Short-sale constraints: Reductions in costs of capital or overvaluation? Evidence from Hong Kong

We examine the effects of short-sale constraints in Hong Kong where stocks can be shorted only if they are included on an official short-sale list. Using revisions to the list, we test two hypotheses — 1) that short-sale constraints lead to overvaluation and 2) that they lead to lower costs of capital. We find weak support for the Diamond and Verrecchia (1987) version of the overvaluation hypothesis, but more compelling evidence supporting the Xu (2007) version of the overvaluation hypothesis and the cost of capital hypothesis. We argue that in the context of our tests the Xu overvaluation hypothesis is actually a reformulation of the cost of capital hypothesis and that the bulk of our evidence, therefore, supports the notion that short-sale constraints reduce capital costs.     

我国股市投机泡沫分析——基于非线性协调整关系的实证检验

近期研究表明投机泡沫具有周期性破灭特性,但传统检验方法无法针对我国股票市场的特点识别投机泡沫的这种特性,这会对股市泡沫的存在性造成误判.因此,本文引入MTAR模型,通过检验协整残差的非对称调整假设,对我国股票市场发展的不同阶段是否存在泡沫现象进行对比分析.结果表明,长期来看我国股票价格和其内在价值之间存在着均衡关系,但短期内对均衡的调整是非对称的,即存在周期性破灭的投机泡沫,且自2001年下半年以来这种泡沫成分正在逐渐减退.在此基础上进一步揭示了我国股票市场价格波动的深层原因.     

地位冲突对团队创造力的影响:共享内在动机视角

以自我决定理论和动机感染理论为基础,从共享内在动机视角构建有调节变量的中介模型,考察地位冲突对团队创造力的作用机制。以104个团队428名成员为研究对象,运用Mplus 7.4软件进行统计分析。实证研究表明,地位冲突对团队创造力有正向影响;团队心理授权完全中介了地位冲突与团队创造力的关系;关系冲突在该过程中起负向调节作用,即关系冲突越激烈,其通过团队心理授权对团队创造力的作用越弱,反之越强。但是,程序公平的调节作用未被证实。该研究拓展了作为新兴领域的地位冲突理论知识,探索了中国情境下的团队有效性,可为中国现代企业实施团队管理提供启示。     

THE DEMAND FOR GASOLINE: EVIDENCE FROM HOUSEHOLD SURVEY DATA

In this paper we investigate the demand for gasoline in Canada using recent annual expenditure data from the Canadian Survey of Household Spending, over a 13‐year period from 1997 to 2009, on three expenditure categories in the transportation sector: gasoline, local transportation, and intercity transportation. In doing so, we use three of the most widely used locally flexible functional forms, the Almost Ideal Demand System (AIDS) of Deaton and Muellbauer (1980), the quadratic AIDS (QUAIDS) of Banks et al. (1997)—an extension of the simple AIDS model that can generate quadratic Engel curves—and the Minflex Laurent model of Barnett (1983), which can also generate quadratic Engel curves. We pay explicit attention to economic regularity, argue that unless regularity is attained by luck, flexible functional forms should always be estimated subject to regularity as suggested by Barnett (2002), and impose local curvature to produce inference consistent with neoclassical microeconomic theory. Our findings indicate that the curvature‐constrained Minflex Laurent model is the only model that is able to provide theoretically consistent estimates of the Canadian demand for gasoline. Our estimates show that the own‐price elasticity for gasoline demand in Canada is between ? 0.738 and ? 0.570 —less elastic than previously reported in the literature. Copyright © 2013 John Wiley & Sons, Ltd.     

中亚区域物流客体现状及对策分析

通过对物流主体、物流客体、物流载体三者的关系进行分析,概述物流客体概念,找出并分析物流客体的特点,重新定义物流客体,并进行分类.用SWOT分析方法分析中亚区域国际物流的发展,通过对中亚区域进出口客体进行数据分析,找出物流客体存在的问题和发展趋势,提出适当的对策和建议.     

新时期对大学生进行爱国主义教育的路径选择

爱国主义教育是教育领域永恒的主题,坚持以校园文化活动为载体对大学生进行爱国主义教育,是行之有效的教育途径。针对青年学生的心理特点,采用寓教于乐方式,将爱国主义教育融入丰富多彩的校园文化活动之中。对大学生进行爱国主义教育路径选择时应注意以下三方面:首先,爱国主义教育活动的立意设计。其次,显性与隐性教育活动并举。最后,从大教育着眼,从小教育着手。     

Industry Expertise,Information Leakage and the Choice of M&A Advisors

This paper examines the impacts of M&A advisors’ industry expertise on firms’ choice of advisors in mergers and acquisitions. We show that an investment bank's expertise in merger parties’ industries increases its likelihood of being chosen as an advisor, especially when the acquisition is more complex, and when a firm in M&A has less information about the merger counterparty. However, due to the concerns about information leakage to industry rivals through M&A advisors, acquirers are reluctant to share advisors with rival firms in the same industry, and they are more likely to switch to new advisors if their former advisors have advisory relationship with their industry rivals. In addition, we document that advisors with more industry expertise earn higher advisory fees and increase the likelihood of deal completion.     

领导—成员内在认同不对称模式研究:调节聚焦视角

以调节聚焦这一独特视角,考察了领导-成员内在认同不对称模式及其形成机理。从感知领导认同导向力与员工自我认同导向力两个方面提炼出影响该双元内在认同不对称的作用因素:领导因素(领导授权赋能、领导支持)与员工因素(工作胜任力、自我价值感)。研究结果表明,在这两种导向力强弱交错共同作用所形成的领导—成员内在认同不对称下,员工将通过两种不同的自我调节系统(促进型聚焦与防御型聚焦)形成4种模式。其中,领导低估型不对称包括卧薪尝胆型怀才不遇型,领导高估型不对称包括不辱使命型勉为其难型。     

绿地之于人体健康的功效与机理 ——绿色医学的提案

绿地之于人的健康在生理、心理、社会3个维度均存在一定的有益功效。总结绿地发挥健康功效的作用机理,包括满足人类自然基本属性、改善人居环境条件、刺激五感、提供活动支持、激发联想、提供树木的能量和气场6个方面。以此为基础,提出绿色医学的概念和设想,探索一条维持人们、特别是城市居民身心健康的辅助途径,并为提升绿地的健康卫生功能提供依据。     

Environmental performance,corruption and economic growth: global evidence using a new data set

This study investigates the relationship between environmental performance, corruption and economic growth using panel data of 87 countries covering the period from 2002 to 2012. The Environmental Performance Index is used for the first time to evaluate the environmental quality on economic growth. By employing both ‘static’ and ‘dynamic’ panel models, we find that environmental performance is positively related to economic growth and is more significant in non-Organization for Economic Cooperation Development (OECD) countries. Moreover, when corruption is incorporated, the empirical estimation results indicate that although lower corruption helps economic growth in non-OECD countries, the negative coefficients of the three interactive terms show that the positive effect of environment performance on economic growth will drop, while greater environmental performance combined with natural resource abundance inevitably leads to inefficient bureaucracies and hence disadvantageous economic growth. As a result, policymakers in non-OECD countries should carefully ensure better government quality when they exhibit strong environmental performance so as to avoid any disadvantageous impact upon economic growth.