心理契约视角下知识型员工激励系统的优化

心理契约是联系员工和组织的心理纽带,是正式劳务合约的有益补充。它改变了传统经济学从"自私自利"的角度研究雇员,把经济契约和心理契约有机结合,有利于提高雇员的积极性,促进组织的高效率。以知识型员工作为研究对象,结合知识型员工及其心理契约的特点,提出优化知识型员工心理契约激励系统的路径。     

当代大学生网络政治参与情况的调查与分析——以江苏高校为例

通过对江苏4所高校1044名在校大学生进行问卷调查和访谈,发现当代大学生网络政治参与具有四大特征:一是大学生网络政治参与具有超越时空的虚拟性;二是大学生网络政治参与内容广泛、渠道多样;三是认知和行为脱节,理性和非理性共存;四是大学生网络政治参与具有双重效应,既能促进大学生政治社会化,影响政府决策,又易导致大学生或参与失度,或远离现实政治,甚至危及政治稳定。因此,必须通过高校教育引导、政府政策调控、个人自我修炼三方协同努力提高大学生政治参与水平和质量。     

银保合作的效率损失研究

由于参与者的有限理性和机会主义倾向,银保合作的意义在于通过激励和监督机制约束参与者,降低不确定性和交易成本。而只有当合作"有效"时,才能在确保各利益群体"无摩擦"的前提下节约交易费用,实现资源利用净收益大于零。虽然在契约关系型银保合作模式的推动下,我国银行保险实现了长达十年的高速扩张,但与此同时诸如手续费虚高、销售误导以及账外激励等无效率的市场乱象屡禁不止,以致市场竞争无序、行业信誉受损。导致银保合作的效率损失原因主要是参与者之间的激励机制设计普遍表现激励有余,约束却不足。在国际经济走势继续低迷和国内监管政策日趋严格的形势面前,推动银行和保险之间的深度层次合作,促进银保合作转型升级,势在必行,时不我待。     

利率冲击对我国消费、产出和通货膨胀的动态效应研究

本文基于中国宏观季度数据,运用SVAR方法,得出了我国利率冲击对消费、产出和通货膨胀的经验事实:下调利率的扩张性货币政策引起消费和产出都呈驼峰型的持续增长,通胀率先以倒驼峰快速下降然后正驼峰上升,惯性回复至稳态。同时,为进一步从经济理论上解析利率冲击对消费、产出和通胀的传导机制,模拟了一个融入深度习惯的动态新凯恩斯主义模型,并运用贝叶斯方法估计模型结构参数,发现其较好地拟合了上述三个经验事实。     

Liquidity risk and stock returns around the world

The recent global financial crisis demonstrates that market liquidity is a prominent systematic risk globally. We find that local liquidity risk, in addition to the local market, value and size factors, demands a systematic premium across stocks in 11 developed markets. This local pricing premium is smaller in countries where the country-level corporate boards are more effective and where there are less insider trading activities. We also discover that global liquidity risk is a significant pricing factor across all developed country market portfolios after controlling for global market, value, and size factors. The contribution of this risk to the return on a country market portfolio is economically and statistically significant within and across regions.     

The performance of frequent acquirers: Evidence from emerging markets

This study examines the returns to 2340 merger deals conducted by 1122 frequent acquirers in 17 emerging markets, during the period 1985 to June 2008. Our primary findings are as follows. Serial acquirers in emerging countries on average experience a declining pattern in returns with subsequent deals, but the pattern is not strong. However, conditional on successful initial deals, the declining pattern is strong for the majority of countries, is large in terms of the magnitude, and is significant in the multivariate regression analysis. We interpret the results as somewhat supportive of the hubris behavior as a factor in serial acquisitions (Roll, J Business 59, 1986). We also find a stronger declining pattern for more developed markets but no substantial difference between civil and common-law countries; the former might be explained by generally greater and increasing competition for control in more developed markets.     

Managerial ownership,board monitoring and firm performance in a family‐concentrated corporate environment

Using data from Hong Kong, a market that has family‐concentrated ownership structure, we examine the relation between managerial ownership, the board of directors and firm performance. We first conduct analysis on the managerial ownership and firm performance to derive the turning points where either ‘convergence of interest’ or ‘entrenchment’ effect of managerial ownership is dominant. Based on these estimated turning points, we find that at low and high level of ownership, effective board mitigates the entrenchment effect associated with managerial ownership; at medium level of ownership, board effectiveness is less demanded. These findings suggest that managerial ownership and board monitoring are substitutes in mitigating the agency problem between managers and shareholders. We also find that effective board curbs the excessive compensation by entrenched managers to themselves at low level of managerial ownership.     

中瑞酒店与旅游管理本科高校合作办学的思考

瑞士酒店管理教育闻名于世吸引了许多经济条件较好的毕业生到瑞士去学习酒店管理。面对教育产业的国际化,如何吸引学生选择内蒙古地区的院校,使毕业生成为企业认可的人才并进一步面向国际就业。与先进一流学校合作办学就成为一种提高内蒙古高校的办学质量的一种模式。文章主要以BHMS瑞士工商酒店管理学院和内蒙古财经大学旅游学院为例就中瑞酒店与旅游管理本科从课程指导思想和课程体系培养目标,以及课程内容和课程实施的差异进行比较研究,从中吸取成功经验,针对性地提出内蒙古财经大学等内蒙古高校旅游学院与瑞士学校合作办学的一些建议。     

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...     

Azéma martingales for Bessel and CIR processes and the pricing of Parisian zero‐coupon bonds

In this paper, we study the excursions of Bessel and Cox–Ingersoll–Ross (CIR) processes with dimensions . We obtain densities for the last passage times and meanders of the processes. Using these results, we prove a variation of the Azéma martingale for the Bessel and CIR processes based on excursion theory. Furthermore, we study their Parisian excursions, and generalize previous results on the Parisian stopping time of Brownian motion to that of the Bessel and CIR processes. We obtain explicit formulas and asymptotic results for the densities of the Parisian stopping times, and develop exact simulation algorithms to sample the Parisian stopping times of Bessel and CIR processes. We introduce a new type of bond, the zero‐coupon Parisian bond. The buyer of such a bond is betting against zero interest rates, while the seller is effectively hedging against a period where interest rates fluctuate around 0. Using our results, we propose two methods for pricing these bonds and provide numerical examples.