英国远期约定政府购买制度对中国的启示

探索实施创新产品与服务远期约定政府购买制度是政府推动科技创新的重要举措。在分析远期约定政府购买制度的定义、实施远期约定政府购买制度的必要性和重要意义的基础上，对英国“远期约定采购”政策进行探索借鉴。研究发现，研发政策对市场创新推动乏力、市场需求对研发创新拉动失灵、传统公共采购未能有效捕捉创新点是英国远期约定政府购买政策出台的背景。并对英国远期约定采购的3个基础条件和4个基本流程进行梳理和分析。同时，对中国部分省市开展远期约定政府购买制度的经验及存在问题进行深入分析。最后，针对中国远期约定政府购买制度的大范围实施提出方向性建议与展望：研究制定符合GPA（政府采购协议）国际规则的远期约定政府购买制度；加大对中小企业产品的采购；建立创新产品政府采购使用信息反馈机制和数据平台。     

All for one and one for all: Encouraging ecosystem citizenship behaviour to strengthen employer branding

This research investigates how employer branding can be strengthened by taking a business ecosystem approach that encourages and leverages indirect social exchanges, such as the behaviour of paying it forward. This work is founded on extant literature and exploratory interviews with individuals from firms seeking to strengthen their employer brand by interdependently operating in a business ecosystem. A model is developed that proposes how indirect social exchanges can occur in an ecosystem, and what types of outcomes it can lead to for the individuals, firms and the ecosystem as a whole. As far as can be ascertained, this is the first study that combines these perspectives. The work suggests that there is value for firms in taking an ecosystem-focused approach to employer branding. The findings highlight that indirect or generalized social exchanges can provide value for individual firms when they form a group of interdependent collaborators rather than simply being competitors. Further, this work adds to the literature related to employee and partner extra-role behaviour by proposing the perspective of an Ecosystem Citizenship Behaviour. Ecosystem Citizenship Behaviour is an extra-role behaviour that occurs in the business ecosystem and as such can be beneficial for joint employer branding initiatives of participating firms.     

Maximum utility portfolio construction in the forward freight agreement markets: Evidence from a multivariate skewed t copula

We form portfolios consisting of diverse quarterly forward freight agreement (FFA) contracts to maximize the market participant's expected utility. The empirical findings indicate that individual FFA returns display clear autocorrelation, seasonality, fat tail, and heteroscedasticity. The multivariate positively skewed t copula is suggested for constructing maximum utility FFA portfolios, implying that the constituent FFA returns exhibit higher correlations when they rise together. The out-of-sample trading strategy performance metrics and various robustness checks further indicate that the aforementioned copula performs best and robustly for all portfolios. These findings provide profound methodological and managerial implications for market participants to improve risk management.     

Crafting a paying-it-forward mindset in business: Five principles for a competitive employer branding advantage

Kindness can strengthen your employer brand. The business environment is changing, and the value of kindness in the corporate world is garnering increased attention. Paying it forward is a way to pass acts of kindness on to others. This allows employees and business partners to go above and beyond formal expectations that not only benefit the individuals involved but also the businesses they represent. Paying it forward can potentially create competitive advantage for firms from an employer branding perspective (to attract and retain talent) and in the broader market sense. This behavior can strengthen the employer brand in numerous and effective ways, and managers must understand, engage in, and encourage such conduct. In this article, we discuss different examples, benefits, and risks of paying kindness forward on a micro-, meso-, and macro-level. After providing this foundation, we introduce practical guidelines for managers on how to foster a paying-it-forward mindset among employees and the broader organization. The guidelines were created using insights from interviews we conducted with stakeholders in a business ecosystem in northern Sweden.     

FDI forward spillover effects in emerging markets: A comparative meta-analysis of China and Eastern Europe

Using two unique datasets of 530 forward estimates from 19 studies on China and 942 forward estimates from 28 studies on Eastern European transition economies, this study quantitatively analyzes foreign direct investment forward spillover effects, accounting for various biases and firm attributes in existing empirical results using a meta-regression analysis. We find that aggregation bias, misspecification bias, endogeneity bias (including simultaneity bias and omitted-variable bias), and publication bias, as well as firm attributes, contribute to the heterogeneity in forward spillover estimates; and that the preferred forward spillover effects are positive but nonsignificant. Interestingly, the preferred forward spillover effect is likely to be much larger in Eastern European transition economies than in China.     

Predictable forward performance processes: Infrequent evaluation and applications to human-machine interactions

We study discrete-time predictable forward processes when trading times do not coincide with performance evaluation times in a binomial tree model for the financial market. The key step in the construction of these processes is to solve a linear functional equation of higher order associated with the inverse problem driving the evolution of the predictable forward process. We provide sufficient conditions for the existence and uniqueness and an explicit construction of the predictable forward process under these conditions. Furthermore, we find that these processes are inherently myopic in the sense that optimal strategies do not make use of future model parameters even if these are known. Finally, we argue that predictable forward preferences are a viable framework to model human-machine interactions occurring in automated trading or robo-advising. For both applications, we determine an optimal interaction schedule of a human agent interacting infrequently with a machine that is in charge of trading.     

Talking Over Time - Dynamic Central Bank Communication

This paper studies the optimal dynamic communication strategy of central banks using a Bayesian persuasion game framework. In a dynamic environment, financial market participants and the general public have misaligned interests because the present and future have different relevance in their optimization problems, leading to a novel trade-off for the monetary authority. Compared to the static benchmark, I show that the central bank (CB's) optimal dynamic communication policy should put a higher weight on talking about the present state than the future. In addition, the CB should strategically send more noisy signals than in the static benchmark.