary emigration on human capital formation and economic growth of the source regions. To achieve this end, this paper explores the Chinese provincial panel data from 1980 to 2005. First, the fixed effects model is employed to estimate the effect of emigration on school enrollment rates in the source regions. Relative to this aspect, we find that the magnitude (scale) of permanent emigrants (measured by the permanent emigration ratio) is conducive to the improvement of both middle and high schools enrollments. In contrast, the magnitude of temporary emigrants has a significantly positive effect on middle school enrollment but does not have a significant effect on high school enrollment. More interestingly, different educational attainments of temporary emigrants have different effects on school enrollment. Specifically, the share of temporary emigrants with high school education positively affects middle school enrollment, while the share of temporary emigrants with middle school education negatively affects high school enrollment. Second, the instrumental variable method is applied to estimate the effect of emigration on economic growth within the framework of system Generalized Method of Moments (GMM). The estimation results suggest that both permanent and temporary emigrations have a detrimental effect on the economic growth of the source regions. Our empirical tests provide some new evidence to the "brain drain" debate, which has recently received increasing attention.Brain drain, human capital, emigration, economic growth

ON DEMAND: CROSS-COUNTRY EVIDENCE FROM COMMERCIAL REAL ESTATE ASSET MARKETS

Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.equity REIT; IPO; interest-rate sensitivity; risk-adjusted return performance