The role of public space in constructing experience capital: A longitudinal analysis in the hotel context

Public space plays a primary role in shaping customers' hospitality experiences. Yet how public space conditions customers' experiential outcomes in accumulating capital for hospitality organizations remains underexplored. Inspired by the theory of psychological ownership, this research presents an in-depth analysis of the impacts of customers' public space experiences on their experiential outcomes using a longitudinal hotel industry dataset merging information from customer surveys, property performance, and surrounding accessibility insights. Findings revealed the positive effects of customers’ public space experiences on their overall service experiences, the perceived value of the experience, revisit intentions, and recommendation intentions. Moreover, hotel class, other customers, and surrounding accessibility were empirically verified as moderators conditioning the positive impact of public space. These findings offer valuable implications for theory and practice that are worthy of further exploration.     

Producing drama: a comparison of film tax incentives to alternative uses

Incentive packages are popular tools for economic development. However, development projects are often considered in isolation without an analysis of opportunity costs. In this study, we use an intuitive framework for comparing projects and weigh alternate projects against North Carolina’s film incentive programme. The results indicate that there are substantial differences in the economic impact of the projects we consider in this study. Our results suggest that policy decisions by governments and economic development officials should weigh a potential project against alternative uses in order to optimize the use of incentives.     

普惠金融发展的地区差异、收敛性及影响因素研究*——基于中国省级面板数据的检验

本文利用2005—2016年省级面板数据，对我国各地区普惠金融发展水平进行测度，并在此基础上探讨其收敛性及影响因素。结果表明：（1）我国普惠金融发展水平在考察期内总体偏低，并且呈现出显著的地区差异性。（2）绝对β收敛在全国、中部和西部均存在，而东部不存在；条件β收敛在全国、东部和西部均存在，而中部不存在。（3）政府干预程度、市场化程度、人力资本质量、非正规金融以及外商直接投资对普惠金融发展均具有重要的影响。     

Political Economy of Regional Integration: The Northeast Asian Model Revisited

It is found that the intra-regional trade share or functional integration plays an important role in the institutionalization of regional integration not only in the European Union (EU) but also in Northeast Asia. The crisis factor, which is measured by the regional economic growth rates, is empirically significant in Northeast Asia but not in the EU. This situation confirms the crisis model for Northeast Asia that emphasizes the stimulating role of crisis for the institutionalization of regional integration. However, the political leadership factor is not empirically significant in Northeast Asia and in the EU, and this finding does not support the political leadership model that emphasizes the facilitating role of political leadership for the institutionalization of regional integration.     

空间目标的联合矩阵束极点估计

极点作为谐振区雷达目标的最主要电磁特性，具有很大的空间目标识别前景。但是在使用频域观测数据提取目标极点时，存在虚假极点和估计精度问题。针对上述问题，首先通过加窗和截断改进了后时响应信号的获取流程，抑制了虚假极点影响；然后采用最小描述长度法（MDL）估计极点个数，避免了定阶错误引起的虚假极点；最后采用联合矩阵束法估计极点，有效减少了单角度数据估计极点时存在的遗漏极点和虚假极点问题。FEKO软件验证表明，所提算法具有更高的精度和抗噪能力。     

Will FinTech make regional banks superfluous for small firm finance? Observations from soft information-based lending in Germany

Regional banks have a competitive advantage in that short distances to clients enable the use of soft information for superior lending decisions. If the ambition of FinTech start-ups to create superior screening and monitoring technologies materialises, this advantage would be diminished and regional banks would become superfluous for small firm finance. To explore this claim, the paper in hand analyses qualitative empirical data about the lending processes and rating system use of regional German savings banks. In essence, the results from participant observation and interviews clarify the importance of “real” soft information for critical lending decisions. The context specificity and limited verifiability of “real” soft information hamper it from being hardened through the use of rating systems and other bank-ICT. Though FinTech's scoring technologies may overcome the first limitation, it appears likely that in the course of scoring development “real” soft information will be systematically crowded out due to the manipulation problem. The paper expects improved access to finance for SMEs if FinTech solutions overcome both limitations of “real” soft information use, or if peer-to-peer lending and regional banks coexist. Deteriorated access to finance is expected if FinTech companies displace the relationship banking of regional banks due to enhanced competition, without preserving the advantages of “real” soft information with superior screening and monitoring technologies. The paper concludes with recommendations on how to prevent deteriorated access to finance for small firms by promoting fair competition and FinTech innovations.     

Factor state–space models for high-dimensional realized covariance matrices of asset returns

We propose a dynamic factor state–space model for high-dimensional covariance matrices of asset returns. It makes use of observed risk factors and assumes that the latent integrated joint covariance matrix of the assets and the factors is observed through their realized covariance matrix with a Wishart measurement density. For the latent integrated covariance matrix of the assets we impose a strict factor structure allowing for dynamic variation in the covariance matrices of the factors and the residual components as well as in the factor loadings. This factor structure translates into a factorization of the Wishart measurement density which facilitates statistical inference based on simple Bayesian MCMC procedures making the approach scalable w.r.t. the number of assets. An empirical application to realized covariance matrices for 60 NYSE traded stocks using the Fama–French factors and sector-specific factors represented by Exchange Traded Funds (ETFs) shows that the model performs very well in- and out of sample.     

荷兰农业绿色转型经验与政策启示

[目的]与我国的农业资源禀赋条件相似,荷兰人多地少,农业资源贫乏,却是世界农业强国,其20世纪80年代开始的农业转型之路对促进我国当前农业绿色发展具有重要借鉴意义。[方法]结合实地调研与文献研究,文章梳理了荷兰40年来在农业环境治理方面的具体政策设计和实施效果,并分析了其主要经验做法及对我国发展的启示。[结果]从畜禽养殖数量控制到化学投入品控制、再到农业资源全管理,荷兰始终坚持以种养结合的可持续发展模式应对农业资源环境挑战,不断强化循环利用技术推广应用,逐步建立了严格的农业资源环境监管体系和政府支持体系,在农业污染得到有效治理的同时,依然很好地保持了国际市场竞争力。[结论]荷兰曾经面对的养殖业污染、化学品过度投入等问题也是我国当前农业环境的突出问题,其当时采取的转型思路与我们目前的绿色发展理念高度一致,借鉴荷兰经验,加快推进我国农业绿色发展,亟需创新循环农业发展模式,加强绿色发展技术支撑,建立并完善农业绿色发展制度体系,协同推进农业资源环境保护和农业竞争力提升。     

基于系统动力学的区域林业碳汇市场中三方主体利益行为演化博弈分析

分析影响三者策略行为的作用因素,构建区域林业碳汇市场的演化博弈模型。在此基础上,结合系统动力学理论,对广东省的碳汇发展状况进行仿真模拟,找出影响市场均衡发展的关键因素。结果表明:政府部门趋向于选择投入策略,其中提高市场碳交易额对拉动市场需求有显著影响,而增强对林农碳汇林的补贴力度难以解决市场当前供需问题。     

组织间学习与绿色创新:绿色吸收能力的调节作用

尽管组织间学习已经获得较多关注,但鲜有研究探讨它对绿色创新的影响。从组织间关系和双元性理论视角,提出了组织间的纵向利用式学习和横向探索式学习,基于组织学习理论和吸收能力理论,探究了两种组织间学习方式与绿色创新的关系,并检验了绿色吸收能力的调节作用。基于203家中国制造企业的调查数据,实证结果表明:纵向利用式学习和横向探索式学习都能显著正向影响绿色创新;相比横向探索式学习,纵向利用式学习对绿色创新的影响作用更强。绿色吸收能力在横向探索式学习与绿色创新之间也起调节作用,但它并不调节纵向利用式学习与绿色创新的关系。研究提出了不同的组织间学习方法与绿色创新的关系,丰富并拓展了绿色创新的相关研究。