基金经理变更的驱动机制与市场异质性 ——基于1726只公募基金的实证检验

公募基金经理变更会影响基金产品的投资价值和风险收益预期.国内公募基金经理的变更日益频繁,但现有研究多局限在传统的委托代理框架内,偏重于对基金业绩表现与基金经理变更间一元线性关系的探讨,而对考核评价机制与市场环境特征对于上述关系的影响鲜有论及.针对普通股票型、偏股混合型、灵活配置型三类公募基金,采用2006—2019年1...     

突破家族企业职业经理人治理绩效评价的误区——家族雇员治理模式的调节作用

目前在我国,家族企业对于经济总量的贡献越来越大,家族企业的治理与可持续发展也越来越受到关注。引入职业经理人对家族企业绩效究竟有没有提升作用?国内外的学者目前得出了无法统一的结论,有的甚至认为有负向影响。之所以会产生以上莫衷一是的结果,是因为现有研究在做出评价时,忽视了家族雇员会影响职业经理人对企业绩效的作用。亦即,家族企业对于经理人的治理能否提高企业绩效,还取决于与此同时家族企业是如何治理家族雇员的。这一发现,为家族企业如何在对于家族雇员和非家族雇员这两类不同类型代理人的治理中实现权衡,提供了一个全新视角。     

经营者参与企业利润分配的合理性分析

如何激励经营者已成为企业改革中的首要问题.理论界对这问题的研究也很多,几乎一致的看法是让经营者参与企业的利润分配,但是忽略了这与企业利润完全由所有者占有的传统逻辑相矛盾.这个矛盾实际已成为制定经营者激励政策的障碍因素,因此对经营者参与企业利润分配合理性研究具有重要的现实意义.     

How (not) to make women work?

Women in developed economies have experienced an unparalleled increase in employment rates, to the point that the gap with respect to men was cut in half. This positive trend has often been attributed to changes in the opportunity costs of working (e.g. access to caring facilities) and the opportunity costs of not-working (notably, relative growth in wages in positions more frequently occupied by women, improved educational attainment). Meanwhile, the gender employment gaps were stagnant in transition economies. Admittedly, employment equality among genders was initially much higher in transition countries.We exploit this unique evidence from transition and advanced countries, to analyze the relationship between the institutional environment and the (adjusted) gender employment gaps. We estimate comparable gender employment gaps on nearly 1500 micro databases from over 40 countries. Changes in both types of the opportunity costs exhibited strong correlation with gender employment equality where the gap was larger, i.e. advanced economies. We provide some evidence that these results are not explained away by transition-related phenomena. We argue that the observed divergence in time trends reflects a level effect: the lower the gender employment gap, the lower the strength of the relationship between gender employment equality and the opportunity costs of working. An implication from our study is that the existing instruments might be insufficient to further reduce the gender employment gap.     

Period effects,cohort effects,and the narrowing gender wage gap

Despite the abundance of sociological research on the gender wage gap, questions remain. In particular, the role of cohorts is under investigated. Using data from the Current Population Survey, we use age–period–cohort analysis to uniquely estimate age, period, and cohort effects on the gender wage gap. The narrowing of the gender wage gap that occurred between 1975 and 2009 is largely due to cohort effects. Since the mid-1990s, the gender wage gap has continued to close absent of period effects. While gains in female wages contributed to declines in the gender wage gap for cohorts born before 1950, for later cohorts the narrowing of the gender wage gap is primarily a result of declines in male wages.     

Gender differences in the impact of job mobility on earnings: The role of occupational segregation

In recent years, researchers have begun to explore the extent to which the impact of switching firms (inter-firm mobility) on wages varies between men and women. Using data from the NLSY79 from 1979 to 2012, this paper extends existing research by exploring how occupational segregation and individual level factors contribute to gender differences in the impact of voluntary inter-firm mobility on wages. The paper also examines how patterns vary depending on education level. Findings suggest that men without a college education receive greater wage gains from voluntary inter-firm mobility than similarly educated women although there is no overall gender difference for individuals with a bachelor's degree. The wage returns to voluntary inter-firm mobility for both men and women increase as a function of the male representation in the occupation. For individuals without a college education, the male premium to voluntary inter-firm mobility is largest in highly male dominated occupations. However, women with a bachelor's degree employed in highly male dominated occupations use voluntary inter-firm mobility to narrow the gender wage gap.     

Sex and marriage of raters in the evaluation of occupations

The evaluation of occupational prestige ratings obtained from different subgroups within the same society has been shown to be remarkably similar (Reiss, A. J., Jr., Duncan, O. D., Hah, P. K., and North, C. C., 1961, Occupations and Social Status, Free Press, New York; Svalastoga, K., 1959, Prestige, Class, and Mobility, Gyldendal, Copenhagen; Tiryakian, E. A., 1958, American Journal of Sociology 63 (January), 390–399). Our purpose is to explore how the gender and marital status of raters influence the evaluation of occupational prestige. Using more detailed data than heretofore available, we will reexamine the similarity between occupational prestige evaluations observed among female and male respondents. Models of the way in which characteristics of occupational incumbents, such as income and education, are constructed to explore possible differences in the ways in which male and female raters evaluate occupations. The results of this analysis by gender of rater will then be used to examine both the gender and marital status of raters.     

Managing racial diversity: The context of state legal and political cultures

We draw on institutional theory to examine the connection between state-level regulation of equal employment and political cultures and race/ethnic minority presence in managerial positions in private U.S. workplaces. Analyses examining managerial diversity at upper- and lower-levels show that expanded state EEO posting requirements are associated with a greater presence of nonwhite managers at both levels, while weak state EEO compliance penalties are related to fewer nonwhite lower-level managers. State-level EEO recordkeeping requirements that exceed federal law are unassociated with nonwhite managerial presence at either lower- or upper-levels. Early adoption of fair employment practices agencies (FEPA) is positively associated with only lower-level managerial diversity, whereas progressive state government ideology is negatively related to top managerial diversity. Our findings highlight the complexity of state government regulation, oversight, and culture in shaping managerial racial/ethnic diversity. We discuss the implications of our results for future research and policy aimed at diversifying private workplaces.     

Don’t ask or tell: Pay secrecy policies in U.S. workplaces

How widespread are workplace rules against discussing wages and salaries in the U.S.? And what are the core correlates of whether or not an employer prohibits or discourages this type of speech? Using a unique dataset that includes a measure of whether workers are prohibited or discouraged from discussing pay, this article investigates the prevalence of pay secrecy policies, and what worker- and workplace-level characteristics are associated with these rules. Key findings reveal that these policies are commonplace, despite being illegal, and that they are concentrated in more “coercive” rather than “enabling” organizations. These more coercive workplaces are disproportionately in the private sector, lack union representation, and have managers that are generally punitive in their approach and unaccommodating of employees. Findings also indicate that the greater discretion pay secrecy provides managers does not result in discriminatory application of these rules to women, racial/ethnic minorities, or immigrants. The article concludes with a call for data collection efforts that would allow researchers to analyze the consequences of this widespread managerial practice.     

女大学生思想政治教育人文关怀体系探析

我国的思想政治教育是无性别差异的思想政治教育模式,与思想政治教育要注重“以人为本”的人文关怀理念是相背离的。高等学校女生已经占据了半壁江山,在生理、心理等方面有着与男生不同的特点。高校思想政治教育中,应当从人文关怀的视角出发,正视性别差异,重视性别差异规律的探索,将思想政治教育和性别教育有机结合起来,建构女大学生思想政治教育的人文关怀体系,切实增强女大学生思想政治教育的实效性。     

The motherhood wage penalty: A meta-analysis

Mothers tend to receive lower wages than comparable childless women. This ‘motherhood wage gap’ has been reported in numerous studies. We summarize the existing empirical evidence on this topic using meta-analysis and test for several mechanisms which can be responsible for the persistence of the wage gap. Based on 208 wage effects of having exactly one child and 245 wage effects of the total number of children, we find an average motherhood wage gap of around 3.6–3.8%. While the gaps associated with the total number of children are mostly explained by the loss of mothers' human capital during child-related career breaks, the gaps associated with one child are predominantly driven by mothers' choice of jobs and occupations that pay less. The residual gap is smallest in Nordic countries, where public policies actively support gender equality and reconciliation of work and family, as well as Belgium and France, and largest in the post-socialist countries of Central and Eastern Europe and Anglo-Saxon countries.     

中国农民工工资走势:1979—2010

在有关中国农民工工资的文献中,农民工工资长期走势的研究仍付之阙如。在系统收集、梳理有关数据资料的基础上,对改革开放时期中国农民工工资水平及其演变轨迹的定量估测表明:过去30余年,其名义货币工资以年均近10%的速度增长;经用消费者价格指数调整的实际工资经历了三个阶段的演变;农民工与正式职工工资的比率呈先高后低走势。     

论女性写作中性别意识的两个问题

女性写作需要真正属于自己的经验世界,但不能将其绝对化,它更应该是一种＂双声话语＂,即在表达自己经验的同时,也表达主流意识,这种双重信息的提供,是成熟女性文学应该采取的超性别意识的写作立场。因为＂真正的爱是超于性别之上＂的,一个具有伟大人格的人是脱离了性别来看他人本质的。这就为第二个问题消除＂双性对峙＂而达到＂双性和谐＂奠定了理论基础。     

Power and the gendered division of contraceptive use in Western European couples

Recent research has approached contraceptive use, or “fertility work”, as another household task that is primarily managed by women. Building on the theoretical frameworks of relative resource theory and gender perspectives, this study investigates the association between partners' power (measured as their relative education, division of housework and decision-making) and the choice of male versus female, or no contraception. Data from the Generations and Gender Survey for four Western European countries (Austria, Belgium, France and Germany; 2005–2010) are used to examine the hypotheses with multinomial logistic diagonal reference models. The results show that man's and woman's educational level are equally important predictors for a couple's contraceptive method choice. Furthermore, the findings suggest that households in which the man performs more housework or the woman has more say in decisions are more likely to rely on male methods or female sterilization, rather than on the more commonly used female reversible methods.     

经理人市场：供求与交易关系研究——从交易的角度解析经理报酬(定价)

经理人是一种特质人力资本,在市场上企业家的供求实际上是经理人和企业两个主体间的契约交易。由于交易对象的特殊性和信息的不完全性,交易双方都存在隐蔽信息和隐蔽行为,这使得交易过程分成相互联系的两个部分:事前交易和事后交易。前者是特质人力资本的供给者未被企业聘用前与企业的博弈过程;后者则是经理人被选聘进入企业后与股东(董事会)的博弈过程。由于选聘经理的事前交易是“即时的”,而经理努力(工作业绩)却是“未来的”,这种交易的时滞性会促使交易双方努力去探寻和构建一种经理报酬制度。经理报酬需要“预期性”,股票期权作为一种制度安排即是连续交易和经理行为“预期性”的产物。     

MBO与国有企业经营者的激励及约束

MBO能够广泛推行具有一定的深层理论基础,其中委托代理理论、人力资本理论、激励理论和企业家理论都与此直接相关。通过MBO,管理者成为完全的剩余权益拥有者,可减少或消除代理成本,激励经理人积极性的发挥。通过MBO后管理层的努力-可将潜在管理效率释放出来,提高公司市场价值,获取更多利润。因此MBO能够有效地约束与激励管理层。     

论我国公司法人治理结构的完善——基于公司经理人和公司法人结构的比较分析

近几年随着社会经济的不断增长与公司制度的不断完善,公司经理人在公司中的位置也愈发突出,也使公司经理人的权力愈加膨胀,从而导致其在公司法人中的定位变得模糊,这反映出公司法人结构的治理仍未取得显著成效,亟待完善。因此,弄清公司法人和公司经理人之间联系和区别,对推动公司当前职权优化配置和完善我国法人治理结构的发展有着积极的作用。     

会话中打断现象的性别差异探析

以汉语访谈节目《实话实说》为语料,对其中打断现象的形式和功能进行分析,主要研究两个问题：言语打断的形式是否存在性别差异（谁在打断谁）;言语打断的功能是否存在性别差异（是支配性的还是支持性的）。运用统计学拟合优度检验公式进行计算,结果：打断现象与性别有关——从形式上看,主要以女性打断为主,并且打断者在实施打断行为时并不针对某一性别;从功能上看,女性的打断多为支持性的,而男性的打断多为支配性的,不同功能类型的打断在被打断者中的分布不具有显著的性别差异。     

城市商业银行风险管理垂直独立研究——风险经理委派机制的建立

面对日益激烈的同业竞争与日趋复杂的经营环境,城市商业银行必须持续提升风险管理能力。垂直独立原则是全面风险管理治理构架设计的一个重要原则,风险经理委派制是风险条线垂直独立管理的有效实现载体。建立和有效实施风险经理委派制,保证委派风险经理管理的垂直性和履职的相对独立性,制定并实行有效的管理办法和考核细则,明确风险经理工作职责,合理处理业务发展与风险管理的关系,培养高素质的风险经理队伍,将有效提升城市商业银行的风险管理水平。     

Predictors of self-protective behaviors in non-sexual violent encounters: The role of victim sex in understanding resistance

Self-protective behaviors are actions that victims take in a violent encounter to thwart the attack or avoid/minimize injury. This study examines the predictors of self-protective behaviors in non-sexual assault incidents with a particular focus on how the sex of the victim may moderate these conclusions. Non-sexual assault incidents in the National Crime Victimization Survey were analyzed (n = 16,309) and four categories of self-protective behaviors were regressed on a variety of predictors using multivariate probit models. A variety of pre-assault factors (e.g., demographic characteristics), situational characteristics (e.g., location of assault), and the relationship between the victim and offender are associated with the use of resistance. Situational characteristics emerged as the most consistent and strongest predictors of self-protective behaviors. There was little evidence to suggest that separate models for male and female victims were warranted.