Revisiting the ICAPM under the distortion of risk–return tradeoff in short-horizon stock returns

We suggest that the distortion of the positive risk–return relation in the ICAPM is a consequence of trading by informed investors to exploit mispricing. We hypothesize and demonstrate that a non-positive (strongly positive) risk–return relation following positive (negative) market returns is attributed to short-selling (purchasing) of overpriced (underpriced) stocks along with optimistic (pessimistic) expectations conditional on good (bad) market news. We verify this asymmetry in the risk–return relation through the indirect risk–return relation conditional on good (bad) market news. We also find that the attenuation (reinforcement) of the positive risk–return relation is more profound in high- (low-) sentiment periods.     

产学研合作创新绩效影响因素元分析研究

为探寻中国产学研合作创新绩效影响因素，挖掘促进中国产学研深度融合的发力点,运用元分析方法，对中国国内与产学研合作创新绩效影响因素相关文献进行再分析，结果发现：①企业层面的企业规模、企业知识吸收能力、企业研发人员投入与企业研发经费投入，组织间层面的知识协同性、知识转移能力、信息沟通渠道及合作紧密度，政府层面的政策支持与经费支持，区域层面的法律法规完善性与经济发展水平均能够显著提升产学研合作创新绩效；②区位因素、数据类型分别对产学研合作创新绩效与企业规模、政府经费资助关系具有显著调节作用。     

Household Determinants of the Adoption of Improved Cassava Varieties using DNA Fingerprinting to Identify Varieties in Farmer Fields: A Case Study in Colombia

We examine factors affecting the adoption of improved cassava varieties of 217 households in the Cauca Department in southwest Colombia. Using DNA fingerprinting through Single Nucleotide Polymorphisms (SNPs), we identified different cultivars in farmers fields. We also used this information to remove possible bias in the adoption model that could have resulted from a misclassification of improved varieties (IVs). As a result, we found that farmers substantially overestimate their use of IVs and there are important differences in the determinants of adoption between farmer self‐identification and DNA fingerprinting. This finding implies that the incorporation of DNA fingerprinting in IV adoption studies is important to ensure the accuracy of future agricultural economic research and the relevance of subsequent policy recommendations.     

Building relationship innovation in global collaborative partnerships: big data analytics and traditional organizational powers

This study examines how relationship innovation can be developed in global collaborative partnerships (alliances, joint ventures, mergers, and acquisitions). The recently emerging theory of big data analytics linked with traditional organizational powers has attracted a growing interest, but surprisingly little research has been devoted to this important and complex topic. Therefore, after developing the theoretical foundations, our study empirically quantifies the links between the theoretical constructs based on the data collected from chief executive officers, managing directors, and heads of departments who work in contemporary global data‐and‐information driven collaborative partnerships. The results from structural equation modeling indicate that the relationship innovation depends on the power of big data analytics and non‐mediated powers (NMP, expert and referent). The power of big data analytics also mediates the correlation between NMP and relationship innovation. However, mediated powers (coercive and manipulative) negatively affect the power of big data analytics and relationship innovation. The interaction effects further depict that analytically powered partnerships have better relationship innovation compared with those which focus less on the analytical power. Consequently, the contributions of this study provide a deeper understanding of mechanisms of how modern collaborative partnerships can use big data analytics and traditional organizational powers to co‐create relationship innovation.     

Policy Uncertainty and the Dual Role of Corporate Political Strategies

Firms use active political strategies not only to mitigate uncertainty emanating from legislative activity, but also to enhance their growth opportunities. We find that a firm's systematic risk (beta) can be hedged away by employing various political strategies involving the presence of former politicians on corporate boards of directors, contributions to political campaigns, and corporate lobbying activities. The hedging effect is greater when firms operate in more uncertain industries. In addition, active political strategies are associated with greater firm heterogeneity and make real options more value relevant as potential drivers of competitive advantages in uncertain environments.     

Target‐Setting,Pay for Performance,and Quality Improvement: A Case Study of Ontario Hospitals’ Quality‐Improvement Plans

This study examines whether difficult targets and quality indicators in executives' pay‐for‐performance (P4P) plans affect performance. The impact of target‐setting and P4P plans on quality improvement in the public sector is unclear. The Ontario government initiated the Quality Improvement Plan (QIP), which requires hospitals to set targets for quality indicators annually and link executive pay to target achievement since 2011. Analyzing Health Quality Ontario's database and hospitals' 2012–2013 QIPs, this study shows greater quality improvement in hospitals with difficult targets than hospitals with easy targets or without assigned targets; however, the positive impact disappears for high‐performance hospitals relative to their peers. We find no significant effect of the use of quality indicators in executives' P4P plans on quality improvement. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Time series copulas for heteroskedastic data

We propose parametric copulas that capture serial dependence in stationary heteroskedastic time series. We suggest copulas for first‐order Markov series, and then extend them to higher orders and multivariate series. We derive the copula of a volatility proxy, based on which we propose new measures of volatility dependence, including co‐movement and spillover in multivariate series. In general, these depend upon the marginal distributions of the series. Using exchange rate returns, we show that the resulting copula models can capture their marginal distributions more accurately than univariate and multivariate generalized autoregressive conditional heteroskedasticity models, and produce more accurate value‐at‐risk forecasts.     

乌鲁木齐市建设用地对经济增长的贡献及Logistic曲线极限点估计研究

[目的]为提高乌鲁木齐市各生产要素的利用效率,明确经济发展模式,同时也为促进土地资源节约集约利用提供科学依据。[方法]基于C-D生产函数,以2005—2015年乌鲁木齐市统计数据为样本,借助EViews6.0和SPSS20.0软件测算出建设用地对经济增长的贡献率以及Logistic曲线极限点。[结果](1)资本投入要素对经济增长的贡献率(56.72%)最大,建设用地投入要素贡献(32.81%)次之,然后是劳动力投入要素贡献(13.25%),技术进步投入要素贡献(-2.78%)最小,但拥有很大的挖掘空间;(2)建设用地对经济增长的Logistic曲线极限点位于第二、三产业产值为1 522亿元处,对应2011年产值,2005—2011年建设用地对经济增长的贡献呈递增趋势,2011年之后贡献速度呈递减趋势,逐渐趋于平缓。[结论]建设用地对经济增长的驱动作用是有限的,只有通过技术创新才能实现经济发展模式由"依资本型"向"技术驱动型"转变。     

The equivalence of supporting software delegation and sales delegation

This paper considers a duopoly market with horizontally differentiated system goods to examine system owners' behaviors under supporting software delegation, in which owners of system firms use varieties of supporting software, coupled with profit, to evaluate their managers' performance. Supporting software delegation seems to induce managers to act more aggressively in price competition than sales delegation does; however, we prove that if two systems are compatible and the varieties of supporting software are determined by hardware owners' overall expenditure amount on software, then supporting software delegation is equivalent to sales delegation. Owners of system firms induce their managers to act less aggressively in hardware price competition by offering contracts with a negative weight on varieties of supporting software under supporting software delegation. We find that stronger network externalities do not reverse system owners' contracting behaviors under supporting software delegation. Finally, it is worth mentioning that hardware technologies are static in this paper. In other words, dynamic changes such as hardware evolution are not considered in our analysis.