Inflation and inflation uncertainty in China

The study examines the relationship between inflation and inflation uncertainty in China using Generalized Autoregressive Conditional Heteroscedasticity model. Particularly, this link is investigated in China’s urban and rural sectors, motivated by the substantial urban–rural divide. The results provide strong statistical supportive evidence that higher inflation raises inflation uncertainty. On the other hand, evidence on the effect of inflation uncertainty on inflation is mixed depending on the sample periods and areas examined. The understanding of inflation-uncertainty nexus in China could provide implications to policymakers in the adoption of monetary policies.     

Does Interindustry and Intraindustry Information Help Predict Financial Distress?

This study investigates whether and how the accounting ratios of peer firms within the same industry (the industry peers) or firms within the industry of their customers (the downstream peers) help improve the predictability of sample firm financial distress. We document that the Z‐score factors of the companies with high correlation in stock returns help predict financial distress. The results show that accounting‐based ratios of the industry peers and the downstream peers enhance the accuracy of early warnings of financial distress, especially when prior returns of peer firms are highly correlated with the sample firm.     

大型银行、中小企业与贸易融资:青岛案例

长期以来,商业银行尤其是大银行拓展中小企业信贷市场一直面临困境。但中国工商银行青岛分行却以中小企业商品交易为基础,较为成功地开发了一系列贸易融资产品。由此可以看出,在特定的产品、制度和技术保证下,大银行也可以成为中小企业信贷市场上的有效资金供给者。     

教育本该不一样

教育本该不一样，因材施教、有教无类，说的就是不同。教育不从根本上由“批发”改为“零售”，我们就培养不出创新人才、杰出人才，甚至于培养不出我们常说的有用人才。为了培养创新人才，教育内容要力求全面，教育目标要力求明确，教育的方法要务求得当。     

Efficiency of New Zealand’s District Health Boards at Providing Hospital Services: A stochastic frontier analysis

Journal of Productivity Analysis - The majority of secondary and tertiary healthcare services in New Zealand are provided through public hospitals managed by 20 local District Health Boards. Due to...     

深度休闲对主观幸福感的影响研究——以苏南地区城市居民为例

深度休闲对优化苏南地区休闲产业建设,进一步提升居民休闲生活质量有重要影响。文章通过问卷调查的方式收集苏南地区城市居民深度休闲行为的数据,研究苏南地区城市居民深度休闲行为特征及深度休闲对主观幸福感的影响。结果发现:(1)苏南地区城市居民进行深度休闲活动的场所主要为户外;(2)闲暇时间不足是限制苏南地区城市居民进行深度休闲活动的主要因素;(3)苏南地区城市居民的深度休闲活动总体程度不高,愿意在深度休闲活动上投入大量时间和金钱的人更是少数;(4)苏南地区城市居民从事深度休闲活动产生的强烈认同感和坚持不懈的毅力对主观幸福感有着显著的积极影响。     

Employee well-being attribution and job change intentions: The moderating effect of task idiosyncratic deals

We developed and tested a research model in which employee well-being human resource (HR) attribution differentially influences the intention to change jobs across organizations (i.e., external job change intention) versus that within the same organization (i.e., internal job change intention). Furthermore, we posited that task idiosyncratic deals (I-deals) moderated the relationships between employee well-being HR attribution and external and internal job change intentions. Results indicated that employee well-being HR attribution was negatively related to external job change intention, but positively related to internal job change intention. Further, task I-deals significantly moderated the relationships between employee well-being HR attribution and external and internal job change intention. Specifically, employee well-being HR attribution played a less important role in reducing external job change intention when task I-deals were high rather than low. On the other hand, high task I-deals significantly strengthened the positive relationship between employee well-being HR attribution and internal job change intention. Our study extends the careers literature by differentiating the impact of employee well-being HR attribution on job change intentions within an organization compared with that across organizations and the important role of supervisors in enhancing or mitigating these effects.     

Object detection based on visual memory: a feature learning and feature imagination process

ABSTRACT

Visual memory plays an important role for the human’s visual system to detect objects. The features of an object stored in the visual memory have much lower dimensions than the features contained within an image. We simulate the visual memory as a feature learning and feature imagination (FLFI) process to build an object detection algorithm. The method is constructed by a bottom-up feature learning and a top-down feature imagination. The proposed object detection method is tested using publicly available benchmark data sets, and the result indicates that it is fast and more robust.     

The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention. Using a sample of Chinese listed firms from 2009 to 2017, we find that firms with greater advertising expenditures have lower stock price synchronicity. The results are robust after we address endogeneity concerns. In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel, we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry. Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings, and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading. Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.