‘My profession is gone’: how social workers experience de-professionalization in the Netherlands

Recently social work in the Netherlands underwent two major changes. Specialized agencies were replaced by one-stop shops (district teams) and the welfare state was replaced by a ‘participation society’, in which vulnerable groups have to rely on their social network rather than resort to professional care. The first change is termed ‘de-specialization’; the second ‘basic de-professionalization’. The research question in this article is: how do Dutch social workers experience and evaluate these two developments? Qualitative interviews with 29 experienced social workers show that most of them endorse de-specialization, as this type of aid is deemed better for clients with complex problems. Moreover, many social workers like to take on new tasks. Basic de-professionalization is met with more reserve. Social workers observe that many clients do not have a suitable network and need professional help. In addition, they feel that their profession is being degraded as lay people and volunteers take over (part of) their work. However, they feel unable to resist this development, because resistance might get them sacked. Some social workers even enhance basic de-professionalization because of their willingness to continue working as (retired) volunteers. Social workers and theorists need to address and counter the move towards basic de-professionalization.     

舆情变动规律初论

舆情是指在一定的社会空间内,围绕中介性社会事项的发生、发展和变化,作为主体的民众对作为客体的国家管理者产生和持有的社会政治态度。因此,它的基本内容可以理解为民众在社会政治方面的群体心理活动。在本质上,舆情则是民众与政府之间利益关系的一种复杂体现。舆情的产生、变化和结束有其自身的规律性。从它的产生看,它是国家管理者“生产”或“管理”的中介性社会事项,包括各类政策、法规、制度、措施以及领袖形象和社会问题等诸多的复杂内容刺激的直接结果;从它的变化和结束看,舆情是随着刺激它产生的各类社会事项的变化和结束的情况而变动的。但是,舆情作为政治性很强的群体心理活动,它的变化和结束又有着自身复杂多变的规则和轨迹:舆情的主要持有者或主体本身的基本构成和政治素质,都会对他们的群体心理活动的具体情形产生影响;民众对过去的一个社会事项曾持有的社会政治态度,会部分地“残留”在他们对一个新的社会事项的心理反应之中。掌握舆情变动规律,对“建立社会舆情汇集和分析机制,畅通社情民意反映渠道”具有重要意义。     

A Legal Structure for Limiting the Agency Cost of Stock Rights Transfer

The unilateral disposition of stock rights’ voting rights detracts from the welfare of the other shareholders. Contractual arrangements restricting or prohibiting the transfer of stock rights under the capital majority rule may infringe upon shareholders’ right of withdrawal, further weakening stock market constraints on senior management and indirectly raising the agency cost of management abuse of power for private ends. In creating a legal structure for stock rights transfer, we need to find an appropriate balance between freedom of contract, capital majority rule and reduction of agency costs. Judges should determine that the transfer of voting rights is invalid in order to ensure that voting rights match residual claim rights and maintain the constraints on senior management represented by shareholder voting rights. The general prohibition of stock rights transfer in the articles of association blocks shareholders’ right of withdrawal; this is not conducive to restraining potential abuses of power on the part of senior management and should be made invalid. Judges must differentiate between long- and short-term contracts and the initial and revised clauses of the articles of association in order to distinguish between the efficacy of different arrangements limiting transfer of stock rights as laid down in the articles of association.     

全球性股市恐慌下的股市日内风险传染:来自欧债危机时期的证据

本文主要着眼于全球性股市恐慌下的中国内地与中国香港、中国台湾、日本股市之间的日内风险传染现象,使用日内5分钟数据,应用FFF回归、FIEGARCH模型、ARFIMAX模型的波动溢出三步检验法,对内地股市与其他三个东亚股市之间的日内波动溢出效应进行了实证分析.本文的主要结论是:中国内地与中国香港股市之间存在着强烈的双向波动溢出效应;中国内地与日本股市互不影响;中国内地与中国台湾股市之间,虽然在非恐慌时期几乎不存在波动溢出效应,但进入恐慌时期后中国台湾股市显著受到内地股市影响.股票市场之间的波动溢出效应具有非对称性特征,并且股市下跌时的波动溢出效应比上涨时要大.     

沪深300股指期货上市对现货市场连续波动和跳跃波动的影响

本文采用跳-扩散随机波动率模型研究沪深300股指期货上市对现货市场波动的影响。通过MCMC方法估计模型参数,对股指期货上市前后指数连续波动和跳跃特征进行比较分析,并与股指期货各指标作比较。研究发现,股指期货的上市确实起到了稳定现货市场的作用,上市短期内现货市场波动增大,随着时间增加现货市场波动逐渐降低,但是这一稳定效果主要体现在指数波动率的连续部分。股指期货上市后,指数连续波动向均值回归速度加快,并呈现出逐渐降低的趋势;“杠杆效应”在经历短暂的消失后逐渐显现;指数跳跃波动在总波动中所占比重较高,但随着交易时间增加,指数平均跳跃次数和跳跃波动所占比重逐渐降低。     

The Effect of Product Development Restructuring on Shareholder Value

This article examines the effect of product development restructuring (PDR) on shareholder value. The results are based on a sample of 165 announcements made during 2002–2011. PDR announcements are associated with an economically and statistically significant positive stock market reaction. Over a two‐day period (the day of the announcement and the day preceding the announcement), the mean (median) market reaction is 1.63% (0.87%). The market reaction is generally positive regardless of the PDR purpose or action. Although the market reaction is more positive for higher R&D intensity firms, it is not directly affected by the firm's prior financial performance or whether the firm's primary PDR objective is to increase revenues or cut costs. However, the interaction between the firm's prior financial performance and its primary PDR objective is significant. For firms that are financial outperformers, the market reaction is more positive if the firm's primary PDR objective is to increase revenues. For financial underperformers, the market reaction is more positive if the firm's primary PDR objective is to cut costs.     

基于复杂网络理论的股票指标关联性实证分析

复杂网络理论是研究股票市场内在结构和功能的有力工具,股票指标的关联性已成为研究股票市场的一个新视角。基于复杂网络理论对深沪300指数(2011年7月28至2012年2月28)构建网络拓扑结构。利用DFA进行数据筛选,计算筛选后数据的股票指标的绝对相关系数。根据股票指标的绝对相关系数概率分布确定阈值,构建网络拓扑结构,计算股票指标的网络统计特征指标,分析收益率、成交量、市盈率的网络结构。研究结果表明,股票收益率和成交量指标的具有较强的关联性,具有小世界性质;市盈率指标具有较弱的关联性,不具有小世界性质,是随机网络且受外界影响较大、效率低下,风险比较大。     

上市公司融资偏好的内部治理机制研究

面对弱效率的资本市场,如何有效地解决国内上市公司在融资选择时对股权融资的过度偏好成为实务和理论界关注的一个重要问题。本文认为除了现行研究所提出的完善资本市场的规范性和有效性,加强上市公司的外部调控和管制以外,还有一个很重要的方面就是从微观的公司治理角度来分析上市公司的融资行为。在这一思路的基础上,本文利用一个多任务委托代理模型来解释影响企业融资方式的内部因素,并从公司治理结构的角度来提出完善融资激励和约束机制的要素。     

社交网络、投资者关注与股价同步性

随着以微博、微信为代表的社交网络信息平台在中国的崛起,形成了新媒体时代下信息资讯生成与扩散的完整传播链条,深刻地影响着金融市场参与主体的学习认知习惯、投资决策理念、交易行为模式,最终影响不同金融资产的价格波动规律． 本文在新媒体时代情景下,以社交网络信息披露与传播平台为切入点,基于信息关注度、信赖度、更新频率等三层维度,构建社交网络微博信息质量指标体系,研究社交网络信息质量与股价同步性的内在关联关系． 研究表明: 微博信息质量与股价同步性有着显著的高度负向线性关联性,并且呈现出非线性 U 型关系． 即随着社交网络信息质量水平的提升,股价同步性逐渐降低到达最小值,而后又逐渐提高． 研究结论为证明上市公司社交网络微博平台对股价同步性有较强影响力,提供了中国金融市场的证据．     

社会保险与家庭金融风险资产投资

社会保险是否影响家庭在金融风险资产中的投资决策呢?本文使用两期家庭最优决策模型得到的理论分析结果表明,社会保险不仅能够提高家庭在风险资产中的投资广度和深度,而且对于不确定性更大、风险承受更强家庭的影响更为显著.基于省级层面得到的宏观实证检验结果和基于2011年家庭金融调查数据得到家庭层面的微观实证检验结果都支持了上述理论结论.本文的发现对于协调社会保险发展和建立多层级金融市场具有很强的政策意义.