Zombies, Xenophobia, and the Never-Ending Battle with ＂The Other＂

This article mainly tells us about the zombies, Xenophobia, and the Never-Ending Battle with＂The other＂, the solution to problems is too often placed upon the shoulders of scapegoats through the process of ostracization and persecution. It is in this diverting and obscured vein that zombie fiction serves as a zeitgeist for unspoken fears and frustrations fed by gross national reaction to cultural threat.

Fear the Walking Dead?Incidence and Effects of Zombie Firms in Europe

One explanation for the observed lack of economic dynamism in Europe is that so-called zombie firms are spreading and that they crowd out the growth of other,potentially more"lively",companies.Zombie firms are firms that apparently are unable to repay their debt and yet,they continue operating.The report describes estimates for 2010 and 2013 of the incidence of zombie firms across 19 European countries using firm-level data for more than one million companies.Importantly,it uses three alternative definitions of what constitutes a zombie firm to ensure robustness of estimates.The report finds that zombie firms are spreading in Europe,with the estimated incidence for 2013 being higher than for 2010.It also identifies considerable differences across countries.Zombie firm shares as of overall corporate capital are particularly high in Greece and Spain,but low in the Czech Republic and Slovakia.Distinguish among firms in terms of size and age,the report finds that larger and older firms,as compared to relatively smaller and younger firms,are more likely to be zombie firms.The report also finds that the growth of zombie firms in terms of employment crowds out the growth of other,non-zombie firms,especially young ones.Thus,one policy implication is that,greater economic activity is achieved by allowing zombie firms to exit the market.

FinTech Can Prevent the Formation of Zombie Firms:Evidence from China

The interplay between financial technology(FinTech)and real economy firms has garnered considerable attention.This paper explores the relationship and mechanism between FinTech and corporate zombification using the data of Chinese A-share listed firms in China from 2011 to 2021.The research findings reveal that FinTech significantly inhibits firm zombification,and FinTech breadth and depth both play a significant role in restraining firm zombification.Mechanism exploration indicates that,on the one hand,FinTech reduces friction in the financial market,inhibiting firm zombification by improving firm investment efficiency,especially alleviating under-investment.On the other side,FinTech indirectly affects the technological investment,production,and operation of firms,thereby inhibiting firm zombification by increasing their total factor productivity.Heterogeneity analysis suggests that the inhibitory effect of FinTech on corporate zombification is more pronounced for non-stateowned firms and small-sized firms,as well as those in manufacturing industries and highly competitive industries.This paper provides some novel evidence on evaluating the effect of FinTech on firms and also offers new insights for efficient governance of zombie firms.

Zombie Firms and Debt Accumulation: A Theoretical Framework and Chinese Experience

In recent years,as China has grappled with rising debt and broad economic restructure,the prevalence of zombie firms has become a critical problem.This paper provides a theoretical framework illustrating the rationale behind the occurrence of zombie firms from the perspective of banks.We develop differential equations to model a bank s expectation and the ex ante estimate that underlies its decision to refinance an insolvent borrower.An optimistic expectation is essential in zombie lending and is intrinsic to the countercyclical pattern of zombie firms.Our model also predicts that debt can build up to an unsustainable level if recovery ofprofitability is sluggish or the initial debt burden is too high.Examining the Chinese experience of zombie firms over 2007-2017,this paper highlights two findings.First,the share of zombie firms among Shanghai and Shenzhen A-share listed companies demonstrates a countercyclical pattern.Second,the positive correlation between zombie share and debt accumulation across manufacturing sectors sheds light on the link between zombie firms and the rising corporate debt in China.To deal with the zombie"problem,the government should carefully weigh its policies to avoid further distortions because the occurrence of zombie firms may be inevitable and impossible to eliminate.

The mystery of zombie enterprises——‘‘stiff but deathless”

Drawing on social exchange theory,this study uses data on China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2016 to examine why zombie enterprises are‘‘stiff but deathless."We?nd that these enterprises are able to‘‘linger breathlessly"due to government support in the form of increased subsidies and bank loans.The government is more inclined to grant subsidies to zombie companies that assume greater policy burdens,speci?cally those offering more jobs.Furthermore,an enterprise’s property rights do not in?uence the level of‘‘blood transfusions"received,and government assistance fails to bolster operating effciency or value.This phenomenon is further explored in the context of the incentives local government offcials have to maintain employment stability.Our conclusions highlight the necessity and urgency of cleaning up zombie enterprises.

Can Trade Facilitation Prevent the Formation of Zombie Firms?Evidence from the China Railway Express

Using data on firms listed on Chinese A-share markets from 2009 to 2017,this paperapplies the difference-in-difference model to test the effect of trade facilitation onpreventing the formation of zombie firms.We find that the China Railway Express(CRE)significantly prevented the formation of such firms.Mechanism tests show:(i)the CRE has accelerated the speed of sales,which increased the overseas salesrevenue of firms;(ii)the economies of scale and the capital accumulation effectcaused by the CRE can help increase firms'solvency and development ability.Heterogeneity analysis indicates that the effect of the CRE on preventing theformation of zombie firms is mainly reflected in non-state-owned firms,firms inhighly competitive industries,and firms in the eastern region of China.We suggestthat China should continue to promote trade facilitation by expanding the CRE andstrengthening the market's dominant role in preventing the formation of zombie firms.Disadvantaged firms should seize the development opportunities brought by the CRE.

Monetary policy, financial development and the financing of zombie firms: evidence from China

This paper examines the financing channels for zombie firms in China.We find that equity markets and suppliers provide substan-tial financing support for zombie firms,while banks and other financing channels are less important.We also find that the amount of investment does not increase accordingly after zombie firms obtain external financing,which indicates an inefficient use of funds by these zombie firms.Our results are robust to various definitions of zombie firms,and also to a propensity score match-ing method.

Are zombie firms more incentivized to financialize?

This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival.In addition,we document that zombie firms in China experience limited investment opportunities in their core businesses.This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status.We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets.Finally,we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms.This research sheds light on the effects of a triangular relationship among firms,government agencies,and financial institutions on both the operations of individual firms and overall market efficiency.

The Life-cycle Dynamics of Zombie Companies amongst Listed Firms in China

This paper analyses the life-cycle dynamics of zombie companies-broadly defined as businesses that are consistently unable to meet their interest expenses from current profits-amongst listed firms in China over the period 2008-2019.A large share of zombie companies subsequently return to nonzombie status.This proportion is higher for firms undergoing a major restructuring event,low leverage levels,and with smaller operating expense ratios.However,zombie firms that return to nonzombie status continue to have lower levels of profitability compared with their industry peers and have a higher probability of relapsing into zombie status compared with firms that have never been classified as zombie.Concerted efforts to revive zombie companies using major restructuring events appear insufficient in overcoming the longer term scarring effects of zombification on firms'profitability.The results highlight the potential benefits of the ongoing efforts by Chinese regulators to improve the delisting process.

Government Subsidy,Investment and Financing Constraints,and the Formation of Zombie Companies

Zombie companies have serious adverse effects on economic development.The relationship between government subsidies and zombie companies is a focus in China’s supply-side structural reform.In this paper,we classify companies into two categories:investment-constrained companies lacking investment opportunities,and fi nancing-constrained companies with limited sources of capital.Based on data of A-share listed companies from 2007 to 2016,this paper examines the relationship between government subsidies and the zombification of companies subject to different types of constraints.We find that more government subsidies have been allotted to investment-constrained companies than financing-constrained ones;government subsidy is one of the various factors that have contributed to company zombification,but the correlation is only significant for investment-constrained companies;financing subsidy dedicated to expanding corporate financing is more effective in helping investment-constrained companies than government subsidies in general,but neither government subsidies nor financing subsidies are effective in preventing investment-constrained companies from turning into zombies.In the robustness test that controls the endogeneity problem of reverse causality,replaces proxy variables,lags subsidy variables and discusses the zombification of loss-making enterprises,the results are still valid.This paper provides a heterogeneous perspective to study the connection between government subsidies and the formation of zombie companies,and in view of subsidy mismatch,puts forward recommendations regarding the use of government subsidies.

Plants VS Zombies

近日iPad风靡一时，我身边的很多人都装备上了这个时髦的玩意。经常看见他们在机场候机或是闲暇的时候玩的不亦乐乎，忘乎所以。

The Alleged Hard Problem： A Pseudo Problem

One of the most intriguing problems of philosophy is the question whether the human mind and human consciousness can be completely reduced to matter, namely to the brain. A special problem in this context is what has been called the ＂hard problem.＂ The hard problem denies that it is possible to reduce phenomenal experiences to brain states. The hard problem claims that it is impossible for materialists to explain what it is like to feel something. Here, we will prove that the hard problem is a pseudo problem that is based on errors in logic and language. One of the key arguments for the hard problem, the conceivability of zombies, is logically wrong within naturalism, which most philosophers acknowledge. Nevertheless, generally all questions of the type ＂What is it like to feel something？＂ are either trivial or linguistically impermissible. The core of the ＂hard problem＂ is the mix-up between non-reducibility and non-describability.

Religion as Conscious Cognition and Behavior

Cognitive and behavioral research on religion has focused most in the last years on aspects which could be deemed ＂unconscious＂： inner mechanisms, innate patterns, or hidden cognitive structures broadly shared by humans. Very often, the ongoing research programs resort to computational models of mind in which the conscious side of that experience is mainly ignored. It becomes urgent to fill in the perceived gap, suggesting some lines of study that are able to account for the conscious dimensions of religion. An opportunity is offered by the new paths recently opened by extensive experimental research on conscious aspects of human experience and the value that leads authors to attribute to these features. Seizing on this opportunity, the paper reviews the state of the question and the available literature on conscious and unconscious aspects of mind and behavior. Taking it a step further, the paper tries to apply these general principles to the specific study of religious mind and behavior. Furthermore, some lines for future research are proposed as a result of the suggested program.

The Body in Relation to the Other

In this study,I analyze Glissant’s idea of the Caribbean society as an inclusive community that treats its members with equality and mutual respect.The literary analysis includes novels Brown Girl in the Ring(BGR)by Nalo Hopkinson,Les Affres d’un défi(The Throes of a Challenge)(AF)by Frankétienne,and L’Envers du décor(Behind the Scene)(ED)by Ernest Pépin.All three novels demonstrate how the enslaving western governments of the Black populations of the Caribbean,have dispossessed the Black people of their culture and identity and instilled a feeling of shame into them,and minimized them as zombies.Glissant,like the mentioned authors,raises the question of whether our modern governments still operate on the same principles.Ernest Pépin shows how modern tourists and settlers still envision the Caribbean islands as Christopher Columbus did for the Western world’s profit only.Glissant proposes another form of world relations in the Caribbean,neither ontological nor one of political affiliation with France,but a rhizomatic relation with all the former communities of which the Caribbean peoples are composed.