Shortfall aversion

Shortfall aversion reflects the higher utility loss of spending cuts from a reference than the utility gain from similar spending increases. Inspired by Prospect Theory's loss aversion and the peak‐end rule, this paper posits a model of utility from spending scaled by past peak spending. In contrast to traditional models, which call for spending rates proportional to wealth, the optimal policy in this model implies a constant spending rate equal to the historical peak when wealth is relatively large. The spending rate increases when wealth reaches a model‐determined multiple of peak spending. In 1926–2015, shortfall‐averse spending is smooth and typically increasing.     

VoIP空中交通管理系统甚高频电台网关设计

根据民航航空系统组块升级计划，网络语音（Voice over Internet Protocol，VoIP）空中交通管理系统将是未来发展趋势。在此背景下，提出了一种自主研发的支持多电台接入的VoIP电台网关的设计方案。阐述了设备功能和技术难点，以及高速硬件平台和分层软件实现方案。经过测试，网关功能指标符合标准要求，并实现了与民航现役多型语音电台的互联，为国产化VoIP空中交通管理系统的发展奠定了基础。     

Mobile diaries – Benchmark against metered measurements: An empirical investigation

Researchers seeking to study the relationships between consumers' communications, attitudes, and behaviors could benefit from monitoring consumers over time, across multiple locations and channels, and in a way that reflects consumers' subjective perceptions. Diaries on smartphones (mobile diaries) can be used as a research tool for such purposes. A mobile diary is a self-report instrument whereby people use their mobile handset to repeatedly report experiences of interest. Mobile diaries are increasingly used in psychology, geography, medicine, and commercial marketing. Yet they have rarely been used for quantitative marketing research, and were not benchmarked against best-practice metrics in marketing.In this study, we aim to set the ground for using mobile diaries in quantitative marketing research. We first lay out the theoretical infrastructure for the usage of mobile diaries, and describe possible respondent reporting concerns, including concerns related to non-reporting, reporting over time, and concerns stemming from individual-level heterogeneity.We demonstrate the potential of mobile diaries, as well as the importance of the various concerns, using a benchmark test case in the context of primetime TV viewing. Our benchmark uses a sample of respondents with both mobile diary viewing reports and Nielsen People Meter (NPM) records. Our analysis reveals that averaging across all conditions, 47.4%–64.7% of the NPM records are reported by the diary. The major sources for mismatch are random time periods without alarms, short viewings, and periodic reporting inactivity (pulsing). Concerns such as a decrease in reporting rates over time (e.g., fatigue), smartphone ownership, and demographic variation across individuals have relatively small effects on reporting likelihood. Analyzing the cases in which diary reports do not have a matching NPM record, we find many of them can be attributed to out-of-home viewing and viewing on non-metered devices. This finding demonstrates how mobile diaries can complement metered measurements. Overall, aggregate diary-based ratings have a 0.90 correlation with NPM ratings.We discuss implications for designing and using mobile diary studies in marketing.     

浅谈基于电力营销系统HANA数据分析平台的应用

文章介绍了基于电力营销系统HANA数据分析平台时采用的技术、实施方法、实施过程,并对其未来在电力营销系统的深入应用给出了建议,以供参考。     

Capital Allocation: Evidence,Analytical Methods,and Assessment Guidance

Capital allocation is one of top management's primary responsibilities. Although always important, it is critical today because corporate operating returns on invested capital are at an all‐time high, while recent growth and investment have been modest, and corporate balance sheets in the U.S. have substantial cash. Yet few senior executives are sufficiently well‐versed in finance theory and methods to allocate capital as effectively as possible. Further, incentive programs that focus on meeting earnings per share often encourage behavior that is not in the best interests of long‐term shareholders. In this report, the authors begin with the premise that the goal of corporate capital allocation is to build long‐term value per share; and with that view in mind, they examine the main sources and uses of capital by the largest 1,500 U.S. companies during the last 30 years. More specifically, the authors identify the amounts of capital allocated to each of seven important alternatives, including major uses of capital such as M&Amp;A, capital expenditures, R&D, and distributions of capital to investors such as dividends and stock repurchases. And after reviewing the past allocations of capital to each of these alternatives, the authors summarize the academic research on the effects on corporate values of each of these uses of capital. The authors report that U.S. corporations fund most of their investments internally, and that M&Amp;A and capital expenditures have long been, and continue to be, the largest operating uses of capital, though both capital expenditures and growth in assets have fallen in recent years. At the same time, both corporate cash holdings and distributions to shareholders in the form of dividends and stock buybacks are at record levels. But even with such high payouts, R&D spending as a percentage of revenue by U.S. companies has remained high, and actually increased during the past decade. Finally, the authors provide a framework that can be used either internally or by outsiders to evaluate the capital allocation practices and effectiveness of a management team. This framework asks management to assess its past performance, provide realistic projections of future returns on invested capital, and evaluate their own incentive programs—all while renewing their commitment to the five principles of thoughtful capital allocation: (1) zero‐based capital allocation; (2) funding of strategies, not projects; (3) no capital rationing; (4) zero tolerance for bad growth; and (5) continuous monitoring of the value of all assets and business, and willingness to take action if and when such values are larger outside than inside the firm.     

Partial least squares structural equation modeling in HRM research

Abstract

Partial least squares structural equation modeling (PLS-SEM) has become a key multivariate analysis technique that human resource management (HRM) researchers frequently use. While most disciplines undertake regular critical reflections on the use of important methods to ensure rigorous research and publication practices, the use of PLS-SEM in HRM has not been analyzed so far. To address this gap in HRM literature, this paper presents a critical review of PLS-SEM use in 77 HRM studies published over a 30-year period in leading journals. By contrasting the review results with state-of-the-art guidelines for use of the method, we identify several areas that offer room of improvement when applying PLS-SEM in HRM studies. Our findings offer important guidance for future use of the PLS-SEM method in HRM and related fields.     

Foreign direct investment and inequality: Evidence from China's policy change

In this paper, we examine the impact of foreign direct investment (FDI) on local urban inequality in China. Specifically, we consider the FDI policy change as an exogenous shock on the local labour markets. We find that cities that have experienced a bigger policy change in promoting FDI between 1997 and 2002 are significantly more unequal in 2005. This pattern is mainly driven by the positive association between FDI liberalisation and skill premia. The result holds after we control for other policy changes, such as privatisation of state-owned enterprises, infrastructure and trade liberalisation. We then turn to investigate the mechanisms using firm and individual-level information. Our firm-level evidence shows that FDI firms not only hire relatively more high-skilled workers but also provide relatively higher wages to high-skilled workers compared to domestic firms. Moreover, the individual-level analysis shows that FDI has a significantly positive spillover effect on wages received by skilled workers employed by state-owned enterprises, but not wages of unskilled workers.     

Does financial reporting misconduct pay off even when discovered?

Review of Accounting Studies - Experts and popular belief contend that it pays to engage in financial misconduct. We hand-collect data on three subsamples of severe misconduct cases, between 2003...     

土壤污染防治中央财政支出:现状与建议

土壤污染防治中央财政支出主要包括土壤污染监测、重金属污染防治、测土配方施肥、土壤有机质提升、实施土壤污染防治行动计划、农村环境连片整治等方面,近年来力度逐年加大,但仍存在财政投入不足、部门各自为战、污染责任追究不到位、社会参与激励政策缺失等问题。建议立法明确责任主体、加大财政投入力度、加强专项资金整合、设立土壤防治基金、实施财税优惠措施、引入污染防治PPP模式。