具有结构变化的资产定价模型的贝叶斯自回归条件异方差检验

在现代资产定价理论中,一个基本的假定是证券资产风险溢价满足方差齐性。然而,这样的假设未必是正确的,因此,需要对资产定价模型进行异方差的检验。本文在贝叶斯框架下考察了具有结构变化的资产定价模型,提出了检验该模型的回归条件异方差的贝叶斯检验方法。最后利用两个具体实例论证了所提方法的有效性。     

Now What Do People Know About Global Climate Change? Survey Studies of Educated Laypeople

In 1992, a mental‐models‐based survey in Pittsburgh, Pennsylvania, revealed that educated laypeople often conflated global climate change and stratospheric ozone depletion, and appeared relatively unaware of the role of anthropogenic carbon dioxide emissions in global warming. This study compares those survey results with 2009 data from a sample of similarly well‐educated laypeople responding to the same survey instrument. Not surprisingly, following a decade of explosive attention to climate change in politics and in the mainstream media, survey respondents in 2009 showed higher awareness and comprehension of some climate change causes. Most notably, unlike those in 1992, 2009 respondents rarely mentioned ozone depletion as a cause of global warming. They were also far more likely to correctly volunteer energy use as a major cause of climate change; many in 2009 also cited natural processes and historical climatic cycles as key causes. When asked how to address the problem of climate change, while respondents in 1992 were unable to differentiate between general “good environmental practices” and actions specific to addressing climate change, respondents in 2009 have begun to appreciate the differences. Despite this, many individuals in 2009 still had incorrect beliefs about climate change, and still did not appear to fully appreciate key facts such as that global warming is primarily due to increased concentrations of carbon dioxide in the atmosphere, and the single most important source of this carbon dioxide is the combustion of fossil fuels.     

The Association of Knowledge with Concern About Global Warming: Trusted Information Sources Shape Public Thinking

During the last decade, a great deal of news media attention has focused on informing the American public about scientific findings on global warming (GW). Has learning this sort of information led the American public to become more concerned about GW? Using data from two surveys of nationally representative samples of American adults, this article shows that the relation between self‐reported knowledge and concern about GW is more complex than what previous research has suggested. Among people who trust scientists to provide reliable information about the environment and among Democrats and Independents, increased knowledge has been associated with increased concern. But among people who are skeptical about scientists and among Republicans more knowledge was generally not associated with greater concern. The association of knowledge with concern among Democrats and Independents who trust scientists was mediated by perceptions of consensus among scientists about GW's existence and by perceptions that humans are a principal cause of GW. Moreover, additional analyses of panel survey data produced findings consistent with the notion that more knowledge yields more concern among Democrats and Independents, but not among Republicans. Thus, when studying the relation of knowledge and concern, it is important to take into account the content of the information that different types of people acquire and choose to rely upon.     

Countervailing institutional forces: corporate governance in Turkish family business groups

This longitudinal study investigates the impact of national and international pressures to improve corporate governance in an emerging economy from an institutional theory perspective. Recently, family business groups (FBGs), the dominant form of organizing in emerging economies, have been criticized by policy makers for their poor governance structures. A common recommendation to FBGs has been increasing the number of independent, outsider directors on their boards. Thus, change in the board compositions of the quoted subsidiaries of the six biggest FBGs is analyzed over 2002–2006. One-way-ANOVA and t-tests were used as statistical tools. Findings reveal that there has not been a statistically significant change in board compositions over the research period. FBGs were found to resist institutional pressures through ‘avoidance’, ‘defiance’ and “manipulation” strategies due to the absence of coercive pressures and multiple forms of ‘institutional work’ for change.     

Public Perception of Uncertainties Within Climate Change Science

Climate change is a complex, multifaceted problem involving various interacting systems and actors. Therefore, the intensities, locations, and timeframes of the consequences of climate change are hard to predict and cause uncertainties. Relatively little is known about how the public perceives this scientific uncertainty and how this relates to their concern about climate change. In this article, an online survey among 306 Swiss people is reported that investigated whether people differentiate between different types of uncertainty in climate change research. Also examined was the way in which the perception of uncertainty is related to people's concern about climate change, their trust in science, their knowledge about climate change, and their political attitude. The results of a principal component analysis showed that respondents differentiated between perceived ambiguity in climate research, measurement uncertainty, and uncertainty about the future impact of climate change. Using structural equation modeling, it was found that only perceived ambiguity was directly related to concern about climate change, whereas measurement uncertainty and future uncertainty were not. Trust in climate science was strongly associated with each type of uncertainty perception and was indirectly associated with concern about climate change. Also, more knowledge about climate change was related to less strong perceptions of each type of climate science uncertainty. Hence, it is suggested that to increase public concern about climate change, it may be especially important to consider the perceived ambiguity about climate research. Efforts that foster trust in climate science also appear highly worthwhile.     

Perceptions of Risk and Vulnerability Following Exposure to a Major Natural Disaster: The Calgary Flood of 2013

Many studies have examined the general public's flood risk perceptions in the aftermath of local and regional flooding. However, relatively few studies have focused on large‐scale events that affect tens of thousands of people within an urban center. Similarly, in spite of previous research on flood risks, unresolved questions persist regarding the variables that might influence perceptions of risk and vulnerability, along with management preferences. In light of the opportunities presented by these knowledge gaps, the research reported here examined public perceptions of flood risk and vulnerability, and management preferences, within the city of Calgary in the aftermath of extensive flooding in 2013. Our findings, which come from an online survey of residents, reveal that direct experience with flooding is not a differentiating factor for risk perceptions when comparing evacuees with nonevacuees who might all experience future risks. However, we do find that judgments about vulnerability—as a function of how people perceive physical distance—do differ according to one's evacuation experience. Our results also indicate that concern about climate change is an important predictor of flood risk perceptions, as is trust in government risk managers. In terms of mitigation preferences, our results reveal differences in support for large infrastructure projects based on whether respondents feel they might actually benefit from them.     

Incumbent capability enhancement in response to radical innovations

Schumpeterian market disequilibrium marked by entrepreneurial entry and incumbent exit has long held an important place in management literature. The extant literature has overwhelmingly championed the newcomer, despite incumbents' obvious advantages in resources, experience and market knowledge. The current research provides evidence for the effectiveness of the incumbent's strategy of capability enhancement (along an established technological trajectory) while responding to radical technological innovations. We develop a cognitive process model that integrates managerial cognition with capability development and deployment views, depicting the dynamics of the incumbent's capability enhancement process. We analyze the cognitive drivers of organizational actions in all stages (rigidity, triggering event, and capability renewal) and elucidate the role of top management cognition in the processes of detecting and correcting errors in a strategic course of action. We ground our model in the case of a cork-stopper industry veteran's decline as corks ceded ground to screw tops and other stoppers in the wine industry. How a major company fought back in response to the emergence of these, in the industry context, radical technological innovations, provides the basis for our narrative. The proposed theoretical model contributes to literature on technology management (with regard to incumbent strategies in response to radical innovation threats) as well as the role of cognition in strategy (providing an explanation of the cognitive underpinnings of capability development).     

Change agent's contribution to recipients' resistance to change: A two-sided story

In the change management literature, most studies on recipients' resistance to change include only the views of agents or of recipients, thereby ignoring that these parties may have different perceptions. In this quantitative study, we include the perceptions of both parties in studying the recipients' resistance and the impact of the agent's leadership behavior. In a sample of 117 agent-recipients groupings, covering 110 different change projects in 90 organizations, we found that agents perceive higher levels of recipients' resistance than do the recipients themselves. Additionally, we found that agents who create space to enable recipients to think and act differently (by employing creating behavior) report higher levels of recipients' resistance, whereas recipients perceive their resistance to be lowered when agents facilitate an emotional connection to the change (framing behavior). The depth of the change appeared to moderate the relationship between agent's leadership behavior and recipients' resistance, indicating that agents and recipients differ in which change leadership behaviors they perceive as increasing or decreasing resistance at different levels of change depth. These findings imply to reconsider the relationship between agent and recipients and we propose some promising avenues for future studies in resistance research.     

The effects of leadership change on team escalation of commitment

Although teams benefit from developing plans and processes that boost efficiency and reduce uncertainty, they may become too attached to these plans and escalate commitment when an alternative response is needed. Drawing on theories of team leadership, team processes and escalation of commitment, we propose that a change in leadership can help the team reduce commitment to outdated plans and avoid further escalation over time. Across two studies, we tested and found support for our hypotheses and provide evidence that leadership change can break the cycle of escalation by enhancing leader-driven team reflection and refocusing the team on error correction instead of additional investment. We discuss how the results of these studies extend existing theory and add to our understanding of the important role leaders play in enhancing team adaptation and preventing team escalation.     

The need for knowledge modification in technology change: a framework to consider changes in domain complexity,knowledge and productivity

This paper researches productivity in relation to domain complexity and the present knowledge capacity in an organisational context. The study is based on five very different case studies. Three studies are conducted in Denmark, Germany, Mexico and China and are related to knowledge transfer in the relocation of manufacturing facilities. Two studies investigate operation and automation of oil and gas production in the North Sea. The case study method involves semi-structured interviews, surveys, an analysis of historical production data and observations. Based on the findings from the field studies, the paper develops a conceptual framework that management can use for discussions of productivity, development of knowledge and design of learning programmes when considering changes in the complexity of a domain or a change in knowledge.