资产证券化起源——金融创新史的关键和要点

介绍了最早的证券市场以及债券、股票、金融衍生品等金融创新工具的产生。通过翔实的历史实例,生动地描述了这些金融工具的起源,并回归历史,探寻本源,从历史的全景视角出发,全面细致地回顾历史上的金融创新,归纳改变世界的金融工具,总结金融创新的历史脉络。     

Innovative work behaviour and performance-related pay: rewarding the individual or the collective?

In order to change employee behaviour, companies frequently turn to forms of performance-related pay (PRP). At the same time, there is a clear imperative to encourage employee innovation. In this study we focus on the relation between PRP, organizational and job-level task resources and innovative work behaviour (IWB). In doing so, we distinguish between individual and collective PRP and build on insights from high-performance work systems and employee creativity literature. Using survey data of 927 employees from five Belgian industries, we find that individual PRP weakens the important positive relation of task-level job resources like learning opportunities on IWB. The combination of both individual and collective PRP, on the contrary, strengthens the positive relationship between organizational resources like upward communication and IWB.     

Political embeddedness and firms’ choices of earnings management strategies in China

We examine whether and how political embeddedness influences financial reporting quality in China by investigating how government ownership and political connections affect Chinese listed firms’ choices of earnings management strategies. The results show that state-owned enterprises (SOEs), and in particular, central SOEs, are more likely to substitute accrual-based earnings management strategies with costlier but less detectable real earnings management strategies than non-SOEs. The results also indicate that politically connected enterprises (PCEs) are more likely to employ less detectable real earnings management strategies than non-PCEs, so much so that PCEs’ total earnings management level is higher than that of non-PCEs.     

The effect of the elapsed time between the initial refusal and conversion contact on conversion success: evidence from the 2nd round of the European social survey

The hold period between the initial refusal and the follow-up conversion attempt may be used as a strategic tool to improve conversion rates. We argue that longer hold periods result in better conversion rates, particularly among hard-to-convert refusals. In this article we will first investigate to what extend and in which manner survey authorities exert this elapsed time as an active survey instrument. Contact sheet data show that different national survey coordinators deploy different strategies with regard to this hold period. In the Netherlands, intentional survey tactics can be disentangled, whereas Swiss contact data show that the length of the hold period is a mere result other fieldwork conditions. Actual conversion success seems to be consistently dependent upon the hold period between the initial refusal and the follow-up contact.     

The Role of Alliance Network Redundancy in the Creation of Core and Non-core Technologies

This paper studies the effect of a focal firm, and its partners' local alliance actions, on the creation of technological innovations by the former. More specifically, we study how two types of redundancy in a focal firm's ego network affect its ability to create new technologies in its technology core areas (exploitation) and/or non-core areas (exploration). We analyse this empirically in three different industry settings: chemicals, motor vehicles, and pharmaceuticals. One of our key findings is that individual firms can indeed boost both types of innovative output by shaping the degree of redundancy in their local alliance network, but that the way in which this should be done differs between the creation of core and non-core technologies. Next, we find that it is very useful to unpack the rather abstract notion of redundancy into more specific types of redundancy in ego networks. Overall, these findings reflect an action-oriented view on the role of individual firms in collaborative networks, which may complement the dominant view in the alliance literature emphasizing the role of the overall network structure and firms' network position within it.     

Technological Performance and Alliances Over the Industry Life Cycle: Evidence from the ASIC Industry

Technology development in firms is frequently based on a combination of internal and external technological learning. Consequently, firms need to develop both technological capital (a patent portfolio) and alliance capital (a portfolio of technology alliances). This paper examines the relationship between technological capital, alliance capital, and their joint impact on the technological performance of firms, with an application to the application‐specific integrated circuit industry. We find that positive marginal returns to alliance capital are decreasing at higher levels of alliance capital. Technological capital and alliance capital can either augment or reduce each others' influence on innovation performance depending on the stage of the technology life cycle in the industry. A reinforcing relationship related to absorptive capacity requirements and technological uncertainty is present in early stages, while technology leakage and market competition effects render the combination of high levels of technological and alliance capital counterproductive in later stages of the technology life cycle.     

The role of national culture in financial literacy: Cross-country evidence

This paper examines the effect of national culture on adult financial literacy levels in 12 countries. Contrary to earlier financial literacy studies, our results are directly comparable across countries given that we use the standardized OECD/INFE financial literacy survey data and Hofstede's, 2001, cultural dimensions to capture financial literacy and national culture. In line with the financial socialization theory, we find that uncertainty avoidance positively influences financial literacy, while individualism negatively influences financial literacy. We conclude that national culture affects financial literacy and that it is important to account for cultural dimensions in future international financial literacy research.     

The role of entrepreneurship education as a predictor of university students’ entrepreneurial intention

Using Ajzen’s theory of planned behavior and Shapero’s entrepreneurial event model as well as entrepreneurial cognition theory, we attempt to identify the relationship between entrepreneurship education, prior entrepreneurial exposure, perceived desirability and feasibility, and entrepreneurial intentions (EI) for university students. The data were collected from a survey of ten universities; we received 494 effective responses. We used probit estimation to show that perceived desirability significantly impacts EI whereas there is no significant impact from perceived feasibility. There is a significant negative impact from exposure (which is surprising) and a significant positive impact from entrepreneurship education. Males and people from technological universities and/or backgrounds have higher EI than females and people from other universities and backgrounds. There are also significant positive interactive effects by gender, university type, and study major on the relationship between entrepreneurship education and EI.     

Decomposition of Productivity Growth Using Distance Functions: The Case of Dairy Farms in Three European Countries

Within an output distance function framework, the Total Factor Productivity growth index is decomposed into four components (technical change, technical and allocative efficiency, and scale component). We estimate stochastic translog output distance functions using panel data from dairy farms over the period 1991–94 for three European countries (Germany, the Netherlands, and Poland). Results indicate that the change in the productivity growth index in Germany (+6%) and Poland (−5%) are mainly dictated by the technical change component. In contrast, the productivity growth index in the Netherlands (+3%) is influenced by allocative efficiency components.     

Sensitivity Analysis of Continuous Incomplete Longitudinal Outcomes

Even though models for incomplete longitudinal data are in common use, they are surrounded with problems, largely due to the untestable nature of the assumptions one has to make regarding the missingness mechanism. Two extreme views on how to deal with this problem are (1) to avoid incomplete data altogether and (2) to construct ever more complicated joint models for the measurement and missingness processes. In this paper, it is argued that a more versatile approach is to embed the treatment of incomplete data within a sensitivity analysis. Several such sensitivity analysis routes are presented and applied to a case study, the milk protein trial analyzed before by Diggle and Kenward (1994) . Apart from the use of local influence methods, some emphasis is put on pattern-mixture modeling. In the latter case, it is shown how multiple-imputation ideas can be used to define a practically feasible modeling strategy.