Determinants of the Method of Payment in Asset Sell‐Off Transactions

Using a sample of asset sell‐off transactions from January 1990 to April 2010, we find that the method of payment used in asset sell‐off transactions is associated with several characteristics cited in the acquisitions research that reflect cash constraints of the bidder. Specifically, bidders facing more stringent cash constraints are more likely to use equity when purchasing assets, while sellers subjected to cash constraints prefer cash when selling assets. Second, we find that the variation in method of payment among asset sell‐off transactions also is partially explained by variables representing asymmetric information. Third, we apply our model to an expanded sample that includes non‐U.S. sellers of assets and find that an equity payment is more likely when sellers are based in countries that have relatively high country risk (more government restrictions), weak shareholder rights, and a weak legal system. Thus, it appears that bidders prefer that sellers share in the risk of the transaction under these conditions.     

GOVERNMENT SIZE AND GROWTH: A REJOINDER

In our 2011 survey of the literature in the Journal of Economic Surveys on the effect of government size on economic growth in wealthy countries we find a relatively consistent pattern: An increase in government size by 10 percentage points is associated with a 0.5–1 percentage point lower annual growth rate. This conclusion is questioned by Colombier. In this rejoinder we present a rebuttal of Colombier's argument based on a detailed scrutiny of his own statistical evidence and regression results. Furthermore, we note that several new papers that have appeared since our original paper was published give support to our main conclusion.     

学生创新实践平台的构建与探索

近年来,高职学生的专业能力获得了很大的提高,但是高职学生的整体素质仍有不少弱点,集中表现在缺乏创新意识,以及缺乏主动学习的能力。本文构建了一个自动化专业学生创新实践平台,通过学生的培训、交流、参加技能竞赛、实验室设备维修等活动,实现学生创新能力的培养,取得了不错的成果。     

Building a better literature review: Looking at the nomological network of the country‐of‐origin effect

Due to a rising pace of knowledge production, reviewing extant knowledge on mature topics has become increasingly challenging. Researchers often need to account for hundreds of references with little guidance on how to proceed. Taking the phenomenon of the country‐of‐origin effect (COE) as an example, this paper proposes a solution to tackle this challenge. By adopting the principles of integrative literature reviews and using online databases, bibliography management software, and literature‐mapping techniques, I organize 355 papers about the COE. As a result, the nomological network of the COE is drawn while establishing links between the phenomenon, its antecedents, and its outcomes. This methodological article contributes to building better literature reviews. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

Ethical leadership and its impact on service innovative behavior: The role of LMX and job autonomy

This study examined the effect of ethical leadership on service innovative behavior of employees at small and medium sized tourist hotels in Uttarakhand, India. It has forwarded an integrated model that highlights the relationship between ethical leadership and employees' service innovative behavior while interacting through leader-member exchange and job autonomy. Using a sample of 468 customer contact employees and their 117 supervisors, hierarchical regression was conducted to establish the relationship. Findings of the study revealed that ethical leadership promoted service innovative behavior of the hotel employees mediated through leader-member exchanges. Further, it was also found that the level of service innovative behavior was commensurate to the perception of employee job autonomy. Based on the study findings, implications for theory and practice are discussed.     

Linking customer-employee exchange and employee innovative behavior

Employee innovative behaviors lay the foundation for organizational innovation and are of importance to business success, especially for service firms. Although these innovative behaviors are performed at the individual level, employees still need to have frequent exchanges with others, such as customers. As there is little research investigating customer-employee exchange (CEX) and its influence on employee innovative behavior in services, this study aims to fill this gap in a hotel context. The results of a survey with 180 respondents indicate that both the solidarity and harmonization components of CEX have positive effects on employee innovative behavior, yet the information exchange between customers and employees does not significantly influence employee innovation. Also, higher level of CEX leads to higher level of perceived social psychological climate for innovation. The mediating effect of social psychological climate in the relationship between CEX and employee innovative behavior is partially supported. The findings contribute to the understanding of the role of social exchanges in facilitating employee innovative behavior and provide implications for the management of employee innovative behavior in hospitality firms.     

浅析创新型档案管理

本文在对当前档案管理应用工作中存在的问题进行了详尽地分析的基础上,结合时代与科技发展的需求以及人们生活习惯、思维方式的变化,对如何加强高校档案管理创新体系建设进行分析,就今后档案管理工作如何在模式、思路和手段上进行创新,提出新的管理模式。     

Emerging Bond Market Volatility and Country Spreads

Using JPMorgan's emerging market bond index, this paper analyzes how increases in country credit spreads can persist in emerging bond markets. The results of T-GARCH regressions show that, during financial crisis periods, emerging countries' credit spreads may increase persistently as a result of interaction between changes in spreads and volatilities, making emerging bond markets more turbulent. The results suggest that emerging countries should endeavor to develop a stabilization mechanism by enhancing information efficiency in bond markets. In particular, because Asian countries have experienced persistent, overreactive volatility, this paper implies that Asian countries should work together more closely during financial crisis periods.     

农业剩余转化与动态发展牵扯:以工补农新机制解析

"以工补农"不能单纯地从同情"三农"态度出发研究"单向的以工补农",而应从深入剖析工业化过程中的工业和农业互动关系出发,积极探索"双向的以工补农"机制。从工业化过程中工农互动机制中寻找到一个"以工补农"机制的新视角,通过构建基于工业化的"农业剩余转化"模型,重点分析工业化过程中的农业剩余转化和农业深化发展动态关系的"以工补农"机制。在工业化过程中,要根据工农关系不同阶段的特征,采取不同的工农互动关系调节方法,即不同的"以工补农"策略,促进工业和农业互动协调发展。     

Stochastic Dominance Analysis of iShares

Abstract

Country indices as represented by iShares exhibit non-normal return distributions with both skewness and kurtosis. Earlier studies provide procedures for determining the statistical significance of stochastic dominance measures and the Sharpe Ratio. This present study uses these refinements to compare the performance of 18 country market indices. The iShares are indistinguishable when using the Sharpe Ratio as no significant differences are found. In contrast, stochastic dominance procedures identify dominant iShares. Although the results vary over time, stochastic dominance appears to be both more robust and discriminating than the CAPM in the ranking of the iShares.