行为金融学的投资者风险偏好探析

行为金融学是在质疑经典金融理论关于投资者具有理性预期、风险回避和效用最大化的行为特征的前提假设中产生的。面对金融市场的异常现象,行为金融学引入心理学、行为学和社会学的研究成果与范式,指出投资者在面对不确定性进行决策时,由于个体认知方式与价值判断的不同,往往表现出不同的风险偏好而偏离经典金融理论的前提假设。因而投资者并不总是理性的,其行为经常出现非贝叶斯法则预期、风险追求和期望值的多样性。行为金融理论关于投资者风险决策偏好不完全理性的观点将为我国不够成熟的证券市场防范风险,健康有序地发展提供理论基础和管理对策的支持。     

Tamworth, Australia's ‘country music capital’: place marketing, rurality, and resident reactions

Since the 1970s, Tamworth has become well known as Australia's ‘country music capital’. Its annual Country and Western Music Festival has become the leading event of its type in Australia, attracting over 60,000 visitors every year. The festival, and country music more generally, have become central to the town's identity and tourism marketing strategies. This article discusses the social constructions that have surrounded Tamworth's transition to ‘country music capital’—of the ‘rural’, and of ‘country’—within the context of debates about the politics of place marketing. Textual analysis of promotional material and built landscapes reveals representations of rurality (or ‘senses of the rural’). In their most commercial form, representations of rurality converge on a dominant notion of ‘country’, quite different from the ‘countryside’ and ‘rural idyll’ in England. This dominant, or normative ‘country’ forms the basis of imagery for the festival, the Town's marketing strategy, and associated advertising campaigns by major sponsors. It is predominantly masculine, white, working class and nationalist. But links between musical style and discourses of place are complex. Colonial British histories, Celtic musical traditions and North American popular culture all inform ‘country’ in Tamworth, dissipating nationalist interpretations. Normative constructions also contrast with other, heterogeneous ruralities in Australia, that include the lived experiences of rural Australians, and on stage—in country music—where multiple ‘ruralised’ identities are performed. Even those who stand to benefit from place promotion have been uncertain about country music and ‘the country’, because of associated discourses of Tamworth as ‘hick’ and ‘redneck’. In the final section of the paper, reactions of residents to constructions of Tamworth as country music capital are discussed, via the results of a simple resident survey. In contrast to previous studies of the disempowering politics of place marketing, Tamworth residents were on the whole supportive of the new associations and images for the town, despite ‘hick’ connotations, as it has become a centre for ‘country’, and for country music. Reasons for this are explored, and resistances discussed. The result is a complex and entangled politics of national identity, gender, race and class, where meanings for place are variously interpreted and negotiated.     

The online news cycle and the continuous alteration of crisis frames: A Swedish case study on how the immediacy of online news affected the framing of the swine flu epidemic

Abstract

This explorative case study investigates how the continuous publication cycle and the immediacy of online news affected the Swedish news media framing of the swine flu epidemic between April and May 2009. The findings suggest that media framing changes continuously, several times a day, effectively painting different frames of the crisis. Consequently, an organization involved in this crisis may face stakeholders that have encountered contrasting frames depending on when they accessed the latest news. Furthermore, the results show that the speed of modifications seems to be highest in the initial stages of reporting when the flu was perceived as more dangerous. Because the crisis frames change constantly, this provides both a challenging crisis communication environment and an opportunity to influence and shape the frames by organizations that are aware of them and act swiftly.     

Class,place and mobility beyond the global city: stigmatisation and the cosmopolitanisation of the local

ABSTRACT

This paper draws on a multi-sited qualitative study of youth in regional Australia to explore the contemporary relationship between class, place attachment, and the imperative towards mobility and cosmopolitanism. The paper shows how local classed identities shape how young people situate themselves and their localities in relation to the rest of the world, and how experiences of mobility produce classed attachments to place. Here, place is made meaningful within the broader cultural politics of inequality in neoliberalism, in which the moral denigration of figures of the working class come to stand for the disadvantage currently associated with regional places. However local classed histories offer some young people the capacity for resistance, whilst others are unable to reframe their localities in positive terms. Moreover, whilst cosmopolitanism is a mode of classed distinction across the two research sites, this can be enacted either through practices of mobility, or through the repositioning of the local in cosmopolitan terms through the identity practices of middle-class youth. The paper therefore reveals new ways in which local social and economic histories offer young people different ways in which to relate to notions of mobility as well as to reconstruct the meaning of their home.     

Places,loss and logging among the Kamula

This paper outlines some of the relationships between Kamula understandings of embodied personhood and place. It seeks to supplement existing accounts of place in the Bosavi region of Papua New Guinea (PNG). Such understandings have largely been based on song, poetry and myth (Feld ; Schieffelin ). By way of contrast, this paper describes comparatively mundane Kamula experiences of place. The Kamula talk I consider emphasizes socially mediated forms of unification of person and place associated with notions of shared ‘appearance’, ‘equivalence’ and ‘enhancement’. Such terms are further explained by reference to Kamula understandings of the effects of losing a relationship with place. I conclude by showing how such understandings of loss are being deployed in Kamula demands for compensation from the state and logging companies. Through a discussion of these themes the paper contributes to the growing literature on the relationship between personhood, place and development in Papua New Guinea.     

Do People Actually Pursue Risk Elimination in Environmental Risk Management?

This study examines whether people pursue the total elimination of environmental risks even if the risk reduction occurs incrementally and requires steadily increasing amounts of money to achieve. Participants' willingness to pay (WTP) was measured for various levels of reduction in the risk of cancer caused by dioxin. Results showed that: (1) people were willing to pay more for an initial reduction in risk than for subsequent reductions, (2) the WTP for the final risk decrement-which achieved total risk elimination-was higher than the WTP for either of the two previous decrements but barely half of that for the first reduction, and (3) the manner in which the questions were framed did not affect participants' responses. These results suggest that the public will not always try to pursue perfect safety at the cost of a large sum of money, but rather may seek a decreasing expenditure as the risk level is reduced.     

The politics of place: Official,intermediate and community discourses in depopulated rural areas of Central Spain. The case of the Riaza river valley (Segovia,Spain)

This paper provides theoretical and methodological arguments to study the politics of space in small marginal and depopulated areas of Spain. The case for research is the Riaza river valley in the province of Segovia.     

Weapons of Mass Distraction: Magicianship,Misdirection, and the Dark Side of Legitimation1

Most discussions of legitimation focus on factors that are expected to contribute to it, such as tradition, expertise, or prosperity. Less attention has been paid to “the dark side” of legitimation, which depends heavily on evading attention. A potentially informative approach is to learn from professionals with special expertise in evading attention while making things “disappear”—magicians. Rather than seeking overt control over the audience, they perform in plain view, largely by using well‐timed distractions, or “misdirection.” Preliminary evidence suggests that similar techniques may be widely used in political contexts, with some of the most effective forms of misdirection involving diversionary reframing—diverting attention away from any questions about existing distributions of privilege, not by brute force, but by changing the subject, especially by raising questions about the legitimacy of critics. These and related techniques clearly deserve to be the focus of additional research.