威权型领导是否会引发员工的越轨行为？来自心理契约违背和个体自尊的解释

较之此前的越轨行为，数字经济发展背景下的越轨行为呈现出与数据结合、损害更为严重的特点。基于情感事件理论，文章通过344份企业员工数据，探讨威权型领导对员工越轨行为的作用机制和边界条件，验证了心理契约违背的中介作用，以及个体自尊的调节作用。结果表明：个体自尊既可以调节威权型领导与员工心理契约违背之间的关系，也可以调节心理契约违背与员工越轨行为之间的关系。当个体自尊水平较高时，威权型领导对心理契约违背的正向影响增强，而心理契约违背对员工越轨行为的正向影响减弱。研究结果拓展了对威权型领导影响效应的认识，为理解威权型领导与员工越轨行为的关系提供了新的视角，推动了个体自尊动态研究的发展，并为企业实践提供参考。     

The default contagion of contingent convertible bonds in financial network

This paper investigates the impact of contingent convertible (CoCo) bonds on systemic risk using Eisenberg-Noe’s financial network method, in which the network is linked by debt relationships. As an efficient method for addressing the problem of “too big to fail,” CoCo bonds have received widespread attention, particularly because the trigger for CoCo bonds is a systemic risk event. Thus, the impact of CoCo bonds on systemic risk needs to be addressed. To solve this problem, we adopt default contagion and loss amplification due to network linkage to measure systemic risk, from which we can ascertain the potential impact on it of CoCo bonds. The results show that CoCo bonds enhance the spillover effect of the issuer’s default; meanwhile, sufficient CoCo bonds partly offset the impact of default contagion from other banks. Furthermore, CoCo bonds enhance the amplification effect of loss due to network linkage, but the amplification effect diminishes after the bankruptcy cost is considered. Finally, the numerical test provides some insight into how the issuance of writedown (WD) bonds influences commercial banks in China. Our study not only offers suggestions to the regulators of CoCo bonds but also contributes to related studies.     

The role of asset payouts in the estimation of default barriers

In the barrier option model of corporate security valuation, the firm’s creditors impose a default-triggering barrier on the firm value to protect their claim. Two disputed issues in the literature are whether the implied default barrier is positive, and whether it is above or below the book value of the firm’s liabilities. We extend the model of Brockman and Turtle (2003) by embedding asset payouts in the valuation of shareholders’ equity. Using a sample of US stocks from the NYSE, AMEX, and NASDAQ exchanges, our paper exploits market and firm information to compute the implied default barrier for thirty 2-digit SIC groups, including industrials and banks. Our results show that the implied default barrier is lower than it is in the received literature, and it can be less than total liabilities, even zero for some firms. The implied physical default probabilities are significantly lower in the presence of payouts, providing a closer fit to the historical corporate default rates, particularly for issuers of speculative-grade bonds.     

Gaze behaviour,body image in women and online apparel shopping

Online apparel shopping is popular among women, with possible negative body image consequences, particularly when the website imagery is body-focused. We investigated both correlational and experimental effects of online apparel shopping on women's (N = 113) explicitly and implicitly measured self-worth, appearance attitudes and body gaze behaviour. Self-reported online apparel shopping behaviour positively correlated with self-objectification and a tendency to value and compare one's appearance. Following a simulated online shopping activity, women who browsed a body-focused activewear website felt worse about their looks, when compared with women who browsed a non-body-focused casualwear website. The activewear condition also primed lower subsequent visual attention towards female bodies in a gaze task, when compared with the casualwear condition. Given that women tend to naturally gaze at faces, the deprivation of facial stimuli in the activewear condition presumably led to a compensatory gaze effect, whereby subsequent attention towards bodies was comparably low. Importantly, dollars spent in the activewear condition correlated positively with appearance comparison and body shame attitudes. These results suggest that online apparel imagery exposure may negatively impact women's well-being. We also find evidence suggesting that gaze behaviour plays a role in how apparel marketing influences subsequent attention.