Knowledge sharing in hospitality organizations: A meta-analysis

Knowledge sharing plays a crucial role in how hospitality organizations gain a sustainable competitive advantage. Using meta-analytic examinations based on 275 relationships from 54 primary studies, the current study proposes an integrative framework at both an employee and organizational level. Accordingly, this study comprehensively investigates the relations of knowledge sharing with its antecedents and consequences at both levels by synthesizing effect size estimates. Also, this study supplementarily conducts full-information meta-analytic structural equation modeling to examine the causality of proposed relationships. This study further examines the moderating roles of certain sub-dimensions of knowledge sharing and regions in each relationship of knowledge sharing with its predictors and outcomes. Based on findings derived from robust meta-analytic procedures, the authors identify several important patterns of findings. This study provides an advanced understanding of the nomological network of knowledge sharing in the hospitality organizational context.     

Do significant risk warnings in annual reports increase corporate bond credit spreads? Evidence from China

Based on listed companies issuing bonds on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this study analyzes the relationship between significant risk warnings in Chinese companies’ annual reports and corporate bond credit spreads. The main findings are as follows. First, in the Chinese market, “substantial warnings of significant risks” can significantly improve corporate bond credit spreads, reflecting the risk-warning effect; second, state-owned property rights weaken this effect, which only pertains to listed companies with poor risk management and low information quality; third, significant risk warnings increase investors’ heterogeneous beliefs, also affecting credit spreads; and fourth, through textual analysis, it is found that the corporate bond credit spread is greater when the disclosed risk factors are more pessimistic and less similar to those of the previous year. The findings of this paper help to enrich the literature on credit spreads and risk disclosure.     

On the asymmetric impact of macro–variables on volatility

We extend the GARCH–MIDAS model to take into account possible different impacts from positive and negative macroeconomic variations on financial market volatility: a Monte Carlo simulation which shows good properties of the estimator with realistic sample sizes. The empirical application is performed on the daily S&P500 volatility dynamics with the U.S. monthly industrial production and national activity index as additional (signed) determinants. We estimate the Relative Marginal Effect of macro variable movements on volatility at different lags. In the out-of-sample analysis, our proposed GARCH–MIDAS model not only statistically outperforms the competing specifications (GARCH, GJR-GARCH and GARCH–MIDAS models), but shows significant utility gains for a mean-variance investor under different risk aversion parameters. Attention to robustness is given by choosing different samples and estimating the model in an international context (six different stock markets).     

粮食与经济重心迁移路径及空间耦合关系分析*——以湖北省粮食主产县为例

[目的]我国的粮食安全问题一直备受关注,作为粮食安全重要保障的粮食主产区近年来却面临着粮食生产与经济发展协调性、可持续性下降的困扰。文章以湖北省46个粮食主产县为研究区,对其粮食生产与经济发展的耦合协调状况进行研究,以期为地方政府粮食安全政策制定提供参考。[方法]以研究区粮食产量、地区生产总值、行政区划图层为数据源,构建重心模型和空间耦合模型,对粮食主产县2006—2015年间粮食重心和经济重心迁移路径、粮食生产与经济发展耦合协调状况进行分析。[结果](1)研究期间粮食主产县的粮食重心和经济重心整体上皆向西北方向转移,经济重心始终位于粮食重心东南部,经济重心的移动幅度大于粮食重心,但经济重心的移动方向更稳定。研究区北部的粮食生产地位高于南部,南部的经济地位则高于北部,粮食生产的稳定性相对低于经济发展。(2)两重心整体上虽均向西北方向转移,但具体移动方向存在较大差异,两者空间重叠性整体下降,变动一致性减弱,空间耦合性变差。(3)粮食生产与经济发展空间一致性地域分异特征明显,相较于2006年,2015年粮食经济整体协调性进一步减弱,粮食生产与经济发展日趋分散。[结论]建立重心模型和空间耦合模型对粮食生产与经济发展耦合协调状况进行研究是有效可行的,为推动粮食生产与经济发展协调稳步发展决策提供一定的参考。     

Asymmetric extreme risk spillovers between the Chinese stock market and index futures market: An MV-CAViaR based intraday CoVaR approach

This paper proposes a predictive CoVaR measure to analyze asynchronous risk spillovers between the Chinese stock and futures market. We jointly model the intraday CoVaR dynamics using an extended MV-CAViaR model. The results show the presence of asymmetric spillovers under different market states, different trading rules, and different confidence levels. Specifically, there exist significant downside spillovers and insignificant upside spillovers. Moreover, the futures (stock) market becomes dominant in risk transmission during bearish (bullish) market periods. Furthermore, high margin requirements would weaken the spillover effects of the futures market, but it would also strengthen the spillover effects of the stock market.     

Does quality of innovation,culture and governance drive FDI?: Evidence from emerging markets

This study examines how technology, culture and corporate governance drive inward FDI in emerging economies. A study of 22 emerging economies shows that technology is the major attractive factor influencing inward FDI. Further, FDI increases as technology absorption and innovation capacity increase. The greater the quality of country governance, the greater the influence of corporate governance on FDI. Cultural dimensions such as individualism, masculinity and uncertainty avoidance exhibit a weaker influence on inward FDI, while power distance and indulgence have a stronger influence on inward FDI. Our results support the leapfrogging approach of emerging economies towards promoting innovation and enhancing technology adoption to drive FDI. Interaction effect of country governance further highlighted that the better the governance of a country the impact of technology, innovation, corporate governance and culture in attracting inward FDI also increases.     

Industry risk transmission channels and the spillover effects of specific determinants in China’s stock market: A spatial econometrics approach

This paper uses a spatial econometrics approach to study the industry risks in China’s stock market. We comprehensively consider the real linkage and information risk transmission channels and analyze the risk spillovers of specific determinants. Our empirical results show the following: 1) The real linkage channel and information channel are both effective transmission channels for driving spillover effects, and the information channel is of the utmost importance. 2) The spillover effects of specific determinants exist and are persistent. The superposition of spillover effects may lead to extreme risk. 3) The transmission channels and spillover effects are asymmetric in different regimes.     

Predicting stock returns: A risk measurement perspective

This paper proposes a new and efficient model selection strategy to obtain significant stock returns predictability from a risk measurement perspective. The risk interval is defined as the distance between the current actual return and the returns' historical average. The model selection strategy involves switching stock return forecasting models according to different risk intervals from the mean reversion and extreme value theory. This new strategy generates encouraging results in the empirical analysis. A mean-variance investor can realize sizeable economic gains by allocating assets through this new approach relative to competing forecasting models. Furthermore, the strategy performs robustly under alternative settings from both statistical and economic perspectives.     

Measuring extreme risk spillovers across international stock markets: A quantile variance decomposition analysis

This paper proposes a quantile variance decomposition framework for measuring extreme risk spillover effects across international stock markets. The framework extends the spillover index approach suggested by Diebold and Yilmaz (2009) using a quantile regression analysis instead of the ordinary least squares estimation. Thus, the framework provides a new tool for further study into the extreme risk spillover effects. The model is applied to G7 and BRICS stock markets, from which new insights emerged as to the extreme risk spillovers across G7 and BRICS stock markets, and revealed how extreme risk spillover across developed and emerging stock markets. These findings have important implications for market regulators.     

自然保护区生态旅游发展对贫困农户生产经营能力的影响研究

基于云南省轿子山国家级自然保护区的调查数据,从3个维度构建农户生产经营能力指标体系,运用熵值法及多元线性回归模型研究保护区生态旅游发展对贫困农户生产经营能力的影响。结果表明:轿子山国家级自然保护区样本贫困农户生产经营能力总体处于中等水平,且呈现出区域差异性;社区社会保障缺乏和政府帮扶政策措施滞后是造成农户生产经营能力不足的主要原因;在控制“农户家庭基本特征”类别下的4个变量中,保护区开展生态旅游效果的主客观认知是影响贫困农户生产经营能力的一个重要因素,贫困农户参与保护区生态旅游相关工作正向显著影响农户生产经营能力,并对保护区生态旅游扶贫效果起到中介效应。因此,提出政府相关部门应合理规划,构建全域化生态旅游发展体系;增强基层治理水平,提供就业创业培训路径;转变观念,提升自我脱贫可持续能力等建议。