Does educational diversity of managers matter for the performance of team‐managed funds?

We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.     

民营企业员工敬业度影响因素研究

当前,在国内企业中普遍存在员工敬业度低的现象。中国民营企业在现阶段的人力资源开发和人才培养体系创建上缺乏有效的机制。同时,员工敬业度和忠诚度对企业发展有着重要意义。民营企业作为国民经济和社会发展的主力军,为了适应市场中激烈的竞争,只有吸引、留住和用好人才,建立行之有效的人力资源管理体系,才是民营企业发展、生存的关键。论文综合了部分国内外的文献资料,阐述了员工敬业度的概念,指出了影响员工敬业度的因素,提出了解决民营企业员工敬业度问题的方法。     

Industrial relations law,employment security and collective bargaining in India: myths,realities and hopes

This article examines the debate on reforms in industrial relations law in India, needed to support its economic liberalisation programme. Analysing a distinctively Indian experience of state intervention in industrial relations, it concludes that the thrust of the reform should be towards entrusting union recognition and promotion of dispute settlement to an authority that is independent of the state executive.     

The demand for game day attendance in college football: an analysis of the 1997 Division 1‐A season

This paper develops a predictive model which includes game, team and university specific factors that are likely to influence game day demand for Division 1‐A college football. Attendance during the 1997 regular season is used as the dependent variable. Tobit estimates of two separate equations reveal that the quality of both teams, traditional rivalry and membership of specific conferences have a significant influence on demand. In addition, colleges with lower enrollments and a higher percentage of off‐campus students attract smaller crowds. The presence of a nearby professional football team also detracts from a college team's drawing power. Copyright © 2003 John Wiley & Sons, Ltd.     

Bank lending rules for managing sovereign risk

A simple domestic lending rule is one that ensures that the loan rate exceeds the bank's cost of capital and the borrower's expected cashflows exceed the terminal value of the loan. Because a sovereign loan is not collateralized and lacks recourse, the domestic lending rule is not adequate for making sovereign lending decisions. Three modifications are suggested. First, the sovereign borrower's time preference for consumption needs to be considered. Second, the domestic borrower's decision to default voluntarily is made after observing the value of the collateral whereas the sovereign borrower's decision is made after observing earnings. In this paper, the sovereign borrower upgrades expectations in a Bayesian manner. Although no lending rule will completely prevent a default, the probability of default can be managed leading to a third modification.     

试论财政优化资源配置的作用

资源配置客观上包含宏观、中观、微观三个层次。尽管市场在资源配置中应发挥基础性作用，但为了实现三个层次的资源配置的优化，政府财政都应发挥重要的调节作用。     

价值链与创新型产业集群社会网络特征研究——基于浙江省产业集群的实证分析

产业集群中大量企业集中在相对较小区域内,这种高密度企业集中会对企业社会网络产生多方面影响。不同类型产业集群在发展过程中呈现许多差异特征,因此企业社会网络特征也非常不同。本研究针对价值链型产业集群与创新型产业集群这两个典型类型产业集群,探讨两种产业集群中企业社会网络特征的差异,并通过实证统计分析来检验不同产业集群类型下企业社会网络特征是否存在显著差异。本研究先通过独立样本T检验证明本研究所取样的两个产业集群分别属于不同类型的产业集群,然后再对不同类型产业集群中企业社会网络四个维度进行独立样本T检验,最终证明不同产业集群类型下企业社会网络特征存在显著差异。     

论我国地方财政风险的个性特征

我国地方财政风险，不同于一般的财政风险。从整体考察，它具有分散性、非均衡性和传导性；从结构考察，具有隐蔽性、发展性和内生性，同时它又受外部因素的影响很大。     

关于财政职能问题的思考——兼与李茂生研究员商榷

财政职能是财政职责和功能的统一。财政职责强调财政“应该干什么”,即行为方向;财政功能强调财政“能够干什么”,即行为能力。财政功能主要制约于财政质的规定,而财政职责除受财政的质及由质所决定的财政功能的影响外,还受财政所处环境的影响。一般意义上财政资源配置功能的职责体现是满足社会公共需要。满足公共需要的一般意义上的财政职能在市场经济条件下的个性体现是弥补市场失效,提供公共产品,这一职能可以从三个层次展开。