学科意识与学科建设

介绍了学科、专业教育的渊源．阐明了学科、专业的涵义及相互关系,论述了新升本院校学科建设的基础性、战略性、根本性、长期性、紧迫性,指出了学科建设既要以本科专业建设为重心,但又不能完全依赖于专业建设,即专业是核心,课程是基础,在课程建设与教学过程中就考虑学科建设。     

How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention

The purpose of this study is to provide strategic implications for the marketing revitalization of real state. By sampling investment behavioral factors of investors in the Gumi area of South Korea (ROK), which is emerging as a promising investment area, the study shows their effects on investment satisfaction, investment firm trust, and intention to reinvest. The behavioral factors, adopted from previous studies, are profitability investment stability, investment regulations, investment location, and investment well-being. Location proves to be the most important factor in investment satisfaction, followed by liquidity, profitability, and well-being. In addition, the structural relativity of satisfaction to reinvestment intention and trust in the investment firm has positive effects. The results of the study reinforce major characteristics for a real estate marketer to consider and provide insights for future studies.     

论新农村建设对农民主体意识的发展诉求及其促进

农民是建设新农村的主体,推进新农村建设,要求加快发展农民的主体意识;另一方面,新农村建设为农民主体意识的迅速发展提供了难得机遇,营造出良好环境,随着新农村建设的推进和新型农民培育工作的开展,农民主体意识也将迅速发展。     

基于国际间环境传播的环境意识转移研究

文章提出“环境意识转移”的概念,给出“环境意识转移”的定义,构建了基本的理论框架,包括定义、条件、途径、实施主体及模式等。在此基础上,重点讨论实施主体之一的国际化经营企业,通过“外部经济性途径”实施的环境意识转移。通过定性调查和定量调查,论证国际化经营企业通过环境经营和环境传播所进行的环境意识转移的效果。最后,为提高环境意识转移的效果,分别对国际化经营企业、我国企业和我国政府提出一些建设性的建议。     

中国股市过度波动的原因分析

股市所有制结构的国有化以及股民的经验、心理与风险承受能力等因素导致了股民信心的过度波动,而股民信心的过度波动与投机性机构投资者制造股票差价的倾向又导致了股市过度波动。     

浅论构建和谐社会的几个理论问题

“和谐社会”战略构想的提出,是党中央全面建设小康社会、落实科学发展观的重要体现。宪政制度的完善是构建“和谐社会”的制度保证;公平公正是构建“和谐社会”的核心价值取向;政府职能转变是构建“和谐社会”的内在要求。而宪政的实施,首先要有社会成员本身的思想意识的觉悟与提高。社会成员要求公平正义,而政府则是公平这种公共产品最主要的供给者,要完成这一任务,政府必须转变政府职能,将主要力量投入到公共服务上来。     

Economic policy uncertainty,institutional environments,and corporate cash holdings

We investigate the effect of economic policy uncertainty (EPU) on corporate cash holdings using a large sample of international firms. EPU intensifies concerns of investors on managerial self-dealing and political extraction. Consequently, the potential cost of cash holdings (i.e., expropriation) outweighs its benefit (i.e., precautionary motives), and the optimal amount of cash holdings decreases. We find supportive evidence that firms hold less cash when EPU is high. We further show that the market discounts excess cash holdings under high policy uncertainty, but this negative effect is mitigated by stronger investor protection, better freedom of press, and better government quality.     

Does online interaction between firms and investors reduce stock price crash risk?

This paper examines how online interaction between firm management and investors impacts stock price crash risk. Based on the previous literature, we postulate that online interaction constrains crash risk via two channels, i.e., deterring bad news hoarding activities of managers and decreasing differences of opinion among investors. Relying on the launch of Hudongyi (the first official investor relations management platform in the world) for identification, we demonstrate that online firm-investor interaction significantly reduces future stock price crash risk and that these two channels can both explain this effect. Overall, our findings highlight the important role of online interaction in risk management.     

投资者教育发挥作用了吗?——来自公募基金个人投资者调查数据的证据

投资者教育是保障资本市场平稳运行、良性发展的重要举措,也是我国资本市场重要的基础性制度建设。本文利用20000多份全国公募基金个人投资者调查数据,分析了投资者教育对基金投资收益的影响,并基于行为金融学框架探究了其背后的作用机制。以往文献研究表明,金融知识水平对投资收益会产生显著影响,本文研究发现,获取金融知识的渠道也会影响投资收益。相对于自己学习金融知识、相关工作经验累积金融知识、向亲戚朋友学习金融知识,投资者教育(如参加金融机构的投资教育活动、接受金融经济类课程或培训)更有助于投资者缓解趋势追逐、频繁交易、处置效应等交易行为偏差,从而获得更高的投资收益。进一步分析表明,投资者教育通过提高“理性程度”来提升基金投资盈利概率、投资总收益率和年均收益率的中介效应分别为19.41%、17.09%和12.75%。此外,不同群体参与投资者教育的积极性和受教育效果存在显著差异,投资者教育要更多采取“分类教育”的形式。本文研究对进一步加强投资者教育、更好地推动资本市场发展具有一定的参考意义。     

Applications of a multivariate Hawkes process to joint modeling of sentiment and market return events

To investigate the complex interactions between market events and investor sentiment, we employ a multivariate Hawkes process to evaluate dynamic effects among four types of distinct events: positive returns, negative returns, positive sentiment, and negative sentiment. Using both intraday S&P 500 return data and Thomson Reuters News sentiment data from 2008 to 2014, we find: (a) self-excitation is strong for all four types of events at 15 min time scale; (b) there is a significant mutual-excitation between positive returns and positive sentiment and negative returns and negative sentiment; (c) decay of return events is almost twice as fast as sentiment events, which means market prices move faster than investor sentiment changes; (d) positive sentiment shocks tend to generate negative price jumps; and (e) the cross-excitation between positive and negative sentiments is stronger than their self-excitation. These findings provide further understanding of investor sentiment and its intricate interactions with market returns.