安全投资转移视角下的跨行业投资组合模型及实证

投资者根据市场状态变化和板块轮动效应进行安全投资转移,使得资金在行业间流动,导致风险溢出。本文首次从投资者安全投资转移行为的角度对行业间风险溢出进行研究,采用大规模股票与小规模股票的订单流差异量化安全投资转移。利用状态依赖下的敏感性VaR模型（SDSVaR）衡量行业间风险溢出效应的方向和大小,进一步考虑板块轮动效应,构建跨行业投资组合模型,分析行业间风险溢出和板块轮动效应对资产配置的影响。研究发现：状态依赖下的安全投资转移显著影响行业间联动性和风险溢出;考虑行业间风险溢出的资产配置模型能够分散非系统性风险的同时降低截面维度系统性风险,提高投资者的收益,有效地规避极端风险,可以为投资者的风险管理和投资决策提供有价值的参考。     

Formalization of Urban Poor Vendors and their Contribution to Tourism Development in Manila,Philippines

The growth of tourism and tourism development affects the urban poor both positively and negatively. Positively, they have more opportunities to find jobs in the tourism sector or increase their income when their jobs are related to tourism. They can also be the beneficiaries of pro-poor tourism projects. Negatively, they are viewed as an obstacle to tourism development where clean and modern images are sought. This study looks at park vendors (a type of urban poor) in Rizal Park, Manila, Philippines. This group is unique because it is not treated as a hindrance to tourism development and the vendors are considered as the beneficiaries of pro-poor tourism projects. They are active contributors to tourism development. When a government agency formalized their businesses, vendors' safety and pride increased. This study provides a case in which a shift from the informal sector to the formal sector contributed to the increased welfare of the urban poor. The shift was possible because of a national tourism drive generating favorable conditions, and the vendors' struggle to obtain the right to work in the park. In this paper, I discuss how the vendors achieved a legal status and show current conditions of their work and their relationship with a government agency after obtaining the right. Data for this study were collected between 2005 and 2008.     

Does Fundraising Professionalization Pay?

Although fundraising organizations in the third sector have gone through a progressive professionalization process, it remains unclear whether this development has led to any financial benefits. This article focuses on the question of whether or not it pays off for fundraising organizations to invest in professionalization. The data for this study come from 165 organizations representing 45 percent of the Swiss fundraising market. We first propose the term “organizational fundraising capability” as a new construct for measuring the degree of professionalization and rationalization in fundraising management. We then analyze its relationship to overall net revenue from donations as well as the growth of net revenue from donations. Our analysis indicates that, in addition to organizational size measured by total revenue, revenue share from donations, and expansion strategy, fundraising capability makes an important contribution to explaining both an institution's net revenue from fundraising and the level of increase in net donations. The consequences for the development of professionalization and rationalization in fundraising are discussed.     

The challenges of leadership in the third sector

The third sector is experiencing a radical shift due to social, political and economic changes in Europe. Due to these shifts and their implications, the question of leadership has become significant and needs to be explored. This article contributes to the literature on the challenges of leadership in the sector. It does so by drawing on the personal narratives provided by leaders across the sector. The views expressed by the narratives provide a deeper insight into leadership in the third sector, than has previously existed. The narratives are valuable for a number of reasons including: they help to extend the knowledge and perspectives of leadership in a way that acknowledges the uniqueness of the sector; they contribute to a better understanding of the challenges faced by leaders in the sector; and they serve as an illustration of the benefit of approaching leadership through the eyes of those practising leadership. The article concludes by identifying the impact for leadership across the sector and the implications.     

Long‐term employment intensity of sectoral output growth in Tunisia

This article examines the long‐term ability of Tunisian industries to generate employment opportunities. Using a panel data set of 15 industries over 1983–2010, the authors estimate their long‐run output–employment elasticities, using the “mean group” estimator. They argue that economic policy should target the most labour‐intensive industries, particularly service industries and export manufacturing industries. After demonstrating the inability of the mining industry to absorb labour, the authors highlight the long‐run jobless growth in the hotel, bar and restaurant industry and suggest that future investment in this industry will yield no results and that future tourism policy should focus rather on para‐tourism activities.     

New Models of Contracting in the Public Sector: A Review of Alliance Contracting,Prime Contracting and Outcome‐based Contracting Literature

The coordination of public services is an enduring challenge and an important policy priority. One way to achieve collaboration across organizational boundaries, which is being considered in public services such as the English National Health Service (NHS), is through the adoption of alliance contracting, prime provider contracting and outcome‐based contracting. This article reviews the cross‐sectoral literature concerning the characteristics of these new contractual models, how they function, their impact, and their relation to public sector governance objectives. These new contractual forms are characterized as models which, in line with the New Public Management (NPM)/post‐NPM agenda, seek to incentivize providers through the transfer of risk from the commissioners to the providers of services. Key findings are that the models are likely to incur high transaction costs relating to the negotiation and specification of outcomes and rely heavily on the relational aspects of contracting. There is also found to be a lack of convincing cross‐sectoral evidence of the impact of the models, particularly in relation to improving coordination across organizations. The article questions the reconciliation of the use of these new contractual models in settings such as the English NHS with the requirements of public sector governance for transparency and accountability. The models serve to highlight the problems inherent in the NPM/post‐NPM agenda of the transfer of risk away from commissioners of services in terms of transparency and accountability.     

Evaluating the human resource related soft dimensions in green supply chain management implementation

Because of increased carbon emissions, environmental protection initiatives have gained significant attention at global level. One of the major initiatives taken by the industrial sector to minimize the negative environmental effect of the value chain activities is Green Supply Chain Management (GSCM). In industry, soft (human resource-related) dimensions influence the implementation of GSCM process greatly. In the literature, relatively less discussion is provided on assessing the significance of soft dimensions in efficient GSCM acceptance in industry. The present work is an attempt to construct a structural framework for assessing the significance of the soft dimensions in adopting GSCM concepts by taking a case of automotive company in India. A hybrid approach of Best Worst Method (BWM) and Decision-Making Trial and Evaluation Laboratory (DEMATEL) approach is employed in this work. BWM is used to prioritize the GSCM oriented soft dimensions, and DEMATEL is employed to extract interrelationships among them. The result shows that ‘Top management commitment’, ‘Employee involvement’, ‘Organizational culture’ and ‘Teamwork’ are the highly prioritized causal soft dimensions in efficient GSCM adoption. This research work would help industry managers and practitioners to decide where to concentrate for GSCM concepts in context of soft dimensions for sustainable business development.     

Socio-educational work in at-risk contexts and professional reflexivity: the multi-vision group of “Maestri di Strada”

ABSTRACT

The Association ‘Maestri di Strada’ (MdS) undertakes socio-educational interventions to promote the well-being of young people in the ‘high-risk’ suburbs of Naples. The socio-educational work is not a mere ‘technical-rational’ activity and it relies on the use of ‘self’, which is not an unlimited resource. MdS places great emphasis upon reflexivity after the action and adopts the ‘Multi-Vision Group’ (MVG), which is a modified Balint group, as a support mechanism for its staff. Before trainees begin working, they attend the MVGs, observe them, and provide narrative accounts of the process. In this study, 61 reports prepared by the trainees during an academic year underwent a textual analysis. The aim was to evaluate the reflexive function of the group and the results indicate that, within the MVG, the practitioners express emotions, doubts, and difficulties linked to the job and its high-risk contexts. They show both self-awareness and awareness of the importance of the team, thinking as a community in a cooperative way. These are features related to reflexivity, which is recognised as being crucial for practice; the process of observation and recording also has a high educational importance for the trainees and social work students.     

开拓创新 提高高校机关党组织生活质量

严格的党组织生活制度,是中国共产党长期以来坚持和强调的一项基本制度。目前,高校机关党的组织生活在活动内容、形式与方法以及实际效果等方面存在不少问题。在认真贯彻落实党的十七大精神的工作中,突破传统组织生活形式,开创组织生活新局面,使党的组织生活制度成为保持党的先进性的长效机制,无疑是高校机关党建的重要课题,本文就此进行了探讨。     

The World Bank's Use of Country Systems for Procurement: A Good Idea Gone Bad?

The World Bank's newest country‐systems policy, adopted in 2008, allows borrowers to use their national systems to conduct procurement and manage finances for Bank‐funded projects. In principle, it will incentivise institutional reform, increase local ownership, and facilitate donor harmonisation. In practice, its content and the handling of stakeholder input seem to indicate that the Bank's dominant desire has been to preserve its market share. This article demonstrates (i) how deficiencies in the policy may reverse the Bank's work on governance and undercut aid efficiency, and (ii) how its handling of public consultations on the policy ignored the Bank's best practices. It concludes with steps for improving the policy, including re‐opening dialogue with key stakeholders.