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We study how domestic firms adapt to increased import competition from China. Using a Danish employer-employee matched dataset covering firms over the 1995–2007 period, we find that import competition significantly increases manufacturing firms' expansion of their business activities in the service industry (partial servitization); their probability of offshoring production activities abroad and of exiting the market. Import competition, however, does not induce firms to cease all of their involvement in manufacturing production by completely switching into service sector (complete servitization). These findings are confirmed using various robustness tests as well as an analogous analysis of a Portuguese employer-employee matched dataset.

A novel and highly efficient adsorbent was prepared by loading La/Fe/Al oxides onto rice straw biochar (RSBC), which was tested for the ability to remove fluoride from drinking water. Characterized by SEM, XRD, Zeta potential and FTIR, it was found that the ternary metal oxides were successfully loaded on the surface of biochar in amorphous form, resulting in the formation of hydroxyl active adsorption sites and positive charges, which played a synergistic role in fluoride removal. Through batch adsorption tests, key factors including contact time, initial fluoride concentration, initial pH and co-existing anions effects were investigated. Results showed that the tri-metallic modified biochar (La/Fe/Al-RSBC) had excellent fluoride removal performance with an adsorption capacity of 111.11 mg/g. Solution pH had little impact on the removal of fluoride, the adsorbent retained excellent fluoride removal capacity in a wide pH range of 3.0–11.0. The co-existing anions had almost no effect on the fluoride removal by La/Fe/Al-RSBC. In addition, La/Fe/Al-RSBC could be regenerated and reused. Electrostatic adsorption and ion exchange were responsible for this adsorption behavior. These findings suggested the broad application prospect of a prepared biochar adsorbent based on rare earth and aluminum impregnation for the fluoride removal from drinking water.

A hollow Ni framework (HNF) is designed and prepared to utilize the exterior and interior surface active sites of a Ni-based binder-free and support-free electrode. Furthermore, the more efficient Ni-B active sites are then in situ introduced on the surface of HNF. This micro/nano structure engineering, together with the surface boron modulation, results in a synergistically enhanced catalytic effect for the HER performance.

We study how wage gaps across skills and the skill distribution in an economy respond to trade integration. Using administrative data of Denmark (1995–2011), we find that trade has a negative effect on the wage gap between secondary and primary education and a positive effect on the wage gap between tertiary and secondary education. We also show that trade affects skill distribution and induces skill polarization: trade has a positive effect on both the mean and standard deviation of skills. Wage‐gap changes induced by trade shocks explain about 21%–30% of the effect of trade on skills.

Sovereign defaults are associated with income and trade reductions and terms-of-trade deterioration. This paper develops a two-country model to study the interactions between income, trade, terms of trade, and foreign-debt default risk and default events. Such default risk and events are costly because they adversely affect the demand for a borrower country’s intermediate goods exports and its income. Consequently, trade flows change due to the income loss and consumption home bias. The defaulter’s terms of trade also deteriorate endogenously, which accelerates its income and trade losses. The model produces procyclical imports, exports, terms of trade, and other empirical features of emerging countries’ business cycles and default episodes.

Self-derivation-behaviour of substrates is utilized to fabricate monolithic electrodes for oxygen evolution, in which the selected substrate functions as both the precursor of the active catalyst and a conductive support. In particular, NiFe layered double hydroxide (LDH) can be directly derived from the surface metal of commercial NiFe foam (NFF). Moreover, the as-prepared monolithic electrode exhibits enhanced activity and durability, originating from the resultant defective nanosheet structure and autologous catalyst-support features.

Both aggregate and micro-level data show that the firm-paid quasi-fixed cost of an employee's benefits fluctuates with labor market conditions. It declines when employment growth deteriorates and increases when employment growth improves, a benefit-expenditure-level-to-employment-growth relationship. This paper develops an RBC model to study the impact of this cyclical quasi-fixed labor cost on firms' employment decisions. I find that the cost increases employment volatility and delays employment adjustments when productivity shocks are small. The model reflects the sluggish employment recoveries of the post-1990 period, but not before that. It also generates data-matching volatility for employment and other business cycle variables.

We analyze shifts in the structure of China’s capital outflows over the past decade. The composition of gross outflows has shifted from accumulation of foreign exchange reserves by the central bank to nonofficial outflows. Unlocking the enormous pool of domestic savings could have a significant impact on global financial markets as China continues to open up its capital account and as domestic investors look abroad for returns and diversification. We analyze in detail the allocation patterns of Chinese institutional investors (IIs), which constitute the main channel for foreign portfolio investment outflows. We find that, relative to benchmarks based on market capitalization, Chinese IIs underweight developed countries and high-tech sectors in their international portfolio allocations but overinvest in high-tech stocks in developed countries. To further examine Chinese IIs’ joint decisions on destination country-sector pairs, we construct continuous measures of revealed relative comparative advantage and disadvantage in a sector for a country based on trade patterns. We find that, in their foreign portfolio allocations, Chinese IIs overweight sectors in which China has a comparative disadvantage. Moreover, Chinese IIs concentrate such investments in countries that have higher relative comparative advantage in those sectors. Diversification and information advantages related to foreign imports to China seem to influence patterns of foreign portfolio allocations, while yield-seeking and learning motives do not.

Heavy metals can bring health risks through the enrichment of crops and food chain, but there are few reports on their impact on the nutritional quality of crops. In this paper, the hydroponic-culturedpea seedlings under lead and cadmium stress were used to evaluate the heavy metal effects on growth, safety and nutrients variation. Lead has little effect on the sprout growth, and it mainly concentrates in the roots and seldom can be transferred to the edible parts. It would not bring health and safety hazards to the edible parts of stems and leaves but decrease the mineral nutrientsin peasprout slightly. Cadmium significantlyaffectboth growth and nutrition value of pea sprout, not only the root is abundant, but also the transfer rate of root and stem, which is about 13%. The nutrient content of Ca and Zn in stem and leaf is decreased significantly under cadmium stress.

Employer-provided nonwage benefit expenditures now account for one-third of U.S. firms' labor costs. We show that a broad measure of real labor costs including such benefit expenditures has become countercyclical during 1982-2014, contrary to the conventional view that labor costs are procyclical. Using BLS establishment-job data, we find that even real wages, the main focus of prior literature, have become countercyclical. Benefit expenditures are less rigid than nominal wages, although both components of labor costs have become more rigid. These rigidities, along with the rising relative importance of aggregate demand shocks (including the financial crisis), help explain countercyclical labor costs.

As a platform improves trust between the two sides of its market to facilitate matching and transactions, it faces an increased risk of disintermediation: with sufficient trust, the two sides may circumvent the platform to avoid the platform’s fees. In this paper, we investigate the relationship between increased trust and disintermediation by leveraging a randomized control trial in an online freelance marketplace. We find that enhanced trust increases the likelihood of high-quality freelancers being hired. However, when the trust level is sufficiently high, it also increases disintermediation, which offsets the revenue gains from the increase in hiring high-quality freelancers. We also identify heterogeneity across clients and freelancers in their tendencies to disintermediate. We discuss strategies that platforms can use to mitigate the tension between trust building and disintermediation. This paper was accepted by Chris Forman, information systems.

This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy.

This paper explores how much firm-paid employee benefits and firms' financial conditions have contributed to delayed employment recoveries relative to output since 1990, using a DSGE model. Empirically, I document the underexplored pro-cyclicality of per worker benefit costs. Post-1990 period differs from before in that: (1) there have been larger increases of such quasi-fixed employment costs at recoveries; (2) tight financial conditions have also persisted longer into recent recoveries. The model generates 3-to-7-quarter delays in employment recoveries for the post-1990 period but no delay for before, consistent with data; and it produces more than 76 percent of employment volatility.