Enhancing firm performance through intra-group managerial experience: Evidence from group-affiliated firms in Korea

Asia Pacific Journal of Management - Although business groups often benefit from tangible and intangible resource sharing across member firms, little is known about whether and how sharing...     

Risk‐taking channel of monetary policy

One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. We propose a possible causal mechanism for the forecasting power of the term spread, deriving from the balance sheet management of financial intermediaries and the “risk‐taking channel of monetary policy.” Monetary tightening leads to the flattening of the term spread, reducing net interest margin and credit supply. We provide empirical support for the risk‐taking channel.     

水利风景区管理效能评估及影响因素识别——基于181个国家级水利风景区样本

基于管理规范、管理执行、管理支持和管理效益4个方面的指标构建,对中国181个国家水利风景区进行问卷调查,以评价水利风景区的管理效能。结果表明:181个水利风景区管理效能平均得分为58.4分,得分低于60分的水利风景区占54.7%,说明我国水利风景区的管理效能总体偏低;水利风景区管理效能与景区类型、批准设立时间、地域分布、所在地区域经济发展水平、主要功能、管理机构独立性差异显著,与面积大小和经营性质之间差异不显著。从分类指标看,管理效果类指标得分最低,从全部指标看,土地权属、游客控制、餐住布局、管理条例、环境保护考核、生态厕所、居民参与、资源调查、保护经费、环境保护宣传、环境保护培训、经营情况等10个指标得分低于平均分。建议破除管理体制障碍,实行分类管理,试点跨流域、市场化、多功能间生态补偿制度,实行特许经营制度,加强自然保护地监督管理,完善自然保护地制度体系。     

Applying an extended theory of planned behavior to examine state-branded food product purchase behavior: The moderating effect of gender

ABSTRACT

The purpose of this study was to use an extended model of the theory of planned behavior to investigate the antecedents which lead to consumers’ purchase of state-branded food products. Relationships among attitude, subjective norm, perceived behavioral control, health-consciousness, intention to purchase, and actual purchase were examined. In addition, the moderating role of gender on consumer purchasing was assessed. The hypothetical model was empirically tested using data collected via Amazon Mechanical Turk (Mturk). Results implicated that consumers’ attitude, subjective norm, and perceived behavioral control of purchasing state-branded products significantly predicted their intention to purchase, and consumers’ intention to purchase significantly predicted their actual purchase of state-branded products. The relationship between health-consciousness and intention to purchase, however, was not found. Gender differences were found only between consumers’ perceived behavioral control of state-branded purchasing and their intention to purchase. Implications for marketers, farmers, and restaurant owners are provided.     

Do hedge funds time market tail risk? Evidence from option-implied tail risk

This paper focuses on an unexplored dimension of fund managers’ timing ability: Market-wide tail risk implied by information in options markets. Constructing the option-implied tail risk, we investigate whether hedge fund managers can strategically time the tail risk through adjusting their exposure to changes of it. Using an extensive sample of equity-oriented hedge funds, we find strong evidence of tail risk timing ability of hedge fund managers. Furthermore, tail risk timing ability brings significant economic value to investors. Top-ranked funds outperform bottom-ranked funds by 5–7% annually after adjusting for risk factors. Our results are robust to various robustness checks.     

财政治理视角的支出整合、融资适配与复式预算:一个分析框架

为把公共预算塑造为促进财政治理和发展目标的核心工具,中国近期的改革议程基于当代公共支出管理(PEM)文献开发的三角范式,聚焦建构旨在联结特定财政成果的制度安排,但以复式预算促进支出整合和融资适配仍未受到重视.鉴于该主题事关重大且未被相关文献澄清,建构适当分析框架予以根本论述和普遍概括显得日益紧迫,该框架把PEM的两个三角范式扩展为六个互补的三角范式,贯穿其中的"复式预算→支出整合与融资适配→财政政策与部门政策→治理目标"这一主线表明,资本/经常支出整合和融资适配对促进财政良治至关紧要,但两者都依赖对传统复式预算的系统改进,涵盖四个主要路径:把投资职能整合到预算中、全面的预算竞争、支出经济构成的全面分析,以及把资本/经常支出作为预算的主要申报.