融资融券扩容和流动性

  流动性是市场的灵魂,金融创新的目的和结果是提高资产的流动性。2010年3月31日,证监会以促进市场流动性为目的,正式推出融资融券业务试点,并在2011年至2013年先后3次扩大中国A股市场融资融券标的股票的范围。因此,研究中国融资融券是否促进流动性并探究其内在机制具有非常重要的现实意义。         排除股指期货和股指期权等卖空机制的影响,运用面板回归方法和适合政策评估的双重差分法,分别检验2011年至2013年3次融资融券扩容对标的股票流动性的影响,并从融资和融券交易者的短期交易策略和标的股票股东结构变化两个方面探讨买空卖空机制与流动性因果关系的内在机制。         研究结果表明,融资和融券交易的双重引入降低了交易成本和价格影响,提高了标的股票的流动性。随着融资融券业务的深入开展和发展,融资融券标的股票扩容对价格影响方面的流动性的影响越来越强。融资交易者的短期动量交易策略降低了价格影响和交易成本,融券交易者的短期动量交易策略降低了价格影响,而对交易成本影响不显著。由于部分机构投资者退场,偏好短线投机炒作的中大型个体投资者入场,换手率高、流通市值低和特质波动率低等类型的标的股票组合的流动性提高更为明显。         融资融券交易提高标的股票流动性的研究结论补充了已有研究关于买空卖空机制对市场质量影响方面的实证证据,也为中国融资融券业务的发展和完善提供借鉴意义。     

Structured Voluntary Youth Activities and Positive Outcomes in Adulthood: An Exploratory Study of Involvement in Scouting and Subjective Well-Being

This study explores whether youth involvement in Scouting has positive consequences later in life. We examine whether the number of years of participation in Scouting is positively associated with human and social capital and recreational lifestyles in adulthood, and whether these are linked to subjective well-being: relational, emotional, and physical health. To explore this potential relationship, we estimated a structural equation model, analyzing data from a national sample of adult males. We found that youth involvement in Scouting is positively related to subjective well-being indirectly via the positive adult outcomes.     

Bringing Productivity Back In: Rising Inequality and Economic Rents in the U.S. Manufacturing Sector, 1971 to 2001

Using data on earnings and productivity for U.S. manufacturing industries from 1971 to 2001, we investigate economic rents and rising income inequalities. The results suggest that rents are most significant for managers, professionals, middle‐aged workers, and older workers. Conversely, negative rents are evident for women, Hispanics, single men, and blue‐collar workers. The underpayment of Hispanics appears to have increased while African Americans have gone from being underpaid to being overpaid. Workers with a college degree have become overpaid (i.e., “credentialism”) while “gift‐exchange” efficiency wages have declined. The marginal productivity of labor input has increased but is increasingly underpaid.     

Challenges in Meeting the Mental Health Needs of Urban Asian American Adolescents: Service Providers’ Perspectives

Although Asian American youth are often viewed as the model minority group who are doing well, research with youths, parents, and school personnel have documented significant unmet mental health needs among this population. However, little is known about the perspectives of service providers who work with Asian American youth in afterschool and mental health care settings with respect to what they perceive as challenges meeting the psychosocial needs of the population. The current exploratory study used Consensual Qualitative Research to analyze in-depth interviews with mental health providers, educators, and advocates working with Asian American youths in a multiethnic large urban environment. Results found that service providers were attuned to the multiple needs of the community but also spoke of challenges in meeting basic and psychological needs due to difficult family dynamics, structural stressors (e.g., economic and legal), and societal stigma and discrimination. We draw implications for providing more integrated services across different levels of urban Asian American adolescents’ ecological system to better meet the psychosocial challenges facing this population.     

历史唯物主义视域下的现代性反思

现代性的发展潜力完全失效了么？关于人和社会价值理想的现代性并不意味着失效,而是更加鼓励人们重新审视自我、面对现实、设计未来。当人们赖以实现理想的途径遭到质疑的时候,马克思对现代性问题的超越．无疑为现代性健康发展提供了明确指向。     

高校教师信息素养评价体系研究

本文将在综合分析信息素养的发展历程和研究进展基础上深入探讨高校教师信息素养评价体系的现实课题,并期望未来研究采用实证定量研究对其信度和效度进行验证。     

现代政治文化与民族国家治理

现代政治文化具有世俗性、自主性、开放性与融合性。民族国家治理是国家公共权力控制和引导政治、社会活动的运作行为。政治文化现代化与民族国家治理之间存在互动关系。现代政治文化对民族国家治理提供支撑与协调,民族国家的治理活动推动、引导政治文化现代化的发展。     

Implementation of comfort rooms to reduce seclusion, restraint use, and acting-out behaviors

The use of seclusion and restraint as methods to control acting-out behaviors by individuals with mental illness continues, despite deaths and other negative outcomes to both the clients themselves and the staff members applying these techniques. Additionally, client-to-client and client-to-staff assaults and self-injurious behaviors can lead to injury or possible fatalities to both parties.Thus, there is a need to find alternative approaches to mitigate or even eliminate some of these behaviors. The use of comfort rooms is one such approach. With the institution of comfort rooms, one small, rural, tertiary mental health hospital demonstrated a reduction in seclusion and restraint use and assaultive behaviors of clients. In addition, 92.9% of the clients who used these rooms found them to be helpful when they experienced increasing levels of distress. With the provision of an area for clients to go voluntarily to self-manage their distress,nurses play a role in promoting autonomy and person-centered care, while reducing environmental stress and potential negative outcomes.     

Examining the interplay of an organization's prior reputation,CEO's visibility,and immediate response to a crisis

In one of only a few crisis communication research studies taking a relational approach, examining the effects of a company's prior reputation in publics’ responses to a given crisis situation, Lyons and Cameron (2004) found that both reputation and response profoundly affected publics’ attitude and behavioral intentions toward an organization involved in a crisis situation, using hypothetical, fictitious organizations and crises. Using actual organizations and crises, our research team designed a 2 (reputation: good vs. bad) × 2 (crisis response: apologetic vs. defensive) × 2 (CEO visibility in immediate crisis response: visible vs. invisible) within-subjects experiment (N = 102) to examine the variances in stakeholders’ attitudes and behavioral intentions toward a company after being exposed to online video that delivered a corporate crisis response. Findings were counter-intuitive: a defensive response to a crisis is as acceptable to crisis stakeholders as an apologetic response if the CEO is visible (or audible) in the response and if the pre-crisis company-stakeholder reputation is positive. Good reputation, defensive crisis response and CEO visibility in immediate response to a crisis resulted in the best stakeholder attitudes and purchase intentions.