Japanese Banks’ monitoring activities and the performance of borrower firms: 1981–1996

We construct an index measure that quantitatively describes the monitoring activities of Japanese banks. Using micro data on Japanese banks and borrower firms, we examine the effects of bank monitoring on the profitability of borrower firms. We find significant positive effects in the periods 1986–1991 and 1992–1996, although there is no significant effect in the period 1981–1985. We also examine how banks’ monitoring affects borrowers. The results show that the positive effects of banks’ monitoring on borrowers’ profitability are mostly caused by screening effects, not performance-improving effects.

Detection of false investment strategies using unsupervised learning methods

In this paper we address the problem of selection bias under multiple testing in the context of investment strategies. We introduce an unsupervised learning algorithm that determines the number of effectively uncorrelated trials carried out in the context of a discovery. This estimate is critical for computing the familywise false positive probability, and for filtering out false investment strategies.     

Assessing and planning resilience in tourism

This research note reflects the lack of work on tourism governance and resilience with regard to interrelated impacts of global environmental change. For tourism management, assessing and planning resilience is of growing importance since change processes and their interrelations have become more complex in a globalized, accelerated world, placing tourism under pressure to respond and adapt to various factors. Adaptation and transformation processes to changing environmental, social and economic conditions require initiatives by various tourism actors with different functions in the tourism supply chain, and on different scales of governance, to be able to assess, plan and manage resilience over time. Resilience as a concept has much explanatory power that requires more attention in tourism research, both from a quantitative network governance and a more qualitatively informed research perspective.     

Transaction costs and crowding

We use industry data to determine whether crowding of the investment space is caused by portfolio construction processes typical to the investment community. In particular, this paper examines the extent that transaction cost models cause crowding of the investment space, even when the investment models are completely unrelated to one another. We find that as transaction costs become more significant in the portfolio creation process as portfolios increase in size from $500 million to $5 billion, crowding actually declines for long-only portfolios and mainly declines, but sometimes increases for market neutral portfolios. This research sheds more light on how crowding develops through actions by players within the financial system.     

数字化转型量化评估研究的比较分析与最新进展

当今时代，世界经济数字化转型是大势所趋，数字化转型已成为各国战略部署和学术研究的焦点，科学准确评估数字化转型水平是衡量经济绩效、促进数字经济高质量发展的前提和基础。对数字化转型评估方法相关研究的文献脉络和最新进展进行梳理、归纳和分析，首先，按照纵向和横向维度，提出基于企业成熟度和行业水平两类评估范式，具体分析每种范式的数理方法、经济价值、应用方向等；然后，针对主要评估方法的特点进行评述；最后，展望数据作为生产要素纳入评估体系的研究趋势，为今后相关研究奠定基础。     

Destination image and tourist loyalty: A meta-analysis

Extant literature is inconclusive on the linkage between destination image and tourist loyalty, due to the multi-dimensional nature of the two concepts. The present study attempts to draw some informative conclusions about the relationship through a meta-analysis. A research framework was proposed in which 14 hypotheses were developed. A total of 66 independent studies were synthesized and analyzed. The findings reveal that the impact of destination image on tourist loyalty is significant, with varying degrees. Specifically, overall image has the greatest impact on tourist loyalty, followed by affective image and cognitive image. Cognitive–affective joint image fails to demonstrate a stable impact on tourist loyalty. Of the three levels of tourist loyalty, destination image has the greatest impact on composite loyalty, and then on attitudinal loyalty and behavioral loyalty, successively. The findings are discussed in light of their theoretical and practical implications for destination marketing and management.     

零利率下限约束、宏观经济波动与混合型货币政策框架

宏观经济持续低迷引发学界关于货币政策有效性的广泛讨论。本文构建包含名义利率零下限约束的混合型货币政策框架,据以系统比较存在和不存在零利率下限约束两种情形下宏观经济波动异质性以及货币政策有效性的差异。研究发现,总需求下降时零利率下限约束情形下产出下降和通缩程度更为严重;总供给下降不会引致名义利率触及零利率下限以致宏观经济波动演变无明显差异;零利率下限约束情形下央行数量型调控的有效性显著降低,价格型调控则完全失效。本文认为考虑零利率下限约束的建模更宜刻画现实经济周期和宏观调控效力,忽视零利率下限约束会对宏观经济预判和政策调控有效性的认识产生偏误;需求低迷环境下“数量型调控为主、价格型调控为辅”的政策组合仍为央行合意的货币调控范式,央行须更加关注降低实际资金利率;政府应注重宏观政策协调配合,实施更加积极的财政政策以与货币政策发挥有效政策合力,促使实体经济趋稳高质发展以摆脱利率下限约束困境。     

The selection,use, and reporting of control variables in international business research: A review and recommendations

This study explores the selection, use, and reporting of control variables in studies published in the leading international business (IB) research journals. We review a sample of 246 empirical studies published in the top five IB journals over the period 2012–2015 with particular emphasis on selection, use, and reporting of controls. Approximately 83% of studies included only half of what we consider Minimum Standard of Practice with regards to controls, whereas only 38% of the studies met the 75% threshold. We provide recommendations on how to effectively identify, use and report controls in IB studies.     

女性科技人员的科研产出与投入的计量分析——以我国电子显微学为例

自科学社会学家科尔提出"产出之谜"之后,学者对科学领域中女性的科研产出情况进行了诸多研究。以我国电子显微学为例,选择了《电子显微镜学报》、Ultramicroscopy(超显微学),以及国家自然科学基金中与电子显微学有关的资助项目,对该领域女性科技人员的科研产出与投入情况进行了计量分析,并在统计结果的基础上分析了原因。     

天津市企业知识产权现状统计分析及对策研究

采取定性与定量分析相结合的方法,应用多元化的数据实证分析目前天津市企业知识产权的现状。研究发现:近年来企业知识产权发展较快,但在知识产权创造、运用、管理及人才培养等方面仍存在诸多不足,知识产权制度运用能力不足,总体看来还处于初级和启蒙阶段。最后,提出了企业知识产权发展的战略思路和针对性建议。