我国企业实施客户关系管理存在的问题及对策

CRM即客户关系管理。被称之为提升企业核心竞争力助推器的CRM既是一种管理思想,又是一种解决方案,同时也是一套应用软件系统。目前,CRM在我国企业导入实施的过程中,存在着较高的失败率和一些急需解决的问题,文章将就我国企业实施客户关系管理中存在的问题进行分析,并对解决问题的对策进行探讨。     

Who is afraid of disposition of financial assets? The moderating role of regulatory focus in the disposition effect

The disposition effect refers to the tendency of financial consumers to sell winning assets (e.g., stocks) too early and to hold losing assets for too long. This effect implies that investors behave asymmetrically under the conditions of paper gains and losses. Although prior research on the disposition effect drew primarily on prospect theory as the explanatory mechanism, we focus on regulatory focus, an alternative mechanism. Regulatory focus theory suggests that people pay distinctive attention to profits and losses depending on self-regulation orientations (i.e., promotion focus vs. prevention focus). We argue that regulatory focus has different influences on financial consumers’ investment behavior in the gain and loss domains. In three experimental studies, we demonstrate that regulatory focus moderates the disposition effect. The results of the current studies imply that the disposition effect is primarily driven by prevention- (vs. promotion-) focused individuals who behave asymmetrically in the gain and loss domains.     

Time-varying term premium in T-bill futures rate and the expectations hypothesis

This paper examines time-varying term premium in the T-bill futures rate to determine its significance for the expectations hypothesis (EH). Similar to previous studies on the T-bill forward rates, our data reject the joint hypothesis of the EH and the rational expectations hypothesis (RE). Under the assumption of zero rational expectational error, we find a substantial variation of term premium in the futures rate over time. Furthermore, the lower bound of the expected term premium variance is significantly positive when the rational expectational error is allowed to be nonzero. These findings are inconsistent with the EH. In addition, a relatively high ratio of the lower bound of the expected term premium variance to the prediction error variance implies that the poor predictive power of the futures rate should not be attributed mainly to the market's rational expectational errors.     

Perceived values,satisfaction, and behavioral intentions: The role of familiarity in Korean restaurants

This study examined American customers’ perceptions of values regarding dining experiences in Korean restaurants in the United States. Specifically, the effects of hedonic and utilitarian values on customer satisfaction and behavioral intentions were investigated. This study also examined the moderating effect of familiarity with Korean restaurants on the relationships among perceived values, satisfaction, and behavioral intentions. Overall, the results indicated that American customers valued the utilitarian aspects of Korean restaurants more than the hedonic aspects. Additionally, utilitarian aspects had a stronger impact on customer satisfaction and behavioral intentions than hedonic aspects. However, when considering customers’ familiarity level with the restaurants, hedonic aspects more effectively induced positive behavioral intentions in the low familiarity group, proving that familiarity has a moderating role. Conversely, utilitarian aspects appeared to be more influential in terms of the behavioral intentions of the high familiarity group. Theoretical and practical implications are also discussed.     

冰冻圈直接影响区综合发展水平研究以三江源区为例

目的 评价三江源区综合发展水平,明晰时空格局变化、剖析主控因子,可为三江源区绿色高质量发展提供决策参考。方法 文章从生态环境、经济和社会3个层面构建了三江源区综合发展水平评价指标体系,使用熵值法与综合指数评价模型相结合的方法,综合评价了2008—2017年三江源区综合发展水平;在此基础上,运用因子分析法揭示了影响三江源区综合发展水平的主控因子,并对主控因子与综合发展水平进行空间可视化分析,最后针对分析结果提出了发展对策与建议。结果 （1）2008—2017年整体上三江源区综合发展水平不断提高,增幅为42.55%,但发展实力依然偏弱,主要以低质量发展水平为主,面积占比总计达42.72%,总体呈现黄河源区综合发展水平高于长江源区和澜沧江源区,三江源区东部综合发展水平高于中、西部的分布格局。（2）在地区层面,称多、若尔盖、阿坝等县发展水平显著提高,而达日、甘德、玛沁等县发展缓慢,雪灾害频发是其发展缓慢的主要原因。（3）人均GDP、农村常住居民人均可支配收入、人均全社会消费品零售总额、交通运输能力、社会保障能力、信息通达指数、积雪持续日数、积雪深度是影响三江源区综合发展水平的主控因子。结论 三江源区在未来发展中,不仅要考虑区域内生态环境的保护,还要促进源区內经济、社会、生态保护等相关制度的完善,不断促进三江源区的绿色、可持续发展。     

Does Geographic Proximity Change the Passiveness of Equity Ownership by Bank Trust?

We provide evidence that while concentrated bank trust ownership is passive with distant firms, it is nonpassive with local firms and reduce their risk‐taking. Concentrated local bank trust ownership is associated with (i) lower future firm equity beta and (ii) less uncertain corporate policies. The results cannot be explained by private information alone, are not driven by local bank trusts as a mixed debt‐equity holder, and are robust to various tests for endogeneity. We also explore channels through which local bank trusts could exert their influence, including their stabilizing function during crisis periods and joining force with local independent directors.     

REVISITING BOOKBUILDING VERSUS AUCTION IPOS: A PERSPECTIVE OF INFORMATIONALLY EFFICIENT PRICES IN THE AFTERMARKET

We compare price efficiency between auction and bookbuilding initial public offerings (IPOs). Our empirical results fail to support the prevailing conjecture that bookbuilding IPOs are more price efficient than auction IPOs. We find statistical insignificance between two IPO samples or weak evidence for the opposite hypothesis. We add to the evidence that auctions yield aftermarket price efficiency equal to that of bookbuilding or are statistically indifferent when measured by market microstructure and Center for Research in Security Prices (CRSP) data. We also examine whether underlying price efficiency forces reflect the relative presence of informed institutional and retail investors, aftermarket price support, and divergence of investor expectations.     

Penalized h-likelihood approach for variable selection in AFT random-effect models

Survival models allowing for random effects (e.g., frailty models) have been widely used for analyzing clustered time-to-event data. Accelerated failure time (AFT) models with random effects are useful alternatives to frailty models. Because survival times are directly modeled, interpretation of the fixed and random effects is straightforward. Moreover, the fixed effect estimates are robust against various violations of the assumed model. In this paper, we propose a penalized h-likelihood (HL) procedure for variable selection of fixed effects in the AFT random-effect models. For the purpose of variable selection, we consider three penalty functions, namely, least absolute shrinkage and selection operator (LASSO), smoothly clipped absolute deviation (SCAD), and HL. We demonstrate via simulation studies that the proposed variable selection procedure is robust against the misspecification of the assumed model. The proposed method is illustrated using data from a bladder cancer clinical trial.