Arbitrage and equilibrium in economies with infinitely many commodities

An ‘arbitrage opportunity’ for a class of agents is a commodity bundle that will increase the utility of any of the agents and that has non-positive price. The non-existence of ‘arbitrage opportunities’ is necessary and sufficient for the existence of an economic equilibrium. A bundle is ‘priced by arbitrage’ if there is a unique price that it can command without causing an ‘arbitrage opportunity’ to exist. For economies that have infinitely many commodities, appropriate notions of ‘arbitrage opportunities’ and ‘bundles priced by arbitrage’ depend on the continuity of agents’ preferences. This paper develops these notions, thereby providing a foundation for recent work in financial theory concerning arbitrage in continuous-time models of securities markets.     

Network advantage’s effect on exit performance: examining venture capital’s inter-organizational networks

This study investigates how a venture capital’s network affects its exit performance. While most network research focuses on individual characteristics such as centrality and density, this study explores the overall advantage that results from holding a network position (i.e., a network advantage). This network advantage is examined at the syndicate level, which is a group of organizations. Within this context, the study contemplates the syndicate’s network advantage and hones in on the syndicate’s network advantage diversity, because the composition of members’ network advantage within the syndicate as well as the syndicate’s network advantage itself may affect the syndicate’s performance. To do this, first it is hypothesized that both a venture capital syndicate’s network advantage and its network advantage diversity are positively associated with its exit performance. Next, the study predicts that a syndicate’s network advantage diversity negatively moderates the positive relationship between the syndicate’s network advantage and its exit performance. Then a two stage least squares analysis of 1137 venture capital syndicate investments largely confirms the predicted effects. A syndicate’s network advantage is shown to contribute to its exit performance. A syndicate’s network advantage diversity clearly weakens the positive relationship between the syndicate’s network advantage and performance, while its direct effect on performance is not significantly supported. Overall, these findings show that a syndicate’s network advantage and its diversity are critical determinants of its exit performance in the venture capital industry.

     

新时期榆林能源产业发展研究

2010-2020年是我国十二五发展的关键时期,也是榆林经济能否转型并可持续发展的关键时期。榆林能源产业的发展是榆林经济发展的重中之重,关系着榆林经济的未来。本文分析了新时期榆林能源产业发展的战略、方向并提出了发展的具体措施,以期为榆林能源产业今后十年的发展提供参考。     

Worktime control and work stress: the moderating effect of self-comparisons and social comparisons

Abstract

Perceived work-related stress has increased notably in recent years, reducing individuals’ well-being and increasing organizations’ and economies’ costs. This study focuses on worktime control as a key approach to reducing work stress, as the extant research on its effects reports inconsistent results. The study argues that comparisons play a major role in how work stress, conceptualized as effort-reward imbalance, occurs. Ordinary least squares is used to test hypotheses with a sample of 1721 employees from Germany to determine whether employees’ prior worktime control and employees’ referents’ worktime control affect the relationship between worktime control and work stress. Results show that (1) worktime control is negatively associated with the experience of work stress, (2) employees’ prior worktime control moderates the relationship between worktime control and work stress, and (3) there is no moderating effect of employees’ referents’ worktime control. The results are discussed in light of gift-exchange theory and related empirical findings.     

缺陷产品召回制度法律问题研究

目前我国尚不存在一部真正意义上的缺陷产品召回法,相比之下,世界上许多国家已经建立了缺陷产品召回法律制度。文章认为进一步完善我国缺陷产品召回制度,有助于保护我国消费者的权益,同时有助于推动中国企业更加注意技术创新、品牌建设。     

体育教学中激发学生情绪的途径

情绪是一种心理活动,是人们对认识事物所抱态度的体验,是对客观事物的一种特殊反映形式。教师在体育课教学中必须加强对学生的心理调整,控制学生在课中的情绪变化,要善于激发学生的积极情绪,防止消极情绪,以提高教学质量和教学效果,确保教学任务的顺利完成。本文就如何激发学生在体育课中的情绪,提出相应的观点,以供鉴借。     

雄安新区城市高质量发展的金融支持路径

“十四五”开局在即,雄安新区建设发展迈入新的征程。雄安新区致力于打造生态宜居、创新引领、协调发展、开放先行的现代化新城。树立“雄安质量”,金融必不可少。当前,雄安新区的金融支持力度仍显不足,投融资平台的融资能力与城市建设所需巨大资金不匹配,投融资体系仍在建设,仍需探索资本市场多渠道融资途径;金融机构参与城市建设与发展不够深入,仅银行开始深入布局,证券、保险业初步落户雄安,期货行业仍在规划参与阶段。应从拓宽融资渠道、鼓励市场参与、发展绿色金融以及推行科技金融创新等多角度入手,以政策引领和金融机构的市场化参与为基础,提升雄安新区城市建设与发展中的金融支持水平,建成创新、协调、绿色、开放、共享的高质量发展新区。     

独立董事对家族高管薪酬治理效应分析

高管薪酬契约是现代公司治理结构中的重要组成部分,是所有者用于减轻代理成本的一种手段.通过选取2009-2010年家族类上市公司492家和国有上市公司521家,实证结论表明:家族类上市公司与国有上市公司相比,家族高管薪酬比国有企业高管薪酬水平平均要高,并且薪酬业绩敏感性低;独立董事作为保护外部中小股东利益的监督机制,与国有企业相比,家族企业的独立董事对高管(家族高管)薪酬治理作用更为有限;这一结论表明,独立董事监督作用的发挥还需一个合适的治理环境.     

高校辅导员在大学生就业中的作用分析

大学生就业问题是目前全社会都在关注和关心的话题,身为学生思想的指引者,学习的督促者,生活的关心者,高校辅导员的特殊身份在高校大学生就业指导过程中发挥着不可忽视的绝对作用。怎样将他的身份与就业工作有机结合,指引学生树立正确的就业观、克服就业恐慌心理,制定科学合理的职业生涯规划,是个值得探讨的问题。文章介绍了高校辅导员在学生就业中所发挥的作用。     

浅谈中国制造业发展现状

制造业是一个国家国民经济的重要组成部分,支撑国民经济的发展。虽然中国制造业增加值在世界制造业增加值中的占比逐渐增加,但是相比于发达国家,我国制造业仍处于较低的发展水平。为了推动国家的发展和综合国力的提升,亟需增强制造业的国际竞争力。论文通过研究中国制造业的现状、在国际上的地位、存在的问题,对中国制造业的发展方向进行了规划。     

Gender: the missing link in industrial relations research

This article extends the critique of how industrial relations research continues to be gender‐blind and argues that it is in part a result of early definitions which relegated ‘personal’ relations as outside the boundaries of the field and in part a result of a simultaneous strategy of acknowledgement and abdication, acknowledging that gender is important while at the same time arguing that gender does not need to be addressed. In order to demonstrate how gender is central to industrial relations, the article uses Antonio Gramsci’s concepts of ‘hegemony’, ‘ideology’, ‘good sense’ and ‘common sense’ to illustrate how patriarchal common sense is drawn on by both managers and trade unionists in negotiations over hours of work in a manufacturing firm in the North ‐west of England. It is argued that in order to include gender as a central feature of industrial relations research, it is necessary to analyse how the interests of capital, labour and patriarchy are embedded in negotiations on the shopfloor.     

Locating farmers’ markets with an incorporation of spatio-temporal variation

The recent drive among consumers to purchase fresh, healthy and environmentally friendly food has brought about a renewed interest in farmers’ markets. However, ensuring the success of a farmers’ market is not an easy task. Unlike general grocery stores, farmers’ markets often have very limited hours of service and are distributed sparsely in space. Both spatial and temporal constraints that people experience in their daily lives limit their accessibility to a farmers’ market. This research incorporates such constraints in the service provision planning of farmers’ markets. In particular, two models are proposed to select locations and the associated service schedules for a fixed number of farmers’ markets. A case study is conducted in Tucson, Arizona to demonstrate the merits of the new approach.     

Exploring creative entrepreneurs’ happiness: cognitive style,guanxi and creativity

Traditional economic theories generally assume that entrepreneurs’ satisfaction is largely affected by financial performance of their entrepreneurial business, while recent research suggests that entrepreneurs’ happiness is more important than financial success. Drawing upon the theories of entrepreneurial cognition and social networks, we develop a model to explore the factors influencing entrepreneurs’ happiness. A total of 270 creative entrepreneurs in Taiwan’s creative industries are studied. Results show that entrepreneurs’ creating cognitive style has a positive effect on both entrepreneurs’ creativity and firm creativity, but entrepreneurs’ planning cognitive style has a negative effect. Findings indicate that entrepreneurs with strong family ties and business ties have high level of individual creativity and firm creativity, which then have a positive influence on entrepreneurs’ happiness.     

高校青年教师职业生涯规划与管理研究——基于西安高校的调查分析

职业生涯管理已成为现代教师职业发展的重要课题,高校青年教师职业生涯规划是高校和教师个人的共同目标,是实现高校和教师个人发展的有机结合。本文对西安市高校青年教师进行调查,试图探寻青年教师职业生涯管理的现状,并对高校青年教师职业生涯管理提出建议。     

THE 'TEXTURE' OF ORGANIZING

The article briefly introduces the concept of ‘texture’ and indicates its role in the organizing process. The history of texture and related ideas in the field of organizational studies is summarized. Texture itself is viewed analogically as a weave or web of interacting elements that resists operational definition. It is a tacit quality of the field of social action that, by definition, must remain beyond the grasp of explicit statement. Some implications of the ‘logic’ of texture are discussed briefly in relation to the understanding of ‘instrumental action’ in organizations as well as rethinking the ‘organization-environment’ problem in terms of ‘contextures’.     

《食品营养学》实践教学的设计

营养是健康的基础,是关系国计民生的大事。《食品营养学》是一门应用性极强的营养学分支学科,其实验(践)教学直接关系到营养相关专业人才社会适应能力的培养。本文概括了我校《食品营养学》实践教学的设计思路和教学内容,并指出了需要进一步延伸的技能培养方向,以期为我国高校更好地培养适应社会需求的营养专业人才提供参考。     

Does economic performance affect officials’ turnover? Evidence from municipal government leaders in China

As is well known, Chinese central government has full authority to determine the provincial and local officials’ turnover. However, China has not in detail interpreted the standards of officials’ promotions so far. In this paper, the latest database of city-level leaders for the period between 2002 and 2013 is utilized to investigate the influences of economic performance on party secretaries’ odds of being promoted. The estimation results by a panel multinomial logit method indicate that municipal annual GDP per capita is significantly positively associated with leaders’ chances of promotion. Specifically, the average GDP growth rates during leaders’ tenures have much higher effects. Moreover, some important factors of leaders’ personal characteristics also affect the political turnover. For instance, party secretaries’ connection with China’s Communist Youth League, political experience, educational level and professional expertise all have positive impacts on their chances of obtaining a promotion. In contrast, leaders’ ages and tenures are found to be negatively related to their promotion possibilities.

     

Mispricing and trader positions in the S&P 500 index futures market

This study examines the effect of traders’ net positions on mispricing in the S&P 500 index futures market. We find that while positive mispricing is associated with hedgers’ net short and speculators’ net long positions, negative mispricing is related to hedgers’ net long and speculators’ net short positions. This relationship is stable for speculators across the pre- and post-2004 periods; however, it is dominant for hedgers particularly during the pre-2004 period. Contrary to the popular belief, our analysis finds no evidence that speculators are responsible for irrational movements in futures prices by enlarging the size of mispricing. Furthermore, a high magnitude of hedgers’ net positions signals the convergence of mispricing. We also found that according to a recent new disaggregation for trader positions, asset managers tend to delay the convergence of mispricing and hedge funds help shrink the size of mispricing. However, these relationships are not stronger than those implies by the hedger/speculator classification. These findings support the view that speculators’ positions are informative about the direction of index futures mispricing, while hedgers’ positions determine the convergence of mispricing.     

‘A Land of Milk and Honey’? Reengineering the ‘Past’ and ‘Present’ in a Call Centre*

ABSTRACT This article explores how managers, in the Call Centre of a Bank, (re)defined, and drew boundaries around ‘past’ cultural conditions, in relation to the introduction of a Business Process Reengineering (BPR) regime. Managers represented the ‘past’ negatively, in terms of conflict and coercion, whilst the ‘present’ was largely described as a Shangri‐La of teams and consensus. This eschewing of the ‘past’ and sublimation of the ‘present’ stood in opposition to the representations of the staff. Both the ‘staff’ and ‘managers’ seemed to reject or embrace discourses that challenged or coincided with their understanding of how things are or should be. In view of this, their understanding of the past/present is inseparable from a consideration of power and identity. The article examines the interplay between discourses and individuals, arguing that it is bound up with fear and anxiety, hope and aspiration, memory and nostalgia, among other, everyday life experiences.     

Don't Plan! The Use of the Notion of ‘Culture’ in Transforming Obsolete Industrial Space

How is the notion of ‘culture’ understood and used in planning the transformation of obsolete industrial space? This article analyses the evidence from a current planning project in Suvilahti, Helsinki. It shows that ‘culture’ is imagined and employed as an instrument capable of producing difference in urban space. The transformation of the Cable Factory in Helsinki and the subsequent consensus on the importance of ‘culture’ are shown to have influenced the planning of Suvilahti. On the one hand, planning is being carried out with a deliberate minimization of planning interventions and the promotion of the spontaneous, non‐planned practices of cultural producers: the future Suvilahti is imagined as a ‘cultural enclave’ and its community is characterized as a ‘living organism’. On the other, ‘culture’ is planned in terms of its supposedly positive effects on urban space. Planners do not want to interfere with the non‐planned character of ‘cultural production’, yet at the same time they express certainty about cultural production's positive spatial and socioeconomic effects. The transformation of Suvilahti is playing an important part in the large‐scale planning project to redevelop the old industrial harbour in Kalasatama, Helsinki. The changes in the nature of planning are analysed under the concept of cultural governmentality.