国外市政债券银行的运作及启示

市政债券是国外市政建设融资的重要方式。市政债券的参与可以增强债券信用等级、扩大发行规模,从而降低隔资成本。随着我国经济的发展、资本市场的深化、产业结构的调整,培育和发展我国的市政债券市场已经势在必行。     

Images of the Virtuous Employee in China's Transitional Economy

We examine contemporary images of employee virtue and managers' perceptions of actual employee conduct in Wuhan, Beijing and Xi'an, drawing on document analysis and structured interviews with 112 respondents in ten case study companies. The image promulgation strategies of the one joint venture enterprise and the two private enterprises in our sample entailed active avowal of tradition linked employee virtue, drawing on a mixture of Communist and Confucian moral imagery. In contrast, most of the seven state-owned or predominantly state invested enterprises had abandoned or marginalized traditional Communist imagery, none promoted Confucian imagery, and two emphasized alternative images of one-sided servility toward the customer. We infer, from managers' accounts, that the abandonment of tradition linked images by the state-owned sector was a tacit acknowledgment of prior covenant violation, and that outside the state-owned sector, tradition linked moral propaganda contributed to moral atmosphere only when part of a consistent high-commitment HRM strategy. In drawing out implications for theory and further research, we note the different socio-political contexts of organizations in China and the West, discuss the relationship between bonds or covenants and psychological contracts, and compare tradition linked employee virtues with dimensions of organizational citizenship.     

CROSS-AUTOCORRELATION BETWEEN A SHARES AND B SHARES IN THE CHINESE STOCK MARKET

Listed companies in China, upon meeting certain requirements, can issue two types of shares: A shares and B shares. Local investors in China can only buy and sell A shares, while foreign investors can only buy and sell B shares. We argue that foreign investors may receive news about China faster than domestic Chinese investors because of information barriers in China. Since foreigners participate in the B-share market, the price movements of B shares should reflect the common information that the foreigners have. Rational A-share investors can therefore condition their trading decisions on the previous price movements of B shares. As a result, returns on B shares should lead the returns on A shares. Using daily prices of A and B shares, we demonstrate that returns of B shares are correlated with those of A shares and that this correlation depends on the information transmission mechanism at work. The pattern of the asymmetric cross-autocorrelation is robust to the inclusion of lagged realized returns and trading volumes.     

Exploring Factors Influencing the Use of Enterprise Social Networks in Multinational Professional Service Firms

ABSTRACT

Organizations are increasingly implementing enterprise social networks (ESNs) for improved communication and collaboration, as well as enhanced knowledge sharing and innovation among employees. However, the paradoxical relationship between ESN implementation and the promised benefits has been attributed to employees’ underutilization. Our research focuses on factors influencing employees’ decision to use ESN in their work role and draws on case studies of two multinational professional service firms (PSFs) based in Australia. Qualitative data were collected during ten semi-structured interviews with employees from both organizations, to determine their perceptions of ESN usage and capture the factors that influence their use behavior. The findings illustrate that the likelihood of ESN use is significantly influenced by technological, organizational, social and individual factors. A successful ESN use within an organization involves the nexus between these four factors and recommendations are made, as guidelines for organizational actors about how ESNs usage can be increased.     

Examining the Influence of Rapport between Players and Dealers on Customer Satisfaction,Revisit Intentions,and Word-of-Mouth in the Casino Industry: The Moderating Role of Gender

This study explores the role of rapport between players and dealers in the casino industry. More specifically, based on a literature review, it was proposed that (1) rapport positively affects three outcome variables: customer satisfaction, revisit intentions, and word-of-mouth; (2) customer satisfaction has a positive influence on revisit intentions and word-of-mouth; and (3) gender plays a moderating role in this process. Based on the proposed hypotheses, a conceptual model was developed and tested using empirical data from 227 casino table players. Data analysis results showed that rapport is an important determinant of customer satisfaction, revisit intentions, and word-of-mouth. In addition, it was revealed that customer satisfaction bears a significant impact on revisit intentions and word-of-mouth. Lastly, gender has key moderating functions in the relationship between (1) rapport and customer satisfaction and (2) rapport and revisit intentions. The possible interpretations and managerial implications of these findings are provided in the last part of the article.