Revenge Exacerbates the Effects of Interpersonal Problems on Mentors’ Emotional Exhaustion and Work‐Family Conflict: A Self‐Defeating Perspective

Drawing on conservation of resources theory, this study examined the link between negative mentoring experiences (i.e., interpersonal problems) perceived by mentors and their work‐family conflict (WFC) by focusing on the mediating role of emotional exhaustion and the moderating role of revenge. The results of a field survey of 187 mentors in China supported all of our hypotheses, indicating that interpersonal problems perceived by mentors were positively related to their WFC. This relationship was also found to be mediated by the mentors’ emotional exhaustion. In addition, revenge against protégés was found to moderate the main effect of interpersonal problems on emotional exhaustion and the indirect effect of interpersonal problems on WFC. Specifically, revenge exacerbated the positive relationship between interpersonal problems and emotional exhaustion. Further, emotional exhaustion mediated the indirect effect of interpersonal problems on WFC when the level of revenge was high, but not when it was low. The findings of this study provide insightful theoretical contributions and managerial implications that indicate new directions for research related to mentoring and work‐family relationships. © 2016 Wiley Periodicals, Inc.     

Neighbour-Immiserizing Growth: The Asian Crisis

This paper investigates the effects of population growth and China's entry into the world trading regime on the North and the South. In the absence of the terms of trade effect, population growth reduces the standard of living and causes a decline in welfare. Unilateral trade liberalization of China will worsen the terms of trade for other countries in the South, but will improve those for the North. Thus, population control is an important means to close the gap in per capita income between developing and developed economies. Trade liberalization by developing countries may not necessarily induce income convergence. JEL Classification Number: F1.     

Effect of Money Supply on Real Output and Price in China

Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People＇s Bank of China＇ s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.     

Forecasting volatility: Roles of sampling frequency and forecasting horizon

This study empirically tests how and to what extent the choice of the sampling frequency, the realized volatility (RV) measure, the forecasting horizon and the time‐series model affect the quality of volatility forecasting. Using highly synchronous executable quotes retrieved from an electronic trading platform, the study avoids the influence of various market microstructure factors in measuring RV with high‐frequency intraday data and in inferring implied volatility (IV) from option prices. The study shows that excluding non‐trading‐time volatility produces significant downward bias of RV by as much as 36%. Quality of prediction is significantly affected by the forecasting horizon and RV model, but is largely immune from the choice of sampling frequency. Consistent with prior research, IV outperforms time‐series forecasts; however, the information content of historical volatility critically depends on the choice of RV measure. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark     

Re-examination of interest rate sensitivity of commercial bank stock returns using a random coefficient model

This article develops and tests a random coefficient two-index model for commercial bank stock returns which controls for the time-varying interest rate sensitivity caused by a bank's changing maturity profile. Using a sample of 51 actively traded commercial banks, the seemingly unrelated regression results provide evidence that commercial bank stock returns are significantly interest rate sensitive. The effect of interest rate changes on bank stock returns is found to be positively related to the maturity mismatch between the bank's assets and liabilities, when the proxy for interest rate changes and the proxy for maturity mismatch are compatible to each other.This article was written while I was a doctoral student at the University of North Carolina at Chapel Hill. It was presented at the 1989 FMA Annual Meeting in Boston.     

On the process of risk reduction through diversification

This paper examines the celebrated empirical study of J.L. Evans and S.H. Archer on the relationship between risk reduction and the size of a portfolio. By specifying a suitable return generation model, this widely supported empirical result is shown to be a statistical consequence of their methodology. The mathematical structure of their methodology is presented together with some fresh empirical results on this relationship. Finally the question as to whether a larger number of assets are required in order to achieve the same level of diversification for high beta securities is examined based on a sample of U.K. securities. The results of the tests would not appear to be in support of such a proposition.     

Bank Risk, Capitalization, and Operating Efficiency

A simultaneous equation framework is used to test hypotheses about the interrelationships among bank interest rate and credit risk-taking, capitalization, and operating efficiency. A positive effect of inefficiency on risk-taking was found and supports the moral hazard hypothesis that poor performers are more vulnerable to risk-taking than high performance banking organizations. A positive effect of inefficiency on the level of capital is attributable to regulatory pressure on underperforming institutions. At the same time, firms with more capital are found to operate more efficiently than less well-capitalized banking organizations. A U-shaped relationship is detected between inefficiency and loan growth, indicating that operating efficiency improves at a decreasing rate as loan growth rate increases. This supports the hypothesis that entrenched managers who pursue a growth objective to enhance their own wealth tend to operate inefficiently.     

中国经济过热的趋势与风险分析

中国的经济一段时期以来表现非常强劲,国内消费正以每年9％的速度蓬勃稳步行进,受政府引导的基础设施投资的推动,固定资产投资比例很高,外国直接投资仍有相当规模,而非典的影响很小。面对对中国一片看好的积极观点,本文作者以中国国家统计局公布的数据,从中国的总体贸易情况及其银行贷款情况进行剖析,结合中国改革开放经济发展的历史,分析了中国目前正面临周期性的经济过热风险。中国经济的主要趋势有:中国的贸易顺差与前几年相比在迅速缩小,顺差主要是对美国,而对亚洲其他国家,中国皆为贸易逆差;在贸易顺差急剧下降的同时,外汇储备却暴涨,显示了中国资本项目的监管和控制系统存在着漏洞;此外,银行贷款剧增、无效投资呈上升迹象等等。面对这些问题,作者认为,中央管理当局很可能将开始控制银行借贷,从而导致经济适度放缓,同时指出,银行系统以及监管体系的改革已迫在眉睫。     

Taxes, clientele effect of dividend and risk, return linearity

This paper extends the equivalence relationship between risk/return linearity and portfolio efficiency as derived in Roll (1977) to the case where there is differential taxation affecting investors optimal portfolio choice. Following the formulation of Brennan (1970a), the fundamental linearity relationship is derived which raises serious doubts to the testability of the extendedCAPM that accounts for the effect of differential taxation. Finally by aggregating other imperfections as well as differential taxation into a dividend yield constraint, a different version of theCAPM is derived which offers alternative interpretations of the existing empirical results on the subject.