The coevolution of trade agreements and investment treaties: Some evidence from network analysis

Regional trade agreements (RTAs) and bilateral investment treaties (BITs) are expected to promote trade and investment relationships. One critical feature of such agreements is the network, so the multiplex coevolution of RTAs and BITs should be captured by the dynamics of their two networks. Although many studies have examined the roles of RTAs and BITs, most studies do not account for crucial network properties. This study explores how RTAs and BITs coevolve by applying a stochastic actor-oriented model of multiplex network evolution. In particular, we examine the roles of (i) cross-network dyadic interinfluences and (ii) within- and cross-network preferential attachments to discuss the dynamic relationships between RTAs and BITs. The results are as follows. First, our estimation supports cross-network dyadic interinfluences. Countries that sign a BIT are willing to establish an RTA, while those that sign an RTA are reluctant to establish a BIT. Second, concerning preferential attachments, countries prefer to sign BITs with partners that have more RTA and BIT links. However, countries tend to form RTAs with partners that have more BIT links but are reluctant to form RTAs with those that have more RTA links. We discuss possible justifications for these results, including arguments regarding the benefits and costs associated with the formation of RTAs and BITs.     

Strategy as engagement: What organization strategy can learn from military strategy

Strategy process and practice research has illuminated the internal dynamics of strategy work – at the cost of backgrounding processes and practices that relate to engagement with external actors. In this conceptual paper, we argue for an extension of this body of work by shifting the focus of research from internal practices and processes towards externally oriented practices of engagement. We do so by critically building on the military strategy literature and develop the concept of strategy as engagement. This concept suggests understanding the role of strategy as bridge between policy and tactics; the importance of grand strategy as the making of policy; and the need to focus attention on tactics as distributed collective action. Thus, we contribute to strategy process and practice research through 1) extending its repertoire to practices of engagement and 2) broadening its epistemic foundation through a critical reading of military strategy.     

Tail asymptotic of discounted aggregate claims with compound dependence under risky investment

This paper considers the tail asymptotic of discounted aggregate claims with compound dependence under risky investment. The price of risky investment is modeled by a geometric Lévy process, while claims are modeled by a one-sided linear process whose innovations further obeying a so-called upper tail asymptotic independence. When the innovations are heavy tailed, we derive some uniform asymptotic formulas. The results show that the linear dependence has significant impact on the tail asymptotic of discounted aggregate claims but the upper tail asymptotic independence is negligible.     

Linking young individuals' capital to investment intentions: Comparing two cultural backgrounds

By integrating the Entrepreneurial Intentionality Model and the Theory of Planned Behaviour, we explored the effects of human, social and financial capital on young individuals' investment intentions in two groups (97 English and 97 Greeks). Results indicated that human capital is directly and indirectly related to investment intentions via, first, subjective norms and, consequently, personal attitudes and perceived behavioural control, while social capital is only indirectly related to investment intentions via perceived behavioural control. In the individualistic group (English), human capital related directly and positively with investment intentions while social capital related indirectly to investment intentions via its positive relationship to subjective norms. With regard to participants from a collectivistic background (Greeks), human capital related indirectly to investment intentions via, first, subjective norms and, consequently, personal attitudes and perceived behavioural control, while social capital related directly and indirectly to investment intentions via perceived behavioural control. Financial capital was only negatively related to investment intentions in the total and Greek sample.     

A framework to study strategizing activities at the field level: The example of CSR rating agencies

This paper responds to recent calls to bridge strategy and organization research by combining Strategy-as-Practice and Neo-Institutional Theory through re-theorizing the notion of strategic actor. We problematize the notion of strategic actor at the field level, and rely on insights from management and organization studies and sociology to advance a theoretical framework that conceptualizes organizations as social actors at the field level. We demonstrate our theoretical framework by drawing on corporate social responsibility rating agencies. We see corporate social responsibility rating agencies as supra-individual, social actors that are predisposed to assume an active role in defining and revisiting structural parameters within the society through their purposeful, meaningful actions and interactions. Our main contribution is to the development of the Strategy-as-Practice literature, achieved by re-theorizing the notion of strategic actor at the field level. This contribution responds to the micro-isolationism critique, and proposes a new focus for Strategy-as Practice research.     

Investment communities: Behavioral attitudes and economic dynamics

Using a real-world data set encompassing the daily portfolio holdings and exposures of complex investment funds, we derive a set of quantitative attributes to capture essential behavioral features of fund managers. We find the existence and stability of three investment attitudes, namely the conservative, the reactive, and the pro-active profiles, defining communities that respond differently when facing external shocks. The conservative community has behavioral similarities that tend to decrease due to external shocks, the reactive community members greatly increase their activity level especially during turmoil phases, while delegated investors in the pro-active community are more resilient to turbulence and counterbalance the impact of the events by adjusting their portfolio exposures in advance. We show that exogenous shocks only temporarily perturb the behavioral traits of the communities which then go back to their original states once the distress is embedded.     

印度对中印跨境河流水关系的认知及战略选择

近年来,印度对中印在跨境河流水关系中的不平衡问题非常重视.其中,水文信息不对称以及收益不平衡是印度对水关系不平衡的两个主要认知.基于中印边境的互动历史,印度在对水关系的认知形成中往往会夸大中国的敌意与威胁.据此,印度试图通过建立制度框架、将中印水争议国际化以及竞争性开发跨境河流水资源的战略思维,平衡中国在雅鲁藏布江—布拉马普特拉河水关系中的优势地位.然而受水外交两面性特征和内政的掣肘,印度平衡战略的影响有限,而且更强化了其对雅鲁藏布江—布拉马普特拉河战略安全收益的重视,并使未来中印双方基于水资源共同利益进行合作的难度加大.     

对冲与制衡:日本“印太战略”的地缘政治逻辑与制约因素

日本“印太战略”是依据日本在当前国际格局中的地位和地缘政治现实制定的,目的是对冲和制衡中国在印太地区影响的扩展,以维护当前有利于日本的国际秩序,进而实现维护日本的国家利益。日本“印太战略”在政治和安全领域主要依托“四国安全对话机制”,以构建地区同盟架构的方式,逐步实现日本的地缘战略。这既是当前东亚地缘政治的现实,也是日本作为海洋型国家的战略选择。但是,由于合作国家的战略偏好和地缘利益的差异以及中国周边外交的成功实施,特别是国际格局演变的趋势,从不同的层面制约日本“印太战略”的实施。日本“印太战略”是一项综合性战略,是对中国“一带一路”倡议的针对性措施,对中国地区利益的影响较为广泛,中国应从战略上予以重视。     

The value of being precise

This study investigates how individuals assess imprecise information. We focus on two essential dimensions of decision under uncertainty, outcomes and probabilities, and their respective precision. We believe the precision of information is highly relevant in the investment setting, as reflected in the well-known “home (familiarity) bias”, and the outcome and probability dimensions, separately or jointly, may affect investors’ knowledge of uncertainty and perceived risk of the investment options, and subsequently affect investors’ choices. To test this conjecture, we conducted three experiments. Our results show that 1) participants demonstrate a pattern of preference for precision and aversion of extreme vagueness and associate vagueness with higher perceived risk and lower investment (experiments one and two); 2) participants prefer vague outcome information to vague probability information (experiment two); 3) familiarity indeed positively affects the precision of estimated values, but this association is stronger for the outcome dimension than for probabilities (experiment three). Our results confirm that precision in information, especially in the outcome dimension has an impact on investors’ resource allocation choices.