I am therefore I own: Implications of organization-based identity for employee stock ownership

Most research on employee stock plan participation investigates the effects of such forms of ownership on employee attitudes, leaving our understanding of the individual differences that contribute to employee ownership largely unknown. Drawing from the consumer behavior literature, our study explores the effect of organization-based identity on the decision to participate in an employee stock purchase plan. The study was conducted in a newly public firm where we examine the effect of organization-based identity on the purchase decision in two time periods. The first point in time was the initial public offering (IPO), when the employee has little information on how the firm's stock will perform in the market. The second point in time was the first quarter following the IPO, when employees have market data to help them with decision-making. Results indicate that, as predicted, organization-based identity is associated with participation in an employee stock purchase plan, at both points in time, above and beyond the influence of several economic and psychological predictors reported in prior studies.     

新审计报告与资本市场的信息反应——来自股价同步性和股价预测能力双维度的经验证据

新审计报告准则的施行旨在增加审计报告的信息含量及其决策相关性。以2015—2018年沪深非金融上市公司为样本，研究发现新审计报告施行后，上市公司的股价同步性显著下降，公司特质信息含量比例显著上升，股价特质信息效率显著提升,同时新审计报告的施行产生了增量信息。在此基础上，进一步分析新审计报告准则对资本市场特质信息效率的传导机制，发现投资者关注度对新审计报告(关键审计事项的披露数量)影响资本市场特质信息效率的过程中表现出显著的部分中介效应。分样本检验的结果表明，虽然AH股共同上市公司和非AH股共同上市公司之间的结果存在细微差异但整体趋势相似。通过对新审计报告的影响的分析，可以更好地理解该政策对资本市场的影响。     

供应链视角下餐饮O2O模式的配送路径优化

O2O最后一公里配送往往需要综合考虑时间和成本的关系,研究平台对订单的分配和路径优化对提升O2O供应链的整体效率和产业链升级具有十分重要的意义。从餐饮商家和O2O平台两个主要参与者出发对物流配送系统进行研究,提出了适合于O2O餐饮供应链的配送网络,并考虑道路阻塞、最大里程数等约束,搭建了上层模型最短时间、下层模型最低成本的双层规划模型,进而通过NSGA-Ⅱ算法求得可行解,最后验证了算法的可行性,为进一步研究O2O配送提供了新的解决思路。     

Lottery mindset,mispricing and idiosyncratic volatility puzzle: Evidence from the Chinese stock market

This study investigates the MAX effect regarding lottery mindset in the Chinese stock market. The MAX effect significantly affects stock returns through quintile portfolio and cross-sectional regression analyses. The most-overpriced stock groups, as categorized by mispricing index, show more support for the MAX effect. However, the idiosyncratic volatility (IVOL) effect continues regardless of consideration for the MAX effect, indicating that the MAX effect is not a source of the IVOL effect. Our results suggest that the MAX effect, which is highly relevant for overpriced stocks, might have information for determining stock price, and appears to be independent from information of the IVOL effect in the Chinese stock market.     

The role of intermediaries in establishing a sustainable supply chain

In sustainable supply chain management, buyers may use intermediaries to bridge exchanges with suppliers when knowledge of suitable sustainability practices is weak and in need of facilitation. Understanding how supply chain intermediaries perform this role and what happens when intermediation is no longer needed is important in establishing more sustainable supply chains. Two supply chain intermediaries have been investigated with the resulting case study evidence analysed using the Gioia methodology. The findings suggest supply chain intermediaries add value to the buyer-supplier exchange by facilitating sustainability-related information transfer, knowledge development, risk management and improved capabilities. For example, specific practices such as corrective action reports, often managed by the intermediary, underpin the development of a sustainable supply chain. When the intermediary is no longer needed, they become disintermediated from the specific buyer-supplier exchange but may be re-employed in a new triadic relationship in the future with previous parties. This provides positive spill-over effects through intermediation–disintermediation–post-intermediation cycles for both the buyer and supplier populations and for broader society. Overall, the findings highlight the value of the transient position of supply chain intermediaries in establishing sustainable supply chains and the intended consequences of their involvement.     

Implementing sustainable purchasing and supply management (SPSM): A Delphi study on competences needed by purchasing and supply management (PSM) professionals

This research is about a Delphi study that was conducted in the context of the development of a competence model for sustainable purchasing and supply management (SPSM). Based on the findings of a systematic literature review (SLR), it addresses the research gap in this area with the aim to foster the integration of sustainability in purchasing and supply management (PSM) in higher education and in professional training approaches for PSM professionals. The qualitative study was conducted with 16 Delphi experts in the field of PSM and sustainability, applying the critical incident technique (CIT). Together with the findings of the SLR, it led to a specific set of SPSM competences. The theoretical background is based on PSM research, educational sciences and organizational psychology.     

肯德基快餐店仓储管理现状分析——以佛山市南海区沙龙店为例

在工作和生活节奏日益加快的今天,为了提高工作效率,人们越来越崇尚在外就餐,由此带动了快餐业的快速发展。经营快餐店,仓储管理十分重要。论文对佛山市南海区肯德基沙龙快餐店的仓储管理现状进行了分析,针对仓储管理中存在的问题,提出改进建议,希望能对肯德基连锁快餐店或者其他同类型快餐店的经营有一定的启示。     

Mortgage market credit conditions and U.S. Presidential elections

Voters punish incumbent Presidential candidates for contractions in the county-level supply of mortgage credit during market-wide contractions of credit, but do not reward them for expansions in mortgage credit supply in boom times. Our primary focus is the Presidential election of 2008, which followed an unprecedented swing from very generous mortgage underwriting standards to a severe contraction of mortgage credit. Voters responded to the credit crunch by shifting their support away from the Republican Presidential candidate in 2008. That shift was large and particularly pronounced in states that typically vote Republican, and in swing states. Without it McCain would have received half the votes needed in nine crucial swing states to reverse the outcome of the election. We extend our analysis to the Presidential elections from 1996 to 2012 and find that voters only react to contractions, not expansions, of credit, and reactions are similar for Democratic and Republican incumbent parties.     

Trade uncertainties and the hedging abilities of Bitcoin

In this paper, we first estimate the monthly realised correlation, based on daily data, between stock returns of the United States (US) and Bitcoin returns. Then, we relate the realised correlation over the period October 2011 to May 2019 with a news-based measure of the growth of trade uncertainty of the US. Our results show that the realised correlation is negatively impacted by increases in trade uncertainty, which continues to hold under alternative robustness checks, suggesting that Bitcoin can act as a hedge relative to the conventional stock market in the wake of heightened trade policy-related uncertainties, and provide diversification benefits for investors.     

年轻高管与企业股价崩盘风险：来自“代理冲突观”的证据*

在企业纷纷实施高管年轻化战略的背景下，本文从股价崩盘风险的视角分析和检验了年轻高管风险偏好的经济后果及其作用机理。本文基于“个体认知观”和“代理冲突观”展开理论推演，采用中国沪深A股非金融上市公司的数据，检验发现，年轻高管会显著加剧企业未来的股价崩盘风险，且这种影响主要存在于民营企业，在国有企业并不显著。进一步针对具体作用机制的检验发现，年轻高管在投资决策中选择了更多能迅速提升个人收益的风险性投资项目，但在不能迅速提升个人收益的风险性投资项目上与年长高管没有显著差异。同时，年轻高管对股价崩盘风险的加剧效应仅仅存在于高管在上市公司领取薪酬的样本企业，且更高的独立董事比例能显著抑制年轻高管的股价崩盘风险加剧效应。这表明，年轻高管个体认知层面的风险偏好被其追求个人私利最大化的代理冲突所扭曲，进而为年轻高管风险偏好的“代理冲突观”提供了实证证据。