Delegation and the regulation of U.S. financial markets

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the firm and systemic levels. The model explains changes in U.S. financial regulation leading up to the financial crisis. We test the predictions of the general model with a novel, comprehensive data set of financial regulatory laws enacted specifically between 1950 and 2009. The theoretical and empirical analysis finds that economic and political factors impact Congress’ decision to delegate regulatory authority to executive agencies, which in turn impacts the stringency of financial market regulation, and our estimation results indicate that political factors may have been stronger and resulted in inefficiencies.     

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.     

Effects of augmented reality technology characteristics on customer citizenship behavior

In recent years, augmented reality (AR) technology has received considerable attention from academics and practitioners. Although AR technology has a bright side, its dark side has been relatively overlooked. Therefore, this study aimed to investigate the effects of AR technology characteristics on customer citizenship behavior via two conflicting mechanisms: customer immersion and customer fatigue. The study also explored the boundary conditions of customer experience. A total of 247 questionnaires were collected from customers who had prior experience of using IKEA's AR mobile shopping application. A structured model was analyzed using SmartPLS 3 and PROCESS Macro for mediation and moderated mediation effects. The study enriches the current knowledge on AR technology by demonstrating that AR technology can lead to customer citizenship behavior in relation to a brand's AR technology. Interestingly, customer immersion was found to positively mediate the relationship, but customer fatigue was found to negatively mediate it. Furthermore, customer experience was found to strengthen the positive mediation effect of customer immersion and weaken the negative mediation effect of customer fatigue.     

Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

Depletion of psychological,financial, and social resources in the hospitality sector during the pandemic

This study details how psychological, financial, and social factors shape employee deviant interpersonal behaviors during a pandemic. Data were collected with a survey of 372 front-line employees of hotels and analyzed with PLS-SEM. The findings showed social disconnectedness and perceived risk of unemployment leads to perceived isolation, which further creates depression in employees. The findings also showed that depression is positively related to employee deviance. Financial strain is a major cause of perceived isolation, depression, and deviant behaviors among front-line employees. Results also proved that social support reduces fear of isolation, depression, and employee deviance. This study provides guidelines that hotels need to understand the psychological stance of employees and design policies to overcome employee perceived fears and psychological disorders.     

Are social media bad for your employees? Effects of at-work break activities on recovery experiences

Since social media has become a fundamental part of the daily activities of people, the purpose of this study was to explore social media use by focusing on job demands that may explain why employees perceive social media are vital for them at work. Further, this study seeks to understand how employees use social media at work to experience recovery. Questionnaires were collected from current frontline hospitality non-managerial and managerial employees in the United States. Structural equation modeling was employed to analyze data. Results of the study confirm that at-work break activities including social and non-media break activities can be a channel for employees to experience recovery and deal with job demands. Moreover, the results suggest that at-work break activities are an important mediator between job demands and recovery experiences. Social media break activities also moderated the mediation effect of non-social media break activities between job demands and recovery experiences.     

从利益共同体到命运共同体:地方政府隐性债务的合作治理

在地方政府性债务的治理中,隐性债务因其增长迅速、规模不清和风险不确定,成为未来债务治理的重点和难点。隐性债务挟裹主体众多,关联利益甚广,因此,基于共同体视角,明确治理主体,有利于化解风险。在隐性债务生产阶段,因利而合的共同体大肆攫取利益导致隐性债务激增;在债务风险凸显阶段,利益共同体的本能选择不是"安危与共",而是"大难临头各自保"。但债务风险的"飞去来器效应"和群体性焦虑,将促使利益共同体走向命运共同体。命运共同体既是利益共同体,更是治理共同体。在隐性债务治理阶段,共同体应形成"共生"意识、采取"共治"行动、构筑"共担"保障,实现有效共治。     

深化学科认知与构建中国特色社会主义政治经济学理论体系

对学科的认知包括认识学科内涵、学科性质与任务、学科发展进路等核心问题,关系到如何构建学科体系,是学科建设的重要内容。从深化学科认知的视角,中国特色社会主义政治经济学的学科发展与理论体系构建,要坚持几个重大原则,包括把中国特色社会主义政治经济学建立在历史唯物主义的基础之上;要以生产关系分析为核心来构建中国特色社会主义政治经济学的理论范式;坚持以人民为中心是中国特色社会主义政治经济学的本质属性;把共同富裕作为中国特色社会主义政治经济学的逻辑主线;以问题为导向研究新时代中国特色社会主义建设的重大理论与实践问题;《中国特色社会主义政治经济学》教材要体现学科的创新发展。     

重大水利工程项目决策社会稳定风险评估中公众参与成熟度的影响路径

重大水利工程项目决策社会稳定风险评估中,公众是重要的参与主体,个体间生活环境、知识背景及心理素质的差异性会直接影响稳评结果。公众参与成熟度是公众参与的衡量要素,由能力成熟度和心理成熟度两个方面构成。从能力与心理两个角度设计调查问卷,运用结构方程模型,探究内部影响路径。结果表明,公众参与心理成熟度直接影响能力成熟度,而能力成熟度又通过参与意愿影响着心理成熟度,两者间存在相互影响的关系。政府可以通过开展道德素质教育,改善公众参与动机,以提高公众参与心理成熟度及能力成熟度,最终整体提高公众参与成熟度,保证稳评工作的质量,提升重大水利工程项目决策科学性。     

基于主客视角的苏南传统村落旅游地乡愁的时间特征

“记得住乡愁”是乡村旅游和乡村振兴的重要内容。本文基于居民和游客视角,以苏南传统村落为案例地,探讨乡愁的时间特征。结果表明：（1）乡愁主体方面：相对暂居村落的外来人口,三代以上的世代居民对家乡乡愁情感更加强烈;出生在1950—1959和1960—1978年间的这两代游客较多成长在乡村,乡愁文化感知相对更高;离开家乡在外工作生活时间越长的游客在传统村落旅游时,其乡愁情感和乡愁记忆比起未离开家乡或离开家乡较短的人更加强烈。（2）乡愁触点方面：触发居民和游客乡愁的季节集中在秋天和冬天,天气集中在下雨和落雪时,时辰集中在深夜和傍晚时,节庆集中在春节、中秋节、清明节和家乡特有节日,假日主要集中在周末、寒假和“十一”国庆假期。（3）乡愁记忆方面：主客乡愁记忆都主要集中在童年,其次是青少年,最后是成年和老年;游客产生乡愁的频率比居民频率相对高。（4）乡愁载体回忆顺序：主客乡愁载体都会提到“家”和“乡”相关场所和空间,其回忆的顺序是家人、家、家乡和国家。文章最后总结了乡愁旅游开发的启示。