R2的复活——股价同步性研究评述与展望

R2是最近十几年迅速发展的一个研究课题,其研究取向从纯粹的计量经济学符号演变为股价同步性特征变量,并与公司特质信息含量联系起来,赋予了全新的内涵.学者们通过跨学科的交叉与融合,从法与金融理论、委托代理理论、信息不对称理论、公司治理理论等视角对R2背后的生成机制、作用渠道和影响后果展开富有成效的研究.本文首先梳理从资产定价模型到R2,再从R2到股价同步性中间的学理关系和因果顺承,接着回顾了关于R2形成机理与经济后果的相关讨论,然后对R2的学术争论进行总结和评述,最后就R2的溯源问题、以及文化与政治潜在影响对未来R2研究提出展望.     

A Social Network Comparison of Low‐Income Black and White Newlywed Couples

Relative to White families, Black families have been described as relying on extended social networks to compensate for other social and economic disadvantages. The presence or absence of supportive social networks should be especially relevant to young couples entering marriage, but to date there has been little effort to describe the social networks of comparable Black and White newlyweds. The current study addressed this gap by drawing on interviews with 57 first‐married newlyweds from low‐income communities to compare the composition and structure of Black and White couples' duocentric social networks. The results indicated that low‐income Black couples entered marriage at a social disadvantage relative to White couples, with more family relationships but fewer positive relationships and fewer sources of emotional support (for wives), fewer connections to married individuals, and fewer shared relationships between spouses. Black couples' relative social disadvantages persisted even when various economic and demographic variables were controlled.     

Income inequality,poverty and crime across nations

We examine the relationship between income inequality, poverty, and different types of crime. Our results are consistent with recent research in showing that inequality is unrelated to homicide rates when poverty is controlled. In our multi‐level analyses of the International Crime Victimization Survey we find that inequality is unrelated to assault, robbery, burglary, and theft when poverty is controlled. We argue that there are also theoretical reasons to doubt that the level of income inequality of a country affects the likelihood of criminal behaviour.     

Retrofitting Drucker: Knowledge work under cognitive capitalism

This article uses Peter Drucker's work vector-like, to carry the thesis of cognitive capitalism into the management field. Drucker's prophetic insights into the knowledge society are juxtaposed with recent, Italian autonomist Marxist-inspired analyses of capitalism's cognitive phase. If the capacity to create knowledge – or what autonomists call the ‘general intellect’ – is becoming the key productive force, arguably there is a need for a full-blown social form of knowledge management. Our reading of Drucker thus retrieves the one worthwhile thing from the rubble of normative knowledge management. It is the idea of society-level knowledge management premised on a universal and unconditional guaranteed basic income (GBI; or social wage). Basic income represents not just a social investment in knowledge, which Drucker himself called for, but also compensation for biolabour's augmented social productivity. With Drucker as the steppingstone, we conclude, the autonomist tradition merits greater attention from critical management and organisational scholars interested in factoring class and gender back into the knowledge management equation.     

Micro‐level dynamics of social assistance receipt: Evidence from four European countries

This study investigated the monthly dynamics of social assistance benefit receipt – in particular the incidence of long‐term benefit receipt – in four European countries: Luxembourg, The Netherlands, Norway and Sweden. The analysis is based on four separate administrative panel data sets, each covering the 96‐month period from January 2001 to December 2008. Benefit dynamics were found to vary considerably across countries. In the two Nordic countries, long‐term benefit receipt was found to be a rare exception. Most recipients, however, had multiple spells and the majority of benefit leavers returned to benefits within a few months of leaving. In Luxembourg and The Netherlands, long‐term benefit receipt was frequent, but benefit leavers were much less likely to return to benefit receipt after exit. The total duration of benefit receipt per individual across spells was two to three times as high in The Netherlands and Luxembourg as in Norway and Sweden.     

HIV/AIDS and other household shocks as catalysts of local commercialization of non‐timber forest products in Southern Africa

Local trade in non‐timber forest products (NTFPs) is increasing globally, yet the causes have been little studied. We examine household shock as a driver of NTFP trade in five southern African countries, with an emphasis on HIV/AIDS‐related illness and death. Over the past two years, 95% of trader households experienced at least one shock, with family illness and death recorded for 68% and 42% of households, respectively. Almost 40% had entered the trade because of HIV/AIDS‐related shocks. Additional shocks included natural disasters, crop pests or failure and livestock loss. The sale of NTFPs was the third most common coping strategy, after kinship and agricultural adjustments. Coping strategies differed between sites and type of shock.     

Micro‐investment perspective and the potential of the universal basic income

The article evaluates prospects of the Basic Income (BI) as a development policy tool. While BI is a relatively new initiative within development policy, the article argues that it should be seen as a serious option in the future, given the changing geography of poverty and the findings from existing cash transfer schemes. The analysis is carried out as a synthesis of existing findings on BI pilot programmes, along with cash transfer instruments more generally. While not including new empirical data, the synthesis allows preliminary estimates on the likely impacts of abolishing conditioning and targeting in cash transfer schemes. Particular attention is paid to the notion of micro‐investment and the psychological conditions of micro‐investment.     

Promoting Financial Capability of Incarcerated Women for Community Reentry: A Call to Social Workers

ABSTRACT

Female incarceration rates are increasing at unprecedented rates. The majority of women are poor single mothers, serving sentences for nonviolent drug-related and property offenses. Among challenges faced when transitioning back into society are a history of interpersonal violence and financial instability. This study examines literature with regard to the barriers women experience with an emphasis on financial struggles and explores outcomes of one initiative to begin addressing the financial capability of women in a minimum security prison. Findings reveal women benefited from the class experience. Social workers are called upon for additional financial capability programming and research in this area.     

A New Kuznetsian Dynamic: The Knowledge Economy and Income Inequality in the United States, 1917–2008

The rise of the knowledge economy resulted in higher levels of income inequality in the United States and forced many to question the Kuznets Inverted‐U hypothesis. However, this study argues that the establishment of a knowledge economy does not negate the importance of employment shifts for income inequality. Instead, the expansion of knowledge employment alters the major sectors that are responsible for the overall distribution of income. To this end, this article presents the key argument that the current service–knowledge transition impacts income inequality trends, of today, in a way that is similar to the agricultural–industrial transition, of the past. According to the autoregressive conditional heteroskedasticity regressions, the agricultural–industrial transition returns stronger associations with income inequality in the United States before 1950. The agricultural–industrial transition's impact diminishes thereafter as the service–knowledge transition shares a more robust association with income inequality after 1980.     

Asset Accumulation: An Alternative Approach to Achieving the Millennium Development Goals

The United Nations Millennium Development Goals (MDGs) are unlikely to be achieved by 2015, owing to conceptual flaws in their design as well as the structural and political constraints faced during implementation at the country level. While criticism of the MDGs is widespread, innovative ideas on addressing these operational challenges are still scanty. By reviewing a number of experiences, including those of the Foundation for the Promotion of Local Development (PRODEL) in Nicaragua and the Ministry of Cities in Brazil, this article highlights the importance of incorporating an asset‐accumulation perspective into MDG‐related policies and programmes as a way of generating an enabling environment that opens up new opportunities for poverty reduction in the cities of low‐ and middle‐low‐income countries.