Diversified behavioral portfolio as an alternative to Modern Portfolio Theory

The traditional mean–variance approach has been complemented by alternative theories that use risk measures different from standard deviation of returns or involve additional distributional features of returns like skewness and kurtosis. We propose a portfolio choice model that combines different distributional characteristics of the returns in the decision-making making process, considering preferences of investors which are modeled as non-statistical uncertainties of investors using fuzzy theory. We use 20 stocks of the S&P500 from January 2013 to December 2017. We assess the obtained portfolios’ performance, and the diversified behavioral portfolios outperform than the mean–variance portfolio. This methodological proposal can be seen as a strong managerial tool to make investment portfolio decisions.     

Net-zero emission targets and the role of managerial environmental awareness,customer pressure,and regulatory control toward environmental performance

To avoid the worst effects of global warming, countries agreed to limit warming below 2.0°C and ideally to 1.5°C preindustrial level. This requires countries to drop half of their greenhouse gas emission by 2030 and reach net-zero emission by 2050. In this regard, current study explores the role of green production as a mediator in the impact of managerial environmental awareness, customer pressure, and regulatory control on environmental performance. The data collected from 381 managers was analyzed using structural equation modeling (SEM) technique. Results indicate that customer pressure, regulatory control, and managerial environmental awareness play a pivotal role toward green production, whereas only managerial environmental awareness among them directly influences environmental performance. Green production fully mediates the relationship from customer pressure and regulatory control to environmental performance. However, it partially mediates the relation between managerial environmental awareness and environmental performance. Similarly, the importance of green production for environmental performance is highlighted.     

Familiness,business strategy and stakeholder engagement: The internationalisation of Spanish olive oil mills

Based on social capital theory and the family-firm context, this paper studies familiness' composition and the result of the overlap of the family and firm systems, analysing their influence on the internationalisation strategies of family firms. In this relationship, the stakeholder engagement becomes at the same time an antecedent and a result when developing family businesses' strategies, being one of the most relevant the internationalisation strategies. Prior research focused on familiness as the result of proxy variables such as the percentage of ownership and management in family hands, or business size, instead of as psychological variables resulting from shared organisational culture and social interactions. Through a qualitative study based on 12 interviews of general managers and/or export managers of Spanish family olive oil mills, this study asserts that the level of familiness influences internationalisation strategies, the reasons underlying a business becoming international and its commitment to activities abroad being the role of stakeholders crucial in those interactions. The higher the level of familiness, the more likely the family business internationalisation and the higher their levels of international commitment. Additionally, the higher the concern about their stakeholders, the higher their levels of international commitment. The family businesses' concern for their stakeholders and their international commitment share a reciprocal relationship. The results regarding the relevance of familiness as social capital resources in sustaining competitive advantages support the decision to promote, develop and nurture social capital when a family business goes international.     

基于可叠加物流箱的高效快递分拣策略

针对快件分拣效率低、货损高的问题,设计一种可叠加的物流箱,并基于该物流箱对快递流程进行改进。实现小型快件集装化,分拣作业模块化,提升快递分拣工作的效率和质量。     

中国自然保护地规划的回顾与对比研究

中国自然保护地历经60余年的发展，形成了多部门主导、保护类型多样的自然保护地体系。面对机构改革和以国家公园为主体的自然保护地体系建立的契机，传统规划的经验积累为新规划体系的构建提供了借鉴的可能。通过回溯机构改革前各类自然保护地规划，对比分析其规划结构体系，并从人地关系视角切入，分析各类规划针对保护对象、保护利用强度,以及社会发展调控上的差异，总结各类自然保护地规划的既有经验，为新时期规划体系的重构提供支撑。     

乡村振兴战略下要素国际流动的环境效果

乡村振兴战略和环境保护是当前经济工作中的重点。伴随经济全球化和“一带一路”战略的不断深入,生产要素国际流动日趋频繁。乡村振兴是国家重要发展战略,其重要抓手是实现农业现代化。因此,在小农户与现代农业共存的经济背景下,分析要素国际流动的环境效果,并根据现代农业发展的不同特征,对乡村振兴战略实施初始阶段和全面实施阶段分别进行分析后发现:在战略实施初始阶段,劳动流入加剧污染,反之改善环境;在战略全面实施阶段,资本流入改善环境,反之恶化环境。     

Mapping hotel brand positioning and competitive landscapes by text-mining user-generated content

This study uncovers hotel brand positioning and competitive landscape mapping by text-mining user-generated content (UGC). Rather than relying on a single dimension of consumer evaluation, the current study detects brand attributes by using both customer preferences as well as perceptual performance to develop meaningful insights. For this, the study combines content analysis and repertory grid analysis (RGA) to answer three key research issues. 111,986 hotel reviews from two biggest Chinese cities are used to explore and visualize the competitive landscape of six selected hotel brands across three hotel categories. Findings from the study will not only advance the existing literature on brand positioning and competitive landscape mapping but also help practitioners in developing brand positioning strategies to fight competitors within and across hotel categories.     

Portfolio optimization based on GARCH-EVT-Copula forecasting models

This study uses GARCH-EVT-copula and ARMA-GARCH-EVT-copula models to perform out-of-sample forecasts and simulate one-day-ahead returns for ten stock indexes. We construct optimal portfolios based on the global minimum variance (GMV), minimum conditional value-at-risk (Min-CVaR) and certainty equivalence tangency (CET) criteria, and model the dependence structure between stock market returns by employing elliptical (Student-$t$ and Gaussian) and Archimedean (Clayton, Frank and Gumbel) copulas. We analyze the performances of 288 risk modeling portfolio strategies using out-of-sample back-testing. Our main finding is that the CET portfolio, based on ARMA-GARCH-EVT-copula forecasts, outperforms the benchmark portfolio based on historical returns. The regression analyses show that GARCH-EVT forecasting models, which use Gaussian or Student-$t$ copulas, are best at reducing the portfolio risk.     

高校新农村研究院：科技支撑乡村振兴的有效载体

[目的]较之前开展的新农村建设,乡村振兴战略是一种更高层次的发展手段和目标。文章旨在对高校新农村研究院推动乡村振兴的实践经验和困难问题进行梳理,分析背后的成因与制约因素,以期为以高校新农村研究院为抓手、从科技引领和支撑的角度推动乡村振兴战略的落地实施提供有针对性的建议。[方法]该文从协同创新理论出发,基于对沈阳农业大学新农村发展研究院的实地调研,采用文献梳理、归纳总结和定性分析等方法对高校新农村研究院为乡村振兴战略提供科技支撑的机理、模式、作用和困难问题进行了梳理。[结果]高校新农村发展研究院通过整合政府、高校、企业等多方资源,从技术协同、人才协同与理念协同3方面为乡村振兴提供了有效支撑。但目前各级政府对高校新农村研究院的作用地位还缺乏充分认识,存在财政支持不到位、技术推广激励与考评机制不完善等问题。[结论]整合各方科技创新资源,构建起各类主体跨界协同、不同技术集成应用、创新资源全链配置、关联产业融合发展的新型农业科技协同创新体系;进一步强化高校新农村发展研究院在农业科技服务中的主体地位,增强财政对新农村发展研究院的持续投入,改革高校农技推广人员职称评定与考核激励机制。