The stock market effect of air pollution: evidence from China

In financial studies, environmental stimuli such as sunshine, temperature, and daylight are often used as proxies for people’s collective mood swings to test their effects on the stock market. China has experienced serious air pollution problems in recent years, and Chinese public awareness of air pollution has soared. In this paper, we use China as a natural experiment to investigate the effect on stock returns of depressed moods induced by air pollution. Daily air-pollution data from 2005 to 2014 are analysed and the results obtained from the empirical research show that a contemporaneous negative and a two-day lagged positive relationship exists between air pollution levels and stock returns over this time period. The relationship is mediated by the influence of air pollution on investment decisions. The results also indicate that the effect is weakened for companies that protect air quality, but no stronger effect is detected for polluting companies. The findings imply that air pollution is a behavioural factor with some connection to stock returns in China.     

Does Mood Affect the Efficiency of Credit Approval? Evidence from Online Peer-to-Peer Lending

Using a large dataset obtained from “Paipaidai,” an online peer-to-peer lending platform in China, we examine whether credit officers’ mood affects the efficiency of credit approval from a perspective of individual decision-making. Refering to studies in psychology and financial economics, we employ season, temperature and weather as mood proxies, and control the variables related to the quality of the loan to study credit approval behavior under different mood conditions. The results suggest that the efficiency of credit approval by individual credit officers is significantly correlated with their mood—a positive mood improves efficiency, while a negative mood reduces it. Specifically, loans examined under better mood conditions (e.g., during spring, comfortable temperatures, and sunny days) have a significantly higher probability of approval, but a lower probability of default if approved; and those examined under poorer mood conditions show a lower probability of approval and a higher probability of default if approved. This effect of mood is even stronger when a loan application is more complex, atypical, or unusual to evaluate. Moreover, investor sentiment, denoted by closed-end fund premiums, has the same effect on credit approval as well.     

意绪秀异,文笔可观——《西京杂记》的文学性研究

《西京杂记》以其"意绪秀异,文笔可观"的特点在中国小说史上占有一席之地。其思想容量之驳杂、叙事结构之独特、文笔之雅驯,使其对后世作品有着极为深远的影响。通过从叙事艺术、风格特征、语言艺术等方面对其独特的审美特征进行的研究和分析,概括出这一审美特征对后世逸事小说的范本作用。     

农业循环经济发展研究

改革开放30年,我国社会经济的面貌发生了巨大的变化,但是,农村经济的发展仍然相对落后。在新的发展时期,如何在科学发展观的指导下,走出一条有中国特色的农业发展道路就成为一个十分重要的课题。以农业循环经济为方向,介绍了农业循环经济的概念,发展农业循环经济的必要性,分析了农业循环经济的发展模式和发展农业循环经济的制约因素,最后提出了我国发展农业循环经济的对策。     

企业战略联盟的历史演进及组建对策

组建技术联盟是企业虚拟经营的重要方式,早期的战略联盟主要是价格联盟和产品联盟.随着知识经济的兴起和以信息技术、网络技术为代表的高科技日新月异,现代新型的战略联盟形式主要是知识联盟,而知识联盟中的关键是技术联盟.本文对企业参加技术联盟时的形式选择、组织结构形式、核心竞争力及对知识的管理四个问题作了系统分析.     

论怀旧餐厅的情调营销之道——不卖流行卖回忆

目前,怀旧餐厅越来越受到消费者的青睐。本文介绍了国内一些具有代表性的怀旧餐厅;同时,剖析了怀旧餐厅的情调营销之道,即选择集体回忆、设计怀旧主题、布置怀旧道具、营造怀旧氛围;指出了怀旧餐厅情调营销应注意的问题,即怀旧主题的调整问题、怀旧体验的差异问题、怀旧衍生品的开发问题。     

Tactics of speaking up: The roles of issue importance,perceived managerial openness,and managers' positive mood

Extant voice research has focused mainly on the conditions under which employees speak up, but we have limited knowledge about how employees speak up. This study examines voice tactics or the various ways in which employees express concerns to or share suggestions with their managers. Based on the notion that voice is a deliberative behavior, we draw upon a cost–benefit framework and propose that voice tactics are influenced by messages' characteristics and managers' stable and temporal characteristics. Specifically, we examine the joint effects of issue importance, perceived managerial openness, and managers' positive mood on employees' public (vs. private) and formal (vs. informal) voice tactics. Across two independent studies, our findings demonstrate that employees tend to use public channels and formal procedures only when three conditions are met simultaneously: (a) the issue is important, (b) managers are perceived as being open to employees' voice, and (c) managers are in a positive mood at the time of voicing. In addition, we found that speaking up via public channels or formal procedures is positively related to the success of voice.     

浅谈90后大学生心理压力的释放

随着现代化节奏加快、社会竞争日益激烈,给90后大学生的学习生活带来了巨大的心理压力.90后是现在大学校园中学生的主流群体.90后大学生作为新时代的接班人应该正确认识压力,采取科学的方法来及时调节自己的消极情绪,缓解压力,轻松学习,顺利完成学业.     

Positive mood and investment decisions: Evidence from comedy movie attendance in the U.S.

Positive mood has been repeatedly shown to affect decision-making under risk. In this study I exploit the time-series variation in the domestic theatrical release of comedy movies as a natural experiment for testing the impact that happy mood (proxied by weekend comedy movie attendance) has on the demand for risky assets (proxied by the performance of the U.S. stock market). Using a sample of data from 1994 to 2010, I estimate that an increase in comedy attendance on a given weekend is followed by a decrease in equity returns on the subsequent Monday, which is consistent with the mood-maintenance hypothesis.     

中古汉语的语气副词“其”

＂其＂是古代汉语中的一个常用虚词,语气副词是＂其＂的主要功能之一。对中古汉语八部语料中的语气副词＂其＂进行了穷尽性考察后发现,＂其＂可以表示推测判断、反诘、命令或对听话者的希望、疑问、决心或愿望等五种语气,其中表示命令、希望等祈使语气的用法占据一半以上,与上古时期主要表示推测判断语气有所不同。表示命令或希望等祈使语气的＂其＂主要用于诏令、策命、册封、终制、移檄等公文中,句子大多无主语,无句尾语气词,命令语气强烈。