高管团队风险偏好、失败再创新行为与再创新绩效——基于我国医药制造业上市企业的实证研究

本文以2011—2019年我国医药制造业上市企业为样本,考察了高管团队风险偏好、失败再创新行为与再创新绩效间的关系。研究表明,高管团队风险偏好正向影响失败后技术开发阶段再创新绩效,但负向影响失败后成果转化阶段再创新绩效。失败后全新创新在高管团队风险偏好与失败后两阶段再创新绩效间皆存在中介作用,而失败后追加创新未见中介作用。同时,高管团队风险偏好对失败后两阶段再创新绩效的影响较对成功后两阶段再创新绩效更显著,且失败后全新创新较成功后全新创新的中介作用更显著。本文旨在为企业构建合理的高管团队、改善其失败再创新行为、提高再创新绩 效提供理论依据和决策借鉴。     

Common fate motivates cooperation: The influence of risks on contributions to public goods

In order to study whether common fate induced by shared risk can promote cooperation, I introduce two types of risks into a public goods game: risk that is common among all group members (the COM treatment), and risk that is independent across individuals (the IND treatment). In both treatments, zero contributions is the only equilibrium. In contrast to the equilibrium analysis, contributions to the public goods in the experiment approach zero under the independent risk but remain at high levels when the common risk is present. Analysis of the data reveals that different reactions to beliefs are fundamental to this treatment effect. While beliefs and contributions in the first periods, as well as the belief formation processes, are similar across treatments, subjects in the IND treatment are significantly less cooperative than those in the COM treatment with the same beliefs. A large variation in group contributions is observed in the COM treatment. Further analysis shows that initial beliefs can explain most of the variation in the long-run contribution level, implying the importance of beliefs in shaping the players’ experience and establishing group norms.     

Comparison of normal variance estimators under multiple criteria and towards a compromise estimator

For estimating a normal variance under the squared error loss function it is well known that the best affine (location and scale) equivariant estimator, which is better than the maximum likelihood estimator as well as the unbiased estimator, is also inadmissible. The improved estimators, e.g., stein type, brown type and Brewster–Zidek type, are all scale equivariant but not location invariant. Lately, a good amount of research has been done to compare the improved estimators in terms of risk, but comparatively less attention had been paid to compare these estimators in terms of the Pitman nearness criterion (PNC) as well as the stochastic domination criterion (SDC). In this paper, we have undertaken a comprehensive study to compare various variance estimators in terms of the PNC and the SDC, which has been long overdue. Finally, using the results for risk, the PNC and the SDC, we propose a compromise estimator (sort of a robust estimator) which appears to work ‘well’ under all the criteria discussed above.     

青年的职业现状、风险意识与应对

在个人力量和社会体制的分离、冲突、牵制、依存以及共同发展的过程中，为了克服市场流动这一个人发展的最大障碍，青年必须通过职业培训等方式不断开拓和扩展自己的职业能力，进行能力储备以应对未来日益增多的不确定性和不可预测性风险，接受教育和主要通过教育途径获得的技能或执业资格已经成为个体化趋势下青年应对和规避社会风险的主要策略．也已经成为当代青年发展的基本样态或生活常态。     

A note on new feasible generalized ridge regression estimator under the linex loss function

In this paper, using the asymmetric LINEX loss function we derive and numerically evaluate the risk function of the new feasible ridge regression estimator.We also examine the risk performance of this estimator when the LINEX loss function is used.     

Estimating the Stock/Portfolio Volatility and the Volatility of Volatility: A New Simple Method

We devise a convenient way to estimate stochastic volatility and its volatility. Our method is applicable to both cross-sectional and time series data, and both high-frequency and low-frequency data. Moreover, this method, when applied to cross-sectional data (a collection of risky assets, portfolio), provides a great simplification in the sense that estimating the volatility of the portfolio does not require an estimation of a volatility matrix (the volatilities of the individual assets in the portfolio and their correlations). Furthermore, there is no need to generate volatility data.     

Stigma mitigation and the importance of redundant treatments

Disgust can evoke strong behavioral responses. Sometimes these extreme visceral responses can lead to stigmatization—an overreaction to a risk. In fact, disgust may be so inhibiting that it leads people to refuse to consume completely safe items, such as treated drinking water, leading to important economic and policy implications. Using economic experiments, we provide a measure of the behavioral response to disgust. Our findings suggest that when monetary incentives are provided, the behavioral response may have been exaggerated by previous studies that have relied on survey methods. Furthermore, mitigation steps successfully reduce the stigma behavior. In fact, the results suggest that stigma is primarily reduced not by a specific mitigation step taken but by how many steps are taken consecutively. These results have important implications for policies addressing issues such as the global shortage of drinking water. Some efforts to resolve the shortage have involved recycled water that is completely safe to drink but is often rejected because of reactions of disgust.     

Semiparametric Estimation of Risk–Return Relationships

This article proposes semiparametric generalized least-squares estimation of parametric restrictions between the conditional mean and the conditional variance of excess returns given a set of parametric factors. A distinctive feature of our estimator is that it does not require a fully parametric model for the conditional mean and variance. We establish consistency and asymptotic normality of the estimates. The theory is nonstandard due to the presence of estimated factors. We provide sufficient conditions for the estimated factors not to have an impact in the asymptotic standard error of estimators. A simulation study investigates the finite sample performance of the estimates. Finally, an application to the CRSP value-weighted excess returns highlights the merits of our approach. In contrast to most previous studies using nonparametric estimates, we find a positive and significant price of risk in our semiparametric setting.     

Risk,Recovery and Capacity: Competing or Complementary Approaches to Mental Health Social Work

Mental health social workers have a central role in providing support to people with mental health problems and in the use of coercion aimed at dealing with risk. Mental health services have traditionally focused on monitoring symptoms and ascertaining the risks people may present to themselves or others. This well-intentioned but negative focus on deficits has contributed to stigma, discrimination, and exclusion experienced by service users. Emerging understandings of risk also suggest that our inability to accurately predict the future makes risk a problematic foundation for compulsory intervention. Therefore it is argued that alternative approaches are needed to make issues of power and inequality transparent. This article focuses on two areas of practice: the use of recovery-based approaches, which promote supported decision-making and inclusion; and the assessment of a person's ability to make decisions, their mental capacity, as a less discriminatory gateway criterion than risk for compulsory intervention.     

Affective Housing Ownership in China’s New Property Regime

This article investigates the ‘affective’ dimension of Chinese urbanites’ ubiquitous practices of real estate investment and hard bargaining against housing demolition. In their endeavours regarding the active or ‘passive’ possession of housing property, investors and evictees share an immense mania and anxiety over exploiting or missing out on this once-in-a-lifetime opportunity to participate in the property pursuit. I depict how the notion of affect, as represented by anxiety and a vernacular moral expression, conjoined to reshape urban subjectivity. The present case of housing investment mania and counter-demolition acuity in a whole new private property regime represents a fluid context for exploring affect’s concrete penetrating power that allows us to go deeper toward revealing social phenomena and sociality.