Australian Socially Responsible Funds: Performance,Risk and Screening Intensity

We investigate the performance and risk of Socially Responsible Investment (SRI) equity funds in the Australian market and find no significant difference between the returns of SRI and conventional funds. In an extension to prior literature, we examine the impact of the number of positive, negative and total screens funds impose on performance and risk. We find little evidence of positive or negative screening impacting total return, but find weak evidence that funds with more screens overall provide better risk-adjusted performance. Positive screening significantly reduces funds’ risk. However, negative screening significantly increases risk and reduces funds’ abilities to form diversified portfolios.     

Antecedents and consequences of idiosyncratic deals: A frame of resource exchange

This study examines the antecedents and consequences of both timing and content of idiosyncratic deals (i-deals) for attracting and retaining valuable employees. A resource exchange frame theorizes the influence pattern of personal individualism value, social skill, and perceived insider status on i-deals timing. Individualism and social skill are expected to relate to both ex ante and ex post i-deals; perceived insider status is anticipated to relate only to ex post i-deals. The frame also suggests that i-deals’ content and personal development relate primarily to relational and balanced psychological contracts; the other ex post i-deals, flexibility and workload reduction relate to transactional psychological contracts. The frame was tested with data collected from 289 Chinese employees in the telecommunication industry.     

深空测控VLBI全频谱数字基带转换方法研究

针对深空测控VLBI基带转换全频谱处理的特殊要求,提出了一种固定带宽无失真接 收的无盲区高效均匀信道化和正交混频相结合的基带转换方法。通过巧妙的信道划分和低通 原型滤波器矩形系数的改变,实现了可分析频带内无盲区、固定带宽无失真接收处理,利用 正交混频的灵活性,设计了宽/窄带单边带输出方案,实现输出信号中心频率任意可变、带 宽可选。仿真结果表明,新方法计算效率高、资源消耗少,能够实现可分析频带内全频谱基带 转换功能。     

绿色壁垒的双刃功能解析

我国加入WTO后,不断受到“绿色壁垒”的困扰,给我国对外贸易造成严重影响。文章主要从纺织业和农产品两个方面就“绿色壁垒”对我国国际贸易的积极和消极影响,以及从它的构筑方和遭受方两个角度来研究其双刃功能。     

Corporate Governance and Corporate Bond Liquidity

Using a unique dataset of corporate bond trading information and corporate governance evaluation scores, this study examines the determinants of corporate bond market liquidity in Korea. In particular, this study explores whether corporate governance performance of a company influences liquidity of bonds issued by the company. The paper reports three important findings. First, the issue size and age of bond are important determinants of bond liquidity. Second, liquidity of corporate bonds is influenced by changes in macroeconomic conditions. Third, and most importantly, better corporate governance increases liquidity of corporate bonds. This result suggests that corporate governance is an important determinant of bond liquidity, as it lowers transaction costs by improving transparency and reducing asymmetry of information. This paper contributes to the literature by providing new evidence that corporate governance performance is an important determinant of liquidity in corporate bond markets.     

Scarcity Message Effects on Consumption Behavior: Limited Edition Product Considerations

Recently, many luxury brands have begun to launch limited edition (LE) products. When this happens, advertisers implement two typical types of scarcity messages for LE products: limited‐time scarcity (LTS) versus limited‐quantity scarcity (LQS) messages (Cialdini, 2008). Prior research offered empirical evidence that these scarcity messages make consumers feel that LE products are more special, unique, and valuable, and thus, positively influence their evaluation of the product (Aggarwal, Jun, & Huh, 2011). The current study examined the differential effects of LTS and LQS messages on different types of LE products by focusing on consumers’ need for uniqueness.     

Dissipative Competition: Evidence from a Quasi‐Natural Experiment

We document that contrary to the conventional view, the costs of domestic firms in terms of selling, general and administrative expenses and cost of goods sold increase significantly following exogenous shocks that increase competition, namely material import tariff cuts affecting US manufacturing industries over the period 1974–2005. Incompatible with an agency explanation, the cost increase is more pronounced among firms with higher CEO/insider/board ownership. We further find that the cost increase is more evident among firms with smaller market share and among focused firms. Generally, our results are consistent with the notion of ‘dissipative competition’ discussed in the seminal papers by Tullock.