Institutional investor sentiment and aggregate stock returns

This paper examines the equity market return predictability of institutional investor sentiment, in comparison to individual investor sentiment. Our findings suggest that institutional traders are informed and that their sentiment helps to tilt stock prices towards the intrinsic value. This is because the sentiment of institutions encompasses news regarding expectations on future cash flows of underlying firms that impounds itself into future price expectations. In this study, we add to the large number of studies that investigate the role and implications of investor sentiment, which has long been viewed as a pure behavioural phenomenon, on market efficiency and price discovery.     

高管团队内部网络与并购绩效

近年来,高管外部社会网络特征对企业决策的影响受到学术界的广泛关注。与以往研究侧重点不同,本文探究高管团队内部网络结构对企业决策是否产生重大影响,并构建了上市公司高管团队内部网络结构指标。基于社会网络和信息不对称等相关理论,本文实证检验了高管团队内部网络对企业并购决策绩效的影响。结果显示,高管团队内部网络结构密度越高,高管成员之间的沟通越有效,公司并购绩效越好。进一步地分析发现,当并购的复杂度和风险较高、企业所在地区制度环境较差以及高管任职时间较短时,高管团队网络密度对于并购绩效的影响更为明显。最后,本文还发现高管团队内部网络密度高的企业并购后,公司的会计业绩和市场业绩也优于其他公司。     

一生只为世界之巅的25分钟

尼泊尔当地时间2021年5月23日8点50分,52岁的陈旻成功从南坡登顶珠穆朗玛峰,成为国内登顶珠峰年龄最大的女性. 站在世界之巅,看着脚下的十万雪山,陈旻异乎寻常的平静.从背包里拿出五星红旗以及事先准备好的小横幅,陈旻朝着北坡中国的方向俯首叩拜了三次.     

“零零后”空姐初入职场

今年刚满21岁的田佳鑫,大学毕业后就进入了重庆航空,成为一名空乘。别看她初入职场,在重庆航空可是小有名气的,因为这个"零零后"空姐,在一趟航班上就收到了六封实名表扬信。这得益于田佳鑫的"空中义务导游服务"。为了更好地和乘客沟通,做好服务,她会主动寻找那些来重庆旅游的乘客,为他们介绍各个景点,遇到自助游的乘客,还会主动帮乘客确认攻略的合理性。有一次,在遇到一群结伴来重庆旅游的吉林乘客时,田佳鑫不仅帮他们调整了游览洪崖洞的时间,还推荐他们从千厮门大桥上俯瞰洪崖洞。最后,她还给乘客提供了一些性价比较高的餐厅。     

十分钟搞定职业妆? SO EASY

得体的妆容,是待人接物的基本礼仪,也是每一位空姐的职业要求.经年累月,入职重庆航空12年的向妍妍,早已练就一手快速化妆的技术. 向妍妍喜欢化妆,她的梳妆台上摆着50多盒眼影, 40多支口红.她把化妆称为给自己"徒手整容",就像把脸当成调色盘,利用化妆品在面部"调色",让整个面部看起来更加美.     

How do green attributes elicit pro-environmental behaviors in guests? The case of green hotels in Vietnam

This study aims to identify green-hotel attributes and determinants that contribute to guests’ intention generation for visiting a green hotel and practicing pro-environmental actions during their hotel stay. The study’s results find five dimensions (Customer benefit, Energy efficiency, Water efficiency, Recycling policy and Green characteristic) that underlie 24 green-hotel attributes. Out of the five dimensions, Customer benefit, Energy efficiency, and Green characteristic are found to positively affect pro-environmental value and attitude that in turn enhance intention to practice environmentally friendly actions and visit a green hotel, while pro-environmental value does not trigger pro-environmental attitude. Theoretical and managerial implications are discussed.     

A dynamic theory of the declining aggregated labor income share: Intangible capital vs. tangible capital

Reports of the literature documenting the declining labor share of income have increased greatly in the past few years, which is opposed to one of the famous “Kaldor's stylized facts” of growth. The declining labor income share has been observed since the 1980s in a number of countries, and especially in the United States. Recent studies have revealed the following five major driving forces of the declining labor share: (i) supercycles and boom-busts, (ii) rising and faster depreciation, (iii) superstar effects and consolidation, (iv) capital substitution and automation, and (v) globalization and labor bargaining power. We set up a two-sector optimal growth model with the R&D intermediate sectors producing intangible capital. By integrating driving factors (ii) through (iv) above into the model, we demonstrate the long-run decline of the aggregated labor income share.     

Who really cares about the environment? CEOs’ military service experience and firms’ investment in environmental protection

Prior literature suggests that the chief executive officer (CEO) plays a significant role in a firm's environmental performance or voluntary pro‐environmental behaviors; we extend this line of research to examine the effect of CEOs’ military service experience on firms’ investment in environmental protection. Drawing upon the insights of imprinting theory, we argue that military service experience may instill in CEOs pro‐environmental values such as duty, self‐discipline, self‐sacrifice, and sense of community, which motivate them to adopt pro‐environmental behaviors such as investing more resources in environmental protection. However, we argue that the effects of pro‐environmental values imprinted on CEOs through military service are likely to vary across regions. In regions where the market is more developed and the local value system has experienced greater exposure to the impact of foreign values, and in regions where firms are more concerned about profit, this effect is likely to be attenuated. An analysis of three waves of a nationwide survey of private firms in China using the Tobit regression model supports these predictions. This study makes a unique contribution to the existing literature by linking a firm's pro‐environmental behaviors (i.e., environmental protection investment) to its CEO’s experiences in early life (i.e., military service experience).     

Does governance efficiency matter for national innovative capacity? One tale from different countries

Various factors possibly impact on national innovative capacity. Governments are makers and implementers of national innovative policies, then, does its governance efficiency matter for the innovation of a country? Empirical evidence about the relationship between governance efficiency and national innovative capacity is still inadequate. To fill this research gap, the authors, based on the application of machine learning technique, have selected valid variables, conduct analysis with different models using the panel data of 117 countries from 1995 to 2015. The results of different models show that governance efficiency has a significant and positive impact with stability and reliability on innovation. In addition, the authors divide the 117 countries into different regions in accordance with economic development and geographic proximity, found that governance efficiencies of different regions have a heterogeneous but positive impact on national innovative capacity. Finally, potential policy implications are discussed.