个人投资者交易行为研究——来自台湾股市的证据

本文基于台湾股市数据,主要研究个人投资者的交易行为。参照Kaniel et al.(2008)构建了个人投资者交易不平衡性指标─净交易,以反映投资者股票交易的强度。采用这种交易不平衡性指标来构建投资组合研究个人投资者的交易行为。首先研究个人投资者交易和股票的收益之间的动态关系从而分析投资者的交易策略,然后研究个人投资者净交易的收益预测能力从而分析个人投资者交易的信息含量。本文研究发现:台湾股票市场的个人投资者采用负反馈的交易策略,并且个人投资者在交易中表现出很强的处置效应;个人投资者在交易中的信息含量不足;个人投资者交易中的盈利主要来自两个方面:过度反应和价格冲击。文章最后给出政策建议。     

The role of corruption and risk aversion in entrepreneurial intentions

The literature on entrepreneurship has suggested that an individual’s entrepreneurial intention depends on three types of factor: personal characteristics, the individual’s expertise and professional background, and external factors. Our study investigates how corruption, an external factor, and risk aversion, a personal characteristic, may simultaneously affect individuals’ entrepreneurial intentions. With data on 76 203 individuals in 53 countries, our estimation results indicate that risk aversion decreases the individual’s probability of having an entrepreneurial intention by 6.67 percentage points. In addition, an increase in 1 SD in the perceived level of corruption in a country decreases the individual’s probability of having an entrepreneurial intention by 0.96 percentage points.     

家成业就：家庭支持型主管行为对科技型员工个体繁荣的影响机制研究

基于资源—获取—发展理论和资源保存理论，以567名科技型企业员工问卷调查数据为基础，探讨在中华民族传统的“家成业就”观念下家庭支持型主管行为(FSSB)对个体繁荣的影响机制。研究结果表明：FSSB正向作用于员工个体繁荣；工作—家庭增益(WFE)在FSSB对个体繁荣的影响中发挥中介作用；工作繁荣在FSSB对个体繁荣的影响中发挥中介作用；当模型同时引入WFE和工作繁荣时，二者具有链式中介效应，即FSSB通过促进员工的WFE进一步促使员工实现工作繁荣，进而帮助员工实现个体繁荣。这一结果揭示了FSSB对科技型企业员工实现个体繁荣的作用机制“黑箱”，进一步拓展了FSSB的作用范围。     

开放式创新社区中用户交互反馈对个体创新贡献度的影响

开放社区中的用户交互反馈是用户创新活动的重要组成部分，基于需求满足理论，研究其他用户反馈对个体创新贡献度的影响。结合典型开放式产品设计社区——Local Motors平台，采用数据挖掘方法，从数量、质量和情感3个方面研究开放式创新社区中FOU对个体创新贡献度的影响。结果表明，反馈数量和质量均对个体创新贡献度有显著影响，其中反馈次数对个体创新贡献度有显著正向影响，反馈率和反馈人员多样性对个体创新贡献度有显著负向影响，反馈长度和反馈支持文件对个体创新贡献度没有影响，正向情感倾向在用户反馈和个体创新贡献度之间无任何调节作用。     

Sexual freedom and family ties: Evidence from China's ethnic minorities

In a culture with a high degree of sexual freedom, an individual is less likely to know who his male ancestors are, thereby leading to loose family links. We establish an inverse relationship between sexual freedom and family ties using individual survey and minority-level data from China. By employing traditional minority-level marriage customs and labour intensity to instrument for contemporary individual attitudes towards sexual freedom, the two-stage least-squares estimates confirm the causal relationship between sexual freedom and family ties. Moreover, loose family ties tend to result in limited trust among family members and more reliance on contracts rather than blood relations when engaging in business with relatives. We confirm the hypothesis using individual survey and minority-level data.     

试析西方经济学“经济人”假设的发展及其局限性——基于对马克思相关观点的理解

"经济人"假设关注个人的利益目标及实现目标的能力,而马克思在刻画个人时还特别强调了社会关系对个人行为选择的约束。笔者立足于对马克思相关观点的理解,探讨秉承斯密个人主义思想的西方经济学流派对"经济人"假设的继承和发展,试图揭示这一个人观念进一步发展遇到的困惑。遵循方法论个人主义原则,西方学者要从追逐自身利益的"经济人"出发,解释约束其实现自身利益的因素形成和变迁的原因,从而不得不面对引入另一种个人行为模式的尴尬。     

个体主动性人格对学习能力影响的实证研究

探讨了员工个体的主动性人格特质对其学习能力的影响及其作用机制,以及员工的工作卷入和反馈寻求在这一关系中的中介作用。运用企业236个员工数据进行分析,得出以下结论:企业员工的主动性人格显著促进其学习能力;员工的主动性人格显著强化其工作卷入和反馈寻求;员工对内的工作卷入促进了其学习能力,且在主动性人格和学习能力的关系中起部分中介的作用;员工对外的反馈寻求促进其学习能力,且在主动性人格和学习能力的关系中起部分中介作用。研究结论为组织个人学习能力的提升提供了一个重要的前因变量,并对员工工作卷入与反馈寻求的中介作用机制进行了探讨,丰富了个人学习研究,并提出了相关的实践建议。     

Cognitive style, learning and innovation

Cognitive style is widely recognized as an important determinant of individual behaviour. “This paper considers its rehance to organizational learning and the innovation process. The central argument is that cognitive style is fundamental determinant of individual and organizational behaviour which manifests itself in individual workplace actions and in organizational systems, processes and routines. “The paper presents a number of propositions which raise some implicationsfor research into cognitive styles and its impact upon innovation and organizational learning. It is argued that in order to optimize individual performance: (a) a number of human resource interventions are required which facilitate a versatility of style at both the individual and the organizational levels; (6) managers and human resource practitioners have a crucial role to play and that a precondition for action is an understanding of the basis of style and its practical implications.     

渐进式抑或突破式：个体创新幅度对众包绩效的影响——基于计算仿真的分析

结合TCPE框架和NK模型，构建一个模拟众包问题解决过程的仿真模型，引入个体创新幅度表征个体创新搜索行为，引入个体有限理性水平和有限理性偏差表征个体认知能力，探讨个体创新幅度对众包绩效的影响机制,以及个体有限理性和任务复杂性的调节作用。结果发现：个体创新幅度与众包绩效存在两种影响模式：当任务非常简单时，个体创新幅度与众包绩效呈负相关关系；当任务复杂性较高时，个体创新幅度与众包绩效呈倒U型关系；两种影响模式不会受到个体有限理性水平和有限理性偏差的调节。在相对复杂的任务中，任务复杂性与个体有限理性偏差会调节实现最优众包绩效对应的个体创新幅度，任务复杂性越高、个体有限理性偏差越大，对应的个体创新幅度随之增加。个体创新幅度会削弱个体认知能力对众包绩效的影响，当个体认知能力较强时，需要采用渐进式创新；当个体认知能力较弱时，需要采用突破式创新。该结论可为企业在众包过程中营造平台创新氛围提供理论依据。     

Individual values and household finances

We create individual cultural values measures for households and show that this is an important determinant of their financial behaviour. To date, personal cultural values have only been indirectly measured through religion and trust. But these are, at best, an approximation of true cultural values. Applying a holistic framework from the World Values Survey (WVS), we create individual measures of cultural values, and show that the self-expression values of this framework are positively associated with households’ financial decisions. Examining the individual cultural values that make up the WVS model, we further show that happiness, trust, and playing an active role in society, are individually important determinants of household financial decision-making. Our study shows that cultural values can be brought from a generalized national level to the individual level in order to improve our understanding of household financial decision-making.     

异质型创业领导、嵌入授权对团队簇个体绩效的跨层次影响研究

团队簇创新和创业交互属性与领导的差异化嵌入授权行为关联紧密,而参与个体对彼此能力的互信是进行有效合作的前提。据此,关注能力互信氛围在团队绩效中的作用机理与外部情境能够有效解析异质型创业领导对团队簇个体绩效作用的相机变化效应。以创业型领导异质性、嵌入授权(结构、心理与认知授权)和能力互信氛围作为团队层次变量,将个体绩效作为个体层次变量,考察嵌入授权的跨层次中介以及能力互信氛围的调节作用。结果发现：内部比较优势导向异质性不直接影响成员个体绩效,而外部战略价值导向异质性则有助于促进个体绩效;嵌入授权在异质性与个体绩效间起中介作用;能力互信氛围在嵌入授权与个体绩效间起跨层次调节作用。根据研究结果,提出相关管理启示。     

皮格马利翁模型:研究个体创造性的新视角——一个扩展模型的提出

皮格马利翁模型(Pygmalion model)是解释环境中他人期望对个体绩效表现影响机制的模型。皮格马利模型将上级行为视为与上级期望最为接近且最为基础的关系。将创造性角色认同这一个体自我意识变量加入到模型进行分析,以期为角色认同与自我效能间关系研究提供借鉴。     

Health Capital as a Determinant of Living Standard and Life Satisfaction. An Empirical Study

In this paper, the data from a socio—economic survey carried out in South Bohemia (a region of the Czech Republic) in the years 2003 and 2004 are used to estimate two models. The first model considers the health status of the individual to be an investment commodity, which enhances the productivity and the earning potential of the individual and thus his/her living standard. The second model considers the influence of health status of the individual on his/her life satisfaction and treats the health of the individual as a consumption commodity entering the individual preference function directly. In both models, the health status of the individual is significant in influencing dependent variables, living standard and life satisfaction respectively.     

Pluralism and Anti-pluralism in Economics: The Atomistic Individual and Religious Fundamentalism

This short paper examines a possible connection between religion and economics in terms of the parallelism between the atomistic individual doctrine and the individual soul doctrine. The paper explores whether resistance to pluralism in economics as a methodological practice might be illuminated in terms of this connection. On this view, resistance to pluralism in economics is not a matter of economists holding methodological views about economics practice that are contrary to pluralism, but is rather a kind of anti-pluralism reflecting an intransigent defense of the atomistic individual view as a kind of core or ‘untouchable’ deep doctrine. Two arguments are advanced to demonstrate the parallelism between the atomistic individual doctrine and the individual soul doctrine.     

知识领地行为、知识共享与个人创新关系模型研究

个体知识与领地意识结合引发的知识领地行为,为组织内知识共享与转移、个人创新能力等相关研究提供了新的切入点。根据国内外相关文献,梳理了知识领地行为的内涵与结构,在此基础上,对知识领地行为与个人创新的关系进行了理论推演,并引入知识共享这一中介变量,构建了一个完整模型,对知识领地行为、知识共享与个人创新的作用机理进行了初步探讨,为后续实证分析奠定了基础。研究发现,不同知识领地行为对于个人创新发挥的效用不同;知识共享在知识领地行为与个人创新的关系中发挥中介作用。     

Managing people or places?

Based upon a growing body of nursing research, emphasizing the management of the work environment is more likely to lead to strong individual and organizational performance than focusing on individual performance. In several studies, individual variables among staff such as age, experience, and tenure were less predictive of their perceptions of an organization than were variables in the work environment.     

What determines foreign aid? The donors' perspective

This paper examines the factors affecting the support for foreign aid among voters in donor countries. A simple theoretical model, which considers an endogenous determination of official and private aid flows, relates individual income to aid support and also suggests that government efficiency is an important factor in this regard. The empirical analysis of individual attitudes, based on the World Values Surveys, reveals that satisfaction with own government performance and individual relative income are positively related to the willingness to provide foreign aid. Furthermore, using actual donor country data we find that aid is adversely affected by own government inefficiency.     

Roundworm obstruction: Sonographic diagnosis

We describe the sonographic findings in five pediatric patients with roundworm obstruction. All patients were referred with a clinical diagnosis of acute appendicitis. On ultrasonography (US), an individual worm, when viewed along its longitudinal axis, appeared as a hypoechoic tubular structure with well-defined, echogenic walls. Frequently, the individual body segments could be distinctly visualized. The alimentary canal of the worm was seen either as a single central echogenic line (when in a collapsed state) or as two parallel hyperechoic bands with a hypoechoic center (when distended). When examined transaxially, the individual worm resembled a target with its circular, echogenic body wall and its central dot-like alimentary canal. On prolonged scanning, the worms always showed curling movements. In two patients, a bolus of worms mixed with fecal matter and air produced an unusual appearance of a complex, echogenic mass (helminthoma). Although, an individual worm occasionally resembled an inflammed appendix, visualization of the alimentary canal and individual body segments along with its curling movements helped establish the correct diagnosis. All patients promptly responded to a hypertonic saline enema and no patient was subjected to surgery. Sonographic findings in roundworm obstruction are fairly characteristics to advocate the routine use of sonography for diagnosing this entity.     

Aggregation of heterogenous beliefs,asset pricing,and risk sharing in complete financial markets

Given a competitive equilibrium in complete asset markets, we propose a method that aggregates heterogeneous individual beliefs into a single “market probability,” which, if commonly shared by investors, generates the same marginal valuation of assets by the market as well as by each individual investor. As a result of the aggregation process, the market portfolio may have to be scalarly adjusted, upward or downward, a reflection of an aggregation bias due to the diversity of beliefs. From a dual viewpoint, the standard construction of an expected utility-maximizing aggregate investor designed to represent the economy in equilibrium, is shown to be also valid in the case of heterogeneous beliefs, modulo the above scalar adjustment of the market portfolio, thereby generating an Adjusted version of the Consumption based Capital Asset Pricing Model (ACCAPM). We analyze how the allocation of aggregate and individual risks relates to deviations of individual beliefs from the aggregate market probability. Finally, we identify the channels through which the distribution of beliefs and other microeconomic characteristics (incomes, attitudes toward risk) across investors impact the pricing of risky assets an may contribute to explaining the equity premium puzzle.