知识距离、知识寻求与员工创新行为:有调节的中介模型

从知识共享接收者视角,探索不同类型人际关系中知识距离对员工创新行为的作用机制。研究表明,员工间较大的知识距离会抑制员工向同事的知识寻求进而抑制员工创新行为;员工与上级间较大的知识距离会抑制员工向上级的知识寻求继而抑制员工创新行为;同事信任在员工间知识距离与向同事知识寻求的行为关系中起负向调节作用,领导-成员交换在员工同上级的知识距离与向上级知识寻求的关系中起负向调节作用。     

环境税率、双重红利与经济增长

本文构建了一个包含环境税、污染存量和预期寿命的世代交替模型,研究环境税对环境红利和经济发展红利的影响。基于新古典增长模型的研究表明,环境税能够实现双重红利(环境红利和经济发展红利),这契合“绿水青山就是金山银山”的绿色发展理念。从传导机制看,环境税通过负收入效应使得资本积累下降,同时,环境税通过健康效应使得预期寿命延长,这又使得资本积累增加。环境税通过影响资本积累,进而影响环境质量和经济发展。此外,环境税率上升使得用于环境治理的政府支出增加,这使得经济更容易产生环境红利。基于内生增长框架的分析表明,环境税有助于摆脱“环境贫困陷阱”,这为解释国家之间的收入差距提供了一个参考机制。数值模拟结果显示,在新古典增长框架和内生增长框架下,均存在最优的环境税率可以极大化人均产出和经济增长率。本文认为,合理的环境税率有助于推进减污降碳协同治理。     

中国不良资产管理行业的发展新趋势

自1999年四大资产管理公司成立以来，中国不良资产管理行业从无到有、从小到 大，经历了政策性阶段、市场化转型和全面市场化发展的不同阶段。进入全面市场化阶段以 来，各类资产管理公司不断涌现，处置手法也在不断丰富。当前中国经济正处于产能出清、利 润修复、产业结构重塑的新旧动能转换期，无论是金融机构还是实体企业的不良压力都不小， 而资产管理公司业务具有逆周期的特点，2016年以来各地涌现大量地方不良资产管理公司， 截至2017年末，地方资产管理公司已达58家，大量资产管理公司在内的多种投资者也在不断涌 入。基于此背景，文章通过分析不良资产管理行业的发展历程以及面临的新挑战，对行业未来 的发展方向进行了展望。     

Spatial analysis of access to and accessibility surrounding train stations: a case study of accessibility for the elderly in Perth,Western Australia

Approximately one-fifth of Perth’s population is aged 60 or older. Projections suggest that this proportion will continue to increase as a result of the large number of children born after the World War II (1946–1964). Access to and accessibility around train stations for the aging population is and will become a more important issue as the elderly population continues to grow. The aim of the paper is to develop and apply a new measure of accessibility to train stations at a fine spatial scale, justified by the special circumstance of the elderly using a case study in Perth, Western Australia. Intercept surveys are used to collect data on factors affecting train station accessibility for patrons aged 60 years or older, at seven highly dispersed train stations. Overall accessibility is measured separately using a composite index based on three travel modes (walk-and-ride, park-and-ride and bus-and-ride). The results illustrate that key variables, such as distance from an origin to a station, walking or driving route directness, land-use diversity, service and facility quality, bus connection to train stations, all affect the accessibility to train stations for the elderly. This implies that improvements to these factors will improve accessibility for this population group.     

The impact of monetary policy on financial markets in small open economies: More or less effective during the global financial crisis?

This paper estimates the impact of monetary policy on exchange rates and stock prices of eight small open economies: Australia, Canada, the Republic of Korea, New Zealand, the United Kingdom, Indonesia, Malaysia, and Thailand. On average across these countries in the full sample, a one percentage point surprise rise in official interest rates leads to a 1% appreciation of the exchange rate and a 0.5–1% fall in stock prices, with somewhat stronger effects in OECD countries than non-OECD countries (though differences are sometimes not significant). We find little robust evidence of a change in the effect of monetary policy surprises during the recent financial crisis.     

团队领导—成员交换关系:内涵、测量、影响因素与作用机制

团队领导—成员交换关系(TLMX)是领导—成员交换(LMX)理论在团队层面新近拓展的构念之一,指团队中LMX关系的集中趋势或总体质量水平。对仅有的15篇TLMX相关文献进行全面梳理后发现:1TLMX的测量指标有两类:LMX均值和中位数;2实证上,DLMX、领导者的时间压力、控制幅度和道德行为对TLMX具有显著影响。理论上,领导行为(变革型领导、服务型领导与资源获取行为)会影响TLMX;3TLMX能够影响团队效能、团队冲突等团队状态,有助于提升团队感情承诺、团队工作满意度、团队创新和团队绩效等团队产出。基于此,未来应多使用中位数对TLMX进行测量,以拓展其影响因素研究,进一步探索TLMX对个体和团队态度与行为的作用机理。     

A game theory model of regulatory response to insider trading

We develop a model which can help in explaining the evolving regulatory regime around insider trading. We form a simple sequential game-theoretical model of insider trading transactions and, utilizing Monte Carlo simulation to determine equilibrium, we show that costly investigations and low penalties incentivize traders to engage in illegal transactions. While the model helps to explain stiffer action by regulatory bodies, the question remains as to whether the elevated penalty levels are sufficient to prevent further insider trading.     

Investor sentiment and country exchange traded funds: Does economic freedom matter?

Using unbalanced panel data of 27 iShares MSCI country-specific exchange traded funds (ETFs) over the period 1996–2014, this paper applies quantile regression to examine the impacts of global, foreign, and U.S. investor sentiments on the returns of the ETFs traded in the U.S. markets. We further investigate whether a country’s economic freedom affects the relationship between investor sentiments and ETF returns. We find that ETF returns are strongly determined by investor sentiments and the ETF expense ratio. The quantile regression approach reveals that high-return ETFs are positively sensitive to changes in global sentiment (measured by market turnover, VIX, U.S. federal funds rate), foreign sentiment (measured by current account balance, inflation, market turnover, public debt), U.S. sentiment, currency exchange ratio, and expense ratio, while negatively influenced by economic freedom and Asian proxy. The effects of VIX and foreign inflation are a reversal; that is, returns from lower (higher) quantiles have a negative (positive) relation with VIX and foreign inflation. Not all components of economic freedom affect returns equally.     

Do exchange rate changes have symmetric or asymmetric effects on the trade balance? Evidence from U.S.–Korea commodity trade

Previous studies of the effects of exchange rate changes on Korea’s trade balance have assumed symmetry between currency depreciation and appreciation. In this paper, we distinguish between the two to show that the effects at the industry level are in fact asymmetrical in most industries for Korea’s bilateral trade with the U.S. We employ an auto-regressive distributed lag (ARDL) approach using quarterly data for the period 1989–2014 for the 79 3-digit industries in which trade between Korea and the U.S. took place. Overall, our model incorporating differentiated responses for appreciation versus depreciation reveals a more significant impact of the exchange rate on commodity trade between Korea and the U.S. than a more standard model that imposes symmetry.     

Predictors of various facets of sustainability of nations: The role of cultural and economic factors

This study examines the influence of national culture on various facets of a country's sustainability indicators, namely environmental performance, human development, and the avoidance of corruption. At the outset, using exploratory factor analysis from data from 57 countries from the GLOBE cultural practices, we identify three dimensions of culture: performance based culture (PBC), socially supportive culture (SSC) and gender egalitarianism culture (GEC). Then, using hierarchical regression analyses, we explore the role of cultural and economic factors on the various facets of sustainability. Specifically, we find that both PBC and GEC positively influence the environmental performance, even after controlling for wealth of a nation, i.e., GDP. GEC interacts with economic freedom in positively influencing environmental performance. GEC also positively influences human development as does GDP and economic growth rate. Interaction effects are also explored. We finally summarize the implications of the dimensions of culture and economic factors on the sustainability factors, and provide suggestions for future research.