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.     

基于信号博弈的卖方欺诈行为分析

本文主要基于信号博弈的卖方欺诈行为进行研究，假设拍卖中可能存在欺诈型和诚实型两种卖家，其中欺诈行为有概率发生在第二价格拍卖中：欺诈型卖方冒充竞拍者递交仅次于最高价的报价从而获得额外收益。两种卖家根据各自效用选择拍卖形式：第一价格或者第二价格。而竞买者将卖者的选择作为信号，更新对卖方类型的判断，然后制定报价策略。这是一个买卖方信号交叉影响的过程。考虑到拍卖过程中买方价值相关性，本文在建立模型中参考了关联价值原理。针对该模型进行分析，得出了不同情况下的买卖方策略，并且研究了买方报价、买方判断、卖方收益三者之间的关系。文中利用贝叶斯公式对双方的策略选择问题进行预测，与单纯的概率分布方法相比，更具实践价值。     

Deliberate acquisition of competence in physiological breech birth: A grounded theory study

Problem

Research suggests that the skill and experience of the attendant significantly affect the outcomes of vaginal breech births, yet practitioner experience levels are minimal within many contemporary maternity care systems.

体验型产品消费行为的羊群效应及机理研究——基于电影行业消费行为的实证解释

互联网环境下消费者购买体验型产品时对网络信息的依赖性很大。因此，研究社交媒体影响下体验型产品的消费者决策选择行为具有现实意义。本文以电影行业的票房偏离及消费跟风现象为切入点，探究体验型产品的羊群效应并对其产生的内在机理进行解释。采集艺恩资讯的票房数据以及豆瓣的电影基本信息及影评等数据作为研究样本，从消费者"羊群行为"视角分析其对电影票房的影响。研究发现：在控制了质量等内生性影响之后，消费者羊群效应依然存在；产品特征信息对羊群效应起到了调节作用，从而形成理性跟随；采用预期差异模型可以解释消费者实现理性跟随的过程。研究结论对于电影行业宏观政策制定及对体验型产品合理进行营销推广提供了理论基础与实证依据。     

‘Colour-evasiveness’ and racism without race: the disablement of asylum-seeking children at the edge of fortress Europe

This article explores discriminatory discourses articulated by Italian professionals operating in educational, health and social services for refugees in Rome, in relation to the educational and social inclusion of unaccompanied asylum-seeking and refugee children. It locates such narratives within the historical ‘concealment and invisibilisation of race and racism’ that have characterised Italy particularly since the end of the Second World War, while showing how they legitimate contemporary processes of disablement and over-representation of forced migrant children in the category of Special Educational Needs. A theoretical framework influenced by Dis/ability Critical Race Studies, Italian postcolonial studies, and Judith Butler’s notions of subjectivation and performative politics is used to discuss how a ‘colour-evasive’ racial ideology has seeped into various institutions in Italian society, and importantly into education policies and practices.     

A Grounded Theory of Sexual Minority Women and Transgender Individuals’ Social Justice Activism

Psychosocial benefits of activism include increased empowerment, social connectedness, and resilience. Yet sexual minority women (SMW) and transgender individuals with multiple oppressed statuses and identities are especially prone to oppression-based experiences, even within minority activist communities. This study sought to develop an empirical model to explain the diverse meanings of social justice activism situated in SMW and transgender individuals’ social identities, values, and experiences of oppression and privilege. Using a grounded theory design, 20 SMW and transgender individuals participated in initial, follow-up, and feedback interviews. The most frequent demographic identities were queer or bisexual, White, middle-class women with advanced degrees. The results indicated that social justice activism was intensely relational, replete with multiple benefits, yet rife with experiences of oppression from within and outside of activist communities. The empirically derived model shows the complexity of SMW and transgender individuals’ experiences, meanings, and benefits of social justice activism.     

Regulatory Institutional Distance and MNCs' Subsidiary Performance: Climbing up Vs. Climbing Down the Institutional Ladder

We investigate the possibility of regulatory institutional distance exerting an asymmetric effect on multinational corporations' (MNCs') subsidiary performance depending on the direction of institutional distance. We use the term ‘institutional ladder’ to differentiate between upward distance, referred to as when the subsidiary is operating in a relatively stronger institutional environment than its parent-firm's home country, and downward distance for vice versa. Combining institutional theory with organisational imprinting and learning perspectives, we argue that the implications of regulatory institutional distance on subsidiary performance are relatively more positive (or less negative) when MNCs are climbing down the institutional ladder as compared to when MNCs are climbing up the institutional ladder. We also argue that subsidiary ownership strategy – i.e. the choice of a wholly owned subsidiary (WOS) versus joint venture (JV) – moderates the above-mentioned implications of institutional distance on subsidiary performance. We test these hypotheses based on a panel data-set of 1936 foreign subsidiaries representing 70 host countries and 66 home countries and spanning the 12-year period: 2002–2013.     

卢卡奇现代性批判理论的双重路径及其理论意蕴

卢卡奇在《历史与阶级意识》中吸收了马克思商品拜物教的科学内涵，沿着以物化理论为核心的现代性批判和以资产阶级形而上学为对象的现代性批判两条路径，展开了对现代资本主义社会的批判。这种现代性批判路径既表明卢卡奇在一定程度上站在了马克思现代性批判的原则高度上，对现代资本主义社会进行了深刻批判，又可以看到卢卡奇深谙资本主义的社会现实，开启了西方马克思主义现代性批判的崭新路径。然而，卢卡奇的现代性批判理论又戴着“黑格尔眼镜”，使其从事的现代性批判无法摆脱形而上学的理论困境，依然没有达到马克思的原则性高度。     

“百年未有之大变局”之哲学分析

当今世界正处于“百年未有之大变局”中。这是中国共产党对于世界新的时代特征的全新、科学和准确的研判。“百年未有之大变局”这一重大论断，具有深厚的马克思主义哲学的本体论基础、认识论基础、矛盾论基础和历史观基础。作为科学世界观与方法论，马克思主义哲学的辩证唯物主义和历史唯物主义为我们深刻认识和精准把握“百年未有之大变局”的深层本质和哲学依据提供了重要的认知性引导、方法论基础和实践智慧支撑。     

Theories as modern myths: Giving up the pursuit of good theory to focus on good theorizing

Mills discusses the notion of myth and links it to a discussion of theory. While he does not consider myth and theory to be synonymous, I attempt to close the gap between these two notions even further. This argument is accomplished by discussing theorists that have theorized about theory and aligning their claims with Mills’ claims about myth. I propose that Mills cannot rely on coherence to substantiate good myth/theory and, instead, suggest the consideration of what constitutes good quality theorizing. Good theorizing involves deep understanding of different theories/myths and comparing them to generate innovation.