论民族旅游村寨“农家乐”独特优势资源——以贵州西江千户苗寨为例

文章以贵州西江千户苗寨为例,通过实地调查研究,对民族旅游区内农家乐经营者和旅游者作出大致分类,分析两者的文化传播与接收角色,对比其他地区农家乐类型之后,总结出民族旅游区的独特优势资源,这对少数民族文化在旅游发展中的传承与变迁具有一定价值。     

城市环境治理新理念及其对城市管理的理论突破

城市环境治理就是各类治理主体对城市环境公共事务进行合作参与、多元化管理的过程或状态,城市环境引入治理,演化为城市环境治理的新概念,可以改变我们长期以来对城市环境管理作用与方式的传统理解,同时也可以使我们通过城市环境治理作用实现城市环境管理作用方式的根本转变。     

Migrate or not? The effects of regulation SHO on options trading activities

In this study, we investigate the effects of stock short-sale constraints on options trading by exploiting two US Securities and Exchange Commission rule changes under Regulation SHO: Rule 203 (locate and close-out requirements) and Rule 202T (temporary removal of short-sale price tests). We find that stock short selling activities decrease (increase) significantly after Rule 203 (Rule 202T) implementation, supporting the validity of Rule 203 (Rule 202T) as an exogenous increase (decrease) in short-sale constraints. Options volume increases significantly after Rule 203 went into effect and the result is more pronounced among firms with lower levels of institutional ownership and smaller options bid-ask spreads. Therefore, the evidence from Rule 203 suggests that investors may use options as substitutes for stock short sales when short selling is less feasible or more costly due to the locate and delivery requirements. In contrast, we find no significant change in the options trading volume of pilot stocks during the pilot program of Rule 202T. Overall, our results indicate that the impact of short-sale constraints on options trading varies with the types of constraints affected.     

Non-parametric method for European option bounds

There is much research whose efforts have been devoted to discovering the distributional defects in the Black–Scholes model, which are known to cause severe biases. However, with a free specification for the distribution, one can only find upper and lower bounds for option prices. In this paper, we derive a new non-parametric lower bound and provide an alternative interpretation of Ritchken’s (J Finance 40:1219–1233, 1985) upper bound to the price of the European option. In a series of numerical examples, our new lower bound is substantially tighter than previous lower bounds. This is prevalent especially for out of the money options where the previous lower bounds perform badly. Moreover, we present how our bounds can be derived from histograms which are completely non-parametric in an empirical study. We discover violations in our lower bound and show that those violations present arbitrage profits. In particular, our empirical results show that out of the money calls are substantially overpriced (violate the lower bound).     

1990－2015年三峡库区重庆段水田时空分布及演变特征

目的 水田作为三峡库区重要的耕地类型与湿地景观,对保障该区的粮食和生态安全起到了不可替代的作用。分析水田的时空分布及演变特征,为农业结构调整、水田经营政策的制定以及保障库区生态系统的安全提供一定的理论基础。方法 文章基于三峡库区重庆段1990年、2005年、2015年土地利用图像,利用ArcGIS和FRAGSTATS软件,运用土地利用转移矩阵、核密度估计以及景观指数模型等方法,分析三峡库区重庆段在不同时段水田的时空分布与演变特征。结果 2015年三峡库区重庆段水田面积为5 267.94 km²,占耕地总面积的26.70 %,平均坡度为11.87°,其中丘陵地区水田面积分最大,不同区县间水田面积差异显著。（2）近25 年草地、建设用地和水田间发生显著转移,1990—2005年水田主要转向旱地,2005—2015年水田主要转向建设用地,且转出面积大于转入面积,水田的总面积持续减少。（3）近25年来三峡库区重庆段水田面积的核密度分布呈现“西密东疏”“南密北疏”的分布格局。1990年水田分布的聚集区表现为江津和长寿2个核心分布带;2005—2015年江津的核密度值由高密度区转变为低密度区,水田分布的聚集区仅剩长寿核心分布带。（4）在7种土地利用类型中,水田的景观优势度居于中间位置,随着水田面积不断减少,水田景观的破碎化进一步扩大。结论 从粮食安全和生态保护的角度出发,未来产业结构调整和高标准农田建设中,必须稳定一定数量和质量的水田面积,充分发挥水田的生产和生态功能。     

科技政策对企业创新的作用机制研究——以广东省为例的实证分析

科技创新是立国之本、强国之路。政府在不同阶段制定相应的科技政策,以求持续激励企业参与创新活动、提高企业核心竞争力、促进产业结构转型升级。基于广东省2005-2017年上市公司数据,采用计数模型实证分析了地级市政府科技政策对企业创新的影响及作用机制。研究表明：科技政策力度越大,越能提高企业的创新水平;科技政策的激励作用主要通过研发强度这一中介变量产生;科技政策不仅能促进企业的策略性创新行为,同时也会导致企业的实质性创新行为;直接激励类型的政策对企业创新并无显著影响,而营造创新氛围的间接激励类型政策则对企业创新有着显著的正向影响;政策激励对非国有企业、非高科技企业的正向作用更加明显。     

银行信贷与中国经济波动:1993-2005

基于1993—2005年的季度数据,本文在一个包含银行部门的动态随机一般均衡模型中,讨论了银行信贷和中国经济波动的关系。模拟结果和实际数据的对比表明,引入银行贷款渠道和价格粘性的经济周期模型对中国经济波动有很好的解释力。脉冲响应和方差分解的结果表明:(1)技术冲击解释了大部分产出、投资以及长期消费的波动;(2)信贷冲击解释了大部分短期消费、贷款以及货币余额的波动,对产出、投资的波动有一定解释力;(3)货币需求冲击影响不显著,仅对通货膨胀、贷款以及货币余额波动有一定的解释力;(4)货币政策冲击解释了通货膨胀的大部分波动。     

Exploring the mediating role of utilitarian value and hedonic value in the formation of oppositional loyalty in online communities

Our research expands the scope of the research on oppositional loyalty from brands to online communities. Online communities allow members to freely express their opinions and promote the occurrence of oppositional loyalty behaviours towards the communities. Oppositional loyalty is defined in this article that, for the purpose of strengthening the market position of their preferred community, members of the online community may express negative views or even show oppositional behaviour towards adversarial communities. In view of social capital theory, the study examines the effect of hedonic value and utilitarian value on oppositional loyalty in online communities. The results show that only hedonic value significantly affects oppositional loyalty; hedonic value mediates the effect of the three dimensions of social capital (network ties, identification, and common language) on oppositional loyalty. The study identifies that community type moderates the impact of social capital (identification and common language) on hedonic value but does not moderate the effect of social capital on utilitarian value. Finally, we find that members' oppositional loyalty towards their community can promote their community participation. This research provides recommendations for online community managers to manage and benefit from members' oppositional loyalty.     

The influence of social capital on local retail patronage in an urban setting

Local retail stores are currently facing intense competition from both online retailers and large chain stores. An understanding of local retail store patronage (i.e., patronage of retail stores in one's own community) is essential to the survival and growth of local retailers. Drawing on Social Capital Theory, we theorize and show with store-level survey data the influence of social capital (community attachment and reciprocity) on local retail store patronage in a large urban setting. We find that the impact of social factors differs for residents within the community compared to those outside of the community. We also demonstrate the importance of social factors in comparison to non-social factors. These findings contribute to the literature by extending the impact of social capital on local retail store patronage beyond rural settings, providing insight into urban consumers' decision to patronize local retail stores, and highlighting the impact of community boundaries. These findings also generate practical recommendations for local merchants and stress the importance of building reciprocal relationships with local customers as well as varying communications across community boundaries.     

Does character's gender matter in inspirational brand story? Exploring the moderating effect of gender role conformity

Inspirational brand story is a widely used marketing strategy in brand building. However, few empirical studies have investigated the underlying mechanism and boundary conditions of a successful brand story strategy. The current study examined the influence of lead character's gender in inspirational brand story on consumer–brand identification based on the social identity theory, benevolent sexism, and gender schema theory. Results from two experiments demonstrated that the gender of inspirational brand stories has an impact on consumer brand identity through the mediation effect of sympathy. Compared with a male character, a female character elicits viewers' sympathy, which results in high brand identification. Such a gender effect is stronger when there is a high level of perceived gender role conformity. Theoretical and managerial implications are discussed.