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The relationship between patenting and output series and real GDP is examined using both nineteenth century New Zealand patent applications, and applications weighted by fees and compulsory adverti...

The unique “green food” certification scheme in China, which is aimed to ensure environmental and product safety, has attracted increasing attention. In this study, using 398 household‐level survey data from kiwifruit growers in Xixia county of Henan Province, China, alongside a propensity score matching method, we examined the impact of “green food” certification scheme on economic and environmental effects. Our results showed that: (a) the “green food” certification program did not have significant environmental effect of sustainable production practices because kiwifruit growers did not significantly increase farmyard manure, reduce pesticide and chemical material inputs, except for employed labor inputs; (b) the certification did have significantly economic effect because certified growers received higher sale prices and had reasonable and even higher economic benefits. These findings suggest that the “green food” certification program did not significantly reduce the chemical material inputs, but it helped kiwifruit growers receive higher economic benefits. The “green food” certification program has not achieved its two major goals for kiwifruit production in China [EconLit citations: O13, O44, Q01].

We examine the interactions between cryptocurrency price volatility and liquidity during the outbreak of the COVID-19 pandemic. Evidence suggests that these developing digital products have played a new role as a potential safe-haven during periods of substantial financial market panic. Results suggest that cryptocurrency market liquidity increased significantly after the WHO identification of a worldwide pandemic. Significant and substantial interactions between cryptocurrency price and liquidity effects are identified. These results add further support to the argument that substantial flows of investment entered cryptocurrency markets in search of an investment safe-haven during this exceptional black-swan event.

This research investigates and tests for the presence of time-of-the-day effects on the Bitcoin network. Results indicate that NYSE trading sessions lead Bitcoin trading activity, both on the blockchain and centralised exchanges. Effects are found to have strengthened over time, however, simultaneously diminished at the weekend indicating significant exchange interactions, and that Bitcoin has developed somewhat outside its intended design parameters and is influenced by other forces such as those originating from NYSE trading. While proponents consider Bitcoin trading to be ‘24/7’, our findings suggest that both transaction and on-chain network activity are best described to be, at best, ‘12/5’, presenting significant implications for traders, with regards to centralised exchange liquidity and the speed of their transaction inclusion on the blockchain. Finally, the role and influence of both algorithm and volatility traders cannot be eliminated.

This paper re-visits the Efficient Market Hypothesis for 31 of the top market-cap cryptocurrencies using various panel tests. We first examine cross-sectional dependence in panels for these cryptocurrencies to inform the subsequent use of tests for non-stationarity. Next, we utilise panel unit root/stationarity tests that allow for any cross-sectional dependence and takes into account possible structural breaks in the panels to jointly examine the efficiency of cryptocurrencies. The panel evidence suggests no empirical support for the hypothesis, indicating market inefficiency in cryptocurrencies.

Using a logistic model, this paper empirically investigated farmers' perception of climate change and its determinants based on a field survey of 1 350 rural households across five major grain producing provinces in China. The results show: i) There is an apparent difference in perception levels for long-term temperature and precipitation changes. Specifically, 57.4% of farmers perceived the long-term temperature change correctly, but only 29.7% of farmers perceived the long-term precipitation change correctly; ii) The factors influencing the farmers' perceptions are almost completely different between precipitation and temperature, the former are mostly agriculture related, while latter are mostly non-agriculture related, except for farm size; and iii) Farmers are not expected to pay more attention to long-term precipitation changes over the crop growing seasons, because less than 30% of farmers can correctly perceive long-term precipitation change. Therefore, to improve the accuracy of farmers' perceptions of climate change, the government is recommended to: i) enhance education and training programs; ii) speed up land transfer and expand household land farm size; iii) develop farmer cooperative organizations; iv) invest more in agricultural infrastructure, specifically in major grain producing regions; and v) improve the agricultural environment and increase farming income.

The COVID-19 pandemic presented a dynamic black-swan event to which governments implemented support programmes to reduce sectoral probability of default. This research analyses investor response to such assistance, designed to mitigate the effects of the pandemic upon international aviation and tourism. Investor confidence in such support schemes is estimated through short-term abnormal returns. Results indicate significant differential behaviour, with fiscal policy found to be a dominant and largely effective mechanism generating median abnormal returns of 2.17 %. Specific assistance programmes relating to COVID-19 loan facilities, and the provision of pandemic relief packages significantly alleviated short-term investor concerns with median abnormal returns estimated between 2.87 % and 3.89 % respectively. Our empirical results offer investors and policymakers an additional layer of information.

Utilising Chinese-developed data based on long-standing influenza indices, and the more recently-developed coronavirus and face mask indices, we set out to test for the presence of volatility spillovers from Chinese financial markets upon a broad number of traditional financial assets during the outbreak of the COVID-19 pandemic. Such indices are used to specifically measure the performance of Chinese companies who are inherently involved in the R&D and production of materials and products used to mitigate and counteract the effects of influenza and coronavirus, therefore, such indices present a unique barometer of broad population-based sentiment relating to COVID-19 in comparison to traditional Chinese influenza. Within days of the formal announcement of the COVID-19 outbreak, results indicate exceptionally pronounced and persistent impacts of the coronavirus pandemic upon Chinese financial markets, compared to that of the traditional and long-standing influenza index. Further, in a novel finding to date, COVID-19 is found to have had a substantial effect on directional spillovers upon the Bitcoin market. Cryptocurrency-based confidence appears to have been instigated through government-developed education schemes, which are identified as one possible explanation for our results, which are found to remain robust across both data-frequency and methodological variation.

Highlights • This research investigates reputational-based contagion during the COVID-19 pandemic • Companies that are named, or produce products including the term ‘Corona’ are considered • Chinese financial markets are determined to be the epicentre of COVID-19 financial contagion • We identify sharp, dynamic, and new correlation channels • Such effects are found to be outside of pre-existing interrelationships, In the midst of the 2020 global COVID-19 pandemic and subsequent financial market collapse, corporate entities have to navigate a number of truly unforeseen contagion risks. However, one such group included those who shared their corporate identity with aspects of the rapidly evolving coronavirus. Our results indicate the existence of sharp, dynamic and new correlations between companies related to the term ‘corona’, outside of pre-existing interrelationships. We provide a number of observations as to why this situation occurred.

The use of messaging boards to instigate coordinated manipulation of stock prices is not a novel phenomenon. However, the growing breadth and sophistication of social media, the widespread availability of technological cloaking techniques, and the ready accessibility of leveraged derivatives have all acted as a significant contributory factor to the growth of the infamous Reddit-based/wallstreet bets forum. Through the use of a lexicon of terminology designed to identify explicit and implicit manipulation attempts, this research presents a number of novel findings. Results indicate significantly positive, pronounced, and persistent abnormal returns in the aftermath of such manipulative events, where results are robust across a number of placebo testing procedures. Such abnormal returns are found to have increased significantly in line with the growth of forum users and the reach of such comments. Significant effects are further identified across tests based on market liquidity and analyst recommendation. While such continued predatory headwinds are most certainly of interest to market-makers, regulators, and policy-makers alike, incited irrational exuberance generated within millennial meme-stocks and sarcastic gifs are found to have played a significant role in disrupting market functionality. The desired outcome for some of these five million monthly forum users is to create enough momentum to trigger algorithmic responses to move out-of-the-money options into a profitable state. Such results present evidence of another potential threat to corporate stability.

In this introductory paper to the special issue on Scientometric Analysis in Business and Economics, we consider four related issues. First, we outline why we believe it is time to produce a special issue of the Journal of Economic Surveys dedicated to the scientometric analysis and its growing use in the fields of business and economics. Second, we focus on the topic of "evaluative scientometrics," which revolves around the central, basic, original question: how much is a publication worth? The question then is: how do we measure scholarly impact? In answering the question, many pitfalls exist and we identify some of them. Third, we present a brief overview of the seven papers, authored by twelve scientometricians, that constitute the special issue. The manuscripts show the potential of scientometrics in terms of the wide range of fields of application. Finally, we present a set of Guidelines which, if prospective authors in business and economics follow them, we hope will increase readability, impact and the potential for their scientometric-based research to be published.

The circumstances surrounding the outbreak of the COVID-19 pandemic have generated substantial international political strain as governments attempt to mitigate the widespread associated social and economic repercussions. One theory has focused on the potential for Chinese informational asymmetry. Using Chinese financial market data, we attempt to establish the scale and direction of information flows during multiple distinct phases of the development of the pandemic. Two specific results are identified. Firstly, the majority of domestically-traded Chinese stocks present evidence of significant information flows at a far earlier stage than internationally-traded comparatives, suggesting that domestic investors recognised the dangers associated with COVID-19 far in advance of the rest of the world. One potential explanation surrounds the view that the severity of domestically-reported Chinese news was not appropriately recognised by international investors. Secondly, while evidence of safe-haven and flight-to-safety behaviour is evident throughout traditional energy and precious metal markets, cryptocurrencies became informationally-synchronised with Chinese equity markets, indicating their use as an investor safe-haven. This is a particularly concerning outcome for international policy-maker and regulatory authorities due to the fragility of these developing markets., Highlights • Analysing Chinese markets we attempt to establish the scale and direction of information flows during the COVID-19 pandemic • Results suggest that Chinese stocks present significant information flows far earlier than internationally counterparts • The immediacy and severity of early news release appears to have not been appropriately recognised by international investors • Evidence of flight-to-safety behaviour is evident throughout traditional energy and precious metal markets. • Cryptocurrencies appear informationally-synchronised with Chinese equities, indicating their use as an investment safe-haven

In agriculture based economies like Pakistan, farmers often shift from farming to off-farm activities as part of an apparent livelihood transition strategy, despite the fact that most of the workforce depends upon farming. In this paper, we try to uncover insights into how livelihood assets, such as human capital, natural capital, economic capital, and locational characteristics, affect a household&rsquo, s exit decision from on-farm to off-farm activities as a livelihood transition strategy in rural Pakistan. We analyzed data from 335 farming households from the second largest agricultural producing province in the country, Sindh. Our findings show that more than 19% of households have completely shifted from farming to off-farm activities. Furthermore, we identified that the &lsquo, crop input credit&rsquo, is one of the major constraints to farmers converting their previous input-driven small loans into larger loans, where large markups may be imposed if they fail to pay when the harvest is made. The empirical findings from Binary Logistic Regression provide strong evidence for family labor characteristics, particularly for working-age males, working-age females, and working-age children. Surprisingly, the cultivated land size significantly and positively influences farm exit rather than a continuation of farming. Off-farm employment, exogenous shocks, and urbanization also significantly and positively influenced the decision to transition into off-farm work. In contrast, the age of the household head, livestock ownership, and distance to a commercial zone significantly inhibited the decision to exit farming. However, government assistance, including subsidies, strongly encouraged farmers to continue farming. These findings provide new insights into the factors affecting the drivers of both exit and continuation in the farming sector as part of a long-term livelihood transition strategy.

The circumstances surrounding the outbreak of the COVID-19 pandemic have generated substantial international political strain as governments attempt to mitigate the widespread associated social and economic repercussions. One theory has focused on the potential for Chinese informational asymmetry. Using Chinese financial market data, we attempt to establish the scale and direction of information flows during multiple distinct phases of the outbreak. Two specific results are identified. Firstly, the majority of domestically-traded Chinese stocks present evidence of significant information flows at a far earlier stage than internationally-traded comparatives, suggesting that domestic investors recognised the dangers associated with COVID-19 far in advance of the rest of the world as the severity of the domestically-reported Chinese news was not appropriately recognised by international investors. Secondly, while evidence of safe-haven and flight-to-safety behaviour is evident throughout traditional energy and precious metal markets, cryptocurrencies became informationally-synchronised with Chinese equity markets, indicating their use as an investor safe-haven, a concerning outcome for international policy-maker and regulatory authorities due to the fragility of these developing markets.

Controlling for the polarity and subjectivity of social media data based on the development of the COVID-19 outbreak, we analyse the relationships between the largest cryptocurrencies and such time-varying realisation as to the scale of the economic shock centralised within the rapidly-escalating pandemic. We find evidence of significant growth in both returns and volumes traded, indicating that large cryptocurrencies acted as a store of value during this period of exceptional financial market stress. Further, cryptocurrency returns are found to be significantly influenced by negative sentiment relating to COVID-19. While not only providing diversification benefits for investors, results suggest that these digital assets acted as a safe-haven similar to that of precious metals during historic crises.

The paper presents a novel analysis specifically investigating as to whether stocks associated with leading blockchain patent-developments influence the price volatility of Bitcoin across multiple time frequencies. It is important to further develop our understanding of the inter-dynamics between this relatively youthful financial product and pricing sensitivities associated with corporate technological advancement. Several interesting results are presented. First, Bitcoin is identified as a volatility receiver instead of a transmitter across all of the time frequencies considered during periods of patent development. Secondly, Microsoft, Mastercard, Intel and Visa contribute the largest volatility spillovers to the Bitcoin market due to patent development. Finally, for most of the companies considered, the calculated spillover effects towards Bitcoin markets are found to increase from the short-term to the long-term. These results suggest the existence of an avenue through which large corporations can influence cryptocurrency prices through their announcements of future technological intentions. The inherent risks incorporated with blockchain and cryptocurrency patent-development should be studied in detail, with particular warnings presented to those companies with no evidence of prior exposure and market knowledge.