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).     

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.     

Crypto quanto and inverse options

Over 90% of exchange trading on crypto options has always been on the Deribit platform. This centralized crypto exchange only lists inverse products because they do not accept fiat currency. Likewise, other major crypto options platforms only list crypto–stablecoin trading pairs in so-called direct options, which are similar to the standard crypto options listed by the CME except the US dollar is replaced by a stablecoin version. Until now a clear mathematical exposition of these products has been lacking. We discuss the sources of market incompleteness in direct and inverse options and compare their pricing and hedging characteristics. Then we discuss the useful applications of currency protected “quanto” direct and inverse options for fiat-based traders and describe their pricing and hedging characteristics, all in the Black–Scholes setting.     

Corporate Lobbying and Firm Performance

Corporate lobbying activities are designed to influence legislators, regulators and courts, presumably to encourage favorable policies and/or outcomes. In dollar terms, corporate lobbying expenditures are typically one or even two orders of magnitude larger than spending by Political Action Committees (PAC), and, unlike PAC donations, lobbying amounts are direct corporate expenditures. We use data made available by the Lobbying Disclosure Act of 1995 to examine this more pervasive form of corporate political activity. We find that, on average, lobbying is positively related to accounting and market measures of financial performance. These results are robust across a number of empirical specifications. We also report market performance evidence using a portfolio approach. We find that portfolios of firms with the highest lobbying intensities significantly outperform their benchmarks in the three years following portfolio formation.     

Career concerns,shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate inve...