投资者情绪生成机理的研究

基于标准金融理论与行为金融理论相结合的思想，力图刻画投资者情绪的生成机理。以引起投资者情绪变化的货币环境、市场收益、市场波动、相关资产收益等因素为起点，引入市场投资价值、市场预期两个中间变量，建立了包含直接和间接影响两类路径的投资者情绪生成概念模型。使用中国股市2014年7月1日至2017年3月31日间的667组日度数据，在VAR建模的基础上开展实证研究。实证结果表明市场收益对投资者情绪具有直接的正向影响，市场波动和相关资产收益两因素基于市场预期中介变量间接负向作用于投资者情绪，而修正后引入的经济周期波动变量可以基于市场投资价值中介变量对投资者情绪产生正向影响，并进一步发现了市场收益、市场投资价值与投资者情绪之间存在正反馈强化过程。研究揭示出了投资者情绪生成的影响因素体系及其实现路径，将该领域研究深入到机理分析层面，并从一个侧面佐证了中国股市过度投机行为的存在。     

Transformer in navigation: Diverse government roles for open innovation in China's high-speed rail

Based on a longitudinal case study of China's high-speed rail embedded in the emerging economy context, we focus on what role the government plays and how that matters to open innovation (OI) for competitive advantage. By linking the OI literature with the national political institutions literature to motivate our research question, we propose a statist-based OI view to differentiate diverse government roles, investigating how government adopts roles in a combined way to push OI in stages. Our findings suggest that government is an important strategic decision-maker for OI. Specifically, the government plays various roles as commander, protector, cultivator, and intermediator, reflecting state activism derived from national political institutions, to construct institutional-level OI for domestic OI activities, and inbound and outbound OI across national borders. We find government can deliberately and strategically use its diverse roles in a combined way to push OI for competitive advantage through the industrial evolutionary process over time. Our study contributes to the OI literature and integrates the strategic management literature with the study of OI to provide new insights to explain the origins of competitive advantage from the state perspective.     

When standardization becomes the lens of professional practice in child welfare services

This paper examines the relationship between professional work and standardization. There has been an increase in the use of standardized programmes in child welfare services (CWS) in Western society. Some researchers have criticized standardized programmes suggesting that they undermine professionals expertise and threaten their position, whereas others argue that such programmes strengthen professional practice. In this paper, we examine how standardized tools, in this case, a standardized parenting programme and a standardized Norwegian assessment tool, influence professional roles as experienced by child welfare workers (CWS professionals) in Norway. Semistructured individual and group interviews were conducted with 31 frontline workers in two CWS agencies. Our findings suggest that standardized tools increase the social workers experienced professional competence but challenge their professional knowledge base, reflective practice, and professional accountability. Professional and practical implications for CWS work are discussed in the light of these findings.     

从偏见视角解读医患关系

偏见是个体以不正确或不充分的信息为依据,并对其他人形成先入为主的负性判断,泛化至群体中则会表现为人们对某群体产生片面或错误的认知。文章从消极刻板印象、期望差异与归因偏差这三个角度解释了医患群体产生偏见的心理机制,在此基础上讨论偏见对医患关系造成的消极影响,并结合社会现实提出减少医患双方偏见的方法。     

国有企业并购重组中政府角色定位的偏差与矫正

在供给侧结构性改革中,国有企业的并购重组与混合所有制改革同步进行,达到优化产业结构、淘汰落后产能的目的。但政府存在角色定位偏差问题,仍有较强的政策指导与干预冲动。在深化供给侧结构性改革进程中,政府应将角色定位于政策指引者、信息中介者、服务提供者及监督监管者,同时强化制度创新,破除阻碍企业并购重组的旧机制,健全完善规章制度。     

Labour and international accounting standards: A question of social justice

As the international guardian of social justice, the ILO is witnessing a global revolution in accounting, which has culminated in international accounting standards (IAS-IFRS). Previously, accounting measured the economy in relation to the capacities and responsibilities of workers and their employers. Today, the exact opposite is the case: the IAS-IFRS no longer measure work and enterprises, referring instead to the abstract concept of a cybernetic entity capable of constant restructuring, at the cost of unprecedented inequality. The author points to the incoherence of this system and to the need to restore the full carrying value of labour.     

Engagement with sustainability at the International Labour Organization and wider implications for collective worker voice

Sustainability objectives have been recognized by the ILO primarily in terms of the impact of environmental protection in the form of “just transition” and “green job” initiatives. Arguably, the Sustainable Development Goals (SDGs) now offer richer scope for ILO engagement with social sustainability. This can be attributed to the prominent recognition of “decent work” in SDG 8 and the need for “responsive, inclusive, participatory and representative decision-making at all levels” in SDG target 16.7. This article examines how the ILO could further promote collective worker voice in the context of debates over a sustainable “future of work”, particularly considering to whom voice is given and how it is exercised.     

中华民族共同体建设视阈下改土归流的历程、原因及作用

明清时期中央王朝实施的改土归流，不仅彻底废除了土司的政治、经济、军事、司法等特权，将国家版图内的人事权、财政权、军事指挥权、行政管理权、文化教育权等悉数收归中央，而且也是中华民族共同体由“自在”向“自觉”过渡的关键环节。明清改土归流经历了一个长期、艰巨、复杂的过程，其中既有土司利益与王朝利益的矛盾、各地土司与辖区民众的矛盾，也有中央王朝通过改土归流以增加税收、朝廷命官与乡村民众要求改土归流等现实动因。改土归流实现了国家“大一统”的目标、凸显明清国家治理能力的进步、加快了中华民族共同体建设的速度。中华民族共同体是一个由政治共同体、经济共同体、文化共同体和社会共同体四者构成的命运共同体。改土归流的实施，不仅是推动共同体由“自在”向“自觉”迈进的关键步骤和重要举措，而且使中华民族共同体在政治、经济、文化和社会诸方面发生巨大变化。     

Beyond tail median and conditional tail expectation: Extreme risk estimation using tail Lp-optimization

The conditional tail expectation (CTE) is an indicator of tail behavior that takes into account both the frequency and magnitude of a tail event. However, the asymptotic normality of its empirical estimator requires that the underlying distribution possess a finite variance; this can be a strong restriction in actuarial and financial applications. A valuable alternative is the median shortfall (MS), although it only gives information about the frequency of a tail event. We construct a class of tail L^p-medians encompassing the MS and CTE. For p in (1,2), a tail L^p-median depends on both the frequency and magnitude of tail events, and its empirical estimator is, within the range of the data, asymptotically normal under a condition weaker than a finite variance. We extrapolate this estimator and another technique to extreme levels using the heavy-tailed framework. The estimators are showcased on a simulation study and on real fire insurance data.