Who should sell stocks?

Never selling stocks is optimal for investors with a long horizon and a realistic range of preference and market parameters, if relative risk aversion, investment opportunities, proportional transaction costs, and dividend yields are constant. Such investors should buy stocks when their portfolio weight is too low and otherwise hold them, letting dividends rebalance to cash over time rather than selling. With capital gains taxes, this policy outperforms both static buy‐and‐hold and dynamic rebalancing strategies that account for transaction costs. Selling stocks becomes optimal if either their target weight is low or intermediate consumption is substantial.     

Comparative Urbanism and the ‘Asian City': Implications for Research and Theory

While voices in the comparative urbanism literature call for researchers to approach comparison with more experimental and critical methodologies, there remains no consensus on how to design and realize these studies. This essay examines the implications of comparative urbanism for researching the ‘Asian City'. Given the critique of existing modes of comparison embedded in recent calls for a new comparative urbanism, researchers are faced with a number of pressing questions: How do we approach this ‘regional' topic in a way that both resists categorizing the ‘Asian City' as an exotic ‘other', elevating it onto a mythical pedestal, yet appreciates its differences, localisms and unique ‘cosmopolitan vernacular' (Clifford, 1997; Werbner and Modood, 1997)? This essay thus highlights the multiple challenges of applying the comparative lens to the ‘Asian City', arguing that broader conceptualizations of the ‘Asian City' help to address the dangers in isolating Asian research into its own canon of parochial urban theory and offering a greater diversity of possibilities for justifying case selection in comparative approaches. In doing so, we hope that this essay responds to the comparative turn by illuminating to some extent its inherent complexity and methodological challenges.     

A Moral Cleansing Process: How and When Does Unethical Pro-organizational Behavior Increase Prohibitive and Promotive Voice

Journal of Business Ethics - In this study, we draw on moral cleansing theory to investigate the consequence of unethical pro-organizational behavior (UPB) from the perspective of the actors....     

Contracting with private rewards

The canonical moral hazard model is extended to allow the agent to face endogenous and noncontractible uncertainty. The agent works for the principal and simultaneously pursues outside rewards. The contract offered by the principal thus manipulates the agent's work–life balance. The participation constraint is slack whenever it is optimal to distort the agent's work–life balance away from life compared to a symmetric-information benchmark. Then, the agent's expected utility is high and he faces flatter incentives. Such contracts may be optimal when the two activities are strong substitutes in the agent's cost function or when reservation utility is low.     

高管团队异质性、团队冲突与企业绿色绩效——差异化CEO领导风格调节下的整合分析框架

基于高阶梯队等理论，从高层管理团队异质性等要素整合分析视角切入，在探讨高层管理团队驱动企业绿色绩效作用机制的基础上，尝试构建差异化CEO领导风格调节下高管团队（TMT）异质性、团队冲突与企业绿色绩效的理论模型；通过层次回归分析、Bootstrap等方法实证检验异质性高层管理团队的作用机理和边界。研究结果显示：①TMT异质性、任务冲突能显著提升企业绿色绩效，且任务冲突在TMT异质性与企业绿色绩效的关系中起部分中介效应，而关系冲突显著降低企业绿色绩效。多元化构成的高层管理团队拥有更多差异化思想，这些观点通过高层管理团队成员不断分析整合后作用于绿色绩效，而成员间“对人不对事”的关系冲突会弱化该过程，进而对绿色绩效产生负向影响；②变革型CEO领导风格负向调节任务冲突与企业绿色绩效的关系，表明CEO适度简政放权，指导、关怀和保障高管团队成员充分表达观点非常重要。交易型CEO领导风格负向调节关系冲突与企业绿色绩效的关系，说明CEO通过奖惩激励，降低高层管理团队情绪冲突，提升团队凝聚，是推动绿色转型的重要举措。     

Business strategies and the transition to low‐carbon cities

Cities are key drivers of global climate change, with the majority of greenhouse gas (GHG) emissions being tied to urban life. Local actions to mitigate and adapt to climate change are essential for stabilization of the global climate and can also help to address other urban ecological problems such as pollution, decreasing biodiversity, etc. Companies are important urban actors in the development of low‐carbon cities because they provide a multitude of goods and services to city populations and directly influence urban carbon dioxide (CO₂) emissions. This is a new area of research. While studies on corporate sustainability are numerous, there is little, if any, existing research that examines the role of companies in climate change adaptation and mitigation within specific urban areas. Urban ecologists also have not examined how corporate activity affects urban systems. Taking a multi‐disciplinary systems approach, we present a conceptual model of the role of companies in managing urban interactions with the climate system. We also present empirical findings illustrating how one company ‘partners’ with the city of Rotterdam to test electric vehicles as a pilot project for urban climate adaptation and mitigation. Copyright © 2010 John Wiley & Sons, Ltd and ERP Environment.     

虚拟组织持续创新:内涵、本质与机理

互联网技术革命及消费者需求的不断更新推动了虚拟组织的诞生与发展,作为新型的价值创造系统,虚拟组织以核心能力为结点,能够集成整合价值链上的优势资源,紧抓市场机遇,持续为客户创造价值。首先,厘清了虚拟组织持续创新的内涵与本质。在此基础上,分别论述了虚拟组织持续创新的4大构件即创新动力、创新过程、学习能力与界面管理,及其之间的交互作用,提出了虚拟组织持续创新的运行机理,旨在深化对虚拟组织持续创新的研究和认识。     

多渠道增加陕西省农村居民财产性收入研究

文章在分析陕西农民增加财产性收入渠道现状的基础上,具体分析了制约陕西农民多渠道增加财产性收入的因素,进而研究了多渠道增加农村居民财产性收入的措施:构建农民产权制度保障、健全市场机制、培养现代农村人力资本、发展农村集体经济、完善农村社会保障制度及充分发挥政府规范和引导作用。     

Ponds,Power and Institutions: The Everyday Governance of Accessing Urban Water Bodies in a Small Bengali City

While researchers in the growing field of urban political ecology have given significant attention to the fragmented hydroscape that characterizes access to drinking water in the global South, so far the (re)production of other urban waters and its related power relations have been underexplored. This article seeks to contribute to filling this gap by exploring the everyday negotiations over access to urban water bodies, in particular ponds. These are understood as a composite resource that is simultaneously water, land and public space. This analysis draws on a case study from a small city in West Bengal, India, and is based primarily on data from open interviews with different actors with a stake in urban ponds. The article demonstrates that in a context of ambiguity of the statutory governance regime and fragmented control, the (re)production of the pondscape is embedded within complex relationships of power whereby social marginalization can be offset at least momentarily by local institutions such as neighbourhood clubs and political parties.