张耿豪与张耿华:从梦想出发

蜕变台湾80后艺术家张耿豪以及张耿华,因为经常合作创作,所以老是被放在一起谈。孪生的两人,在艺术界不时以如同一人般的身份出现。张耿豪以及张耿华的早期作品多以直观的"形"表达他们的个人生命经验。因为从小在五金零件工具堆里长大,所以迷恋机械动力的装置,时不时地有齿轮、感应器、马达等等对象出现在作品中。殊不见"1750东向坡"在暗黑的     

Some cautions on the use of nonlinear panel unit root tests: Evidence from a modified series-specific non-linear panel unit-root test

The purpose of this paper is to examine the relevance of applying nonlinear panel unit root test to examine the non-linear mean reversion behaviors of real exchange rates. We find that nonlinear panel unit root test may achieve lower power performance as compared to its alternative of linear panel unit test when the data generating process does not contain significant non-linear components. This finding post cautions to researchers in modeling and testing real exchanges behavior. We also develop a modified series-specific nonlinear panel unit root test and find evidence in favor of purchasing power parity hypothesis for China's four ASEAN trading partners in the period of February 1997 to August 2009.     

How Do Salespeople Make Decisions? The Role of Emotions and Deliberation on Adaptive Selling,and the Moderating Role of Intuition

This research explores how salespeople make decisions and what factors influence these decisions. Research in psychology suggests that, in making decisions, people use both intuition and deliberation, often relying on some degree of both processes. This study examines the impact of emotion, intuition, and deliberation on a salesperson's adaptability and resulting performance. Intuition is found to play a significant moderating role in the relationships between both deliberation and regulation of emotions on adaptive selling. However, as anticipated, the role of this moderation variable differs for each of these relationships. Findings suggest that intuition provides an important input to deliberative and emotive thought processes, and plays an important role in salesperson adaptiveness. Implications for salesperson mentoring and training programs are explored.     

Investor sentiment and feedback trading: Evidence from the exchange-traded fund markets

This paper extends the standard feedback trading model of Sentana and Wadhwani (1992) by allowing the demand for shares by feedback traders to depend on sentiment. Our empirical analysis of three largest Exchange-Traded Fund (ETF) contracts in the U.S. suggests that there is a significant positive feedback trading in these markets and the intensity of which is generally linked to investor sentiment. Specifically, the level of feedback trading tends to increase when investors are optimistic. In addition, we find that the influence of sentiment on feedback trading varies across market regimes. These results are consistent with the view that feedback trading activity is largely caused by the presence of sentiment-driven noise trading. Overall, the findings are important in understanding the role of sentiment in investment behaviour and market dynamics and are of direct relevance to the regulators and investors in ETF markets.     

The Impact of Universal Stock Futures on Feedback Trading and Volatility Dynamics

Abstract:  This paper investigates the impact of the introduction of Universal Stock Futures (USFs) on underlying market dynamics (volatility and the level of feedback trading). Analysis of USFs provides a number of advantages compared to investigation of index futures, leading to reliable and wider ranging insights into the impact of derivatives. Specifically: (i) any impact of derivatives is more likely to be evident in the behaviour of individual stocks; (ii) with USFs it is possible to directly trade the underlying; (iii) USFs have multiple introduction dates within a given market; (iv) differential country/industry effects can be identified; and (v) the endogeneity issue can be addressed using control stocks. Findings suggest limited feedback trading in USF stocks, but listing has reduced this further. While news has less impact and persistence and asymmetry effects are more evident post-futures, control stock results suggest these changes are not futures induced. Differences are evident across industries. The need for analysis of an appropriate (industry based) control sample is highlighted if reliable policy conclusions are to be reached.