The Tariff-Jumping Argument and Location Theory

When examining the tariff-jumping effect, the literature emphasizes the cost-induced effect, which states that a foreign firm has an incentive to jump over the tariff wall in order to locate in a foreign territory, and thereby escape tariffs. The authors set up a location model to show what they refer to as the location-induced effect on tariff-jumping. This location-induced effect, together with the traditional cost-induced effect, makes tariff-jumping more (less) likely to take place when the production function in question exhibits decreasing (increasing) returns to scale.     

信用衍生工具及其启示

信用衍生工具是一种可以用做分散、转移、对冲信用风险的金融创新产品。它在设计理念、交易规则和风险收益特性方面都与传统的衍生工具不同，这种新的衍生产品对我国信用风险管理具有多方面的启示。     

马来西亚华语变异的特点

华族是马来西亚的第二大民族,华语是华人的共同语,它以普通话为基础,融合了当地的语言文化因素,形成了具有浓郁大马风情的华语。马来西亚华语立足于本土,产生了语言变异,与普通话有许多差异,如多语借用、语言马赛克现象等。产生变异的原因是多样的,我们应辩证看待华语变异,它是华语与当地语言文化自然接触的结果。     

Default models based on scale mixtures of Marshall-Olkin copulas: properties and applications

We present a unification of the Archimedean and the Lévy-frailty copula model for portfolio default models. The new default model exhibits a copula known as scale mixture of Marshall-Olkin copulas and an investigation of the dependence structure reveals that desirable properties of both original models are combined. This allows for a wider range of dependence patterns, while the analytical tractability is retained. Furthermore, simultaneous defaults and default clustering are incorporated. In addition, a hierarchical extension is presented which allows for a heterogeneous dependence structure. Finally, the model is applied to the pricing of CDO contracts. For this purpose, an efficient Laplace transform inversion approach is developed. Supporting a separation of marginal default probabilities and dependence structure, the model can be calibrated to CDS contracts in a first step. In a second step, the calibration of several parametric families to CDO contracts demonstrates a good fitting quality, which further emphasizes the suitability of the approach.     

The Effects of Audit Committee Members’ Age and Additional Directorships on the Cost of Equity Capital in the USA

In this paper, we examine the associations between the cost of equity capital and two audit committee (AC) characteristics: (1) average AC members’ age and (2) average number of AC members’ other directorships. This study is motivated by the recent emphasis on the important role of ACs in overseeing financial reporting and audit processes, as well as the recognition of the critical role of capital costs in firms' operational efficiency and profitability. The empirical results show that the cost of equity capital is lower in US firms with higher average AC members’ age. We do not find any evidence that the average number of AC members’ other directorships is associated with the cost of equity capital. We also find that age could be another proxy for AC members’ experience. Our findings provide evidence that supports the call of the US Securities and Exchange Commission for greater board diversity (including age). Our study not only demonstrates the important role of ACs in corporate governance, but also enriches the literature by examining the two AC characteristics that are rarely mentioned in prior studies.     

Practical wisdom as an adaptive algorithm for leadership: Integrating Eastern and Western perspectives to navigate complexity and uncertainty

In this paper, we integrate Eastern and Western perspectives of practical wisdom to answer the question, how can practical wisdom transfer across cultural boundaries in a world of increasing interconnection? We describe key properties of practical wisdom in early Western and Eastern schools of thoughts and explain how the concept of practical wisdom in ancient philosophy aligns with modern-day complex system science. We identify seven qualities of complex adaptive systems as a universal pattern that underlies both Eastern and Western perspectives. From these qualities, we develop an integrated conceptual framework of practical wisdom as factors both internal and external to the self that promote continuous coupling with the broader operating environment. We propose that practical wisdom functions as an adaptive algorithm capable of continuously evaluating its processing rules to maintain fit with the operating environment while generating ongoing novelty. This generativity expands developmental potential across multiple levels and fosters open-endedness, evolvability, and antifragility. With this functional understanding, ethics can no longer be marginalized—it must be recognized as the foundation for sustainable organizing because it reliably creates a network topology that makes innovation and long-term success possible. We close with actions leaders can take to foster practical wisdom.     

The influence of extrinsic product attributes on consumers’ food decisions: review and network analysis of the marketing literature

ABSTRACT

The paper synthesises the existing research on the influence of key product characteristics on the consumers’ food decision-making. By applying network analysis on a sample of 233 empirical studies from the last three decades, the paper demonstrates how marketing-specific variables are embedded in a network of other predictors. The paper also analyses network structure and density using well established measures. The results show that there is still a lack of research concerning the interplay between marketing-relevant extrinsic product attributes (e.g. price, brand, labelling, country of origin) and intrinsic food attributes, policy-related factors, as well as aspects of the proximal and distal environment. The paper identifies gaps in the marketing literature and derives research propositions. Additionally, implications for marketing practice are developed.     

跨区域经营监管与银行流动性调整

跨区域经营监管放松后我国的中小银行能主动调整流动性以应对经营风险吗?当前我国的中小银行面对的宏观经济条件和经营环境与20世纪90年代美国各州银行有诸多相似之处.为此,文章利用20世纪90年代美国出台的IBBEA法案作为准自然实验进行实证研究,探究银行是否会主动调整流动性以应对跨区域经营监管政策的放松.结果表明:(1)当跨区域经营监管放松时,美国各州的银行会主动调整流动性;且这个现象在经济条件较差的地区以及流动性风险应对能力强、网点规模大的银行中更显著.(2)调整速度慢的银行会逃离监管放松地区,且逃走后不会提高流动性调整速度.根据上述结论,结合我国地方中小银行流动性监管的实际情况,文章建议监管机构有选择且渐进地放松跨区域监管,优先从经济强、人口多、息差高的地区实施监管放松;同时,还可以选择在网点多和规模较大的中小银行所在地区实施监管放松.     

Flexible cutoff values for fit indices in the evaluation of structural equation models

Researchers often struggle when applying ‘golden rules of thumb’ to evaluate structural equation models. This paper questions the notion of universal thresholds and calls for adjusted orientation points that account for sample size, factor loadings, the number of latent variables and indicators, as well as data (non-)normality. This research explores the need for flexible cutoffs and their accuracy in single- and two-index strategies. Study 1 reveals that many indices are biased; thus, rigid cutoffs can become imprecise. Flexible cutoff values are shown to compensate for the unique distorting patterns and prove to be particularly beneficial for moderate misspecification. Study 2 sheds further light on this ‘gray’ area of misspecification and disentangles the different sources of misspecification. Study 3 finally investigates the performance of flexible cutoffs for non-normal data. Having substantiated higher performance for flexible reference values, this paper provides to managers an easy-to-use tool that facilitates the determination of adequate cutoffs.