Altruism and egoism in investment decisions

We provide survey evidence that personal values have an impact on individual investment decisions, in particular preferences for socially responsible investing. Our findings show that there is a positive link between altruistic values and the relative importance of social responsibility. This effect is stronger when individuals believe that they can make a positive social or environmental impact with their investments, or when they feel morally obliged to invest responsibly. If altruistic individuals associate responsible investments with higher returns, it decreases their motivation to invest responsibly. Egoistic values are negatively associated with the decision to invest responsibly, unless individuals associate responsible investing with higher returns.     

Performance of impact investing: A value creation approach

The purpose of this article is to present an overview about the origins of value creation in impact investing and propose a measure of value creation. According to this point of view, impact investing, i.e. investing in enterprises with a both social and financial objective can be justified only if those enterprises can provide for a higher performance than with a simple portfolio diversification (separate investment in two types of activity). After an overview about the sources of value creation in impact investees as well as about a discussion on existing methods, we propose a method to measure multidimensional value creation.     

Implied Equity Duration: A Measure of Pandemic Shutdown Risk

Implied equity duration was originally developed to analyze the sensitivity of equity prices to discount rate changes. We demonstrate that implied equity duration is also useful for analyzing the sensitivity of equity prices to pandemic shutdowns. Pandemic shutdowns primarily impact short‐term cash flows, thus they have a greater impact on low‐duration equities. We show that implied equity duration has a strong positive relation to U.S. equity returns and analyst forecast revisions during the onset of the 2020 COVID‐19 shutdown. Our analysis also demonstrates that the underperformance of “value” stocks during this period is a rational response to their lower durations.     

日常生活方式对中国老年人口腔健康影响研究

随人们生活水平提高,口腔健康日益受到关注。使用中国慢病监测调查全国数据,对60岁以上老年人口腔健康状况进行描述,并利用多因素logistic统计分析方法对吸烟、饮酒、口腔卫生习惯、休闲看电视时间和主食蔬菜饮食频率等日常生活方式与口腔健康相关关系进行研究。我国60岁以上老年人群牙龈出血患病率为52. 27%,吸烟、饮酒、每日看电视时间,是过去12个月牙龈出血患病危险因素,曾看过牙、日常刷牙频率是牙龈出血患病保护因素。     

Where's the greenium?

In this study, we investigate whether investors are willing to trade off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this question. Since 2013, states and other governmental entities have issued over $23 billion of green bonds to fund eco-friendly projects. Comparing green securities to nearly identical securities issued for non-green purposes by the same issuers on the same day, we observe economically identical pricing for green and non-green issues. In contrast to a number of recent theoretical and experimental studies, we find that in real market settings investors appear entirely unwilling to forgo wealth to invest in environmentally sustainable projects. When risk and payoffs are held constant and are known to investors ex-ante, investors view green and non-green securities by the same issuer as almost exact substitutes. Thus, the greenium is essentially zero.     

改革投融资体制 拓宽投融资渠道

十五期间黑龙江省存在投资不足的问题,如何增加投资总量。顺利实现十五计划目标,对现行投融资体制进行剖析,完善改革投资管理制度,加快资本市场建设和银行商业化改革,界定政府投资范围和投资管理职能,建立规范的投资中介贬务体系寺建议,针对黑龙江省的具体情况,争取国家产业政策的更多支持,扩大企业债券发行规模,增强财政贴息功能,大力发展民间投资。     

基金业绩如何影响风格漂移和经理离职?——理论与经验分析

本文通过一个两期模型,刻画了基金业绩如何通过影响市场信念,进而影响基金风格漂移和基金公司的解雇行为。若上期基金业绩很好,基金经理就会在乐观的自我能力预期下,完全按照自己的判断选择基金投资风格;若上期业绩一般,基金经理会因为调整成本而不太愿意切换投资风格;而若上期业绩很差导致自我能力预期悲观,基金经理就宁愿模仿上期绩优基金的投资风格。综合起来,基金风格漂移将随上期基金业绩呈现出显著的U型关系。进一步,因为业绩很差的基金经理会采取模仿策略,因此在市场风格发生切换时更有可能发生基金经理解雇事件。此外,本文基于中国开放式基金的季度数据,检验了风格漂移与滞后一期基金业绩之间的关系,经验证据稳健地支持了理论分析的各种结论。     

Sustainable Development and the Financial System: Society's Perceptions About Socially Responsible Investing

The debate surrounding the financial needs of investors and the impact on society of investment is considered to be an important research topic due to the growth of socially responsible financial markets. The main objective of this research is to study society's perception about socially responsible investing (SRI) and to identify investor's preferences regarding environmental, social and governance criteria, their real‐life investment needs and the most relevant sustainable financial products. To examine society's perception of SRI, we conducted a field survey among Spanish investors. The results show that SRI is at an early stage and Spanish investors need more exact information regarding social, environmental, and governance criteria in order to invest in socially responsible companies and products. This paper offers some guidelines that could be used by Spanish institutions, managers and investors and by foreign managers when approaching the Spanish market, in order to promote the growth of socially responsible financial products. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

晚周诸子之作莫能先也——《庄子》艺术粗论

庄子以整体象征、浪漫而荒诞的寓言言说,驰骋想象,自铸新词,运用典型与意象,在先秦诸子散文中独创新文体——自恣适己、仪态万方的“庄周体”。这显示了庄子文学意识的先觉、文学创造精神的崛起与文体的自觉。鲁迅称《庄子》一书“晚周诸子之作,莫能先也”,正是就其文学的发现与文体的创造及其在汉文学史的创造性贡献而言。     

工程需求与领导风格对工程创新的驱动作用:跨层次研究模型

工程创新的实现不仅依靠需求的引领,还需要发挥领导支持、个体努力、氛围营造、文化带动等作用。通过明晰创新概念、界定建设工程创新层次,从个体与组织层面探讨工程需求、领导风格对工程创新驱动作用的"黑箱"。基于文献分析方法对工程需求、工程文化、领导风格、创新行为变量关系提出研究假设,从而构建跨层次工程创新驱动机理概念模型。结果发现,工程需求具有引领作用,领导风格具有驱动作用但也可能起中介作用,工程文化具有调节作用。通过选取多个工程创新案例,针对研究假设和理论模型进行初步验证,指出研究的下一步工作以及可能存在的不足。