CEO Duality and Firm Performance: Does Economic Policy Uncertainty Mediate the Relation?

Exploiting two exogenous shocks, we examine the relation between CEO–Chairman duality and firm performance. We report evidence that CEO duality benefits a firm when economic policy uncertainty is high. This implies that CEO–‐Chairman duality is an advantageous governance mechanism for coping with economic policy uncertainty. We show that the Sarbanes‐Oxley Act reduced firm performance if a firm had separate leadership in 2001. However, this negative effect was mitigated if a firm had combined leadership in 2001. The results suggest that CEO duality is complementary to board independence and that the value of CEO duality is contingent on a firm’s environment.     

Cause-related marketing ads in the eye tracker: it depends on how you present,who sees the ad,and what you promote

We compare the effectiveness of three visual types of cause-related marketing ads (product-oriented vs. cause-focused with an image of the beneficiary's face- vs. cause-focused with an image of the social cause), along with two moderators: product type and gender differences. In Study 1, the results of an eye-tracking experiment show that a product-oriented ad leads to a longer fixation duration than does a cause-focused ad. Females process the ads faster than do males, regardless of visual type. A cause-focused ad for a hedonic product results in a shorter fixation duration when an image of the beneficiary's face is used than when an image of the social cause is used. The opposite results are observed for a utilitarian product. Gender differences enhance such differences in ad processing. Study 2 is conducted to validate the arguments for the hypotheses proposed in Study 1. We find that using a cause-focused image vs. a product-oriented image impacts the effectiveness of the ad since consumers process these different visual types of ads differently.     

The Effect of Government Ideology on an Exchange Rate Regime: Some International Evidence

This paper comprehensively investigates the effect of government ideology on the type of exchange rate regime that a country implements via multinomial logit and multinomial probit models for 147 countries in the period 1974–2009. Our results clearly indicate that a left‐wing government increases the likelihood that a country implements a flexible regime in the classifications of exchange rate regimes. Nevertheless, evidence is weaker when using the de jure IMF course classification, which is set up by Ilzetzki et al. ( 2008 ). In a deeper investigation, we find that left‐wing governments are more likely to choose a flexible regime relative to a fixed one in our sample of OECD, non‐OECD and non‐Eurozone countries, as the impacts from government ideology on the determinant of the choice of exchange rate regime in Eurozone countries disappear. More importantly, we present many explanations for exchange rate regime choices when macroeconomic conditions, political constraints and institutions impact the choice of exchange rate regime.     

农牧交错带的变迁、划分及管理机制的探讨

农牧交错带是我国一个独特的生态经济带和过渡带,在我国农牧业生产和社会经济发展中占有十分重要的地位。该文通过对农牧交错带在较大时间尺度变迁的纵向研究和基于主要现状指标的牧区县和半农半牧区县的划分的横向研究,分析、探讨了中国北方农牧交错带历史变迁的格局、过程及动力机制,重新划定了牧区县和半牧区县,同时分类探讨了典型半牧区县的资源、经济发展类型。针对农牧交错带的不稳定性和敏感性,提出农牧交错带采取适应性生态管理是历史和现实的必然选择。     

完善公立医院补偿机制的思考

公立医院的社会功能是公立医院存在的社会基础,也是公立医院获得政府财政补助、免税政策的依据。公立医院公益性淡化是当前看病难、看病贵的一个重要原因,而财务管理体制、财政补偿机制不健全又致使其公益性淡化。政府对公立医院的财政补偿应在区域卫生规划的指导下进行,以进一步完善医疗服务价格机制,加强医疗服务行为监管,控制不合理的医疗行为。     

装备制造业全球价值链融入程度与技术进步效应研究

构建融入全球价值链（GVC）与技术进步效应的分析框架并提出研究假设,利用1999-2015年中国装备制造业7个细分行业面板数据,测算装备制造业融入GVC的程度指数和全要素生产率。结果显示,融入GVC程度指数整体呈现“W”型特征,2015年相比1999年呈上升趋势,各细分行业技术进步较为明显。实证结果表明：融入GVC对全要素生产率提升具有促进作用,但同时由于阻碍效应的存在,导致融入GVC与全要素生产率两者间呈现U型曲线关系。这是对融入GVC能够促进技术进步相关观点的重新认识。另外,产权制度因素、高素质科研人员规模能够显著促进技术进步;研发投入强度、出口密集度、条件建设强度在一定程度上阻碍了技术进步,但不显著。研究结论对于中国装备制造业通过融入GVC提高全要素生产率、实现技术进步具有重要政策启示。     

Jump variance risk: Evidence from option valuation and stock returns

We study jump variance risk by jointly examining both stock and option markets. We develop a GARCH option pricing model with jump variance dynamics and a nonmonotonic pricing kernel featuring jump variance risk premium. The model yields a closed-form option pricing formula and improves in fitting index options from 1996 to 2015. The model-implied jump variance risk premium has predictive power for future market returns. In the cross-section, heterogeneity in exposures to jump variance risk leads to a 6% difference in risk-adjusted returns annually.     

Effects of the number of advertised brands in a choice set: A metacognitive process

When product shelves feature more advertised brands, such that the choice set likely contains some familiar options, this subjective experience of familiarity could influence consumers' evaluations of chosen products and shopping experiences, through a metacognitive process. The findings of this study suggest that (a) a product shelf displaying some advertised brands, as opposed to no advertised brands, generates greater subjective familiarity, more favorable attitudes toward the purchased items, more shopping satisfaction, and greater intentions to revisit the store; and similarly, (b) a product shelf displaying more, as opposed to fewer, advertised brands generates greater subjective familiarity, more favorable attitudes toward the purchased items, more shopping satisfaction, and greater intentions to revisit the store. These outcomes result from a three‐step metacognitive process, whereby the subjective familiarity triggered by the presence of advertised brands influences judgments, through the effect of shopping pleasure. These results are robust for high‐ and low‐involvement products, as well as in contexts in which the prices of the advertised brands are higher than, lower than, or the same as those of the nonadvertised brands.     

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 effects of mobile promotions on customer purchase dynamics

While mobile promotions have become increasingly popular in recent years, limited research has examined the effects of mobile promotions over time. This research investigates the effects of two popular types of promotional offers, price discount and non-price free sample coupons, on purchase behavior. To this end, we present a dynamic model of customer purchase behavior that incorporates time-varying effects of mobile coupons, enabling us to investigate both the short-term and longer-term effects of mobile promotions. Using transaction and mobile promotion data, we find that both price discount and free sample coupons increase customers' purchase likelihood and expenditures during the coupon redemption period. We also find that free sample coupons have an enduring effect that increases the purchase propensity beyond the promotion period, thereby contributing to incremental purchases over a longer period of time. We demonstrate how our approach can help marketers improve mobile couponing decisions by considering the dynamic effects of mobile promotions that manifest over time.