指望政府救市，中国股民面临多重风险

【美国《华尔街日报》3月24日】全世界股票投资者正在向中国同行致意：感谢你们，让我们感觉好些了。而此前不久，中国大陆股民还是全世界股票买家深感嫉妒的对象。但目前他们却沦为警示故事的主角，提醒人们现金以及无经验的贪婪可能引发灾难。     

Reconciling introspective utility with revealed preference: Experimental arguments based on prospect theory

In an experiment, choice-based (revealed-preference) utility of money is derived from choices under risk, and choiceless (non-revealed-preference) utility from introspective strength-of-preference judgments. The well-known inconsistencies of risky utility under expected utility are resolved under prospect theory, yielding one consistent cardinal utility index for risky choice. Remarkably, however, this cardinal index also agrees well with the choiceless utilities, suggesting a relation between a choice-based and a choiceless concept. Such a relation implies that introspective judgments can provide useful data for economics, and can reinforce the revealed-preference paradigm. This finding sheds new light on the classical debate on ordinal versus cardinal utility.     

Variable labour supply, specialisation-based external economies, and capital inflow

This paper examines the impact of exogenous capital inflow on prices, production, labour supply, and welfare in the presence of specialisation-based externalities. The paper utilises a simple model of an economy that produces one-final good by means of capital, labour, and a large number of varieties of an intermediate good. The intermediate good is produced by means of capital and labour. The supply of capital is exogenous but the supply of labour is endogenous. The presence of internal economies of scale in the intermediate good industry gives rise to specialisation-based external economies in the production of the final good. Perfect competition prevails in the final good industry whereas the intermediate good industry operates under Chamberlinian monopolistic competition. It is shown that exogenous capital inflow decreases labour supply and increases welfare only if the elasticity of substitution between leisure and the final good is equal to or less than unity. The paper also shows that, if trade opens up between two otherwise similar economies, a capital rich country would be a net importer of varieties of the intermediate good.     

Consumer ethics: The possible effects of terrorism and civil unrest on the ethical values of consumers

Research investigating the consumer's ethical beliefs, ideologies and orientation has been limited. Additionally, despite the repeated call in the literature for cross cultural research, virtually no studies have examined the ethical beliefs and ideologies of consumers from cultures other than those in North America. This study partially fills this gap in the literature by investigating the ethical beliefs, preferred ethical ideology, and degree of Machiavellianism of consumers from Egypt and Lebanon. The results indicate that consumers in Lebanon, which has been torn by civil unrest and terrorism, tend to be more Machiavellian, less idealistic, and more relativistic than their Egyptian counterparts. Additionally, the Lebanese consumers tend to be more accepting of questionable consumer practices.Mohammed Y. A. Rawwas is Assistant Professor of Marketing at the University of Northern Iowa. His research has appeared in theJournal of Business Ethics, Journal of Hospital Marketing, Health Marketing Quarterly, Medical Marketing & Media, and national proceedings of the American Marketing Association.Scott J. Vitell is Associate Professor of Marketing and holder of the Michael S. Starnes Lecturship in Marketing and Business Ethics at the University of Mississippi. His work has previously appeared in theJournal of Macromarketing, theJournal of Business Ethics, Research in Marketing, theBusiness and Professional Ethics Journal and theJournal of the Academy of Marketing Science as well as various other journals and proceedings.Jamal Al-Khatib is Assistant Professor of Marketing at the University of Wisconsin-Eau Claire. His research has appeared in theJournal of Consumer Marketing, International Marketing Review andResearch in the International Business Disciplines as well as various national and regional proceedings.     

High-Performance HR Practices,Work Stress and Quit Intentions in the Public Health Sector: Does person–organization fit matter?

Drawing on the attraction–selection–attrition (ASA) framework, this paper examines a mechanism, namely person–organization (P–O) fit, through which high-performance HR practices (HPHRPs) affect two negative employee outcomes: work-related stress and quit intentions. Using a sample of Egyptian public health sector workers, a mediation model is tested empirically using structural equation modelling. The study results show that HPHRPs positively affected P–O fit, which in turn had significant negative associations with work stress and quit intentions. P–O fit also explained a high proportion of mediation in the relationship between HPHRP and both outcomes.     

Risk-Taking Behavior and Capital Adequacy in a Mixed Banking System: New Evidence from Malaysia Using Dynamic OLS and Two-Step Dynamic System GMM Estimators

This study is the first attempt to investigate the relationship between the level of risky assets and capital level in a mixed Malaysian banking system covering 83 months starting December 2006. The results of dynamic ordinary least squares indicate positive relationship between capital ratio (CAR) and risk-weighted asset ratio (RWA) in the long run. Furthermore, the causality analysis based on panel vector error correction model (VECM) and two-step dynamic system generalized method of moments indicates unidirectional causality from CAR to RWA. Our results further suggest that higher capital growth and capital buffer provide an extra cushion for the Malaysian banks to pursue relatively riskier financial activities, and the nature of risk-taking behavior of Islamic banks follows that of the conventional banks.     

Can Arabic Proverbs Enhance Arabic-Speaking Students’ Comprehension of Financial Concepts?: An Empirical Study in Randomly Selected Business Schools in Dubai

In this study, we investigated the use of Arabic proverbs and quotes for teaching finance courses to Arabic-speaking students who are nonnative speakers of English. The study found that the use of Arabic proverbs and quotes greatly enhances the students’ comprehension of the finance topics covered. Similarly, the study revealed that the use of Arabic proverbs and quotes for Arabic-speaking students in teaching finance courses creates rapport between the student and instructor, thus enhancing learning. Finally, the study confirmed that the use of Arabic proverbs and quotes for Arabic-speaking students in teaching finance courses does not lead to confusion or complicate matters, but enhances comprehension and bolsters retention.     

The relationship between laissez-faire leadership and burnout: Mediation through work alienation and the moderating role of political skill

We tested the relationship between laissez-faire leadership and job burnout and the mediating role of work alienation in this relationship. We also examined the moderating role of political skill in the relationship between laissez-faire leadership and burnout. Based on time-lagged (three waves, two months apart) survey data collected from 272 employees in 92 firms operating in China, our results showed that laissez-faire leadership was positively related to burnout both directly and via work alienation. Moreover, the positive relationship between laissez-faire leadership and burnout was contingent on political skill, such that the relationship was weak when political skill was high. The study provides useful suggestions to help managers curb employees' feelings of burnout and work alienation.