Formal finance and trade credit during China's transition

Using a large panel dataset of Chinese industrial firms, the authors examine the determinants of access to loans from formal financial intermediaries and extension of trade credit. Poorly performing state-owned enterprises were more likely to redistribute credit to firms with less privileged access to loans through trade credit, a pattern consistent with some of the extension of trade credit being involuntary. By contrast, profitable private domestic firms were more likely to extend trade credit than unprofitable ones. Trade credit likely provided a substitute for loans for these private firms'customers that were shut out of formal credit markets. As biases in lending became less severe, the amount of trade credit extended by private firms declined.Investment and Investment Climate,Economic Theory&Research,Banks&Banking Reform,Financial Crisis Management&Restructuring,Financial Intermediation

Foreign direct investment under weak rule of law : theory and evidence from China

This paper develops a self-enforcing contract model to show that better economic fundamentals can help when there is weak rule of law -- but with order -- to attract foreign direct investment, whereas lowering taxes does not necessarily help. Using a cross-region Chinese dataset, the analysis finds evidence consistent with the theoretical analysis. Regional variations in tax rates and the perceived quality of formal contracting institutions are not correlated with regional inflows of foreign direct investment, but leadership characteristics are. Most conventional economic factors have the predicted effects on foreign direct investment. The finding that foreign direct investment is lower in locations where domestic private firms have better access to finance and where the air quality is poor is new to the literature.Debt Markets,Emerging Markets,Investment and Investment Climate,Bankruptcy and Resolution of Financial Distress,Access to Finance

Relative Extensions of Modules and Homology Groups

We introduce the concepts of relative (co)extensions of modules and explore the relationship between the relative (co)extensions of modules and relative (co)homology groups. Some applications are given.Введено поняття відносних (спів)розширень модулів та вивчено взаємозв'язок між відносними (спів)розширеннями модулів та відносними (ко)гомологічними групами

Soliton solution of the osmosis K(2, 2) equation

In this Letter, by using the bifurcation method of dynamical systems, we obtain the analytic expressions of soliton solution of the osmosis K(2, 2) equation.Comment: 8 page

The Implications of Diverse Applications and Scalable Data Sets in Benchmarking Big Data Systems

Now we live in an era of big data, and big data applications are becoming more and more pervasive. How to benchmark data center computer systems running big data applications (in short big data systems) is a hot topic. In this paper, we focus on measuring the performance impacts of diverse applications and scalable volumes of data sets on big data systems. For four typical data analysis applications---an important class of big data applications, we find two major results through experiments: first, the data scale has a significant impact on the performance of big data systems, so we must provide scalable volumes of data sets in big data benchmarks. Second, for the four applications, even all of them use the simple algorithms, the performance trends are different with increasing data scales, and hence we must consider not only variety of data sets but also variety of applications in benchmarking big data systems.Comment: 16 pages, 3 figure