加州大学旧金山分校商学院——别再回避“碳信用”

许多美国公司，尤其是中等规模的公司。至今仍在回避“碳信用”市场（carbon-credit market，“碳信用”为可交易的温室气体排放权）。这种做法不难理解——毕竟“碳信用”市场目前仍主要存在于海外国家，并尚处于进化阶段。然而，如果等到美国国会对温室气体排放进行管制时才关注“碳市场”（carbon market），恐怕为时已晚。     

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Quantitative Marketing and Economics -     

Good Stewards, Cheap Talkers, or Family Men? The Impact of Mutual Fund Closures on Fund Managers, Flows, Fees, and Performance

We examine a sample of 125 equity mutual funds that closed tonew investment between 1993 and 2004. We find that funds closefollowing a period of superior performance and abnormal fundinflows. Fund managers raise their fees when they close to compensatemanagers for losses in income due to the restrictions in sizeimposed by the fund closure decision. Managers reopen when fundsize declines. However, they do not earn superior returns afterreopening, suggesting that the fund closure decision does notprovide information about superior fund managers. (JEL G14,G23)     

盈余管理、债务期限与银行债权保护——来自中国证券市场的经验证据

本文基于中国债权人保护程度较弱的现实,以2000～2007年的上市公司为样本,对银行能否利用债务期限应对企业的盈余管理行为进行了深入研究。本文发现银行无法整体上识别企业的盈余管理以授予其相应的债务期限。本文进一步将银行识别企业盈余管理行为的意愿和技术进行分离而予以单独检验。通过选择明显有舞弊嫌疑的非标准无保留审计意见企业和微利企业以控制住银行的识别技术,发现银行给予非标审计意见企业较严格的债务期限,但没有给予微利企业较严格的债务期限,说明银行有一定的识别意愿。     

The agrarian sector: Postcrisis development risks and opportunities

Problems of the Russian agrarian sector are examined in terms of its competitiveness, which can be achieved though an innovation breakthrough, modernization of the material and technical base of the countryside, and promotion of integrative and cooperative ties.     

An exploratory study of reverse causality relationships among sales force turnover variables

This paper explores the directions of causality between selected work-related variables and quitting intentions. Based on the premise that quitting intentions may stem from predispositions that affect work-related variables, longitudinal data collected from a direct sales population were analyzed. When compared with previous literature, the results show the existence of reverse causality, indicating that quitting intentions are more likely to effect the perceptions of such variables as organizational climate, job satisfaction, and organizational commitment. Hie received his Ph.D. from the University of Missouri. His current research interests involve sales force turnover and organizational stress. His research has appeared in theJournal of Marketing, Journal of Marketing Research, Journal of the Academy of Marketing Science, and others. He received his Ph.D. from the University of Wisconsin, Madison. He is the former editor of theJournal of Personal Selling & Sales Management. He serves on the editorial boards of theJournal of Marketing, Journal of the Academy of Marketing Science, andJournal of Personal Selling & Sales Management, and has authored numerous books and articles in professional journals.     

DEREGULATION AND THE VOLATILITY OF UK STOCK PRICES

This paper examines the behaviour of the UK stock market for significant changes in volatility over the four years surrounding Big Bang i.e. 27 October, 1986 when the market was substantially deregulated. The main findings are that after Big Bang but prior to Black Monday, the UK stock market was no more volatile than prior to Big Bang, but that after Black Monday, the UK market was more volatile than prior to Big Bang even after adjusting for increases in global volatility.     

Antitrust Laws and the Relationship Between Mergers, Stock Prices and Industrial Production: A Cointegration Approach

This paper tests Grossman and Hart (1980) hypothesis that antitrust laws such as the Williams Act of 1968 and the Hart–Scott–Rodino Act of 1976 dramatically reduced the impact of stock prices on mergers. Both the cointegrating and the casual relationship between mergers, stock prices, and industrial production are studied. First, our paper supports Nelson's findings that, while stock prices have impact on mergers, industrial production does not. However, the cointegration relation between stock prices and mergers is unstable. Second, causality testing indicates that the direction of causality has changed from two-way causation before the late 1960s to one way causation from the late 1960s onwards. In particular, stock prices no longer cause mergers after the late 1960s due to changes in antitrust laws. Hence, the evidence supports Grossman and Hart's hypothesis.     

Innovation without me: why employees do (not) participate in organizational innovation communities

A key issue in community research is the set of motivations stimulating individuals to participate and contribute voluntarily to communities. This article examines the motivations of employees, who are traditionally not involved in the innovation process, to (not) participate in organizational innovation communities. Building on an in‐depth single case study, we aim to answer the following research questions: (1) What motivates participants of organizational innovation communities to participate? and (2) What motivates nonparticipants of organizational innovation communities to not participate? We find and categorize multiple factors that motivate non‐research and development employees to participate and to not participate. Moreover, we find an overlap as well as differences in the set of motivations of participants and nonparticipants. With nonparticipants normally being a large but barely explicitly recognized group, we argue that the found deviations contribute to the understanding of motivations in the context of organizational innovation communities and allow for direct design implications for innovation managers.     

Understanding consumers’ social networking site usage

Abstract

The purpose of this research is to examine consumer motivations to use social networking sites (SNSs) for three distinct activities: (1) general SNS usage, (2) the joining of a business’s SNS page and (3) clicking on an advertisement on a SNS. To assist with this exploration we draw upon the decomposed theory of planned behaviour as a theoretical lens and conduct a mixed-method study that utilises both an empirical investigation as well as qualitative focus group interviews in order to delve deeper into specific reasons why individuals engage in SNS activities. Results show that a number of antecedents such as attitude, compatibility, relative advantage, complexity, normative influences and self-efficacy come into play when determining SNS usage activities. However, specific antecedents may vary according to the explicit activity under investigation. This study’s main contribution involves advancing our understanding of consumer behaviour as it relates to SNS activities by examining not only antecedents to intention but also attitude, subjective norms and behavioural control. Other contributions include additional development of the SNS literature, integrating SNSs into a classical theoretical framework and providing valuable insights and implications for both practitioners and researchers alike.