Here comes Generation Z: Millennials as managers

As the workplace continues to change, a new generational cohort—Generation Z, sometimes referred to as iGen—is beginning to enter the workforce. At the same time, millennials are now progressing in their careers and will be challenged with managing these incoming workers. The purpose of this article is to provide a contextual overview that identifies and illuminates some of the defining work-related characteristics of these two youngest generations in the workplace to increase understanding of the potential intergenerational conflict between these cohorts and develop leadership strategies that can be utilized to increase employee morale and productivity. This article analyzes the millennial supervisor-Gen Z subordinate relationship based on generational cohort theory, leader-member exchange (LMX) theory, and the work values framework.     

体外孵化项目的合法会计信息失真研究——以爱尔眼科为例

新经济、新业态的发展,新商业模式不断涌现,会计信息生产者按已有的会计准则和职业判断进行确认、计量、记录和报告,路径依赖下的会计处理程序可能会形成合法性信息失真。体外孵化成为企业扩张的加速器,也是隐藏风险的“雷”,目前的会计处理程序展现了一份资产、利润都高速增长的财务报表,而交易的风险可能被隐匿。本文以运用并购基金实现体外孵化的典型案例爱尔眼科作为研究对象,通过阐述体外孵化项目投资逻辑,分析复杂的商业交易造成控制权的模糊,致使其会计信息未反映经济实质以及内含的风险,以此提示信息使用者以及为监管层提供政策建议,当前会计准则和规范滞后商业模式发展,相关部门应该更关注市场的新商业模式以及其会计处理程序和信息披露监管。     

Microdata analysis of the consequences of free trade port policy: the case of Iran free zones

ABSTRACT

Creating free trade zones as a policy to motivate new investment and improve the local economic indicators might be of some benefits. Following of this policy in Iranian major port, however, resulted vice versa by aggravating the current account balance that is higher imports and the same horizon diminished export sums. We derive the micro data of trade for the Iranian major Imam port according to code arrangements of harmonic system (HS), which permits the clustering of different goods categories. Then we extracted the sums of survey data for the years before and after Imam port became free trade zone and applied fixed effect difference in difference (DID) method to capture the heterogeneity of unobserved variables. Our control port of analysis was Rajaee port the policy did not implemented. Results show that just as Imam free port’s Current Account Balance deteriorated by increasing import and dampening of export sums.     

Structural breaks in the mean of dividend-price ratios: Implications of learning on stock return predictability

In their out-of-sample predictions of stock returns in the presence of structural breaks, Lettau and Van Nieuwerburgh (2008) implicitly assume that economic agents’ perception of the regime-specific mean for the dividend-price ratio is time-invariant within a regime. In this paper, we challenge this assumption and employ least squares learning with constant gain (or constant-gain learning) in estimating economic agents’ time-varying perception for the mean of dividend-price ratio. We obtain better out-of-sample predictions of stock returns than in Lettau and Van Nieuwerburgh (2008) for both the U.S. and Japanese stock markets. Our empirical results suggest that economic agents’ learning plays an important role in the dynamics of stock returns.     

Will you miss me if I am leaving? Unexpected market withdrawal of Norwegian Joy and customer satisfaction

The first “Made in Germany, Designed for Chinese” luxury cruise, Norwegian Joy, announced an unexpected Chinese-market-withdrawal decision on July 14th, 2018, less than a year after her maiden voyage from Shanghai. How does customer satisfaction change as a response to a cruise's market-withdrawal decision? By resorting to the confirmation of expectation theory, our paper highlights satisfaction as being a function of the baseline effect of expectations plus perceived disconfirmation of expectations. We propose that customer satisfaction will rise because the withdrawal decision implies strategic mistake of the cruise and therefore lowers customer expectation. Drawing on customers' comments on the largest travel agency website in China, we conducted sentiment analysis and used ‘difference in difference’ statistical approach to test our hypothesis. Results show that customer satisfaction increased after Norwegian Joy's withdrawal announcement.     

网络流行语中民众网络话语权研究

网络流行语作为网络文化的产物，映射当下现代文明的各类现状。通过挖掘网络流行语内在起因、情境和心理，以反沉默螺旋法则为理论依据，研究当代民众网络话语权的产生、表达方式和表达心态以及相关应对机制。希望通过本研究对我国社会行政管理科学化进程有所助益。     

山岭隧道洞口浅层滑坡处治关键技术研究

受地形地质条件、工程经济以及勘察深度等因素的制约,山岭重丘区隧道不可避免地会受到各种不良地质灾害的影响.为解决隧道穿越洞口浅埋段滑坡体的施工安全问题,以乐业至百色高速公路永乐隧道工程为研究背景,针对其地形地质条件及滑坡体情况,结合洞内变形与滑坡体变形相互作用机理,对隧道穿越洞口浅埋段滑坡体施工关键技术进行研究,并针对性地提出"洞外加固处治+洞内严格控制沉降"的综合处治方案.实践结果表明,本隧道工程穿越洞口浅层滑坡体的施工过程安全顺利,采取的施工控制措施方案实施效果良好.     

意义、困境与向路:我国地方人大立法协商研究

立法协商是地方人大实现科学立法、民主立法和依法立法的有效途径和重要举措。随着我国立法实践的发展,虽地方立法协商工作取得了卓著成效,但也存在着诸多待解难题,如立法协商主体角色定位不清、实现过程有待明确、意见收集渠道缺失等。鉴于此,地方人大立法应充分体现地方人大主导地位、实现立法协商制度化规范化、紧紧依靠人民群众开展立法协商,进而以协商民主的方式为地方立法工作凝聚共识、汇集民智。     

COVID-19, stock market and sectoral contagion in US: a time-frequency analysis

We assess the conditional relationship in the time-frequency domain between the return on S&P 500 and confirmed cases and deaths by COVID-19 in Hubei, China, countries with record deaths and the world, for the period from January 29 to June 30, 2020. Methodologically, we follow Aguiar-Conraria et al. (2018), by using partial coherencies, phase-difference diagrams, and gains. We also perform a parametric test for Granger-causality in quantiles developed by Troster (2018). We find that short-term cycles of deaths in Italy in the first days of March, and soon afterwards, cycles of deaths in the world are able to lead out-of-phase US stock market. We find that low frequency cycles of the US market index in the first half of April are useful to anticipate in an anti-phasic way the cycles of deaths in the US. We also explore sectoral contagion, based on dissimilarities, Granger causality and partial coherencies between S&P sector indices. Our findings, such as the strategic role of the energy sector, which first reacted to the pandemic, or the evidence about predictability of the Telecom cycles, are useful to tell the history of the pass-through of this recent health crises across the sectors of the US economy.