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。     

Investor Pessimism and the German Stock Market: Exploring Google Search Queries

We analyze the relationship of retail investor sentiment and the German stock market by introducing four distinct investor pessimism indices (IPIs) based on selected aggregate Google search queries. We assess the predictive power of weekly changes in sentiment captured by the IPIs for contemporaneous and future DAX returns, volatility and trading volume. The indices are found to have individually varying, but overall remarkably high explanatory power. An increase in retail investor pessimism is accompanied by decreasing contemporaneous market returns and an increase in volatility and trading volume. Future returns tend to increase while future volatility and trading volume decrease. The outcome is in line with the conjecture of correction effects. Overall, the results are well in line with modern investor sentiment theory.     

卡夫卡小说的思想与艺术特色散论

奥地利作家弗朗兹·卡夫卡小说的思想特色主要是深刻反映了资本主义社会的"人的异化"、暴露资本主义社会的腐朽专横和野蛮残忍及一些人的心理变态,艺术特点主要是表现主义、象征主义和超现实主义.     

高职学生心理素质现状分析及培养规划

我国高职院校录取分数线低,生源素质较差,自卑心理普遍,学习动力缺乏,人际交往能力不成熟。不成熟的心理素质严重妨碍了他们三年的学习生活和将来的适应就业。本文试图提出一个心理干预的规划蓝图,通过三层次心理辅导干预,致力于学生人格的重塑和未来职业心理素质的培养。     

加强学生心理健康教育信息员队伍的建设

心理健康教育是素质教育的重要组成部分,它在促进学生全面发展的过程中发挥着重要的作用。本文从学生心理健康教育信息员队伍的组成、管理、作用三方面作了归纳性的阐述,强调了学生参与心理健康教育的有效性和必要性。     

知识产权活动的心理学基础探析

知识产权保护作为一种法律制度设计,不应违背人的心理规律。正是在现代知识产权法律制度的保护下,“天才”的需要得到了满足,才为创造性劳动提供了不绝的动力,这是一个不断递进的过程,权利人不断从中获取动力,个人与社会在相互满足的过程中获得良性的互动与统一。但是,囿于需要的社会性,知识产权保护的目的应是满足人的需要而不是为了满足人的贪欲,并且,对需求的满足应纳入法制的轨道。     

质量心理学引论

文章从顾客满意的质量观，心理因素对质量形成、交换和消费全过程的作用，人们对质量的认知心理以及心理学在质量管理中的应用等多个角度，探讨了质量与心理学的关系，提出了建立新的质量心理学的课题。     

Terrorism activities and long-term annual management forecasts

We study the effects of terrorist attacks on firms’ long-term annual management earnings forecasts bias. We find that the managers of firms located closer to the epicenters of attacks are more likely to issue optimistic long-term annual earnings forecasts relative to the managers of a control group of unaffected firms. The exposure effect is stronger for more severe terrorist events, and firms with more uncertain fundamentals and less geographic diversification. In addition, we document that managers’ forecast optimism intensifies for firms with stronger negative stock market reaction to the terrorist event, for CEOs with higher ability and for companies that are more likely to issue equity or engage in acquisitions following the terrorist event. Overall, our results are consistent with the idea that long-term annual earnings forecasts are used by managers to counterbalance the short-term pessimistic response to terrorist attacks.     

The adaptive consequences of pride in personal selling

This study examines the adaptive consequences of pride in personal selling and its self-regulation with colleagues and customers. Study 1 investigates the effects of experiencing pride, where two benefits were found. First, pride increases salespersons’ performance-related motivations. Specifically, it promotes the use of adaptive selling strategies, greater effort, and self-efficacy. Second, pride positively affects organizational citizenship behaviors. Study 2 takes an emotion-process point of view and compares excessive pride (hubris) with positive pride. The results show that salespeople are capable of self-regulating the expression of these emotions differently toward colleagues and customers via anticipated feelings of fear, shame, and regret. Salespeople, in other words, are affected by their emotions, but they also are capable of controlling them to their advantage. Willem Verbeke (verbeke@few.eur.nl) is a chaired professor of sales and account management at Erasmus University in Rotterdam, the Netherlands. He received his Ph.D. from the University of Pennsylvania. His research has appeared in a number of academic journals, including theJournal of Marketing, theInternational Journal of Research in Marketing, theJournal of Management, theJournal of Organizational Behavior, and theJournal of Applied Psychology. His area of research interests includes personal selling, sales management, emotions and emotion regulation, social capital, and knowledge management. Frank Belschak (belschak@few.eur.nl) is an assistant professor of marketing and organizational behavior at Erasmus University in Rotterdam, the Netherlands. He received his Ph.D. in organizational behavior from the University of Cologne in Germany. His current research interests include emotions and emotion regulation in organizations and across cultures, as well as social capital and networks. Richard P. Bagozzi (bagozzi@rice.edu) is the J. Hugh Liedtke Professor of Management in the Jesse H. Jones Graduate School of Management and a professor of psychology at Rice University in Houston, Texas. He conducts research on human emotions, the theory of action, goal setting and goal striving, and structural equation methods.     

赫尔巴特的心理学思想及其在教学过程中的应用

简述了赫尔巴特的生平及对教育学的贡献,从哲学思想入手,论述了他的心理学思想以及在教学过程中的应用。他以心理学作为教育学的基础,在一定程度上揭示了教育发展的规律,并使教育学第一次具有了科学的形式。他毕生致力于把教育学建立在心理学基础上的伟大尝试。