粤港澳大湾区制造业集聚与区域创新

以2009—2020年粤港澳大湾区11个城市为研究对象，探讨制造业集聚与区域创新的关系。研究发现，制造业集聚显著提高区域创新水平，可通过提高企业竞争这一路径实现。进一步分析发现，金融业集聚对区域创新发展具有显著的正向关系，金融产业和制造业产融协同集聚显著提高区域创新水平。研究结果表明，制造业集聚加剧产业内部企业创新竞争，带动区域创新发展，且金融业在创新中起到积极的推动作用。指出应鼓励区域企业创新竞争，优化营商环境，为产业融合发展提供保障。     

Does justice affect brand advocacy? Online brand advocacy behaviors as a response to hotel customers’ justice perceptions

This study focuses on customers' information-sharing behavior in the context of online brand advocacy behavior regarding hotel brands. We aim to explain hotel customers' online brand advocacy behavior through three-sided justice evaluations (i.e., justice for employees, justice for the self, and global belief in a just world), and their hotel satisfaction. Hypotheses are tested by using survey data acquired from 688 individuals on Amazon's Mechanical Turk (MTurk) through partial least squares structural equation modeling (PLS-SEM). The findings show that customers' perceptions of justice for the self positively affect their hotel satisfaction, perceptions of justice for employees and the global belief in a just world positively affect online brand advocacy behavior, and hotel satisfaction also positively affects online brand advocacy behavior. We expand current research efforts on online brand advocacy research and provide theoretical and managerial implications for the development of marketing and management research and practice.     

Outward foreign direct investment by Polish state-owned multinational enterprises: is ‘stateness’ an asset or a burden?

State-owned enterprises (SOEs) are commonly associated with undue advantages due to preferential treatment by the state. Simultaneously they are often quoted as handicapped given the notorious state interference, management problems and agency tensions. They used to be regarded as a mainly domestic issue but in the context of globalisation and the fact that states enter treaties with new obligations, SOEs’ performance ceased to be solely a domestic problem, increasingly so as state-owned multinational enterprises (SOMNEs) emerge. This article presents the results of research on Polish SOEs’ outward foreign direct investment (OFDI). It offers an overview of overseas activities of nine major Polish firms with a state stake and aims to contribute to the conceptual literature on foreign investments conducted by SOMNEs. We distinguish between FDI by SOMNEs as specific – privileged (facilitated) or discriminated (hampered) – investments subject to the home country’s state power and the host country’s state perception.     

Analytical approximations of local‐Heston volatility model and error analysis

This paper studies the expansion of an option price (with bounded Lipschitz payoff) in a stochastic volatility model including a local volatility component. The stochastic volatility is a square root process, which is widely used for modeling the behavior of the variance process (Heston model). The local volatility part is of general form, requiring only appropriate growth and boundedness assumptions. We rigorously establish tight error estimates of our expansions, using Malliavin calculus. The error analysis, which requires a careful treatment because of the lack of weak differentiability of the model, is interesting on its own. Moreover, in the particular case of call–put options, we also provide expansions of the Black–Scholes implied volatility that allow to obtain very simple formulas that are fast to compute compared to the Monte Carlo approach and maintain a very competitive accuracy.     

创新战略下的英国研发组织创新——Catapults的组织管理模式研究

Catapults（弹射中心）作为一种新型研发组织形式，在英国创新发展战略的实施中扮演着重要角色。精准的组织功能定位、高效的组织管理运作模式和紧密的网络化组织关系，是Catapults组织管理模式创新的重要三大重要内容。为我国新型研发机构的培育和发展提供了良好的参考样本。     

New development: China renews reform of central–local fiscal relations and provides for basic national public services

China’s reform on central–local fiscal reform has slowed down in recent years. The appointment of a new finance minister experienced in local government affairs is expected to renew the reform affirmed by the Chinese Communist Party (CCP) congress in late 2017. China has unprecedentedly identified a comprehensive list of 81 national basic public services as entitlements. Eighteen of them are subject to national and local standards, and co-financed by central and local governments. A new cost-sharing method for 10 of these services classifies sub-national jurisdictions into five tiers, in which the central government’s share declines from 80% to 10%. These measures, effective in 2019, aim at creating a ‘harmonious and moderately prosperous society’.     

刑事涉财产执行中的案外人权益救济——以案外人权益救济程序的当事人构造为视角

刑事涉财产执行程序因采取移送执行模式而被误认为不存在申请执行人，使得刑事涉财产执行程序及其衍生的案外人权益救济程序过分依赖执行法院的职权主义。在刑事附带民事诉讼裁判、追缴或责令退赔违法所得并返还被害人判项、责令被免予刑事处罚的被告人赔偿被害人损失判项的执行程序中，案外人权益救济程序原则上应以被害人为申请执行人，并参照适用民事强制执行程序中的案外人权益救济制度。其他刑事涉财产执行程序应以检察机关为申请执行人。除非出现被执行人逃避执行或者案外人对执行标的提出排除执行请求等特殊情形，作为申请执行人的检察机关通常无须现实参加执行程序。     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

加强师德师风建设提高以德治校能力

教育大计，教师为本；教师培养，师德师风为先。师德师风建设是高校思想政治教育的重要内容，是进一步推动廉政文化进校园工作的重中之重，是增强以德治校水平和提高以德治校能力的关键，是贯彻落实学校党风廉政建设和深入推进反腐败工作的重要举措。     

Antecedents and outcomes of digital influencer endorsement: An exploratory study

The advertising and marketing literature have established that celebrity endorsements constitute an effective way to enhance attitudes toward brands and increase purchase intents. However, there are no relevant studies on digital influencers. This study addresses the research gap by examining the effect of digital influencers' attractiveness and the effect of the congruence between a digital influencer and a brand on consumer attitudes and purchase intentions. By applying structural equation modeling to a sample of 307 followers of digital influencers, a model was tested and group analysis was performed for two categories (“entertainment & video games” and “fashion & beauty”). The results show that both brand attitudes and purchase intentions are influenced by the digital influencer's attractiveness (which includes both likeability and familiarity) and by the congruence between the digital influencer and the brand. This study makes several contributions to both theory and practice, which are highlighted in this paper.