How is Benevolent Leadership Linked to Employee Creativity? The Mediating Role of Leader–Member Exchange and the Moderating Role of Power Distance Orientation

Previous research has shown that virtuous leader behavior in the form of benevolent leadership has considerable impact on employee creativity. However, little is known as to how and under what conditions these constructs are linked. In the current research, we proposed and tested a moderated mediation model positing leader–member exchange (LMX) as a mediator, and employee power-distance orientation as a moderator of this relationship. Two studies were conducted to test our hypothesized model. In Study 1, repeated measured data collected from 284 Chinese employees in an information technology company demonstrated that benevolent leadership had a lagged effect on LMX. In Study 2, analyses of multisource and lagged data from 391 Chinese employees in 42 research and development teams, and their direct supervisors indicated that benevolent leadership was positively related to supervisor-rated employee creativity via LMX. In addition, the relationship between benevolent leadership and LMX was stronger for employees high in power-distance orientation. Theoretical implications of benevolent leadership’s research and practical contributions concerning promoting creativity in organizations where benevolent leaders prevail are also discussed.     

A cost-effectiveness analysis of revaccination and catch-up strategies with the 23-valent pneumococcal polysaccharide vaccine (PPV23) in older adults in Japan

Objective: In Japan, the National Immunization Program (NIP) includes PPV23 as the primary vaccination for adults and catch-up cohorts. The Japanese Association for Infectious Diseases recommends revaccination for older adults who received primary vaccination ≥5 years earlier. The cost-effectiveness of adding revaccination and/or continuing catch-up vaccination in the NIP was evaluated from the public payer perspective in Japan.

Methods: The Markov model included five health states: no pneumococcal disease, invasive pneumococcal diseases (IPD), non-bacteremic pneumococcal pneumonia (NBPP), post-meningitis sequelae, and death. Cohorts of adults aged 65–95 were followed until age 100 or death: 2014 cohort (aged 65–95, vaccinated: 2014); 2019 cohort (aged 65: 2019); and 2019 catch-up cohort (aged 70–100: 2019, unvaccinated: 2014). Strategies included: (1) vaccinate 2014 and 2019 cohorts; (2) vaccinate 2014 and 2019 cohorts and revaccinate both; (3) strategy 1 and vaccinate 2019 catch-up cohort; (4) strategy 2 and vaccinate 2019 catch-up cohort; and (5) strategy 4 and revaccinate 2019 catch-up cohort. Parameters were retrieved from global and Japanese sources, costs and QALYs discounted at 2%, and incremental cost-effectiveness ratios (ICERs) estimated.

Results: Strategy 1 had the highest number of IPD and NBPP cases, and strategy 5 the lowest. Strategies 3–5 dominated strategy 1 and strategy 2 was cost-effective compared to strategy 1 (ICER: ¥1,622,153 per QALY gained). At a willingness-to-pay threshold of ¥5 million per QALY gained, strategy 2 was cost-effective and strategies 3–5 were cost-saving compared to strategy 1.

Conclusions: Strategies including revaccination, catch-up, or both were cost-effective or cost-saving in comparison to no revaccination and no catch-up. Results can inform future vaccine policies and programs in Japan.     

Communication and Comovement: Evidence from Online Stock Forums

We study investor communication and stock comovement using a novel data set from an active online stock forum in China. We find substantial comovement among the returns of a stock and its “related stocks,” which are frequently discussed in the subforum dedicated to the given stock. Comovement is greater when the discussion of related stocks is more intensive. Further, the effect of communication on comovement is stronger for stocks associated with higher information uncertainty. Codiscussed stocks are more actively traded and experience more correlated trading. A trading strategy that exploits communication‐driven comovement generates abnormal returns. Our findings highlight the impact of investor communication on asset comovement.     

Further Mining the Predictability of Moving Averages: Evidence from the US Stock Market

Most studies on the predictability of moving average (MA) technical analysis use the discrete (buy/sell) trading recommendations. However, it is possibly incomplete or unreliable to explore the predictability of MA by only employing its generated trading signals. To further explore the forecastability of MA, we study its measurable impact on the stock market returns by using a conventional predictive regression framework. Our empirical study on the US stock market with respect to more detailed price information finds, (i) that the proposed predictor, MADP (MA based on daily prices) shows significant predictability in‐ and out‐of‐sample, and significantly outperforms the historical average (HA) benchmark as well as the MA based on monthly prices, (ii) that the predictability of MADP centers on the short‐term lags (within the most recent 10 days) and disappears when lags are beyond 20 days, and (iii) that the economic evaluation of the portfolios based on trading strategies confirms the superior performance of MADP with short‐term lags against the benchmark even though considering transaction costs.     

试论中国金融监管的改革方向与政策选择

目前理论界对金融监管存在着几个需要澄清的理论误区.中国金融监管存在着体制缺陷和信息黑洞,制约着监管效率的提高.因此,中国金融监管效率的提高,关键在于改革中国金融监管体制,在于形成金融监管当局提供有效监管的激励及其相应的制度安排.     

煤炭企业改革发展要有新举措

“加快建立现代企业制度,实现企业制度创新;加快主辅分离,促进剥离改制;加快技术进步,提高创新能力”是煤炭企业改革发展关键之所在……     

深圳高新技术企业供应链体系研究

相对于世界高新技术发展的低迷,深圳高新技术产业发展迅速,近10年来,深圳市高新技术产品产值年均增长50%,2002年,深圳市高新技术产业实现产值1710亿元.但随着深圳市高新技术成果产业化过程加快,导致产品种类增多,产品的技术复杂生提高,涉及的市场日趋细分化,遭遇到相同或替代产品竞争益发激烈,产品之间关联度越来越大,这一切,都加大了对深圳市高新技术企业供应链体系研究的重要性与急迫性.     

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。     

保税区转型中的金融环境建设

我国保税区的发展已进入战略调整与体制转型的关键时期,无论是区域扩张、港区联动,还是企业运营,都对其金融环境的完善提出了新的要求.为此,应在对保税区金融服务进行评价的基础上,从软环境和硬环境两个方面,探讨转型过程中保税区金融环境重构的战略措施.     

医药分销物流系统拣选方案的选择

主持人目前,电子标签已广泛应用于烟草、医药、化工、服装、图书、机械、电子等行业的拣选和配送作业,并且由于其无与伦比的便利性,应用范围在不断扩大,其用途逐渐突破以前单纯的拣选和配送业务,扩展到分类、标识、导引、控制等方面。但是,还有很多企业对电子标签拣货系统的特点、类