卖空压力对企业债券期限选择的影响——来自中国放松卖空管制准自然实验的证据

放松卖空管制后,投资者可通过挖掘公司“坏消息”在资本市场投资获利,在允许被卖空情境中,公司内部股东和管理层面临股价下行压力增大,会积极采取行动以规避被卖空的风险。借助中国证券市场2010年开始逐步放松卖空管制的准自然实验,以2007—2015年上市公司为样本,考察卖空压力对企业债券契约的影响。研究发现:放松卖空管制与企业债券期限显著负相关,特别是在大股东持股比例较高和管理层市场压力更大时。进一步分析发现,放松卖空管制与企业债务期限结构显著负相关,表明放松卖空管制会促使企业缩短发行债券的期限。研究结果显示,面对放松卖空管制引起的股价下行压力,公司大股东和管理层为了规避被卖空风险,会积极选择缩短发行债券期限以传递信号,证实了卖空机制对改善市场信息环境的积极作用。政府可以通过加强卖空机制制度建设和监管,推动企业调整行为决策,降低信息不对称。     

厄德里克的力量书写——评《桦树皮小屋》

路易斯·厄德里克是印第安文学中最多产的作家之一,《桦树皮小屋》是其六部儿童小说中的一部。作品按照春夏秋冬四季安排结构,以印第安奥吉布瓦部姑娘奥玛凯阿丝为中心,展现印第安人的智慧、力量以及对自然、对本族群与异族的态度。厄德里克着重书写一种力量,小说结构安排上的四季循环,隐喻了印第安部落之间力量的传递。这种凝聚的力量生成于部落成员间对彼此的爱,以及印第安人与宇宙万物之间的爱。这种爱的循环,构成了一种强大的力量的循环,使印第安民族虽历经磨难,也有足够的力量和勇气挺过寒冬,迎来春华秋实。     

Understanding cultural singularities of ‘Indianness’ in an intercultural business setting

Analysing data from the Indian information technology (IT) industry, this paper advances an understanding of cultural singularities of ‘Indianness’. The research context of an intercultural meeting place of IT and business process outsourcing firms’ overseas subsidiaries, Belgium in this case, allows the authors to identify 10 cultural singularities that typify ‘Indianness’. This ethnographic, reflexive study is further validated by employing Ghoshal's ‘smell of the place’ metaphor through the authors collective experiences as consultants and researchers, and builds and extends upon the popular cultural dimension frameworks for understanding intercultural business and management. Existing cultural dimensions do not sufficiently describe the contemporary intercultural dynamics that typically take place in workplaces, especially so in offshore and outsourcing environments. A provisional set of parameters for understanding Indian culture, with its relevant impact on business life (customs and manners), business processes and business deliverables are proposed in this study.     

‘Before they kill my spirit entirely’: insights into the lived experiences of American Indian Alaska Native faculty at research universities

American Indian and Alaska Natives (AIAN) comprise about 2% of the US population and 0.5% of the faculty in higher education. While scholars have documented the experiences of underrepresented minority (URM) faculty, the perspectives of AIAN faculty at elite universities are largely absent. Although AIAN faculty share many of the same barriers to success as URM colleagues, their unique status as Tribal peoples and their relationship to settler colonialism pose particular challenges and resistance strategies. Findings from a mixed methods study of 25 AIAN faculty at research universities, employing a decolonizing, survivance-oriented framework, examines their lived institutional experiences. The data yielded five themes regarding (1) institutional climate, (2) mentorship, (3) family–work balance, (4) cultural taxation and role stress, and (5) discrimination. The authors conclude that decolonization involves the repatriation of Indigenous epistemologies and Indigenous ‘place’ in the growth of science, research, and knowledge production, creating liberatory spaces within the academy.     

Enrollment,Educational Expenditures and Work Among One-Parent Children in India

In this study, I examined the effect of single parenthood due to death, separation, divorce, or migration of spouse on educational inputs among school-age children in India. I used the nationally representative India Human Development Survey to study the implications of different types of parenthood on educational expenditure among children ages 6 to 11 and 12 to 18 years and work participation among the older age group. The study finds that the separated or divorced mothers on average spend less on education and older children of widows are more likely to work because of resource constraints associated with single parenthood. The results highlight the need for public policies that would support widows as well as separated or divorced mothers.     

Kinship Care and Transnational Parenting: The Intersection of Cultural Values and Practices

This study uses ethnographic research to examine the phenomenon of transnational parenting by migrant mothers from the African Caribbean community and their family who care for the mothers’ children. Twenty women’s narratives demonstrate the complexity of relationships between migrant mothers living and working in New York City and their extended family or kinship caretakers who coparent their children in their countries of origin. The study reveals three main factors that contribute to the success of transnational parenting: (1) informal kinship care-child fostering, (2) remittances, and (3) social networks. Policy and practice implications are explored.     

Decomposition of the main effects and interaction term by using orthogonal polynomials in multiple non symmetrical correspondence analysis

The multiple non symmetric correspondence analysis (MNSCA) is a useful technique for analyzing a two-way contingency table. In more complex cases, the predictor variables are more than one. In this paper, the MNSCA, along with the decomposition of the Gray–Williams Tau index, in main effects and interaction term, is used to analyze a contingency table with two predictor categorical variables and an ordinal response variable. The Multiple-Tau index is a measure of association that contains both main effects and interaction term. The main effects represent the change in the response variables due to the change in the level/categories of the predictor variables, considering the effects of their addition, while the interaction effect represents the combined effect of predictor categorical variables on the ordinal response variable. Moreover, for ordinal scale variables, we propose a further decomposition in order to check the existence of power components by using Emerson's orthogonal polynomials.     

犍陀罗本生雕刻的印度文化母题

犍陀罗本生雕刻作为印度文化母题的视觉化形式,以叙事性图像生动地阐释印度民间广泛推崇的价值观。犍陀罗本生雕刻的文化母题包括具有普世意义的乐善好施的传统;以轮回报应为理论基础,以孝敬忠贞为核心的伦理道德观念;奉行虔诚于神和克制苦行的修身理念。这些文化母题真实地再现了古代印度人民的社会理想、家庭关系和人生追求,是今人理解古印度文化的可靠资料。     

The Scalability of the Shack/Slum Dwellers International Methodology: Context and Constraint in Cape Town

Shack/Slum Dwellers International (SDI) was created by the Indian Alliance and South African partners. SDI has affiliates in 33 countries and is probably the world's largest network of community peer‐to‐peer knowledge exchange in the area of slum/informal settlement upgrading. Common to the Indian Alliance's ‘Federation Model’ and the SDI methodology are a commitment to community organization and community‐led upgrading that is undertaken in partnership with local government. In a context where it is projected that there will be two billion slum dwellers by 2030, the ambition is to enable tens of millions of households to obtain upgraded housing and services. This article questions the scalability and universality of the SDI methodology in Cape Town, where the SDI Secretariat is located.     

Sensuous stories in the Indian Ocean islands*

Abstract

Providing examples from the islands of the Indian Ocean Region, this article focuses on the multisensory nature of storytelling and listening. Drawing on anthropological fieldwork in the region (1998–2016), the author proposes a sensuous epistemology that turns on listening to “sense”. She reveals that storytelling can be a profoundly sensuous experience that elicits emotional and physical responses in both the teller and listener. The sensuous quality of stories enable the listener to fully encounter politically inscribed, complex social experiences. Ultimately, the article advances a notion of listening as sense-work, thereby deepening sensory scholarship’s recent, politically reflexive analysis on listening to hear.