Childhood adversity and the propensity for entrepreneurship: A quasi-experimental study of the Great Chinese Famine

Studies on the determinants of entrepreneurship emphasize that challenged adults tend to become entrepreneurs. However, research has not addressed the childhood origins surrounding the propensity for entrepreneurship. This article links childhood adversity to the propensity of individuals to become migrant entrepreneurs later in life. We test hypotheses derived from this theory in the context of whether, and when, children who survived the Great Chinese Famine of 1959–1961 became migrant entrepreneurs. Results strongly indicate that those who survived greater hardship during the Famine are more likely to become entrepreneurs, especially when they were younger during the famine years. We also find that being younger at the time of migration increased the likelihood of becoming entrepreneurs in their new locale. Overall, this study casts light on why, how and when childhood adversity shapes the propensity for entrepreneurship.     

EMPIRICAL PERFORMANCE OF GARCH MODELS WITH HEAVY‐TAILED INNOVATIONS

We introduce a new type of heavy‐tailed distribution, the normal reciprocal inverse Gaussian distribution (NRIG), to the GARCH and Glosten‐Jagannathan‐Runkle (1993) GARCH models, and compare its empirical performance with two other popular types of heavy‐tailed distribution, the Student's t distribution and the normal inverse Gaussian distribution (NIG), using a variety of asset return series. Our results illustrate that there is no overwhelmingly dominant distribution in fitting the data under the GARCH framework, although the NRIG distribution performs slightly better than the other two types of distribution. For market indexes series, it is important to introduce both GJR‐terms and the NRIG distribution to improve the models’ performance, but it is ambiguous for individual stock prices series. Our results also show the GJR‐GARCH NRIG model has practical advantages in quantitative risk management. Finally, the convergence of numerical solutions in maximum‐likelihood estimation of GARCH and GJR‐GARCH models with the three types of heavy‐tailed distribution is investigated.     

Social media affordances in entry‐level employees’ socialization: employee agency in the management of their professional impressions and vulnerability during early stages of socialization

This study examined how entry‐level employees interacted with social media during three stages of organizational socialization. They navigated between four different media affordances (persistence, editability, visibility, and association) while experiencing them as both enabling and constraining in different socialization stages. Qualitative interview data analysis revealed during anticipatory socialization, job applicants realized visibility and persistence in relation to institutional and individualized socialization. During encounter, new employees managed personal and professional life boundaries carefully against the association and visibility affordances. Although some participants used both public and enterprise social media for obtaining job‐related information and understanding coworkers and company culture, during metamorphosis, most interviewees adopted passive information seeking strategies and experienced a paradoxical tension between the enabling and constraining affordances of social media. Findings are discussed with regards to employees’ exertion of agency in managing their professional impressions and coping with high levels of uncertainty and vulnerability during early stages of socialization.     

工业体系和民营企业兴起——基于252家中国最大民营制造业企业的经验研究

主流经济学家把改革开放后民营企业的大规模兴起，主要归因为市场经济条件下发挥企业家精神和遵循比较优势的必然结果。但是这无法解释为什么民营企业在兴起之初就广泛和快速地进入到各个工业，尤其是技术和资本密集型工业。基于中国工业史和252家中国最大民营制造业企业创业发展史的历史证据，文章找回"工业体系"这一被主流所忽略的重大历史现象和学术概念，从而首次提出一种理解中国民营企业发展独特性的结构性解释。文章发现：从计划经济时期继承而来的门类齐全和独立完整的工业体系，是解释民营企业创业和发展独特性的关键变量；已有的由国有企业和科研院所组成的工业体系，从市场机会、技术能力和组织资源等方面塑造了民营企业的创业选择和发展路径。所以，中国民营企业的快速发展不是仅凭自由市场就会自动出现的普遍现象，而是在市场条件下充分利用工业体系提供的技术和市场条件才得以出现的特殊现象。     

Estimating yield curves of the U.S. Treasury securities: An interpolation approach

Following the approach of interpolation, this paper proposes the multiple exponential decay model to fit yield curves for both the U.S. TIPS market and the conventional Treasury security market. Several estimation methods, including the unconstrained/constrained nonlinear minimization, quadratic programming, and the iterative linear least squares, are applied to estimate the unknown parameters according to different curve‐fitting purposes. Comparisons between the proposed model and the alternatives show that the multiple exponential decay successfully (1) adapts to a variety of shapes associated with yield curves, (2) (partially) keeps in line with the economic interpretations of Nelson–Siegel summarized by Diebold and Li ( 2006 ), and (3) dominates the competing models in curve‐fitting performance measured by mean fitted‐price errors over the sample period. In addition, the exact specification of a nonparametric interpolation model is pinned down by applying three statistical tools, which enable us to jointly take into account validity, optimality, and parsimoniousness of the proposed model.     

科技对纺织的战略意义

世界主要工业发达国家以及亚洲“四小龙”在工业化过程中，尤其是在工业化初期和中期，作为劳动密集型的纺织工业具有重要的推动和关联作用。从目前和今后一段时期我国经济发展和工业化趋势来看，纺织工业在21世纪前50年间，在出口创汇、增加就业、扩大消费等方面仍将为我国国民经济发展起到重要的支撑作用，这种作用是其他产业一时难以取代的。这与中国纺织工业在原料供给、加工能力、产业体系、劳动力成本及素质等方面仍然具有明显的比较优势，以及占有世界市场最多的份额作为竞争的基础有着直接关系。由此，依靠科技、深化改革把我们的纺织大国建成纺织强国越来越具有重要的战略意义。     

略论中国企业跨文化管理的原则与方法

本文阐述了跨文化管理的基本原则,重点探讨了企业实施跨文化管理的主要方法。     

浅析物流产业的发展途径

探讨了物流在经济生活中的作用和现阶段我国物流产业方面存在的问题。提出了发展我国物流产业的基本途径。指出了我国的物流企业应该适时调整经营战略。顺应世界经济的发展趋势。不断提高自身的生存和发展能力。以应对未来更为激烈的竞争局面。     

经济增加值(EVA)在经营决策评估中的应用

EVA是从股东财富最大化出发来衡量公司业绩的指标,国外许多大公司的成功实践证明了它的价值。本文从公司的经营决策评估角度探讨其应用性,试图为提高中小企业的科学决策水平提供一些帮助。     

货币政策的目标、效能与协调运用

货币政策的目标是多元化的，如价格稳定、经济增长等。通过货币政策的调整可以发挥其调节经济的效能。在货币政策协调过程中，运用好与其它社会经济政策的关系，对于提高宏观调控的科学性大有裨益。