Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.     

Does educational diversity of managers matter for the performance of team‐managed funds?

We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.     

隐性杠杆约束、流动性风险和投资者情绪

本文以2003—2019年间开放式主动管理型的股票型和偏股型基金为样本,以持仓占比为权重估算基金投组中A股的总市场风险暴露,检验结果表明,该序列上升反映了基金面临的隐性杠杆约束收紧,刻画了市场的弱流动性。内在逻辑在于,流动性收紧时,投资者难以通过融资直接增加杠杆,更倾向于重仓持有高市场风险头寸的股票而间接实现杠杆。本文发现隐性杠杆约束所刻画的风险在股票或基金收益截面上的无条件定价基本失效,而条件定价则依赖于低市场情绪与弱流动性。分解基金持股的敞口,进一步发现,因中小盘基金在流动性收紧时具有更强的流动性偏好,其持股的市场风险头寸能够更敏锐地捕捉到弱流动性风险。     

中国生殖健康产业的需求与市场

根据生殖健康的内容 ,将生殖健康产业划分为两大市场和 7类产品。通过对人口、购买力和购买欲望发展趋势的分析 ,提出中国生殖健康产业市场需求潜力巨大的预测。在培育生殖健康产业的过程中 ,产业发展要素的协调、市场化的策略与步骤、多方面合作的机制是政府目前需要优先考虑的三大问题     

专业化管理的家族企业——新加坡的华人企业

通过考察大量口迷历史记录、个人访谈、文献研究及有关新加坡经济、社会的评论，研究了亚洲金融危机（以下简称危机）前后新加坡华人企业变化及其发展的持续性，表明危机前，这些大型企业由家族制管理变为专业化管理；危机后，其变化趋势有两种，一种由于面临着西方企业日益激烈的竞争，在政府密切关注下，同时也因缺乏有能力、有管理家族企业意愿的后代，家族制度已松散；另一种由于没有政府的直接管制，在危机后消极的市场形势下，为谋求生存，任用有能力的家族后代充分发挥优势，维持着传统的家族制。本文分别从市场、制度（包括文化和政府）及一些主要大公司的领导者行为分析，推导一个路径清晰、条脉分明的管理变化模式，同时提出进一步的研究方向——专业化管理家族企业的结构及政府的角色。     

Boundedly complete families which are not complete

Summary Completeness of a family of probability distributions implies its bounded completeness but not conversely. An example of a family which is boundedly complete but not complete was presented by Lehmann and Scheffe [5]. This appears to be the only such example quoted in the statistical literature. The purpose of this note is to provide further examples of this type. It is shown that any given family of power series distributions can be used to construct a class containing infinitely many boundedly complete, but not complete, families. Furthermore, it is shown that the family of continuous distributions , is boundedly complete, but not complete, whereU denotes the uniform distribution on [a, b] and {P _ϑ,ϑ ∈ IR}, is a translation family generated by a distributionP ₀ with mean value zero, which is continuous with respect to the Lebesgue measure.     

家族企业财务管理问题的理性思考

改革开放以来,我国家族企业在发展过程中面临一系列的机遇,但同时也暴露出一些问题,特别是财务管理的不科学、混乱严重阻碍了家族企业的进一步发展。财务管理是现代家族企业管理的基础和核心,家族企业应当认真分析在财务管理方面的一些问题,强化财务管理的重要性,建立健全财务管理制度与监督控制制度。     

浅析中国传统民居所反映出的家文化偏向

对我国传统民居所反映出的家文化偏向进行了深入系统的分析,并归纳出下面几点结论:传统民居选址、布局的风水模式,反映出了一种家之环境文化偏向;传统民居的对称组群封闭式布局,反映出了一种家之伦常文化偏向;传统民居材质的“当下存在”和祠堂的“永存不灭”,反映出了一种家之“弃祈”文化偏向。     

德日刑法中的遗弃犯罪及对我国刑法的启示——从一则案例谈起

我国刑法中的遗弃罪之本质在于对公民在家庭中受扶养权利的侵犯，行为人和被害人必须是同一家庭的成员。对于司法实践中发生的非家庭成员之间的严重遗弃行为因无明文规定而无法予以惩治，刑法法益保护之机能也就因此不能实现。有必要借鉴德日刑法相关立法，以完善我国刑法中关于遗弃罪的规定。     

我国证券投资基金业绩的持续性研究

以上海证券交易所上市的10只同质的基金为样本,分三个阶段对基金业绩的持续性进行了实证分析,结果表明我国证券投资基金的业绩并不具有持续性.