管理层权力与企业价值：基于产品市场竞争的视角

以2005－2011年上海证券交易所A股市场为研究对象,将个人和机构投资者情绪的影响进行对比研究以明确两种情绪在市场中扮演的角色。以往的相关研究大多关注两者的相互影响或其中一种对市场的影响,本文将两者同时考虑,并利用滚动回归方法从量化股票收益对投资者情绪变化的敏感度这一新视角深入到个股层面。研究表明:机构投资者情绪可以帮助预测个人投资者情绪,反之不成立;另外,机构投资者在市场上表现得更为理性,他们的情绪能够预测后市,而个人投资者情绪不具有预测性;进一步研究后发现,投资者关注度越高的股票,其收益对投资者情绪变化的敏感度越高,这种现象无论是在对个人还是对机构投资者情绪变化的敏感度上均表现出一致性。     

Decline of serum levels of free testosterone in aging healthy Chinese men

Objective.?To investigate the age-related change of serum androgen levels in healthy men and to define a cut-off value of serum testosterone for the diagnosis of androgen deficiency in the aging male.

Method.?1080 healthy men aged 20 to ?70 years old were enrolled in Beijing, Shanghai, Xian and Chongqing. Luteinizing hormone (LH), follicle-stimulating hormone (FSH), total testosterone (T), calculated free testosterone (cFT), sex hormone binding globulin (SHBG), 17beta-oestradiol (E2), the T/LH ratio, and T/SHBG as a free testosterone index (FTI) were all determined.

Results.?Serum total T did not significantly decline, but the cFT, T/LH and FTI progressively decreased with aging. To determine androgen deficiency, the 10th percentile value of men <40 years was defined as the lower cut-off value for cFT, T/LH or FTI, which were 0.3 nmol/L, 2.8 nmol/IU, and 0.4 nmol/IU respectively. With the median value of cFT of men aged between 20 and 49 years as the criterion, the level of cFT was lower in 2.82% of men from 40 to 49 years, in 19.53% from 50 to 59 years, in 22.57% from 60 to 69 years, and in 33.19% of men ?70 years. Taking the above value of cFT as the cut-off point, the prevalence of androgen deficiency in men 40–49 years was 13.0%, 31.8% in men 50–59 years, 30.1% in men 60 to 69 years, and 46.7% in men >70 years.

Conclusions.?(i). While serum total T values do not decline with aging, the levels of cFT gradually decline with aging; (ii) when using the value of cFT of the 10th percentile of men aged 20 to 39 years as the cut-off point, the prevalence of androgen deficiency was <15% before the age of 50 years, and about 30% thereafter, approaching 45% after the age of 70 years; and (iii) in this study the values of T/LH paralleled those of cFT closely; therefore, T/LH could serve as a surrogate for cFT.     

An Exploratory Examination of Spiritual Well-Being,Religiosity, and Drug Use Among Incarcerated Men

ABSTRACT

This study examines the relationships among spirituality, religiosity, and drug use among incarcerated males. Data were collected from 661 male prison inmates from four Kentucky State Correctional facilities. Spiritual well-being was measured using a modified version of the Spiritual Well-Being Scale (SWBS), and religiosity was measured by worship attendance in the year prior to incarceration. In general, spirituality and religiosity were found to be negatively related to alcohol and drug use, and differed across several individual characteristics that were included in the analysis. Given the relationship between spiritual well-being and religiosity to individual characteristics, such as age and race reported in this study, it is suggested that individual characteristics be considered when examining spirituality and drug use patterns.     

The social model of disability: thirty years on

This year marks exactly 30 years since I published a book introducing the social model of disability onto an unsuspecting world and yet, despite the impact this model has had, all we now seem to do is talk about it. While all this chatter did not matter too much when the economy was booming, now it no longer booms it is proving disastrous for many disabled people whose benefits and services are being severely cut back or removed altogether. In the article I restate my view of what the social model was and what I see as its potential for improving the lives of disabled people. Finally I focus on the unfortunate criticisms of it and the disastrous implications these have had for disabled people.     

Shipping Fees or Shipping Free? A Tale of Two Price Partitioning Strategies in Online Retailing

In this article, we study the price partitioning decisions of online retailers regarding shipping and handling (S&H) fees. Specifically, we analyze two partitioning formats used by retailers in this context. In the first scenario, retailers present customers with a price that is partitioned into a product price and a separate S&H surcharge (the PS strategy); in the second, customers are offered free shipping through a non‐partitioned format where the product price already includes the shipping cost (the ZS strategy). We first develop a stylized game‐theoretic model that captures the competitive dynamics between (and within) these two formats. Analysis of the model provides insights into how both firm and product level characteristics drive a retailer's strategic choice regarding which partitioning format to adopt and, hence, determines the equilibrium market structure in terms of proportion of ZS and PS retailers. Subsequently, we conduct empirical analyses, based on product and S&H prices data for two different product categories (digital cameras and printers) collected from online retailers, to validate all the results of our theoretical model. We establish that PS retailers charge lower product prices than ZS ones, but the total price (product + S&H) charged is higher for the first group. The S&H charge for PS retailers can be significant—it is, on average, 5.4% (printers) and 3.0% (digital cameras) for our two product categories. Furthermore, retailers which are popular and/or face risky cost environment are more likely to opt for the ZS strategy, while retailers whose portfolio mostly includes large or heavy products with high cost (S&H)‐to‐price ratios usually choose the PS strategy. Lastly, our empirical study also illustrates that the price adjustment behavior of retailers is affected by their shipping‐fee policies—for example, ZS retailers change their product prices almost 1.5 times more frequently than PS ones.     

和谐社会正义建构的价值超越——基于“个体”与“社会”共生性平衡的视角

现代西方正义理念以原子式个体概念以及个体与社会的二元对立作为意识形态预设,由此导致个体权利与社会整体利益关系失衡,以及权利取代价值认同的价值危机。社会主义和谐社会不仅是政治联合体,也是伦理联合体。和谐社会正义建构中的个体权利观,依托一种给予其正当性证明的社会性价值理据,有助于克服西方抽象权利本位的局限性,从而使我们更深刻地理解权利观的价值伦理指向与行为规范导向。     

托马斯·霍布斯财产权利理论的政治哲学解析

托马斯·霍布斯的财产权利不仅仅具有实现自然权利的工具性价值,而且对其具有构成性价值。在霍布斯的政治哲学中,政治合法性开始从财产权利中获得依据,个人自由是财产权利的一个功能,并且社会正义是基于财产权利的一种分配正义。     

Swimming against the tide: why Sweden supports increased labour mobility within and from outside the EU

While the free movement of labour in the EU is generally depicted as a positive feature of the single market, it was also controversial in the debate on EU enlargement. Actors opposing enlargement argued that large waves of migrants from Central and Eastern Europe (CEE) would ‘swamp’ Western labour markets, leading to so-called social tourism and increasing xenophobia. Contrary to the developments in other countries, Sweden was one of the only three Member States to immediately open its doors to citizens from the EU accession countries of 2004 and 2007. Sweden has also been one of the few EU countries to actively promote greater liberalisation of labour migration policy for third-country nationals (TCNs) within the EU, and the new Swedish Immigration Law of 2008 dramatically liberalised the TCN labour migration policy and made it more employer-driven. We argue that in order to understand why Sweden has supported increased labour mobility within and from outside of the EU, we need to complement existing explanations by analysing the preferences of the political parties. A two-dimensional analysis focusing on economy and culture provides an understanding of why so-called unholy coalitions of parties in support of liberal labour policies have emerged in Sweden during the 2000s. The article ends with a discussion of lessons learned from the Swedish case and wider implications for rights-based mobility in the EU.     

Free provision of services and cross-border labour recruitment

This article identifies how the use of the European Union (EU) mobility rules, as formulated by the EU's Posting Directive, has been linked to the temporary provision of services in practice. It demonstrates how this linkage, legitimised by European Court rulings, undermines the Directive's original intent to provide rights-based regulation of labour mobility in the Union. In the assessment of posting practices, striking findings of two studies co-conducted by the author in 2003 and 2010 are discussed. In the first section, the origins of the Directive are described, followed by sections that contextualise the posting rules in the framework of the fundamental economic freedoms of EU Treaties, and discuss the problems related to implementation and enforcement. Based on the Directive's definition of posting, three issues of governance and practice are raised: (a) regulation of the employment relationship, (b) application of labour conditions and (c) respect for collective agreements. A final section offers policy recommendations in order to deal with the ways in which posting governance and practices currently impede any vision of rights-based mobility in the EU. It is argued that current minimalist interpretation of the posting rules can neither guarantee equal treatment nor protect the rights of temporary migrant workers.     

我国政府采购法律体制的缺陷及重构

围绕政府采购出价清单的多轮谈判预示着我国加入GPA的日期临近,我国现行政府采购体制的内在冲突以及与GPA的外围对接障碍都凸显重构政府采购法律体制的迫切需求。为了推进国际经济一体化,促进世界贸易的自由化,审视政府采购体制的缺陷,转变政府立法理念,以公平、正义、透明领衔各项采购制度设计,才能从根源上破除政府采购的困境,实现政府采购体制功能地有效发挥。