中国与“一带一路”国家农产品价格关联性研究——兼论中美贸易摩擦的影响

本文采用溢出网络方法及2010—2018年大豆、小麦、玉米月度价格数据,实证分析中国与"一带一路"沿线国家间农产品价格的多维关联特征,并着重探讨中美贸易战对该价格关联性的影响。结果显示:(1)总体而言,中国与沿线国家间的小麦、玉米价格存在较强关联性,大豆价格关联性较弱,且关联程度在全球供给冲击和A股股灾期间显著上升;(2)中国主要是沿线国家大豆和玉米价格净溢出的接受者,2016年6月由小麦价格净溢出的接受者转变为传递者;(3)中国与沿线国家间的农产品价格关联性存在地区差异,其中与黑海地区及巴基斯坦间的关联度较高;(4)中美贸易摩擦促使中国加大与"一带一路"国家的农业合作,从而增强了彼此间的农产品价格关联程度。     

Effect of environmental perceptions on bicycle travelers’ decision-making process: developing an extended model of goal-directed behavior

Despite the rapid develop of bicycle tourism, research examining decision-making processed for bike-traveling as a leisure-time choice has been insufficient. Thus, this study was designed to investigate the formation of bike travelers’ decisions by extending the model of goal-directed behavior (MGB). Specifically, this study incorporated two vital constructs in bicycle tourism, namely environmental connectedness and environmental behavior, into the MGB framework. An on-site survey was administered to collect the data with 394 bicycle tourists in bicycle clubs in China. The results of the structural analysis showed that our extended MGB included a satisfactory level of ability in predicting bike-travelers’ intentions and was superior to the original MGB. Our findings also reveal that two incorporated constructs were significant variables influencing bicycle travelers’ decision formation. Moreover, attitude, subjective norm, perceived behavioral control, and positive anticipated emotion influenced bicycle travelers’ desire, in turn, influenced their behavioral intentions. The implications of this are discussed.     

Rethinking Television Audience Measures: An Exploration into the Construct of Audience Connectedness

Seeking to extend the scope of current audience measurement methods, this paper qualitatively investigates audiences' relationships with television programs. A content analysis of viewers' discourse from focus groups, Internet fan forums and five phenomenological interviews suggests a construct we labelconnectedness. Transcending involvement, audience connectedness defines intense relationships between the audience and a television program that extend beyond the television watching experience into individuals' personal and social lives. Highly connected audiences were found to be more susceptible to the consumption images presented in television programs, hence illustrating the moderating effect of connectedness on television influence. Implications for audience measurement methods and marketing efforts are discussed.     

LF闭包空间的层连通性

在LF闭包空间中引入层连通性质,给出了其等价刻画及其基本性质,证明了LF闭包空间的层连通性是弱同胚不变的和可乘的。     

Necessary but not sufficient: Beyond novelty in advertising creativity

Novelty has been considered the bedrock of creative advertising. However, Ang, Lee, and Leong (2007, Journal of the Academy of Marketing Science 35: 220–232) proposed in their ad creativity cube that, to be effective, novel ads need to be both meaningful and connect to their audience as well. This study empirically tests whether the effects of novelty can be enhanced by meaningfulness and connectedness. Results generally showed that novelty, coupled with meaningfulness and connectedness, enhances consumer ad response. Such ads were evaluated as being more creative and were recalled and liked better than novel ads which lack either meaningfulness or connectedness, or both, as well as less novel ads of a similar nature. Implications are discussed and directions for future research suggested.     

CEO与董事间的"老乡"关系、 内部控制质量与代理成本

以2000-2015年我国A股上市公司为样本,考察CEO与董事间的“老乡”关系、内部控制质量对代理成本的影响,研究发现：CEO与董事间的“老乡”关系能显著降低代理成本;随着公司内部控制质量的提高,CEO与董事间的“老乡”关系对代理成本的降低程度越来越低。进一步研究发现：CEO与董事间的“老乡”关系只在非国有企业、CEO为男性的样本中能显著降低代理成本。     

波动溢出网络视角下全球主要货币汇率风险传染研究

选取1999—2020年全球26种货币的汇率波动率数据,基于最新发展的Elastic-Net-VAR模型构建汇率波动溢出网络,考察全球主要货币的汇率风险溢出关系。研究发现：汇率风险总溢出水平经历了“稳步上升—震荡下降—急剧上升”三个阶段。汇率风险溢出网络具有同区域、同类型经济体聚集的特征,但国际金融危机等全球重大风险事件会加剧汇率风险的跨类型或跨区域传递。人民币的风险溢出对象主要为新兴经济体货币以及港币、韩元等亚洲发达经济体货币;国际金融危机后,人民币接受发达经济体货币的风险溢出明显增多。     

Generational Perception and Satisfaction Differences Related to Restaurant Service Environment

ABSTRACT

The current study considers perception, satisfaction, and importance rating differences of aspects of the dining service environment in a casual-themed restaurant between members of three generations—baby boomers, Gen X, and millennials. The study also assesses the moderating role of generation on the relationship between satisfaction and repeat patronage intentions. Significant differences were found between generations related to satisfaction, importance ratings, and repeat patronage intentions regarding the overall dining service environment. The current study provides assessment of components of the DINESCAPE scale along with items from the DinEX scale related to social connectedness. Implications of the research are discussed.     

Fear connectedness among asset classes

This study investigates the interconnection between five implied volatility indices representative of different financial markets during the period 1 August 2008–29 December 2017. To this end, we first perform a static and dynamic analysis to measure the total volatility connectedness in the entire period (the system-wide approach) using a framework recently proposed by Diebold and Yilmaz. Second, we make use of a dynamic analysis to evaluate both the net directional connectedness for each market and all net pairwise directional connectedness. Our results suggest that a 38.99%, of the total variance of the forecast errors is explained by shocks across markets, indicating that the remainder 61.01% of the variation is due to idiosyncratic shocks. Furthermore, we find that volatility connectedness varies over time, with a surge during periods of increasing economic and financial instability. Finally, we also document frequently switch between a net volatility transmitter and a net volatility receiver role in the five markets under study.     

Political Connectedness and Firm Performance: Evidence from Germany

Abstract. This paper investigates politically connected firms in Germany. With the introduction of a new transparency law in 2007, information on additional income sources for all members of the German parliament became publicly available. We find that members of the conservative party (CDU/CSU) and the liberal party (FDP) are more likely to work for firms than members of left‐wing parties (SPD and The Left) or the green party (Alliance 90/The Greens). Politically connected firms are larger, less risky and have lower market valuations than unconnected firms. They also have fewer growth opportunities, but slightly better accounting performance. On the stock market, connected firms significantly outperformed unconnected firms in 2006, i.e. before the publication of the data on political connections. Differences in stock market performance were much smaller in 2007.