投资者参与和证券投资基金风格业绩的评估

基金风格的形成是投资者参与并选择的结果。基金风格的差异体现出不同基金的设立是为了吸引特定的投资者群体。因此,评价基金业绩就必须从基金风格的供给与投资者风险管理的需求两个方面结合来进行。本文提出投资者参与和选择行为分析的视角,以投资者的风险管理需求的异质性为基础,从投资者身处的位置和衡量标准的不同所产生的异质性从而要求具有的不同目标收益率出发,通过构造连接风格分析与下侧风险指标的风险规避系数来研究基金的风格和投资者的风险管理需求,提出了一个新的基金业绩评估框架。     

Risk Awareness of Interpersonal Trust and Entrepreneurship in China: Evidence from Survey Data

This paper aims to build a theoretical framework for the influence of risk awareness of interpersonal trust (RAIT) on entrepreneurship, and explores the influence of RAIT on entrepreneurship with the micro survey data from the Chinese General Social Survey (CGSS) 2010–2013. The study found that, individuals with higher level of RAIT, their probability of starting new business will increase significantly, and with every increase of RAIT level, the probability of business venturing increase almost 4.0%. No mediation effects of information screening and cooperative mechanism are found in the relationship between RAIT and entrepreneurship. Moreover, during the venturing process, risks accompanying interpersonal trust cannot be reduced by social input; the reduction occurs only in eastern China where the economic system and the industrial development standards are more comprehensive and mature. This paper contributes to the literatures in the following two areas: it provides new evidence on how to deal with risks in the entrepreneurship process that accompanying interpersonal trust; meanwhile, it provides an explanatory mechanism on how the risk awareness affects business venturing.     

Reactive or proactive? Investor sentiment as a driver of corporate social responsibility

Investors and financial markets have been a neglected stakeholder group in studies on a firm’s motivations to be socially and environmentally responsible. Despite being a strong driving force behind firm value, no study has investigated the influence of market and investor sentiments on CSR behaviour. Using a global sample, we investigate the effects of market and investor sentiments on firm CSR performance. We find negative market and investor sentiments in the prior year motivate firms to improve their CSR performance in the next year. We also find the magnitude of improvement in CSR performance differs not only by country, but by CSR sub-category as well. These findings imply that a firm’s motivation to improve its CSR performance is reactionary, rather than being driven by altruism. Regulators and proponents of CSR should thus seek to persuade investors and financial markets to put pressure on firms to further advance the CSR agenda.     

Wealth effect and investor sentiment

This paper investigated the relationship between the U.S. stock and housing markets as well as their influence on the wealth effect of consumption and found that the stock market sentiment index can explain changes in the wealth effect. The empirical results indicate that these two markets exert a wealth effect on consumption. The estimation results of the Markov-switching model indicate two states: a state in which the stock market influences its coexistence with the housing market and a state in which the housing and stock markets are unrelated. Public optimism regarding stock market investments affects the probability of transitioning between these states.     

Information and Investor Behavior Surrounding Earnings Announcements

The goal of this paper is to analyze the impact of annual earnings announcements on the market through the order flow data in addition to the usual transaction data. In this respect, examining order flow data can potentially reveal valuable information that is not available from transaction data. In fact, the data allow us to test hypotheses about asymmetric information and investor behavior and to test if the behavior varies with investor sophistication. In addition, the paper tries to identify the determinants of the impact on a firm's value using assumptions about investor behavior.     

Consumers' awareness,acceptance and attitudes towards functional foods in Turkey

The aim of the present study was to investigate consumers' awareness, acceptance and attitudes towards functional foods in Turkey. Eight hundred and eight people participated in this study: aged between 20 and 80 years, 38.5% were male and 61.5% were female. Participants were given a questionnaire and were asked to fill it in by themselves to minimize the influence of the interviewer. Results indicated that socio‐demographic characteristics such as age, education level and income level are important indicators of consumers' awareness and consumption of functional food. The results show that the female respondents were 2.987 times more aware of functional food than the male respondents. Similarly, the likelihood of respondents having awareness of functional food was 1.431 times greater among those who had a higher educational level than among those with a lower educational level. Consumers who used vitamin supplements were 1.228 times more aware of functional food than other consumers. The results show that older respondents were 3.395 times more aware of functional food than younger respondents. Respondents with a history of familial diseases were more likely than others to have consumed margarine with plant sterol, fruit juices fortified with vitamin C, and breakfast cereals fortified with vitamins and minerals. Those with a diet‐related problem were more likely to have consumed cholesterol‐lowering products than those without a problem. As a conclusion, this study has shown that socio‐demographic characteristics such as age, education and income levels, and prices are important indicators that influence consumers' awareness and consumption of functional food. These results suggest that this type of knowledge could affect consumers' interest in functional foods, and therefore educational strategies might be necessary to encourage the consumption of functional foods.     

The role of destination personality fit in destination branding: Antecedents and outcomes

Drawing from fit research in strategic management, this study develops and investigates a model predicting destination attitude and (re)visit intention. The study introduces the concept of destination personality fit on the basis of how well consumer perceptions of a tourist destination's brand personality fits that of what the destination brand manager wishes to convey. A model incorporating destination advertising awareness as an antecedent of destination personality and consumer‐manager destination personality fit is tested on international consumers with the destination personality of Switzerland as the study setting. Structural equation modeling results reveal that destination advertising awareness does indeed relate positively to both stronger perceived destination personality and destination personality fit in consumers’ minds. Interestingly, the subsequent destination personality–destination attitude relationship is moderated by consumer–manager destination personality fit in such a way that the link grows stronger in cases where fit is high. The results have important implications for destination brand managers in that they reinforce the importance of strong and distinct destination personalities. The findings also show the importance of actively communicating the destination brand to consumers since the positive outcomes of a strong destination personality increase in magnitude when successfully communicated, and the vision of the destination brand manager has been adopted by the consumer.     

Herding behaviour in P2P lending markets

We explore lender behaviour on Renrendai.com, a leading Chinese peer-to-peer (P2P) crowdlending platform. Using a sample of around five million investor-loan-hour observations, and applying a high-dimensional fixed effect estimator, we confirm evidence of herding behaviour: the investors in our sample prefer assets that had attracted strong interest in previous periods. The herding behaviour relates to both the experience level of the investor and the length of time of an investment session on the platform. We also provide evidence of significant herding behaviour in the first hour of experienced investors’ sessions. Our results are robust to the use of alternative specifications.     

Does Social Media Get Your Attention?

The author investigates how social media affects stock prices and post–earnings announcement drift in response to companies’ quarterly earnings announcements. Using quarterly earnings data as well Twitter and StockTwits data, the author utilizes Twitter volume and a residual methodology to generate an attention proxy that is orthogonal to the growth of Twitter accounts. The author finds that the new attention brought by social media after the earnings announcements positively affects the cumulative abnormal returns. Further, even companies reporting bad news can still have positive immediate cumulative abnormal returns if they attract enough attention from investors after an earnings announcement. The new attention effects are different in both magnitudes and statistical significance between social media popular and unpopular industries.     

政府补贴下考虑企业环保努力的闭环供应链决策分析

在消费者具有环保意识的背景下，分析有无政府补贴时制造商环保努力对各节点企业价格、需求、利润等决策的影响，并进一步探讨补贴在各类最优策略中的作用。研究表明：环保努力能提高两类产品销售价格、扩大新产品需求，但对再制造品需求无影响；存在最优环保努力水平，使无政府补贴下制造商及系统整体利润最大；一定范围内补贴能遏制环保努力导致的再制造品销售价格上升，但对新产品价格无影响，且对零售商来说高补贴未必能带来高收益；消费者环保意识和制造商环保努力可以通过政府补贴影响产品需求和企业收益。