Sino-European relations are not only mutually beneficial, but also mutually transformational The redistribution of global power has changed the relations between the great powers and invites them to reconsider their d...Sino-European relations are not only mutually beneficial, but also mutually transformational The redistribution of global power has changed the relations between the great powers and invites them to reconsider their diplomatic priorities. In the aftermath of World War II, the future of Europe was proactively shaped by the United States,展开更多
The Ministry of Commerce(MOFCOM)issued on January 9 the 13th Five-Year Plan(2016-20)for the Development of Foreign Trade,which requires the vigorous fostering of transnational corporations.In recent years, cases such ...The Ministry of Commerce(MOFCOM)issued on January 9 the 13th Five-Year Plan(2016-20)for the Development of Foreign Trade,which requires the vigorous fostering of transnational corporations.In recent years, cases such as Geely purchasing Volvo,Midea purchasing Kuka and Wanda purchasing Legendary Pictures indicate Chinese businesses’rising enthusiasm for outbound investment,and crossborder mergers have become one of展开更多
This article examines the relationship among subjective well-being(SWB),income and education in China through self-perceived social status.Men and women appear to use different socioeconomic markers to determine their...This article examines the relationship among subjective well-being(SWB),income and education in China through self-perceived social status.Men and women appear to use different socioeconomic markers to determine their self-perceived social status,which ultimately affects their subjective reports of well-being.By using the data from the 2010 China General Social Survey(CGSS),this study finds a positive association between income and SWB for women.The result also shows a positive association between education and SWB for men.Moreover,for women self-perceived social status is a strong mediator of income and happiness;while for men,selfperceived social status mediates the relationship between education and SWB.This study highlights the importance of the cultural influence in understanding the differences in self-perceived social status outcomes by gender and how these differences ultimately influence the subjective measures of well-being in China.展开更多
这研究在中国的大陆在中国、美国的经理之中检验 intra 文化、两种以上文化之间的组织上的冲突的原因。我们调查了在一样的文化的成员之间的冲突在不同文化的成员之间的 intra 文化的冲突和冲突两种以上文化之间的冲突。Intra 文化上，...这研究在中国的大陆在中国、美国的经理之中检验 intra 文化、两种以上文化之间的组织上的冲突的原因。我们调查了在一样的文化的成员之间的冲突在不同文化的成员之间的 intra 文化的冲突和冲突两种以上文化之间的冲突。Intra 文化上，美国人和汉语作为冲突的原因的一种重要尺寸注意了私利。内部文化上，美国人和汉语作为冲突的原因的一种重要尺寸注意了文化差别。美国、中国的尺寸的类似比差别更惹人注目。intra 文化的调查结果在私利对另外的兴趣上增强早西方的冲突 theoriesfocusing 的有效性。展开更多
China is neither a "blank sheet of paper" nor an immutable monolith, but an immense living palimpsest upon which the most recent narratives cover but do not erase the underlying strata accumulated through mi...China is neither a "blank sheet of paper" nor an immutable monolith, but an immense living palimpsest upon which the most recent narratives cover but do not erase the underlying strata accumulated through millennia. One of the most significant marks of the Chinese identity, the Chinese writing system, is both hypermodern and antique,展开更多
Although the benefits of auditing are uncontroversial in developed markets,there is scant evidence about its effect in emerging economies.Auditing derives its value by increasing the credibility of financial statement...Although the benefits of auditing are uncontroversial in developed markets,there is scant evidence about its effect in emerging economies.Auditing derives its value by increasing the credibility of financial statements,which in turn increases investors’reliance on them in developed markets.Financial statement information is common to all investors and therefore increased reliance on it should reduce divergence in investors’assessment of firm value.We examine the effect of interim auditing on inter-investor divergence with a large sample of listed Chinese firms and find that it decreases more for firms whose reports are audited compared to non-audited firms.This finding suggests that investors rely more on audited financial information.Results of this study are robust to variations in event window length and specification of empirical measures.展开更多
Measuring the information environment of firms using analyst(price)forecast bias and forecast dispersion before listing,we empirically examine the interactive influence of the information environment and market-wide s...Measuring the information environment of firms using analyst(price)forecast bias and forecast dispersion before listing,we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings(IPOs).We find the smaller the analyst forecast bias/dispersion,the lower the effect market-wide sentiment has on IPO initial returns.This finding indicates that information asymmetry is a basic reason for noise trading occurs and demonstrates the positive effect of financial analysts during IPOs.In addition,the effect of analyst forecasts is more pronounced during periods of rising markets and when IPO prices are not regulated.展开更多
This paper considers the cost structure, profitability and productivity of the Chinese textile industry and estimates the impacts of RMB appreciation on this industry. Using data for 1999-2006, we found that the indus...This paper considers the cost structure, profitability and productivity of the Chinese textile industry and estimates the impacts of RMB appreciation on this industry. Using data for 1999-2006, we found that the industry has suffered from very low profit margins and returns on capital. Because input prices have been increasing, particularly since 2001, generating profits has become more difficult for the industry. Nevertheless, the industry achieved substantial productivity growth over the period examined. Although at an inadequate level the proJ^tability of the industry did show some signs of improvement. As long as this trend continues, the industry could obtain a decent level of profitability. Since 2005, however, the industry has faced a new challenge： the appreciation of the RMB. Based on 2006 data, we estimated the maximum rate of RMB appreciation that the industry would be able to sustain to be approximately 5percent a year.展开更多
Since the seminal JFE paper published by Jensen and Meckling in 1976(Jensen and Meckling,1976)the agency theory has been widely applied in numerous studies in the fields of corporate finance and accounting.Meanwhile,m...Since the seminal JFE paper published by Jensen and Meckling in 1976(Jensen and Meckling,1976)the agency theory has been widely applied in numerous studies in the fields of corporate finance and accounting.Meanwhile,many researchers also notice that the conflicts between the principal(shareholder)and the agent(manager)may not be the predominant issue in most of the firms around the world,since the dispersed shareholding and separation between ownership and management are relatively uncommon phenomenon,limited to certain type of firms(listed firms)and to certain countries(like the USA).展开更多
We study the effect of state control on capital allocation and investment in China, where the government screens prospective stock issuers. We find that state firms are more likely to obtain government approval to con...We study the effect of state control on capital allocation and investment in China, where the government screens prospective stock issuers. We find that state firms are more likely to obtain government approval to conduct seasoned equity offerings than non-state firms. Further, non-state firms exhibit greater sensitivities of subsequent investment and stock performance to regulatory decisions on stock issuances than state firms. Our work suggests that state control of capital access distorts resource allocation and impedes the growth of non-state firms. We also provide robust evidence that financial constraints cause underinvestment.展开更多
China and the United States are still in a position to master their national destiny. The transnational financial markets, the fluctuations of oil, gas or food prices and the constraints of a multi-polar geopolitical ...China and the United States are still in a position to master their national destiny. The transnational financial markets, the fluctuations of oil, gas or food prices and the constraints of a multi-polar geopolitical order exert an impact on their economies, but do not command their policies. In a globalizing world, they act while the others react. The vital importance of their bilateral relations is obvious.展开更多
Blockchain is a ground-breaking technology that is transforming supply chain management.This study aims to empirically investigate the impacts of blockchain technology on consumer behavior.We conduct this research in ...Blockchain is a ground-breaking technology that is transforming supply chain management.This study aims to empirically investigate the impacts of blockchain technology on consumer behavior.We conduct this research in collaboration with a Chinese e-commerce company that has introduced a blockchain platform for tracing.We use a multimethod design by combining natural experiment-and case study methods.First,we collected data from four industries(i.e.milk powder,seafood,alcohol and nutrition)to conduct the experiment,and the findings reveal that the firms that adopted the blockchain tracing system have an increase in product sales and a decrease in product returns compared to those that did not.Second,we conducted a multiple case study with four cases from the four industries.The findings reveal that the adoption of a blockchain tracing system improves supply chain transparency and process management,which then enhances consumer service and trust.This study contributes to the literature by providing empirical evidence that adopting blockchain technology can improve firms’marketing performance.The findings also reveal how the adoption of blockchain technology affects consumer behavior.展开更多
U.S. pivot to Asia ignores larger economic issues Thirteen years ago, Andrew W.Marshall,the most influential Pentagon strategist,endorsed the Asia 2025 report in which the scenario
This study examines the key human resources factors that affect volunteers＇ service performance from the perspectives of volunteers and managers in the Beijing Summer Olympic Games of 2008. Survey data were collected...This study examines the key human resources factors that affect volunteers＇ service performance from the perspectives of volunteers and managers in the Beijing Summer Olympic Games of 2008. Survey data were collected from 1,727 volunteers and 243 managers at the Beijing Olympics test events held at 10 venues between November 2007 and April 2008. Regression analyses and a moderation test were combined to test the hypotheses. A set of high performance work systems （HPWS） for volunteers in the Beijing Summer Olympic Games were developed which include performance management, training, recognition, teamwork and volunteer participation. Volunteer HPWS were positively related to psychological empowerment, which was in turn positively related to service recovery performance. Moreover, transformational leadership moderates the relationship between volunteer HPWS and psychological empowerment in such a way that the relationship is stronger when transformational leadership is at a higher level than when it is at a lower level.Implications and limitations were also discussed.展开更多
China now seems to be playing an increasingly important role in the international arena. David Gosset of the Shanghai-based China Europe International Business School analyzes "a new world with Chinese characteri...China now seems to be playing an increasingly important role in the international arena. David Gosset of the Shanghai-based China Europe International Business School analyzes "a new world with Chinese characteristics." He also points out that Westerners should reflect on their prejudices about China and "look at China as a living matrix of a civilization that is already shaping our time." His main ideas follow:展开更多
文摘Sino-European relations are not only mutually beneficial, but also mutually transformational The redistribution of global power has changed the relations between the great powers and invites them to reconsider their diplomatic priorities. In the aftermath of World War II, the future of Europe was proactively shaped by the United States,
文摘The Ministry of Commerce(MOFCOM)issued on January 9 the 13th Five-Year Plan(2016-20)for the Development of Foreign Trade,which requires the vigorous fostering of transnational corporations.In recent years, cases such as Geely purchasing Volvo,Midea purchasing Kuka and Wanda purchasing Legendary Pictures indicate Chinese businesses’rising enthusiasm for outbound investment,and crossborder mergers have become one of
基金The study is supported by the Chinese National Natural Science Foundation(China)[grant number 71202147,71372161,and 71772176]the Fundamental Research Funds for the Central Universitiesthe Research Funds of Renmin University of China(China)[grant number 14XNI003].
文摘This article examines the relationship among subjective well-being(SWB),income and education in China through self-perceived social status.Men and women appear to use different socioeconomic markers to determine their self-perceived social status,which ultimately affects their subjective reports of well-being.By using the data from the 2010 China General Social Survey(CGSS),this study finds a positive association between income and SWB for women.The result also shows a positive association between education and SWB for men.Moreover,for women self-perceived social status is a strong mediator of income and happiness;while for men,selfperceived social status mediates the relationship between education and SWB.This study highlights the importance of the cultural influence in understanding the differences in self-perceived social status outcomes by gender and how these differences ultimately influence the subjective measures of well-being in China.
文摘这研究在中国的大陆在中国、美国的经理之中检验 intra 文化、两种以上文化之间的组织上的冲突的原因。我们调查了在一样的文化的成员之间的冲突在不同文化的成员之间的 intra 文化的冲突和冲突两种以上文化之间的冲突。Intra 文化上，美国人和汉语作为冲突的原因的一种重要尺寸注意了私利。内部文化上，美国人和汉语作为冲突的原因的一种重要尺寸注意了文化差别。美国、中国的尺寸的类似比差别更惹人注目。intra 文化的调查结果在私利对另外的兴趣上增强早西方的冲突 theoriesfocusing 的有效性。
文摘China is neither a "blank sheet of paper" nor an immutable monolith, but an immense living palimpsest upon which the most recent narratives cover but do not erase the underlying strata accumulated through millennia. One of the most significant marks of the Chinese identity, the Chinese writing system, is both hypermodern and antique,
文摘Although the benefits of auditing are uncontroversial in developed markets,there is scant evidence about its effect in emerging economies.Auditing derives its value by increasing the credibility of financial statements,which in turn increases investors’reliance on them in developed markets.Financial statement information is common to all investors and therefore increased reliance on it should reduce divergence in investors’assessment of firm value.We examine the effect of interim auditing on inter-investor divergence with a large sample of listed Chinese firms and find that it decreases more for firms whose reports are audited compared to non-audited firms.This finding suggests that investors rely more on audited financial information.Results of this study are robust to variations in event window length and specification of empirical measures.
基金sponsored by the Institute of Finance and Accounting at Shanghai University of Finance and Economics,National Natural Science Foundation of China(Project No.71172144)Major Project of Ministry of Education,Humanities and Social Science Research Base(Project No.11JJD790055)Program for New Century Excellent Talents in University(Project No.NCET-12-0902)
文摘Measuring the information environment of firms using analyst(price)forecast bias and forecast dispersion before listing,we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings(IPOs).We find the smaller the analyst forecast bias/dispersion,the lower the effect market-wide sentiment has on IPO initial returns.This finding indicates that information asymmetry is a basic reason for noise trading occurs and demonstrates the positive effect of financial analysts during IPOs.In addition,the effect of analyst forecasts is more pronounced during periods of rising markets and when IPO prices are not regulated.
基金Financial support through a research grant from the China Europe International Business School is gratefully acknowledged
文摘This paper considers the cost structure, profitability and productivity of the Chinese textile industry and estimates the impacts of RMB appreciation on this industry. Using data for 1999-2006, we found that the industry has suffered from very low profit margins and returns on capital. Because input prices have been increasing, particularly since 2001, generating profits has become more difficult for the industry. Nevertheless, the industry achieved substantial productivity growth over the period examined. Although at an inadequate level the proJ^tability of the industry did show some signs of improvement. As long as this trend continues, the industry could obtain a decent level of profitability. Since 2005, however, the industry has faced a new challenge： the appreciation of the RMB. Based on 2006 data, we estimated the maximum rate of RMB appreciation that the industry would be able to sustain to be approximately 5percent a year.
文摘Since the seminal JFE paper published by Jensen and Meckling in 1976(Jensen and Meckling,1976)the agency theory has been widely applied in numerous studies in the fields of corporate finance and accounting.Meanwhile,many researchers also notice that the conflicts between the principal(shareholder)and the agent(manager)may not be the predominant issue in most of the firms around the world,since the dispersed shareholding and separation between ownership and management are relatively uncommon phenomenon,limited to certain type of firms(listed firms)and to certain countries(like the USA).
基金the City University of Hong Kong (Grant No. 7200080)
文摘We study the effect of state control on capital allocation and investment in China, where the government screens prospective stock issuers. We find that state firms are more likely to obtain government approval to conduct seasoned equity offerings than non-state firms. Further, non-state firms exhibit greater sensitivities of subsequent investment and stock performance to regulatory decisions on stock issuances than state firms. Our work suggests that state control of capital access distorts resource allocation and impedes the growth of non-state firms. We also provide robust evidence that financial constraints cause underinvestment.
文摘China and the United States are still in a position to master their national destiny. The transnational financial markets, the fluctuations of oil, gas or food prices and the constraints of a multi-polar geopolitical order exert an impact on their economies, but do not command their policies. In a globalizing world, they act while the others react. The vital importance of their bilateral relations is obvious.
文摘Blockchain is a ground-breaking technology that is transforming supply chain management.This study aims to empirically investigate the impacts of blockchain technology on consumer behavior.We conduct this research in collaboration with a Chinese e-commerce company that has introduced a blockchain platform for tracing.We use a multimethod design by combining natural experiment-and case study methods.First,we collected data from four industries(i.e.milk powder,seafood,alcohol and nutrition)to conduct the experiment,and the findings reveal that the firms that adopted the blockchain tracing system have an increase in product sales and a decrease in product returns compared to those that did not.Second,we conducted a multiple case study with four cases from the four industries.The findings reveal that the adoption of a blockchain tracing system improves supply chain transparency and process management,which then enhances consumer service and trust.This study contributes to the literature by providing empirical evidence that adopting blockchain technology can improve firms’marketing performance.The findings also reveal how the adoption of blockchain technology affects consumer behavior.
文摘U.S. pivot to Asia ignores larger economic issues Thirteen years ago, Andrew W.Marshall,the most influential Pentagon strategist,endorsed the Asia 2025 report in which the scenario
文摘This study examines the key human resources factors that affect volunteers＇ service performance from the perspectives of volunteers and managers in the Beijing Summer Olympic Games of 2008. Survey data were collected from 1,727 volunteers and 243 managers at the Beijing Olympics test events held at 10 venues between November 2007 and April 2008. Regression analyses and a moderation test were combined to test the hypotheses. A set of high performance work systems （HPWS） for volunteers in the Beijing Summer Olympic Games were developed which include performance management, training, recognition, teamwork and volunteer participation. Volunteer HPWS were positively related to psychological empowerment, which was in turn positively related to service recovery performance. Moreover, transformational leadership moderates the relationship between volunteer HPWS and psychological empowerment in such a way that the relationship is stronger when transformational leadership is at a higher level than when it is at a lower level.Implications and limitations were also discussed.
文摘China now seems to be playing an increasingly important role in the international arena. David Gosset of the Shanghai-based China Europe International Business School analyzes "a new world with Chinese characteristics." He also points out that Westerners should reflect on their prejudices about China and "look at China as a living matrix of a civilization that is already shaping our time." His main ideas follow:
