组织遗忘、组织即兴与环境动态性视角下企业原始性创新构建路径

原始性创新是企业获得核心竞争力的关键，但当前对企业如何获得原始性创新的研究严重不足。为此，以我国环渤海经济带179家高技术企业为样本，从组织遗忘和即兴角度研究原始性创新形成问题，并进一步分析环境动态性在组织遗忘和原始性创新间的作用。结果发现：组织遗忘和组织即兴对原始性创新具有积极效应；组织即兴在组织遗忘和原始性创新间发挥着部分中介作用；环境动态性对组织遗忘和原始性创新的关系具有正向调节效应。     

北方县级海绵城市建设模式研究 ——以迁安海绵城市建设为例

我国北方缺水县级海绵城市建设的深入推进是实施海绵城市建设工作的重要内容,但目前我国北方缺水县级市的海绵城市建设工作还处于探索创新阶段.迁安依托海绵城市建设契机,在坚持政府主导、专家团队支持、社会资本运作、群众参与、发展区域产业优势等方面,首创了"一三一"模式,并取得了探索性经验,为其他北方缺水县级城市的海绵建设提供了有益启示和经验借鉴.     

棉花期货套期保值策略及其效率比较研究

选取中国全部六个交割月份棉花期货合约价格和中国棉花3128B价格指数作为研究对象,构建OLS,B-VAR,ECM和ECM-BGARCH四种模型来估算最优套期保值比率,并应用Ederington法评估套期保值的效率,分析中国棉花期货最佳的套保模型.结果表明,1月、5月、11月份合约的套期保值都能在一定程度上规避价格风险,其中OLS和B-VAR模型的效果最好,最后提出完善期货市场的建议.     

电子信息工程技术应用问题与改善策略研究

电子信息工程技术具有鲜明的现代化特点,其凭借自身极强的实用性已经被广泛应用于诸多领域之中,且正在发挥着至关重要的作用.但是在具体实施过程中,因为受到其他多方因素影响,使得电子信息工程技术还存在些许应用问题亟待解决,也正是因为这些限制的存在,使得电子信息工程技术的优势不能完全发挥出来.因此文章以下就电子信息工程技术的相关概念入手,结合其已经延展至的工作领域和在实际应用中遇到的问题,给予有效地解决之策,以期将其优势最大化释放,为社会发展略尽绵薄之力.     

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.     

Board directors with foreign experience and stock price crash risk: Evidence from China

This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.     

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.