Southeast Asian capitalism: History,institutions, states,and firms

This paper examines the structures of capitalism in Southeast Asia. Following the lead of Gordon Redding and others, it argues that parallel to varieties of capitalism elsewhere, there are distinctive features to the Southeast Asian business system, but that institutions play a relatively large role compared to firm specific resources or industry structures. Historically, with the exception of Thailand all the countries in the region are former colonies. All including Thailand share a distinctive style of nationalism, and partly as a result of this, all are governed by states that claim to be strong and lay wide claims but whose capacities are low. Typical features of the region, particularly the roles of large business groups and the Chinese minority, also can be interpreted as a result of this history. One of the outcomes of the analysis is an extension of the varieties of capitalism approach along the dimensions of state capacity and state direction, and of the approach to the internationalizing firm along the dimensions of dynamic capacity and control of subsidiaries. A further outcome is a questioning of the traditional picture of indigenous Southeast Asian business people as lacking in entrepreneurial skills, or more broadly of Southeast Asian nations as lacking in entrepreneurial values. Rather, the past history of these countries has resulted in a set of structures that militate against successful entrepreneurial activity.

Low Mortgage Rates and Securitization: A Distinct Perspective on the US Housing Boom*

In this paper, we analyse the impacts of low interest rates and lax underwriting standards on the US housing boom around the beginning of the new millennium. We suggest a time-varying mean of the log price-to-rent ratio (PtR) to capture the persistent changes in housing prices. We show that the increasing latent trend in the PtR was significantly affected by the increased securitization of residential mortgage loans and decreasing interest rates, with the former effect being about three times larger than the latter. In the absence of securitization, negative interest rates would have been needed to reproduce an equally large housing boom since 2003.     

Confucian Entrepreneurship: Towards a Genealogy of a Conceptual Tool

The concept of the ‘Confucian Entrepreneur’ is now used by many scholars to understand entrepreneurship in China and other East Asian countries. This paper traces the development of this concept from its roots in the writings of nineteenth-century Western authors to its use in modern management journals. We show that while this conceptual tool has been adapted over time, the claims associated with it have remained largely similar. Use of the term Confucian entrepreneur implies belief that Confucian ideas induce Chinese entrepreneurs to behave differently than their Western counterparts, a claim for which the empirical foundations are weak. We do not go so far as to say that those who research Chinese entrepreneurship should discard the concept of the Confucian entrepreneur simply because of its historical origins in colonialism. However, we do call on researchers to reflect on the historical origins of their conceptual tools. By historicising our theories of entrepreneurship, this paper should encourage greater scholarly reflexivity and thus the development of entrepreneurship and management theory with greater predictive power.     

《阿·戈·皮姆的故事》的生态思想评析

爱伦·坡的《阿·戈·皮姆的故事》饱含了丰富的生态思想.其生态警示思想是,认识到接二连三的灾难性事件的根源在于人类的控制欲和征服欲、人类“饮鸩止渴”的短视行为和对科技的不当处置;其生态伦理思想表现为生态整体思想、生态良知和生态和谐;其后人类生态思想借助生态神学解构了人类中心主义,人类的最终归宿是消融于自然,人的主体地位也随之瓦解,从而生态的本体地位得以还原,一种动态的、偶然的和不确定性的后人类生态观随之确立.     

Marketing a business school to industry

Universities are typically production oriented in their approach to customers. However, a marketing approach can be adopted to orient research and development, to aid in the development of the educational services provided, and to direct their promotion and their pricing policies. The application of the principles of organizational marketing by a graduate school of business to its short courses for managers had major impacts throughout the school.     

The decomposition of US and Euro area stock and bond returns and their sensitivity to economic state variables

This paper decomposes US and Euro area excess stock and bond return innovations into news factors using the Campbell–Schiller methodology. The results indicate that stock return volatility is mostly due to volatility of future excess return news. Inflation news plays a minor role although it is significantly correlated with excess return innovations. For the bond market too, it is future return news—not inflation news—that moves bond returns most. For finite investment horizons, however, asset market movements give a differential importance to the various news components. Results are comparable for the US and the Euro area, but differ in terms of magnitudes. In addition, sensitivities (‘betas’) to a set of state variables are estimated, yielding high interest rate betas and low money growth betas. Generally, inflation, unemployment and leading indicator betas are significant. Asset market exposures to oil and exchange rate changes are more significant for the Euro area than in the US.     

我国A股市场中的波动性之谜与市场情绪

本文使用Campbell和Shiller(1988)基于对数线性RVF的VAR非线性Wald检验方法对我国A股1994-2009期间的数据进行实证研究,结果表明样本期间我国A股股价相对其基础价值表现出"过度波动"的迹象,无论是常数超额收益率模型还是V-CAPM模型都无法对此进行解释。通过进一步定义市场情绪指数来分析这种"波动性之谜"现象的原因,结果发现市场情绪和股市"过度波动"之间存在相互作用机制,市场情绪能够对股价波动提供额外的解释。