我国区域金融成长差异的态势:1978-2003年

根据1978-2003年的有效数据,对我国的金融成长差异进行实证分析和计量检验的研究结果表明,这期间并不存在区域金融成长差异的倒U形曲线,而是呈现三次曲线的变动态势,从更长时期看,倒U形曲线是否成立还未有定论,需要多方面指标的比较和未来时间的检验,但是区域金融成长的非均衡是长期存在的,这个结论同时也得到了演化经济理论的有力支撑,因此我国区域金融成长不能过度强调趋同,应该适度差距、系统优化、协调发展。     

“气”和“势”的时空化过程——《姜斋诗话》论诗的形象构建

传统诗论探讨诗歌的形象问题,总和某种特定的哲学形态和思想观念密切相连,其构建过程则以营造一种时空间感的方式实现。船山论诗,以此为据而又有所突破。其中,＂气＂是形象在诗中时空化的本体依据,＂势＂是形象时空化的外在特征。如此,于内,是求诗中意之神、理、气的合一;于外,便是求诗之外在空间形态和艺术张力,在＂敛＂与＂纵＂、＂藏＂与＂显＂之间,建构了富于张力的意义空间。     

以行动为导向的“老年中医养生”课程案例教学实践创新

“老年中医养生”课程是老年服务与管理专业学习领域课程中的一门职业核心课程。教学中运用多媒体案例教学法、行动引导教学法等有效方法,培养学生的学习兴趣,建立学生的自信心,提高学生的自我学习能力,以使学生具备中医养生的基本素养,在实训中能够指导老年人进行因人、因时和因地摄养等养生实践活动。     

To tell or not to tell? The roles of perceived norms and self‐consciousness in understanding consumers' willingness to recommend online secondhand apparel shopping

Secondhand apparel shopping resides in a domain characterized by used goods traditionally associated with financially marginalized consumers. Acknowledging the elusive psychological barriers associated with preowned apparel, this study explores mechanisms that facilitate consumers' willingness to recommend online secondhand apparel shopping. Results from three experimental studies and a cross‐sectional survey of online secondhand shoppers in the United States reveal that hedonic and ethical benefits influence recommendation behavior via perceived norms, whereas economic benefit directly influences consumers' willingness to recommend. Moderated mediation analyses further demonstrate that self‐consciousness alters the strength of the indirect effects, such that consumers with lower self‐consciousness displayed greater willingness to recommend compared to highly self‐conscious consumers. Findings contribute to a greater theoretical understanding of the roles perceived norms and self‐consciousness play in facilitating or inhibiting recommendation behavior in a context that implicitly involves self‐disclosure of one's secondhand purchase behavior. Managerial implications offer insights on salient benefits that can be leveraged to influence word‐of‐mouth recommendation.     

Does conglomeration really reduce credit risk?

I quantify the effects of conglomeration on credit risk by first computing theoretical default probabilities for conglomerates and their hypothetical stand‐alone counterparts and then mapping them into physical probabilities using a comprehensive database of corporate failures. Comparing the credit risk of conglomerates with that of hypothetical stand‐alone firms, I report significant reductions in the annual probability of default for small firms. My results support the proposition that managers can have a strong incentive to engage in conglomeration, even if it reduces shareholder value and show for which firms this is the case.     

A State‐Price Volatility Index for China's Stock Market

This study derives a volatility index for China's stock market with similar properties to the Chicago Board Options Exchange Volatility Index (the ‘VIX’). A long‐term benchmark of historic volatility expectations is here presented for China from 1996 to 2011, called the ‘China‐ State‐Price Volatility (SPV)’. Construction of this index involves the use of SPV methodology, using implied volatility calculated from options on the Hang Seng China Enterprise Index (HSCEI). Historic open–high–low–close volatility on the Shanghai Composite Index (SHCI) is also used to extend the benchmark prior to the availability of HSCEI options data. The China‐SPV successfully forecasts realised volatility for the Shanghai Stock Exchange. It also serves as a ‘fear gauge’ in that it monitors daily movements of the SHCI in the same way that the VIX monitors the S&P 500 index (Whaley, 2009). The China‐SPV evidences an increasing relation with the US market in terms of the dynamic correlation of levels and changes with the VIX since 2004.