There is no smoke without a fire: The effect of government interventions in less advanced economies

The lack of liquidity in the interbank market during the crisis of 2007–2011 led governments to impose different policies to rescue their countries’ banking sectors. While in advanced countries interventions in the banking sector were mostly related to a lack of liquidity and significant asymmetric information regarding counterparty risk, in many less advanced countries they had a precautionary motive. In our article, we investigate the effectiveness of policy interventions on healthy banking markets, with possible negative spill-over effects from other countries. To this extent, we use an event study methodology to test the effect of liquidity and financial sector policy announcements on interbank spread changes in six Central and Eastern European (CEE) countries over the period between 2007 and 2011. We find that standard liquidity interventions did not provide effective stabilization. In fact, our evidence suggests that the spread widened after their announcement, probably as a result of the negative signal and consequently increased risk aversion of banks. In such situations, regulators should consider policy instruments that aim to decrease uncertainty in the market.     

广西农业生态脆弱性评价及区划研究

［目的］随着经济的快速发展，我国各地区都面临着不同程度的农业生态脆弱性，通过研究特殊地形和气候下的农业生态脆弱性，有助于为农业生态环境的综合治理提供参考。［方法］文章以广西为例，通过构建评价指标体系，采用层次分析法和熵权法确定综合权重，通过构建综合评价模型对广西农业生态脆弱性程度进行评价，利用ArcGIS对生态脆弱性进行分级，以期探究广西农业生态脆弱性的空间分布情况。［结果］权重分析结果表明水蚀面积的权重值最高为0134，年平均降水量的权重值为0113，自然环境指标相对于农业生产和经济指标对农业生态脆弱性的影响更大。区划研究结果表明广西农业生态脆弱性区域大致可分为5个区域，分别是桂西峰丛洼地带、桂东山地丘陵地带、桂中低山丘陵地带、桂东北山地、桂南沿海丘陵地带。［结论］广西农业生态环境整体来看较为脆弱，处于轻度和中度脆弱等级，但生态环境问题仍不容忽视。为了改善农业生态脆弱性，政府应实行区域的联合防治，加大对农业生态环境的监督和治理，积极探寻生态、环保的农业发展方式，调整产业结构，改善农业生态环境的状态，促进广西农业的可持续发展。     

Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers

We employ a sample of 748 environmentally-friendly (or “green”) firms listed on U.S. stock exchanges to extend studies of the effects of socially responsible investment (SRI) on stock investment returns and the performance of initial public offerings (IPOs) and seasoned equity offerings (SEOs). Our empirical tests document positive and statistically significant excess returns for our environmentally-friendly firms and their IPOs and SEOs, in contrast to our control IPO and SEO samples which underperform. In summary, a “green” equity premium is evident in returns calculated from a variety of benchmarks.     

Stock market reactions to monetary policy surprises under uncertainty

This article investigates how uncertainty impacts the effect of monetary policy surprises on stock returns. Using high-frequency US data, we demonstrate that stock markets respond more aggressively to monetary policy surprises during periods of high uncertainty. We also show that uncertainty asymmetrically influences the transmission of positive and negative monetary policy surprises to stock market prices. The amplifying effect of uncertainty is found to be stronger for expansionary shocks than for contractionary shocks. Our robustness analysis confirms that financial uncertainty has a significant role in shaping the influence of monetary policy on the stock market.     

中外人员培训发展趋势及对电力企业的启示

近些年来,我国电力企业人员培训获得长足发展,但与国外先进理念及做法相比,仍存在一定差距。本文运用比较研究法,剖析国内、外人员培训发展总体趋势及其异同,以获取相关经验、发现不足,进而联系我国电力企业,提出相应建议。     

天目湖景区旅游服务质量满意度调查研究

景区旅游服务质量满意度是景区长远发展的软实力和竞争的关键因素。本文通过天目湖景区服务质量满意度调查分析,找出满意度存在的问题,提出提升天目湖旅游景区服务质量满意度的对策和建议,以促进天目湖景区的深度发展。     

HOW DO RATING AGENCIES’ DECISIONS IMPACT STOCK MARKETS? A META‐ANALYSIS

The purpose of this study is to examine how credit rating agencies’ decisions impact the stock market using a systematic and quantitative review of existing empirical studies. Specifically, we employ a meta‐regression analysis (MRA) to investigate the extent and nature of the effect of rating agencies’ decisions on the stock market. We survey 62 studies published between 1978 and 2015. Our first finding is that the cumulative average abnormal returns calculated from this empirical literature are affected by publication bias. After controlling for publication bias, the main findings of our meta‐analysis indicate that negative rating decisions cause statistically significant negative abnormal returns. This evidence suggests an informational effect. Our results also indicate that positive rating decisions do not have a significant effect. Finally, the MRA results reveal the importance of several factors related to primary study design, as well as to the nature of the data.     

Are small travel agencies ready for digital marketing? Views of travel agency managers

Digital technology provides new communication and distribution channel for both consumers and suppliers of travel services. Internet enables the travel agencies to adopt digital marketing to attract, inform and serve the travellers. However, in developing countries, the adoption of internet and digital marketing is slow. This study therefore finds it imperative to explore the triggering factors and perceived challenges of digital marketing by travel agencies - an entity whose perspectives do not find much place in the published academic literature. The qualitative study reveals the popular and trusted digital platforms used by the travel agencies. It also presents the factors that inhibit or assist the use of digital marketing by travel service managers.     

Hybridization: Understanding the microdynamics of a postacquisition integration process

There is no shortage of theoretical or empirical research on mergers and acquisitions (M&A). Knowledge on the subject has grown substantially in recent decades. However, the integration of firms involved in M&A remains a challenging and often unsuccessful process. In addition, there is a scarcity of research on temporal dynamics within integration projects. This article reports on the postacquisition integration of a business school into a university using the concept of organizational hybridization as a theoretical lens. The aim was to identify the microdynamics that occurred during integration. We conducted an inductive case study, interviewing professionals involved in the integration process, analyzing a wide range of documents, and conducting participant observation over 6 years. Field research revealed that different organizational components underwent distinct hybridization processes that were characterized by different degrees of conflict. This study contributes to the understanding of the microdynamics that occur in postmerger or postacquisition integration processes, focusing on the complex adjustments inherent in these developments.     

我国知识产权壁垒研究现状及成因、对策简析——基于文献计量学的视角

随着针对知识产权壁垒研究的开展,学者们当前的研究热点及现状成为需要关注的方向。本研究基于文献计量学的视角,对2005.01-2015.03间CSSCI期刊中收录的以知识产权壁垒为研究主题的研究论文进行统计与关键词归类,并利用Ucinet软件,对知识产权壁垒的研究现状展开分析。研究结果显示,关于知识产权壁垒的研究尚处于起步阶段,研究热点主要集中于知识产权壁垒的定义与表现形式、337调查及应对策略等,而对于知识产权壁垒的成因分析却涉及较少。因此,本文继续以337调查事件为基础,结合我国现实,对知识产权壁垒形成的原因进行归纳,最终为打破知识产权壁垒提供了相应的对策建议。