Theories of choice under risk: Insights from financial markets

To date, the plausibility of theories of choice under risk hinges are mainly on experimental evidence. This paper devises and implements an approach amenable of assessing the performance of three families of models (expected utility, rank-dependent expected utility, and the cumulative prospect theory) using information from financial asset markets. Our findings unequivocally support reference-point dependence, diminishing marginal sensitivity, loss aversion, and nonlinear weighting of (gain and loss) physical probabilities. The empirical observations are found to be robust to, inter alia, the parameterization of the utility and probability weighting functions, “day-of-the-week effects”, the choice of a reference point, and the introduction of possible, low-probability market crashes (peso component).     

Momentum,market states and investor behavior

This paper shows that the momentum effect appears in the wake of both up-market and down-market states in the Spanish stock market, although in the first of these cases it is followed by return reversal. This evidence, which contradicts the predictions of Cooper et al. (2004), provides the rationale for taking into account the disposition effect among the possible explanatory factors behind the momentum effect in a behavioral theory context.      

中国城镇居民的劳动供给行为——倒S型劳动供给曲线在中国城镇劳动力市场上的实证检验

依据2002年中国家庭收入项目(CHIP)数据,本文应用微观经济计量方法估计了城镇居民的就业方程和工作时间方程。研究结果表明,随着教育年限的增加,个体就业概率不断增加;随着家庭其他收入的增加,个体就业倾向逐渐降低,工作时间逐渐减少;随着家庭人口数的增加,就业个体的工作时间逐渐增加。低收入群体女性和男性工作时间的工资弹性分别为-0.3237和-0.3167,而女性中高收入群体工作时间的工资弹性为0.1429,说明倒S型劳动供给曲线在2002年中国城镇劳动力市场是存在的。因此,政府部门应结合经济发展水平适时地提高最低工资标准,完善社会保障制度,同时加大对低收入群体教育和培训投入力度,促进低收入群体社会福利水平的改善。     

The effects of entrepreneurial orientation, market orientation, and marketing subunit influence on firm performance

The study investigates how an organization’s entrepreneurial orientation moderates the interplay between market orientation and marketing subunit influence on firm performance. The hypothesized model predicts that the positive interaction between market orientation and marketing subunit influence has a weaker effect on firm performance under conditions of high entrepreneurial orientation. The regression and supplementary analyses provide support for most predictions and, most importantly, for a negative three-way interaction effect: At higher levels of entrepreneurial orientation, the positive moderating effect of marketing subunit influence on the market orientation–business performance relationship is reduced. The authors discuss the managerial and theoretical implications of their findings and provide a number of directions for further research.

诱致性变迁中的制度供给滞后及其解决:以中国金融综合化转型为样本

作为诱致性制度变迁的金融综合化转型未能完成由普遍性市场行为到强行性规则体系的程式转换,肇因于分业监管体制下的行政监管者和金融企业基于有限理性的成本—收益考量。在既得利益已达到满意标准的情况下,双方均缺乏推动制度供给的动力,从而形成自生性滞后的默契僵局,酝酿了严重的市场稳定性风险。鉴于次贷危机的教训和美国《蓝皮书》的改革思路,综合化转型的市场稳定性风险应该由回归监管角色的央行负责,并由其主导金融控股公司立法进程,最终实现分业监管体制的整合。     

Whistle-Blowing for Profit: An Ethical Analysis of the Federal False Claims Act

This paper focuses on the 1986 Amendments to the False Claims Act of 1863, which offers whistle-blowers financial rewards for disclosing fraud committed against the U.S. government. This law provides an opportunity to examine underlying assumptions about the morality of whistle-blowing and to consider the merits of increased reliance on whistle-blowing to protect the public interest. The law seems open to a number of moral objections, most notably that it exerts a morally corrupting influence on whistle-blowers. We answer these objections and argue that the law is not objectionable on these grounds. Since there are no compelling moral objections to the law, it is appropriate and acceptable to judge the law in terms of its economic costs and benefits. We assess the most salient of these and conclude that the benefits outweigh the costs. We suggest that a mechanism similar to the Act should be considered for protecting stockholders’ interests in the private sector. We conclude by making several proposals for improving the existing legislation. The authors' names are listed in alphabetical order. An earlier version of this paper was presented to the Society for Business Ethics August 2004.     

Next Target Market for China Automakers?——China Autos Displayed in 101st North American International Auto Show 2008

As a top international show,the North American International Auto Show(NAIAS)is among the most prestigious auto shows in the world.On January 13,2008,in Detroit,the 101st NAIAS unveiled the first auto show of 2008.With the developing strategy of"Going Out"and the innovation on research and technology,China automakers achieved great progress in recent years.In this show,China five automakers including:BYD Auto,Changfeng Group,Geely International Corp,Li Shi Guang Ming Auto Design CO.Ltd,and ZXAuto China(Hebei Zhongxing)attended the NAIAS on January 13 to 27,2008.Changfeng Motor Group and Geely International Corporation made return visits to Detroit while BYD Auto Co.,Chamco and Li Shi Guang Ming appeared for the first time.     

Survival of high tech firms: The effects of diversity of product–market portfolios, patents, and trademarks

High tech firms can mitigate potential risks by diversifying their product–market portfolios. A key research question is how such diversification influences firm survival. A firm exits the market in two ways, specifically, dissolution and acquisition. Here, we model how the diversity of a new firm's product–market portfolio influences the times to both types of exits. Specifically, we allow for interaction effects of the competitive intensity of a firm's environment and the diversity of a firm's product–market portfolio with its patents and trademarks. Using a competing risk hazard model, we estimate the effects of various covariates on the time to exit for 1435 US high tech firms.We observed that a more diverse product–market portfolio, in conjunction with a larger number of patents, hastens the time to a firm's exit by dissolution (9% decrease in survival duration), while in conjunction with a larger number of trademarks, portfolio diversity delays the time to exit by dissolution (12% increase). A more competitive firm environment results in a greater effect on the portfolio's diversity in delaying its exit by dissolution (7% increase). On the other hand, a diverse product–market portfolio, combined with either a larger number of patents or trademarks, hastens the firm's exit by acquisition (19% and 11% decrease respectively).     

Size, strategic, and market orientation affects on innovation

Based on a random sample of 500 South Yorkshire non-hi-tech manufacturing small, medium-sized enterprises (SMEs) the quantitative findings support the hypothesis that size, strategic, and market orientation associate with innovation. The results show that prospectors are medium-sized companies and small companies, defenders. Prospectors are more innovative and market-oriented than defenders. The findings reveal that to succeed in an intense competitive environment, non-hi-tech manufacturing SMEs have to be proactive toward market opportunities, receptive to innovation and take the lead in new product innovation. However, their weaknesses include a lack of flexibility, a partial open culture and an organizational structure that impedes sustained innovation. This study addresses a gap in the literature, by linking innovation to the strategic orientation of the firm instead of examining firms' specific characteristics or the effects of external environment and structural factors. The research focuses on non-hi-tech manufacturing SMEs.     

近代中国侵权行为用语考略

侵权行为用语在近代中国的引入与确立历经以下阶段： 19世纪在华外国人水平和方式不一的少量译述,展现了关于侵权行为的早期汉语表达,但未能形成恰当对译词并产生影响;20世纪初,移植于日本的“不法行为”成为清末表述侵权行为的一般用语;《大清民律草案》首次采用“侵权行为”一词,该词在民国得到沿用,并于民国北京政府时期成为通称。近代中国采用“侵权行为”这一名称,缘于继受了日本学者依其本国规范形成的侵权行为概念,但侵权行为规范主要取法德国,因此法律名称的自身意义与制度意义不能契合,“侵权行为”一词的合理性也受到一些民国学者质疑。尽管如此,近代中国采用“侵权行为”仍属相对合理的选择。