Are you really doing good things in your boss's eyes? Interactive effects of employee innovative work behavior and leader–member exchange on supervisory performance ratings

Organizations increasingly depend on employee efforts to innovate. However, the quality of relationships between leaders and employees may affect the recognition that employees receive for their innovative work behaviors. Drawing from a social cognition perspective, we tested a model in which leader–member exchange (LMX) moderates the impact of employee innovative work behavior on supervisory ratings of employee performance. Results from two multisource studies combining self, colleague, and supervisor ratings consistently showed that employees receive more favorable performance ratings by engaging in innovative work behavior when they have high‐quality LMX relationships. Moreover, we found that this interactive relationship was mediated by leader perceptions of innovative employee efforts, providing support for a moderated mediation model. Implications for the literatures on performance appraisal, LMX, and innovation are discussed.     

The cross‐cultural study of LMX and individual employee voice: The moderating role of conflict avoidance

This article examines the role of national culture, measured by conflict avoidance, on the relationship between leader–member exchange (LMX) and individual employee voice. Using data collected from automotive industry employees in the United States and Korea, the findings show that conflict avoidance is negatively related to employee voice and also moderates the relationship between LMX and employee voice in the Korean sample. In particular, the relationship between LMX and voice becomes less positive when conflict avoidance is high. On the other hand, conflict avoidance does not have a direct effect on employee voice as well as an interactive effect with LMX on employee voice in the U.S. sample. This study, therefore, highlights the importance of the national culture in the comparative study of employee voice.     

Measuring Inflation Anchoring and Uncertainty: A U.S. and Euro Area Comparison

We use several U.S. and euro‐area surveys of professional forecasters to estimate a dynamic factor model of inflation featuring time‐varying uncertainty. We obtain survey‐consistent distributions of future inflation at any horizon, both in the U.S. and the euro area. Equipped with this model, we propose a novel measure of the anchoring of inflation expectations that accounts for inflation uncertainty. Our results suggest that following the Great Recession, inflation anchoring improved in the United States, while mild de‐anchoring occurred in the euro area. As of our sample end, both areas appear to be almost equally anchored.     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

Migration decisions under ambiguity: Migration distance effects revisited

There is ample evidence that distance has a strong negative effect on migration. Despite its significance in migration decisions, scholars rarely explore the migration distance effect deeper than the first level of interpretation derived from the simple neoclassical theory of migration. This study revisits the migration distance effect in the spirit of Knightian distinction between risk and uncertainty. To this end, this study attempts to construct estimates of the risk premium migrants are willing to pay to avoid the risk associated with migration distance. The results show that the magnitude of the distance effect is not rationalized by risk aversion in the Arrow–Pratt sense (Arrow, 1965, The theory of risk aversion, Yrjo Jahnssonin Saatio, Helsinki, Finland, 90; Pratt, 1964, Econometrica, 32, 122). In particular, the risk premium demanded by distant rural residents is unjustifiably higher compared with that of those living closer to urban areas in their migration decisions. The results suggest that the migration distance effect is analogous to the equity home bias puzzle and the Ellsberg paradox in that the assumption of subjective expected utility can lead to seemingly irrational human behaviors. Some of the findings in this study shed light on the role of subjective aspects such as perception, confidence, and pessimism in migration decisions, which have been neglected in the literature.     

Close relationship with the supervisor may impede employee creativity by suppressing vertical task conflict

Leader‐member exchange as a form of supportive leadership is expected to foster employee creativity. However, empirical evidence suggested this relationship is complex. This study attempts to address this complexity by proposing and testing a curvilinear mechanism, which attenuates the overall positive effect of LMX on creativity by transmitting a curvilinear indirect effect via vertical task conflict. Results drawn from a sample of 276 supervisor–subordinate dyads provided support for the hypothesized curvilinear indirect effect. Specifically, LMX was found to negatively influence employee creativity by suppressing vertical task conflict for subordinates in high‐quality LMX relationships, while the indirect effect was not significant for subordinates in low‐quality LMX relationships.     

State‐Dependent Forward Guidance and the Problem of Inconsistent Announcements

Forward guidance can be provided as an unconditional promise, i.e. commitment to a specific low policy rate. Alternatively, the promise may include an escape clause, i.e. a condition defining the state of the economy under which the central bank would not keep such a low rate and, instead, it would revert to setting policy under discretion. The escape clause can be expressed as a threshold in terms of a specific variable. The present paper shows that, when such a threshold is expressed in terms of an endogenous variable (e.g. output, inflation), there are cases where it becomes impossible for the central bank to act in a way that is consistent with its promise. Consistency imposes limits on the policy rate that can be set since reverting immediately to the optimal discretionary rate can be incompatible with exceeding the threshold.     

出口、贸易成本和专利出海

作为一种重要的知识产权形式,专利为创新产品中无形资产的专有权利提供了正式保障,是推动中国制造业全球价值链上移的重要手段.近年来,中国企业在海外市场面临的知识产权纠纷日渐增多.在此背景下,布局海外专利对保障中国企业高质量"走出去"参与全球竞争的重要性日益凸显,但关于中国专利出海的研究较为鲜见.基于2001-2018年国民经济行业大类层面的出口和专利申请数据,本文考察了出口对中国海外专利布局的影响.结果显示,制造业出口显著地推动了中国在海外专利申请数量的增长.进一步的研究表明,地理距离在其中表现出调节作用且在制度维度上表现出异质性.具体而言,在知识产权保护强度较高的国家,地理距离会进一步放大出口对海外专利申请数量的促进作用;而在遗传距离和文化距离邻近的国家,地理距离则表现出负向调节作用.另外,"一带一路"倡议也促进了出口对中国专利出海的影响.在当前全球贸易环境较为动荡和中国出口产品努力走向全球价值链中高端的背景下,本文的经验证据对推动中国以专利为代表的无形资产海外布局有一定的启示和参考.