How is Benevolent Leadership Linked to Employee Creativity? The Mediating Role of Leader–Member Exchange and the Moderating Role of Power Distance Orientation

Previous research has shown that virtuous leader behavior in the form of benevolent leadership has considerable impact on employee creativity. However, little is known as to how and under what conditions these constructs are linked. In the current research, we proposed and tested a moderated mediation model positing leader–member exchange (LMX) as a mediator, and employee power-distance orientation as a moderator of this relationship. Two studies were conducted to test our hypothesized model. In Study 1, repeated measured data collected from 284 Chinese employees in an information technology company demonstrated that benevolent leadership had a lagged effect on LMX. In Study 2, analyses of multisource and lagged data from 391 Chinese employees in 42 research and development teams, and their direct supervisors indicated that benevolent leadership was positively related to supervisor-rated employee creativity via LMX. In addition, the relationship between benevolent leadership and LMX was stronger for employees high in power-distance orientation. Theoretical implications of benevolent leadership’s research and practical contributions concerning promoting creativity in organizations where benevolent leaders prevail are also discussed.     

珠三角工业设计与工业互动比较研究：双重需求拉动与设计驱动增长的区域验证

动态比较珠三角工业发展阶段和设计水平不同的典型区域内，工业用户和最终消费者用户双重需求拉动设计创新以及设计驱动工业增长作用机制的异同，提出克服互动系统短板并因地制宜实施设计驱动转型升级的对策建议。基于SVAR建模的脉冲响应和方差分解分析发现：珠三角工业确实可以通过工业设计创新驱动实现内生性可持续增长，而设计水平的地区差异对设计驱动绩效有调节作用；工业发展质量和结构欠佳，无法有效拉动区域工业设计创新，是珠三角多数地区工业设计有效需求不足的根本原因。区域工业设计与工业互动系统的短板是缺乏内行和挑剔的最终消费者有效需求。最后基于模型稳健性检验，提出因地制宜科学实施设计驱动发展战略的对策建议。     

韩国总统文在寅来渝访问 “大韩民国临时政府是我们的根,是我们的精神所在。”

正2017年12月16日,韩国总统文在寅一行访问重庆。一天时间,他参观大韩民国临时政府旧址陈列馆,探寻中韩在渝共同抗击日寇的历史足迹,出席中韩产业合作重庆论坛,参观考察北京现代重庆工厂,为中韩经贸合作加油鼓劲。位于渝中区七星岗莲花池38号的大韩民国临时政府旧址陈列馆,是目前中国境内规模最大的涉朝鲜半岛遗址地。1940年至1945年,著名韩国独立运动家金九领导韩国临时政府在这里开展民族独立运     

Settlement procedures and stock market efficiency

This study examines why most derivatives markets that settle on the day following expiration choose the opening rather than the closing price as the final settlement price (FSP), whereas most markets that settle on the expiration day select an average rather than a single price as the FSP. Four exogenous changes in the Taiwan Futures Exchange settlement procedures provide an experimental basis for studying the settlement procedures’ impact on underlying assets. Greatest market efficiency is observed when the FSP is determined by a single rather than an average price and hypothesize that manipulation is prevented at the expense of market quality.     

Foreign direct investment subsidy in a dynamic stochastic general equilibrium model with heterogeneous firms

This study analyzes the macroeconomic impacts of subsidies to attract multinational corporations when firms are determining whether to enter or how to serve foreign markets. We show that a small FDI subsidy scheme induces consumption gains and delivers short‐term welfare improvement for the FDI host country if firms differ in productivity. However, the subsidy generates a new problem and results in the wealth reallocation effect, leading to welfare deterioration for the host country in the long run. Moreover, we find that a subsidy program induces a welfare improvement for the host country if it is offered to all domestic producers instead of foreign producers only in the host country.     

社会地位来源对欺骗行为的影响——来自实验室实验的证据

如何减少欺骗是当前中国社会普遍面临的问题。文章结合社会地位理论和自我概念理论，研究了减少欺骗行为的机制。我们利用实验室实验，区分先赋性和自致性两种地位获取方式，用欺骗博弈来检验不同社会地位来源对欺骗决策的影响。结果发现，个人通过真实劳动获得的自致性社会地位可以显著减少欺骗行为；由于幸运得到的先赋性社会地位不能减少欺骗行为。同时，非物质收益的社会地位比赋予物质收益的社会地位更有效减少欺骗行为，说明物质收益是对市场化自我概念的提醒，从而无助于降低欺骗。研究结果在剔除策略性行为后依然稳健。研究有效验证了Mazar et al.（2008）关于影响欺骗行为的自我概念内在决定机制，并对各类组织提升诚信管理具有重要借鉴意义。     

VIX term structure and VIX futures pricing with realized volatility

Using an extended LHARG model proposed by Majewski et al. (2015, J Econ, 187, 521–531), we derive the closed-form pricing formulas for both the Chicago Board Options Exchange VIX term structure and VIX futures with different maturities. Our empirical results suggest that the quarterly and yearly components of lagged realized volatility should be added into the model to capture the long-term volatility dynamics. By using the realized volatility based on high-frequency data, the proposed model provides superior pricing performance compared with the classic Heston–Nandi GARCH model under a variance-dependent pricing kernel, both in-sample and out-of-sample. The improvement is more pronounced during high volatility periods.     

政策不确定性、财政扩张与区域商业银行风险——基于中国地方官员变更和银行业的证据

文章利用2007-2017年我国93家区域商业银行的面板数据，并结合省级宏观经济数据和地方官员变更数据，实证考察了中国地方官员变更引起的经济政策不确定性对区域商业银行风险的重要影响。研究结果表明：（1）地方官员变更引起的政策不确定性增大了区域商业银行风险；（2）地方官员变更引起的政策不确定性，通过提高银行的资产收益率降低了商业银行风险；而不确定性时期的财政扩张，通过降低银行资产收益率增大了商业银行风险；并且财政扩张的负面影响大于政策不确定性的正面影响；（3）各省的市委书记发生职位更替引起的政策不确定性对区域商业银行风险的影响更大。文章研究为新时代背景下的金融供给侧结构性改革、政府宏观经济政策的制定以及财政体制与金融体制之间的联系提供参考。     

黑龙江旅游网络关注度时空演变特征研究

探究黑龙江旅游网络关注度时空演变特征对黑龙江旅游业良性发展具有重要意义.利用百度指数获取2011—2018年全国和分地区黑龙江旅游网络关注度逐日搜索指数数据.从时间分布、空间分布、时空集聚3个方面研究其演变特征.研究表明:2011—2018年全国黑龙江旅游网络关注度年际变化总体呈现上升趋势,月际变化呈"W"形;2011—2018年31个省区市黑龙江旅游网络关注度空间差异较大、季节性影响显著;东部地区黑龙江旅游网络关注度偏高,西部地区黑龙江旅游网络关注度的季节差异最明显;东部地区内的黑龙江旅游网络关注度差异性最小,西部地区内差异性最大;黑龙江旅游网络关注度具有正空间自相关,部分东部、中部地区表现为高高集聚,多数西部地区表现为低低集聚.