Information Flows across Markets: Evidence from China–Backed Stocks Dual–Listed in Hong Kong and New York

Using a bivariate generalized autoregressive conditional heteroskedasticity (GARCH) model, we examine patterns of information flows for China–backed stocks that are cross–listed on exchanges in Hong Kong and New York. Results analyzing the dual–listed stocks indicate significant mutual feedback of information between domestic (Hong Kong) and offshore (New York) markets in terms of pricing and volatility. Stocks listed on the domestic market appear to play a more significant role of information transmission in the pricing process, whereas stocks listed on the offshore market play a bigger role in volatility spillover.     

发言摘登

这次会议讨论的是一个很重要的题目──国企转型与企业文化构建。我们现在对企业文化的认识,如果同10年前相比,可以说是跨越了一个世纪。当时感觉企业文化是个新鲜东西,并不知道它有多大用途,好像很时髦,多数人对它的认识还是狭窄的、浮面的。10年后的今天,经过理论界的探索研究,特别是经过企业界的创新实践,使得我们对企业文化的认识有了很大的发展。中外企业文化杂志社利用庆祝创刊10周年的机会,组织大家共同研讨国企转型与企业文化构建,这个题目选得非常好。当前,企业文化在中国的需求,很重要的一点就是与国企转型联系在了一起。企业文化…     

论债转股

我国银行与企业之间的不良债务越来越多。如果这种情况继续下去,将导致企业破产,也会将银行拖垮,最终导致金融危机。债转股作为一种延缓矛盾和风险爆发时间应急性措施的债务重组手段,成功的关键在于是否能以此为契机,彻底转变企业经营管理机制和治理结构,使企业的产权明晰,将企业推向市场,在市场中生存和发展。     

Is time-variant information stickiness state-dependent?

This paper estimates information stickiness with regard to inflation expectations in the United States and the Eurozone for the 1981/06–2015/12 and 1998/Q4–2015/Q2 periods, respectively, and further investigates whether such information stickiness is state-dependent. Based on a bootstrap sub-sample rolling-window estimation, we find that information stickiness varies over time, which contradicts the strict time dependency implied under sticky-information theory. We provide evidence that information stickiness depends on inflation volatility, which indicates that information stickiness is state-dependent and that it has a time trend. Using a threshold model, we estimate structural changes in the state-dependence and time-trend of information stickiness. The results show that information stickiness has been more dependent on inflation volatility and has had a higher time-trend in both regions following the 2008 financial crisis.     

The Welfare Implications of Costly Monitoring in the Credit Market: a Note

Hillier and Worrall (1994) derived a surprising result that credit should be further rationed in the costly-monitoring credit-rationing equilibrium. This note shows that their result may be reversed if monitoring costs are endogenously determined.     

Destination Image of Taiwan From the Perspective of Hong Kong Residents: Revisiting Structural Relationships Between Destination Image Attributes and Behavioral Intention

Destination image plays an important role in how tourists make their travel and purchase decisions. This study examines the perceived image of Taiwan as a travel destination from the perspective of Hong Kong residents. The Hong Kong outbound tourism market is important for Taiwan. Using a self-completed questionnaire, this research examines the destination image of Taiwan among 213 Hong Kong residents. The results indicate that affective image is a stronger predictor of travel intention than cognitive image. Affective image also plays a mediating role in the relationship between cognitive image and behavioral intention. Hence, affective image is an important intangible quality for today’s destinations.     

基于利益相关者理论的内生式乡村旅游发展研究

基于利益相关者理论的内生式乡村旅游发展是一种强调由当地利益相关者主导的发展模式,它需要各利益相关者的合作和参与,其关键是通过内部整合力量、社区动员、当地旅游资源和社会团体潜能开发、乡村特有文化保护、政府职能转变等,建立新型合作经济组织、完成社区组织建立和组织创新、构建内外各利益群体协调平台、增强个人和组织的权力、重构符合时代发展的乡村文化、建立利益相关者战略联盟伙伴关系、创新政府参与形式等等,最终形成由当地主导的利益相关者内生式乡村旅游发展模式,实现地区可持续发展和地方综合发展能力提高的目标。     

全球气候变化背景下低碳旅游研究进展及可视化分析

低碳旅游研究是气候变化背景下旅游研究的前沿问题和关键领域。以Web of Science核心合集、CSSCI及CSCD数据库中关于低碳旅游的文献为基础,利用CiteSpace软件、Alluvial Generator程序、Excel统计功能进行国内外低碳旅游研究的可视化分析。结果表明：国外低碳旅游研究起步时间早,始于系统外部与旅游业相互作用视角,以生态环境和工程技术学科为基础,主要为了解决“碳中和”等现实问题,已形成固定的区域性合作网络;国外研究以定量研究为基本范式,其关键文献全部围绕旅游碳排放的测算,且已经形成了较完善的减碳体系。而国内低碳旅游研究与国外的快速发展时期相吻合,是从旅游业可持续发展角度开展研究,依附于旅游及经管类学科,尚未形成固定的合作网络;国内研究在概念理论的定性研究方面优于国外,但整体研究视角较为单一且未形成完整体系,其关键文献包含基础概念、理论体系、碳排放测算、影响因素分析等诸多方面。