A simple approach to standardized-residuals-based higher-moment tests

We propose a new approach to the higher-moment tests for evaluating the standardized error distribution hypothesis of a conditional mean-and-variance model (such as a GARCH-type model). Our key idea is to purge the effect of estimating the conditional mean-and-variance parameters on the estimated higher moments by suitably using the first and second moments of the standardized residuals. The resulting higher-moment tests have a simple invariant form for various conditional mean-and-variance models, and are also applicable to the symmetry or independence hypothesis that does not involve a complete standardized error distribution. Thus, our tests are simple and flexible. Using our approach, we establish a class of skewness–kurtosis tests, characteristic-function-based moment tests, and Value-at-Risk tests for exploring the standardized error distribution and higher-order dependence structures. We also conduct a simulation to show the validity of our approach in purging the estimation effect, and provide an empirical example to show the usefulness of our tests in exploring conditional non-normality.     

The differential effects of CEO narcissism and hubris on corporate social responsibility

Research Summary: While prior studies have predominantly shown that CEO narcissism and hubris exhibit similar effects on various strategic decisions and outcomes, this study aims to explore the mechanisms underlying how narcissistic versus hubristic CEOs affect their firms differently. Specifically, we investigate how peer influence moderates the CEO narcissism/hubris—corporate social responsibility (CSR). With a sample of S&P 1500 firms for 2003–2010, we find that the positive relationship between CEO narcissism and CSR is strengthened (weakened) when board‐interlocked peer firms invest less (more) intensively in CSR than a CEO's own firm; the negative relationship between CEO hubris and CSR is strengthened when peer firms are engaged in less CSR than a CEO's own firm. Managerial Summary: Some CEOs are more narcissistic while others may be more hubristic, but these two groups of CEOs hold different attitudes toward the extent to which their firms should engage in corporate social responsibility (CSR). Our findings with a large sample of U.S. publically listed firms suggest that narcissistic CEOs care more about CSR, but hubristic CEOs care less. Interestingly, when narcissistic CEOs observe their peer firms engaging in more or less CSR than their own firms, they tend to respond in an opposite manner; in contrast, hubristic CEOs will only engage in even less CSR when their peers also do not emphasize CSR. Our findings point to a fundamental difference between CEO narcissism and hubris in terms of how they affect firms' CSR decisions based on their social comparison with peer firms.     

浅析线在中国画中的艺术价值

线是中国画最基本的艺术语言,也是中国画最基本的造型手段。中国画的线与西方绘画中的线是不同的,西方绘画中的线在画面中大都是附属于形与色的,而中国画的线可以同时表现物体的形状、动态和质感,在画面中具有独立的价值与意义。     

烟台休闲装消费市场分析

该研究将烟台消费者作为研究对象,设计调查问卷,采用实证主义研究方法,对烟台休闲装消费市场进行研究,通过相关分析,得出相应的结论,找出烟台休闲装消费者和消费市场的特点,从而有效地帮助企业了解消费者和市场,实施合理的营销策略。     

高校学困生转化探析

随着时代的发展,人们越来越关注教育中的每一个个体,越来越重视教育质量整体的提高。文章分析了高校学困生的现状及产生原因,并对学困生转化提出了几点思考。     

元认知策略培训对学生英语阅读学习效果影响的实证研究

学习者的元认知就是对如何学习一门语言的自我认识与自我反省。元认知策略是元认知的组成部分,是学习者为了成功学习一门外语所采取的管理措施。在现行的大学英语课堂上进行系统的元认知策略训练与指导是提高教学效果的有效途径,对于纠正学生不恰当的英语学习方法和策略,提高语言学习的信心与兴趣,提高自主学习能力等方面起着极其重要的作用。     

基于价值工程的物流设施项目成本控制研究

利用价值工程理论从技术、经济两个角度对物流设施项目成本控制进行了研究.通过计算成本系数、功能系数和价值系数,从而确定最优成本策略,为进一步推进物流设施项目成本控制和科学决策提供了一种新方法.     

Types of Word-of-Mouth Messages: Information Search and Credence-Based Services

Word-of-mouth communication (WOMC) has been recognized as a powerful marketing communication medium and a credible information-gathering tool. To date, the various types of WOM messages have not been adequately studied, especially in credence-based services (CBS). Using the individual interview technique, this study fills this gap by describing the three types of WOMC messages in CBS information-gathering. The results contribute to the ongoing development of WOMC theory and also advance management's understandings of the types of WOMC messages in the CBS information-gathering process.     

农产品流通中逆向物流与价值链最大化研究

分析了当前我国农产品流通中存在的问题,提出了通过逆向物流实现农产品价值链的最大化,从而放大农产品在从农村到城镇的逆向流通的价值效应.通过优化物流运送方式,探索出了农产品逆向流通效益最大化的运作模式,提出农产品流通各个供应链要强化协作,各自发挥优势,从而实现双向共赢.