The effect of board size on shareholder value: Evidence from bank mergers and acquisitions

This study examines the effect of board size on the economic impact of bank mergers and acquisitions (M&A) in the US. Using a hand-collected dataset of 508 M&A between 2012 and 2018, we find that board size is negatively related to acquirer excess returns. In an additional analysis, we show that large boards have positive value implications for banks that combine the CEO and chairman roles as well as for large banks. Our findings indicate that a “one-size-fits-all” approach to board size is not necessarily in the interests of shareholders; instead, a more flexible and proactive formulation is needed.     

An omnibus two-sample test for ranked-set sampling data

We develop an omnibus two-sample test for ranked-set sampling (RSS) data. The test statistic is the conditional probability of seeing the observed sequence of ranks in the combined sample, given the observed sequences within the separate samples. We compare the test to existing tests under perfect rankings, finding that it can outperform existing tests in terms of power, particularly when the set size is large. The test does not maintain its level under imperfect rankings. However, one can create a permutation version of the test that is comparable in power to the basic test under perfect rankings and also maintains its level under imperfect rankings. Both tests extend naturally to judgment post-stratification, unbalanced RSS, and even RSS with multiple set sizes. Interestingly, the tests have no simple random sampling analog.     

Identifying Systemically Important Banks: A temporal approach for macroprudential policies

Contrary to the general belief, systemic risk does not only regard the risk posed by balance sheet relationships and interdependencies among institutions. It also features a temporal dimension related to the inappropriate responses of financial market participants to changes in risk over time. This paper proposes a method to simultaneously address the cross-sectional and the time dimension in which systemic risk materializes. The method is based on the TOPHITS algorithm. It provides three scores, namely borrowing, lending and time scores: the first two represent the systemic importance of the borrowing and the lending activity associated with each financial institution,while the third represents an empirical Early Warning Signal of the financial crisis. Our findings reveal that the identification of the time score as an indicator for an incoming market distress could be relevant to design macro prudential policies.     

Cognitive abilities,self-efficacy,and financial behavior

This paper investigates the effect of cognitive abilities on financial behavior among older adults. Using the U.S. Health and Retirement Study, I find that cognitive abilities significantly affect financial behavior through two channels: ability and self-efficacy. People with higher cognition scores achieve better financial outcomes. This positive association is especially strong in tasks having high demand of cognitive abilities, which confirms the ability channel of the cognitive ability effect. In addition, there is evidence for the self-efficacy channel as a secondary source of cognitive influence. Lower cognitive abilities decrease people’s sense of self-efficacy, which, in turn, significantly decreases financial management efficiency. The findings have important policy implications, specifically that more effort is needed to assist the growing older population through the cognitive aging process and that noncognitive skills, as a secondary source of influence, also warrant attention.     

Optimization problems for consecutive-2-out-of-n:G system

Abstract

This paper considers the optimization problems for a consecutive-2-out-of-n:G system where n is considered to be fixed or random. When the number of components is constant, the optimal number of components and the optimal replacement time are discussed by minimizing the expected cost rates. Furthermore, we focus on the above discussions again when n is a random variable. We give an approximate value of MTTF and propose the preventive replacement policy, respectively.     

Childhood exposure to the Second World War and financial risk taking in adult life

Adverse childhood experiences might have long-lasting effects on decisions under uncertainty in adult life. Merging the European Survey on Health, Ageing and Retirement with data on conflict events during the Second World War, and relying on region-by-cohort variation in war exposure, we show that warfare exposure during childhood is associated with lower financial risk taking in later life. Individuals who experienced war episodes as children hold less – and are less likely to hold – stocks, but are more likely to hold life insurance, compared to non-exposed individuals. Effects are robust to the inclusion of potential mediating factors, and are tested for nonlinearity and heterogeneity. Moreover, we provide evidence of hedonic adaptation to war, as high and low intensity of war exposure have comparable long-term effects. We also document that war exposure in childhood increases sensitivity to financial uncertainty since exposed-to-war individuals are less likely to hold stocks after periods of high volatility. Finally, we shed light on the most likely mechanism in the relationship between war exposure and financial risk taking – i.e., enhanced sensitivity to uncertainty – and we show that preferences, and not beliefs, channel this relationship.     

5G赋能时代体育教师智慧专业学习共同体构建

伴随着以5G为代表的互联网技术在我国民用领域正式商用,我国对体育教师的专业素养和信息素养提出了更高层次的要求,并出台多项政策。借助5G的强劲推动力,体育教师专业发展必须实现与5G的深度融合,5G赋能时代的互动性、适应性和灵活性,对体育教师的专业发展、学习方式和学习时空都具有革新作用,建设体育教师智慧专业学习共同体成为提高体育教师专业素养的必然选择。在厘清相关概念的基础上,分析了5G赋能时代体育教师智慧专业学习共同体构建的必要性与可行性,并提出五条构建路径,即搭建“学科-专家-教师”三位一体智慧学习平台、建立线上线下相结合的学习通道、创建校际联合与“晒课”的二元路径、组建不同目标的智慧体育虚拟组织和搭建5G时代的虚拟教室,以促进我国体育教师的专业发展。     

热奈特的类文本理论及其效应

杰拉德·热奈特的类文本理论受到中西方学界的关注与重视,一些学者对该理论进行了一定的补充和修正工作,也有不少学者将其用于文学研究。类文本理论视阈下,文学研究的对象为环绕于文本边缘的类文本要素,如作者的署名、序言、献词、题记、版权页信息等。将作者重新纳入批评视野,类文本理论有效修正了文本理论将文本与作者相割裂的不当做法;将出版商引入批评框架,类文本理论不仅拓展了传统文学批评体系,还起到限制读者过度阐释的目的。同时,类文本理论促进了叙事学的进一步发展,使文学研究从文本中心走向文本边缘,并将文学的内部研究和外部研究相结合,从而推进了文学批评理论的发展。鉴于类文本与文本的互存关系,某些类文本和文本之间的界限模糊不清,它们在具备类文本属性的同时,又不乏文本的属性,而这一特性又恰恰佐证了类文本之于文本而存续的重要性。     

阿特巴赫教育依附理论视域下中国特色世界一流大学建设诹议

美国学者菲利普·G·阿特巴赫(Philip· G·Altbach)基于依附理论体系创建形成的教育依附理论,以“中心”与“边缘”作为逻辑基点,研究了当今世界高等教育格局中西方工业国家与第三世界国家之间“控制”和“被控制”关系及成因。在这一理论视域下审视和反思中国特色世界一流大学建设,不但要求我们在建设过程中警惕学术殖民主义的侵蚀、学术自我殖民倾向的泛滥以及民族文化认同感的丧失,更需要我们冲破依附发展的桎梏,努力实现从“文化趋附”到“文化自立”的转变、从“模式效仿”到“模式立新”的转变、从“学术依随”到“学术引领”的转变、从“西方标准”到“中国标准”的转变,由此推进中国高等教育由依附发展迈向自主发展、创新发展和引领发展,实现建设高等教育强国的战略目标。