资本市场开放能够提升企业价值吗?——基于沪港通的证据

沪港通的实施是我国资本市场开放的里程碑事件,本文基于国际资产定价模型(IAPM),采用PSM-DID方法检验了沪港通的实施对企业价值的提升效应。研究发现,沪港通的实施可以使沪港通标的公司价值显著提升,在更换政策时间、虚构处理组、替换核心变量后该结论仍然显著;拓展性检验结果表明,沪港通通过增加资本市场流动性、改善公司治理、降低系统性风险等机制提升企业价值。     

金融消费者保护监管主体研究

本文以金融消费者保护监管主体为视角,在总结英美等发达国家金融消费者保护监管经验以及国内监管实践的基础上,提出了完善我国金融消费者保护监管的建议。     

我国六大区域旅游服务贸易竞争力的比较分析

本文介绍了旅游服务贸易在我国的发展现状,继而指出研究我国旅游服务贸易竞争力的重要性。分析了我国六大区域旅游服务贸易的发展格局,并运用显性比较优势指数研究我国各区域旅游服务贸易的比较优势,得出结论:西南、华北、西北、东北地区具有旅游创汇的比较优势,而华东、华南的旅游服务贸易存在比较劣势,最后对提高我国旅游服务贸易竞争力提出建议。     

Charting a Course on the Islamic Finance Ocean： A Survey of Islamic Insurance Literatures

The number of Muslim literates in Islamic finance and conventional finance, particularly Islamic insurance, has grown tremendously, so has the number of academic and professional articles, books, and other monographs published in Islamic insurance profession. Despite Islamic insurance uniqueness based on Islamic values and philosophies, its emancipation aimed to compete or eradicate the conventional insurance at both academic and professional levels. Those monographs that were intended to replace their conventional insurance counterpart have triggered endless debates among stakeholders on their authenticity and quality of knowledge and as well challenged their authors＇ authorities. Therefore, with content analysis, this survey verified whether the Islamic insurance literatures were capable of producing well-seasoned professionals of lslamic insurance. The results showed that the disputes over the available literatures might have contributed to the failure of having a standard curriculum for teaching Islamic insurance as a profession in academic at national and international levels. Review of the literatures and curriculum was recommended.     

物质生态批评视角下《瓦尔登湖》再解读

亨利·戴维·梭罗是美国最伟大的自然散文作家和环境主义先驱。《瓦尔登湖》是梭罗所著的一本著名的散文集。在该作品中，非人类自然的施事能力和叙事能力得到了充分体现。梭罗在肯定非人类自然与人类具有平等地位的同时，看到了其施事能力带来的影响，读懂了其叙事语言，从而向我们展示了非人类自然通过何种途径显示自身在大自然中不可替代的地位。     

年轻高管与企业股价崩盘风险：来自“代理冲突观”的证据*

在企业纷纷实施高管年轻化战略的背景下，本文从股价崩盘风险的视角分析和检验了年轻高管风险偏好的经济后果及其作用机理。本文基于“个体认知观”和“代理冲突观”展开理论推演，采用中国沪深A股非金融上市公司的数据，检验发现，年轻高管会显著加剧企业未来的股价崩盘风险，且这种影响主要存在于民营企业，在国有企业并不显著。进一步针对具体作用机制的检验发现，年轻高管在投资决策中选择了更多能迅速提升个人收益的风险性投资项目，但在不能迅速提升个人收益的风险性投资项目上与年长高管没有显著差异。同时，年轻高管对股价崩盘风险的加剧效应仅仅存在于高管在上市公司领取薪酬的样本企业，且更高的独立董事比例能显著抑制年轻高管的股价崩盘风险加剧效应。这表明，年轻高管个体认知层面的风险偏好被其追求个人私利最大化的代理冲突所扭曲，进而为年轻高管风险偏好的“代理冲突观”提供了实证证据。     

Leisure,international retirement migration,and retirement adjustment: insights from the best exotic marigold hotel movies

ABSTRACT

International retirement migration (IRM) is a growing phenomenon linked to increased longevity, early retirement, and improved financial status. Encompassing both travel and leisure experiences, IRM is a topic relevant to both tourism and leisure studies. By analysing the fictional movie series The Best Exotic Marigold Hotel (2012) and The Second Best Marigold Hotel (2015) from psychological, gerontological, and sociological theoretical perspectives, this paper examines motivation, goal setting, continuity and change, and identity development in IRM experiences within tourism and leisure contexts. This paper (a) identified motivations for IRM as finance, romantic relationships, social relations, self-esteem, self-fulfilment, and social norms; (b) in turn, time perception and attitude influence IRM emigrants’ priority and emotional fulfilment; (c) innovation extricates IRM emigrants from role loss and facilitates role change; and (d) IRM emigrants experience various identity development processes. A conceptual framework for IRM is proposed that purports to explain the IRM experience process and indicates that such an understanding of IRM should incorporate psychological, gerontological, and sociological perspectives.     

International flows of people and institutional change

International travel clearly increases human interaction over space and exposes societies to foreign influences, foreign ideas, and foreign institutions. Does international travel promote institutional change in a traveler's home country? This paper uses panel data from 149 countries to test the hypothesis of institutional change stemming from international travel. We generally find that foreign travel does not affect political institutions. In one sub-sample, we find limited evidence that international travel can be a determinant of institutional quality in the home country depending upon whether the home country is an autocracy or democracy.     

Public acceptance of and heterogeneity in behavioral beach trip responses to offshore wind farm development in Catalonia (Spain)

A combined travel cost – contingent behaviour survey of residents and tourists in Catalonia is conducted on-site to examine the effects on beach recreational demand of developing an offshore wind farm (OWF) project. The survey considers four potential OWF scenarios with different degrees of visual impact. We allow for heterogeneity in trip preferences among individuals and control for on-site sampling through the use of a random parameters negative binomial (RPNB) model and a Multivariate Poisson log-normal (MPLN) model, respectively. The welfare measures derived from the RPNB model relate to the current beach users only, whereas those from the MPLN model refer to the general population of residents and tourists in Catalonia. The results show the importance of the specific place of location of the OWF project and how the installation of wind turbines would significantly decrease the demand for trips, depending on their degree of visual impacts, leading to a substantial welfare loss. However, the results also show that the project mainly would cause a displacement of trips to other beaches within Catalonia rather than outside Catalonia and that the welfare per trip measures generated by the RPNB and MPLN models substantially differ. Policy implications of these findings are discussed.     

谈旅游投诉及旅行社服务对策

旅游投诉随着旅游业的发展而逐渐增加,旅游投诉现象,可分为旅行社管理原因引起的投诉和非旅行社方面引起的投诉等。对引起旅游投诉的原因和游客的投诉心理进行深层次的分析,提出加强旅游服务意识,加强旅游服务管理,提高旅游服务质量,建立旅游投诉的处理机制等旅行社服务对策。