A Note on Family Influence and the Adoption of Discontinuous Technologies in Family Firms

The 4Cs model of command, continuity, community, and connections is useful for examining the effect of family influence on the adoption of discontinuous technologies. However, assuming that family influence differs only in degree rather than kind is naive because such an assumption ignores the likelihood of heterogeneous behaviors among family firms. In this conceptual note, we extend prior work and explain how heterogeneity in the family's relative emphasis on command, continuity, community, and connections requires that the multifaceted and potentially nonlinear nature of family influence be considered when analyzing strategic decisions concerning family firm innovation.     

Arrow–Debreu equilibria for rank‐dependent utilities with heterogeneous probability weighting

We study Arrow–Debreu equilibria for a one‐period‐two‐date pure exchange economy with rank‐dependent utility agents having heterogeneous probability weighting and outcome utility functions. In particular, we allow the economy to have a mix of expected utility agents and rank‐dependent utility ones, with nonconvex probability weighting functions. The standard approach for convex economy equilibria fails due to the incompatibility with second‐order stochastic dominance. The representative agent approach devised in Xia and Zhou (2016) does not work either due to the heterogeneity of the weighting functions. We overcome these difficulties by considering the comonotone allocations, on which the rank‐dependent utilities become concave. Accordingly, we introduce the notion of comonotone Pareto optima, and derive their characterizing conditions. With the aid of the auxiliary problem of price equilibria with transfers, we provide a sufficient condition in terms of the model primitives under which an Arrow–Debreu equilibrium exists, along with the explicit expression of the state‐price density in equilibrium. This new, general sufficient condition distinguishes the paper from previous related studies with homogeneous and/or convex probability weightings.     

Sustainability practices of family firms: the interplay between family ownership and long-term orientation

Sustainability practices are critical for family firms, as they relate directly to the continuity of the business and relationships with important stakeholders, such as members of the local community. Nevertheless, not all family firms wish to adopt sustainability practices. To examine this, we draw upon the socioemotional wealth perspective in order to develop a theoretical model of the direct negative effects of family ownership on the adoption of sustainability practices. We also suggest moderating effects of long-term orientation (LTO) on this link. Our model is tested on a sample of 195 family firms in the tourism and hospitality sector. The results support our hypothesis that family ownership negatively influences the adoption of sustainability practices. Additionally, LTO moderates the relationship between family ownership and the adoption of sustainability practices, such that family owners with a high LTO are more likely to adopt this particular practice compared to those with a low LTO.     

应用于电能计量器具智能仓储的机器人系统设计与实现

针对电力行业智能仓储系统的实际应用情况,设计研发了一套机器人系统,重点研制了机器手专用卡具和三维视觉识别系统,解决了与上层系统的通信设计和与下层设备的控制设计等关键问题,实现了电能计量器具的智能化管理。该系统结构简单新颖,正式运行以来稳定可靠,对电力行业电能计量器具智能仓储系统的自动化水平和精益化管理具有重要意义。     

从陶朱五字商训看阿尔迪的成功

以陶朱五字商训为主线,从五个方面分析了阿尔迪的经商原则,总结出了阿尔迪值得借鉴的成功经验：天,企业经营理念和明确的行为准则;地,商家诚信;人,仁,商家对待内外部的态度和原则;神,开拓事业的勇气和魄力;鬼,经商的手法。     

ERRATUM TO “BEHAVIORAL PORTFOLIO SELECTION IN CONTINUOUS TIME”

We fill a gap in the proof of a (rather critical) lemma, Lemma B.1, in Jin and Zhou (2008: Math. Finance 18, 385–426). We also correct a couple of other minor errors in the same paper.     

中国低碳城市发展战略研究

一个国家低碳经济建设有赖于城市低碳目标的实现,目前中国低碳城市发展存在诸多问题,亟需制订系统长远的发展战略。在低碳城市发展历史回顾与现状调查分析基础上,绘制了中国低碳城市(省)分布图,归纳了代表性城市发展低碳城市的主要措施,并对中国发展低碳城市过程中存在的主要问题进行了分析;随后根据相关资料,对中国低碳城市发展中存在的优势(S)、劣势(W)、机遇(O)和挑战(T)进行SWOT分析,并应用SWOT矩阵组合分析提出了中国低碳城市发展的战略对策。最后在低碳城市发展回顾与SWOT矩阵分析基础上,设计了中国低碳城市发展战略,确定了低碳城市发展模式、发展战略路线与发展重点。研究结果可以为城市发展规划、政府决策等提供参考依据,引导低碳城市科学发展。     

四川省能源消耗二氧化碳排放与减排目标分析

为应对全球气候变化,中国政府决定到2020年单位GDP二氧化碳排放较2005年下降40%～45%。在参考IPCC能源碳排放系数和中国碳氧化率等基础上,结合中国实际建立了能源消耗二氧化碳核算方法。以四川省为例,分析其2000～2010年间能源消耗二氧化碳排放,同时建立情景方案分析二氧化碳减排目标。结果表明:四川省能源消耗以煤为主,2010年能源消耗二氧化碳排放量为26900.15万吨,占全国排放总量的3.23%,且增速较快。单位GDP二氧化碳排放总体呈下降趋势,2000～2010年间年均下降率为2.4%,但与发达国家差距明显。建立的3个二氧化碳减排目标方案中,与趋势发展情景和规划发展情景相比,适宜发展情景更加合理,在该情景方案下,2015年单位GDP二氧化碳排放较2010年下降17.08%,2020年较2005年下降45.55%,可完成规划目标且更符合四川省发展实际。最后根据分析结果提出了四川省二氧化碳减排建议。     

IM ＆ EX, A ROCKY ROAD

Subprime mortgage crisis, which was triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States,has interrupted china＇s peaceful rise and has major adverse consequences for banks and financial markets around the globe. Although the direct impact of the subprime crisis is rather small to china＇s economy since the exposure of several national banks to the U.S. subprime lending market is relatively limited, there is no denying that the U.S. subprime crisis has been dragging down world＇s major stocks for months and making it difficult for china＇s foreign trade. It is predictable that the impact of this financial tsunami will shed its shadow on china＇s economy sooner or later. Experts are of the view that China may not be directly hit by the crisis as a result of its strong economic fundamentals, limited exposure to this particular variety of assets,     

GREED,LEVERAGE, AND POTENTIAL LOSSES: A PROSPECT THEORY PERSPECTIVE

This paper quantifies the notion of greed, and explores its connection with leverage and potential losses, in the context of a continuous‐time behavioral portfolio choice model under (cumulative) prospect theory. We argue that the reference point can serve as the critical parameter in defining greed. An asymptotic analysis on optimal trading behaviors when the pricing kernel is lognormal and the S‐shaped utility function is a two‐piece CRRA shows that both the level of leverage and the magnitude of potential losses will grow unbounded if the greed grows uncontrolled. However, the probability of ending with gains does not diminish to zero even as the greed approaches infinity. This explains why a sufficiently greedy behavioral agent, despite the risk of catastrophic losses, is still willing to gamble on potential gains because they have a positive probability of occurrence whereas the corresponding rewards are huge. As a result, an effective way to contain human greed, from a regulatory point of view, is to impose a priori bounds on leverage and/or potential losses.