土地复垦监管行为规范的主体性合作治理形式选择

研究目的:根据相关主体性意愿的指引,阐明合作治理范式在土地复垦监管行为领域展开具体运用的现实性,及其可能的规范设定方向,进而尝试在相应行为规范维度来检视行政行为法理论的发展任务命题。研究方法:文献分析法。研究结果:土地复垦监管行为的形式选择往往与相应的合作治理主体性意愿有关,该意愿主要表征为利益导向、工具载体以及协同组织选择意愿。应厘清该类选择意愿指引于土地复垦监管行为规范所分别呈现的形式选择:逐利心态与信任习惯选择、科学事实工具与行政规制工具选择、内部协同组织与外部协同组织选择。研究结论:土地复垦监管行为在行为观念和当事人方面与合作治理的主体性意愿在一定程度上是相互耦合的,有必要构建一种合作行政模式下的治理型土地复垦监管行为规范。     

选择数量对满意度的影响——一个有调节的中介模型

增加选择数量是否会提高满意度是经济学、心理学和营销学的热点问题。当消费者对某一刺激目标同时存在积极和消极的评价时，即矛盾态度怎样影响选择数量和满意度的关系？2个实验结果表明，选择数量对满意度的影响是通过决策困难水平实现的，当选择数量影响决策困难水平时，会产生选择超载。矛盾态度对决策困难水平与满意度的关系有调节作用，对矛盾态度较高者，选择“多多益善”，选择数量增加使消费者满意度提高；相反，对矛盾态度较低者，选择“适可而止”，选择数量增加使消费者满意度降低。     

Covid-19-tested food labels

While the transmission of virus SARS-CoV-2 via food is rare, some Chinese food retailers are considering a Covid-19-tested food label. However, how consumers may support such a label is unknown. We quantify Chinese consumers’ willingness to pay (WTP) for food carrying a Covid-19-tested label using an online choice experiment. We find that the WTPs for such a label are always positive for all food products considered. The amount of WTP depends on the entities authenticating the labels, country of origin of the food, and consumers’ socio-demographic status. Contrary to expectation, the knowledge on Covid-19 does not affect consumer preferences for the Covid-19-tested food labels. Our benefit and cost analysis suggests a possible large benefit of creating and administering a Covid-19-tested food label. This study provides insights for policymakers, global food manufacturers, and retailers to create marketing strategies to alleviate consumer food safety concerns associated with Covid-19.     

Reward meritocracy or nepotism: The case of independent financial advisors appointed by Chinese listed companies

As independent financial advisors, securities firms are the core intermediaries in major asset reorganization (MAR) of listed companies. Furthermore, they play the dual roles of transaction and authentication. Based on this institutional background, this paper studies how listed companies choose between industry experience (“meritocracy”) and relationships (“nepotism”). Using the MAR of A-share listed companies from 2008 to 2013 as the sample, this paper shows that higher transaction costs (i.e., greater demand for the transaction function of advisors) are related to the higher possibility of advisors with weaker relationships and more industry experience being hired. It also shows that higher suspicion of tunneling (i.e., greater demand for the signal of fairness associated with advisors’ authentication function) is related to the higher possibility of advisors with weaker relationships being hired, but it is not significantly related to whether advisors have more or less industry experience. This paper also shows that reputation has a certain governance effect on the negative consequences of relationship. For the most part, listed companies reward meritocracy but not nepotism when appointing independent financial advisors.     

Which institutional investor types are the most informed?

We examine the informativeness of quarterly disclosed portfolio holdings across four institutional investor types: hedge funds, mutual funds, pension funds and private banking firms. Overweight positions outperform underweight positions only for hedge funds. By decomposing holdings and stock returns, we find that hedge funds are superior to other institutional investors both at picking industries and stocks and that they are better at forecasting long‐term as well as short‐term returns. Furthermore, our results show that hedge funds, mutual funds and pension funds are able to successfully time the market. The outperformance of hedge funds is not explained by a liquidity premium.     

Arena-based events and crime: an analysis of hourly robbery data

This article makes use of hourly crime counts to model the relationship between events that take place at the Prudential Center in Newark, NJ and robberies, an arena that has caused local controversy regarding the costs and benefits of hosting such an entertainment venue. Results from the econometric model suggest that the NHL’s New Jersey Devils ice hockey games, concerts, and Disney-themed events are all associated with increases in robbery, while various other event categories such as the NBA basketball games played by the Nets and boxing, and mixed martial arts (MMA) matches are not associated with an increase. These findings support two complementary ecological theories of crime that focus on how events provide additional opportunities for crime by increasing the associated benefits while simultaneously decreasing the cost for economically motivated offenders to take advantage of.     

基于循环经济的绍兴休闲观光农业发展研究

［目的］休闲观光农业建设是绍兴市产业转型升级的关键一步，探寻休闲观光农业新模式，能够为休闲农业发展提供理论参考。［方法］文章采用变异系数法确定指标权重，多因素综合分析法测算观光农业发展水平，从循环经济角度出发，评价2001—2016年绍兴市休闲观光农业发展可持续性，提出发展中存在的问题并探索循环型的休闲观光农业新模式。［结果］（1）2001—2016年以来，经济发展可持续性得分较高，资源环境可持续得分次之，循环经济可持续发展偏低。（2）现阶段绍兴市休闲观光农业发展主要存在休闲观光农业自然环境不断遭到破坏，休闲观光农业缺乏整体规划，休闲观光农业旅游支撑体系不够健全等问题。（3）未来发展中，循环经济发展下的休闲观光农业可以开发建设时空复合循环型、资源综合利用循环型、能量多级利用循环型、综合开发利用循环型等4种模式。［结论］未来绍兴市应将循环经济的理念融入到休闲观光农业中，因地制宜，科学选择循环型休闲观光农业发展模式； 规划先行，科学利用农业旅游资源； 强化保障，建立休闲观光农业支撑体系，全面推动休闲观光农业健康持续发展。     

The impact on stock prices of deferral and elimination of internal control audit requirement for small firms

This paper examines the cumulative market reaction to the events related to deferral of internal control audit requirement under the Sarbanes-Oxley Act of 2002 and its elimination under the Dodd-Frank Act of 2010 for nonaccelerated filers (small firms). We document that small firms experienced negative cumulative abnormal returns around these events; and the differences between the cumulative abnormal returns for small firms and the two control groups (accelerated and large accelerated filers) were negative and significant at the 1% level. These results support the notion that market participants value the reliability of financial information irrespective of the firm size. Within the small firms, we find no firm characteristic significantly explains the market reaction to the events considered. That is, all small firms lost market value in reaction to the events that delayed and eliminated their internal control audit requirement.     

Is there a diversification “cost” of Shari’ah compliance? Empirical evidence from Malaysian equities

Islamic equity portfolios work with a smaller investment universe given the filtering of non-Shari’ah compliant stocks. It has been theoretically argued that this culminates in suboptimal portfolio diversification, which in turn adversely affects risk-adjusted returns. We offer empirical evidence that such a conceived portfolio diversification “penalty” is far from a foregone conclusion, at least empirically. Our results tend to indicate that Islamic portfolios are not invariably handicapped in terms of portfolio diversification. We also explored dimensions that may account for differences in the relative investment performance between Islamic and conventional portfolios, such as portfolio constraints, short selling and market conditions. We believe this paper is among the first to apply substantial empirical analysis specifically with respect to the portfolio diversification perspective on Islamic equity investments.     

Unraveling determinants of inferred and stated attribute nonattendance: Effects on farmers’ willingness to accept to join agri-environmental schemes

Attribute nonattendance (ANA) has received very little attention in the context of willingness to accept (WTA), although an increasing number of studies analyze the preferences of ecosystem service providers toward incentive-based schemes. We add to the understanding of ANA behavior by analyzing stated and inferred ANA in a choice experiment investigating farmers’ WTA for participating in agri-environmental schemes (AES) in southern Spain. We use mixed logit models, following Hess and Hensher for the inferred ANA approach. Evidence is found of ANA behavior for both stated and inferred approaches, with models accounting for ANA clearly outperforming those that do not account for it; however, we produce no conclusive results as to which ANA approach is best. WTA estimates are only moderately affected, which to some extent is consistent with the low level of non-attendance found for the monetary attribute. Stated and inferred approaches show very similar WTA estimates. Additionally, we investigate sources of observed heterogeneity related to ANA behavior by using a sequence of bivariate probit models for each attribute. Overall, our results hint at a positive relationship between ease of scheme adoption and nonattendance to attributes. However, further research is still needed in this field.