In recent studies, numerous anomalies against the weak and semi-strong-forms of efficient market hypothesis have been found insignificant after controlling the small-firm effect. We investigate whether the insider trading anomaly, a major anomaly against the strong-form of EMH, can survive after excluding small firms with a novel data set and document several new findings. We find a substantially larger number of insider purchases than sales, while the average volume of insider sales is much higher than the average volume of insider (...) purchases. Echoing recent US studies, we find that insider sales generate more abnormal returns than insider purchases do. We find much lower abnormal returns from insider trading than documented in the literature and the associated trading costs, which suggests that the market efficiency of individual stocks may depend on their sizes, and even the strong-form of EMH holds to a larger extent than previously recognized. (shrink)

Since 2019, the COVID-19 pandemic, as a global public health emergency, has led to stringency measures of various degrees worldwide. As these measures such as social distancing measures and mandatory lockdown are intended to minimize social mobility, they have exerted remarkable impact on individuals’ mental health, particularly, adolescents and children. The mental health problems caused include fear, anxiety, sense of isolation and development of more maladaptive behaviors due to prolonged lockdown and restricted interpersonal contact. However, well adaption status and stable (...) interpersonal relationships play an important role in maintaining and promoting the mental health of adolescents and children. This study aims to gain a new sight of understanding of the mental health quality of Chinese adolescents during the COVID-19 Pandemic in terms of adaptation and interpersonal quality. The study is based on a survey on a total of 7,318 junior and senior high school students aged 12–18 years in various regions of China, and intended to examine the differences in adolescent mental health quality by sociodemographic variables such as gender, grade, urban and rural areas, only child, and parental education level. Our study finds that Chinese adolescents show an overall good adaptation and interpersonal quality during the lockdown. However there exists disparity across different categories in developmental patterns of adaptation and interpersonal quality. In addition, good family environment, moderate financial and emotional support, higher parental education level, etc. contribute to the cultivation and improvement of adolescents’ mental health quality. Finally, we suggest that the government and researchers should pay more attention to adolescents’ mental health issues in terms of adaption status and interpersonal relationships during the COVID-19 pandemic, especially for disadvantaged social groups such as girls, younger students, and low-income family students. (shrink)

本书集合了中德专家学者对启蒙思想的内涵、启蒙与宗教的关系的研究成果。收录了《启蒙的主体》、《宽容是人类独有的财富——启蒙时代的理性概念和普遍主义》、《中国，启蒙何用？》、《启蒙与宗教》、《千万不要跟我 们谈康德！》等研究论文。.

Understanding the changing role of central banks and their recent novel policies is essential for analysing many economic and financial issues, ranging from financial regulation and crisis, to exchange rate dynamics and regime changes, and QE and prolonged low interest rates. This book features contributions by the world's leading experts on central banking, providing in accessible essays a fascinating review of today's key issues for central banks. Luminaries including Stephen Cecchetti, Takatoshi Ito, Anil Kashyap, Mervyn King, Donald Kohn, Otmar Issing (...) and Hyun Shin are joined by Charles Goodhart of the London School of Economics and Political Science, whose many achievements in the field of central banking are honoured as the inspiration for this book. The Changing Fortunes of Central Banking discusses the developing role of central banks in seeking monetary and financial stabilisation, while also giving suggestions for model strategies. This comprehensive review will appeal to central bankers, financial supervisors and academics. (shrink)

Firms located in communities in which people are, on average, more trusting enjoy some benefits in terms of the power of CEO contracts. We present two pieces of empirical evidence to support this claim: (1) higher average trust in a county is associated with “flatter” executive contracts and (2) when an exogenous shock occurs (such as a scandal involving an important social institution), both trust and contracting move in similar directions. We obtain the first result in a panel specification and (...) the second in a “difference-in-difference” specification that uses the revelation of sex scandals involving the Catholic Church across different U.S. localities. (shrink)

Companies that use online group-buying to get new business expansion opportunities at a price advantage are failing. Therefore, there is a need to develop new marketing strategies for group-buying companies to achieve market share and consumer favor. Given that consumers are society members, we used the social interaction theory to investigate the combination of factors that stimulate consumers’ purchase intentions. Fuzzy-set Qualitative Comparative Analysis was performed to evaluate different strategy configurations of social interaction elements, perceived quality, benefits and trust to (...) promote purchase decisions from 406 group-buying consumer questionnaires. We revealed four pathways with different configurations that can prompt consumers to make group-buying decisions: information strategy, Word-of-Mouth strategy, sense of community strategy, as well as combining Word-of-Mouth and sense of community strategy. These strategies provide viable approaches through which group-buying companies can rationally use marketing programs to promote consumers’ purchase intentions. (shrink)

This commentary places Jussim in dialogue with sociological perspectives on social reality and the political-academic nature of scientific paradigms. Specifically, we highlight how institutions, observers, and what is being observed intersect, and discuss the implications of this intersection on measurement within the social world. We then identify similarities between Jussim's specific narrative regarding social perception research, with noted patterns of scientific change.

French phenomenology In order to explore the nature of a perception and imagination while viewing, to achieve and not let those who can see can see who links to a "depth." Things, "depth" is not the result of subjective fiction, but there's show. There - imagine making a special show of images, that is, the image-type material, to appear; to explain this "image-type material" can be nervous with the Christian school in Christ's "holy body" of the analog. Finally, the subjective (...) universe, perhaps imagine themselves encountered the phenomenon of apparent natural mode, this apparent pattern is known as the United States. The French phenomenology has explored a perceptive and imagining vision at the same time on Nature which reaches a "depth" where the visible joins the invisible. This "depth" of things is not a result of a subjective fiction but catches a manifestation of Being. The onto-phanic imagination ever since makes appear a particular image, the imaginal, which we can explicate by an analogy with the "glorious body" of Christ in the Christian theology. Finally, this subjective imagination of cosmos maybe encounters a mode of phenomenal appearing of Nature itself which can be called the beauty. (shrink)

The present study explores the underlying mechanism of the relationship between college students’ social anxiety and mobile phone addiction. Adopting college students’ social anxiety scale, regulatory emotional self-efficacy scale, subjective well-being scale and mobile phone addiction scale, this research tested valid samples of 680 Chinese college students. The results indicated that social anxiety exerted a significant and positive impact on mobile phone addiction. Regulatory emotional self-efficacy played a partial mediating role between social anxiety and mobile phone addiction. Subjective well-being also (...) played a partial mediating role between social anxiety and mobile phone addiction. Moreover, both regulatory emotional self-efficacy and subjective well-being were found to play a chain mediating role between social anxiety and mobile phone addiction. The study provides valuable insights into the impact of college students’ social anxiety on mobile phone addiction. (shrink)

Emotion regulation plays a vital role in individuals’ well-being and successful functioning. In this study, we attempted to develop a computerized adaptive testing to efficiently evaluate ER, namely the CAT-ER. The initial CAT-ER item bank comprised 154 items from six commonly used ER scales, which were completed by 887 participants recruited in China. We conducted unidimensionality testing, item response theory model comparison and selection, and IRT item analysis including local independence, item fit, differential item functioning, and item discrimination. Sixty-three items (...) with good psychometric properties were retained in the final CAT-ER. Then, two CAT simulation studies were implemented to assess the CAT-ER, which revealed that the CAT-ER developed in this study performed reasonably well, considering that it greatly lessened the test items and time without losing measurement accuracy. (shrink)

Reinforcement learning relies on the reward prediction error (RPE) signals conveyed by the midbrain dopamine system. Previous studies showed that dopamine plays an important role in both positive and negative reinforcement. However, whether various reinforcement processes will induce distinct learning signals is still unclear. In a probabilistic learning task, we examined RPE signals in different reinforcement types using an electrophysiology index, namely, the feedback-related negativity (FRN). Ninety-four participants were randomly assigned into four groups: base (no money incentive), positive reinforcement (presentation (...) of money rewards), negative reinforcement (removal of money losses), and combined reinforcement (money rewards and removal of money losses) groups. In addition, in order to evaluate the engagement of emotional activity in the different reinforcement processes, Positive and Negative Affect Schedule-Expanded Form (PANAS-X) scales were applied before and after the experiment to detect the emotional changes. The results showed that there was no difference between groups in the dopamine-related learning bias. However, compared to the other three groups, negative reinforcement elicited smaller FRN (the difference-wave measure) during the learning, stronger positive affect and joviality, and less fatigue after the learning, in which the difference between the negative and positive reinforcement groups was smaller. The results indicated that pure avoidance motivation may induce distinct emotional fluctuations, which influence the feedback processing. (shrink)

As heritage is the precious treasure of human society, heritage also carries the genes of culture. It is of vital importance to effectively develop heritage tourism resources and explore the mechanisms that influence tourists’ cultural identity. This study has integrated the stimulus-organism-response framework with the attitude-behavior-context theory to construct a hypothetical model of heritage tourism aesthetics, tourist involvement, mental experience, and cultural identity so as to figure out their relationships. The questionnaires were collected to investigate the impact paths and mechanisms (...) between heritage aesthetics, tourist involvement, mental experience, and cultural identity. The structural equation model was used to examine the relationship between heritage tourism aesthetics, tourist involvement, mental experience, and cultural identity. The main findings include: the positive impact of aesthetics driving mental experience and cultural identity is significant; the impact of tourist involvement on mental experience and cultural identity is also significant; the impact of aesthetics on cultural identity is not significant, but mental experience mediates the relationship between aesthetics and cultural identity in heritage tourism. This study provides a new research framework and perspective for the aesthetics, tourist involvement, mental experience, and cultural identity of tourists in heritage tourism. This study also provides practical implications for government culture sectors to propagandize culture and for heritage destination managers to better manage heritage sites. (shrink)

Informing children about their HIV status is a complex challenge and the most difficult part for parents and health care providers. As more children with HIV reaching adolescence and adulthood, the...

这是一本为军事学研究生和广大军事思想史爱好者撰写的教材性的学术著作,对中国历代军事思想发展的时代背景、基本内涵、发展轨迹、历史地位等进行了提纲挈领的总结与论述,是军事科学院中国历代战略研究室研究人员多 年从事中国历代军事思想研究和教学的理论结晶。.

Although considerable attention has been paid to the application of leadership in virtual communities, the field of live streaming has not been involved. This exploratory study aimed to explore how different broadcaster leadership traits influence audiences’ loyalty. And audience self-construal was chosen as a key moderator. The top 15 broadcasters from the regional rankings were selected from each of the two popular live streaming platforms, Douyu and YouTube, for the study. And we used snowball sampling with a link to an (...) online questionnaire as a recruitment procedure. 310 audiences with live streaming experience from the Chinese Mainland and Taiwan participated. Hierarchical linear modeling was adopted for the analysis. This study found that broadcasters with servant and charismatic leadership traits positively affected cognitive loyalty. Broadcasters with servant leadership traits also had a positive effect on conative loyalty. Additionally, independent self-construal negatively moderated the relationship between servant leadership and cognitive loyalty. Independent self-construal positively moderated the relationship between authoritarian leadership and conative loyalty. Furthermore, interdependent self-construal negatively moderated the relationship between charismatic leadership and conative loyalty. Interdependent self-construal positively moderated the relationship between authoritarian leadership and conative loyalty. These conclusions extend the understanding of broadcasters’ traits and audiences’ psychology concerning the booming phenomenon of live streaming and can help platform managers motivate audiences’ loyalty on these platforms. (shrink)

The present study aims to delineate the working mechanism of prediction in sentence comprehension, by disentangling the influence of the facilitated general memory retrieval from the coexistent influence of the predicted language-specific semantic and/or syntactic information for the first time. The results support that prediction might influence the downstream cognitive processing in two aspects: the pre-activated information facilitates the retrieval of a matched input in memory and, the pre-activated information interacts with higher-level semantic/syntactic processing. More importantly, the present findings suggest (...) that these two types of influences seem to occur at different stages of sentence comprehension: the facilitated memory retrieval of the input modulates N400 amplitude and the latency of post-N400 late central-parietal positivity/P600, while the predicted semantic/syntactic information and/or their interactions modulate the amplitude of the late positivity. The present findings would be helpful for interpreting the underlying mechanism of observed effects in prediction studies. (shrink)

Jiwei Ci's Moral China in the Age of Reform is a landmark in our attempt to understand, diagnose, and provide solutions to the moral crisis in post-Mao China. It is difficult not to be deeply impressed by the perceptive observations, provocative claims, and sophisticated arguments Ci presents in this book. In my brief comment, I shall think with Ci on the relationship between the democratic and liberal components of a liberal democratic society on the one hand and that between the (...) right and the good on the other.Ci makes the claim that in the very idea of liberal democracy the liberal component has priority over the democratic component. What he means by this is that "members of a modern society … pursue... (shrink)

The notion of “agent bookkeeping” was proposed when the “Accounting Law of the People’s Republic of China” was updated in 1993. Since their business is specialized in serving small and micro-enterprises, this has created the industry characteristic of generally small in the size of company and low in the salary of employees in Chinese agent bookkeeping companies. Such characteristic results in a series of problems including negative work attitude of employees in the development process, which seriously limit the development of (...) Chinese agent bookkeeping companies. However, issues occurred in the development of agent bookkeeping, such as negative employee attitudes, which severely hampered the growth of Chinese agent bookkeeping companies. Therefore, a model of three dimensions of work attitude has been set up in this paper to demonstrate the working attitude of the staff of the agent bookkeeping companies in China’s Guangdong-Hong Kong-Macao Greater Bay Area, including emotional dimension, behavioral dimension, and cognitive dimension which consists of eight factors: work environment, career satisfaction, interpersonal relationship, role engagement, work vitality, responsibility attitude, emotional identity, and retention attitude. The result indicates that female employees outnumber male ones in agent bookkeeping companies, most employees have a low sense of belonging to the company, limited career development affects employees’ enthusiasm for work, work attitudes are influenced by mediocre work performance among employees with a graduate degree or higher. (shrink)

本书对从1949年到2007年五十多年大陆传统美学史研究著作进行了竭泽而渔的搜罗,作者不是为这些著作排座次,论高下,而是力求通过对其深入的剖析,寻找推进中国美学研究的新的生长点。.

本书是作者近年来部份研究成果共十三篇论文集结而成,主要分析近三百年来具有代表性的日本儒者对中国儒家经典的诠释,探讨极具东方文化特色的中国思维传统。.

東亞儒學的核心理念在於「仁」學，是兩千多年來東亞知識分子魂繫夢牽、不可逃避的精神與實踐課題。 本書從東亞視野，論述儒家「仁」學的涵義，以及中、日、韓三國對於儒家「仁」學的解釋與發展。全書共計十一章，分作四部，第一部「理論基礎」，主要闡釋東亞儒學研究方法論問題、東亞儒者在「去脈絡化」和「再脈絡化 」辯證互動中，對「仁」學的新詮釋；第二部「儒家『仁』學的起點與內涵」，從修身理論的核心概念出發，探討東亞儒家「仁」學思想的主要內涵；第三部「仁政理論及其實踐問題」，是從政治實踐的角度，將「仁政」、「王 道」、「革命」等問題置於中國、日本、朝鮮的儒學思想進行詳細考察；最後「結論」，是以東亞儒學四個人文精神：身心一如、自他圓融、天人合一、古今交融，總結前三部之論述內容。.

ObjectiveThis study aimed to investigate the multiple mediating effects of achievement motivation and subjective wellbeing between social support and individual occupational identity.MethodsQuestionnaire method was used in this study. 565 junior college students majoring in pre-school education were tested by social support scale, achievement motivation scale, subjective wellbeing scale, and occupational identity scale.Results There isn’t significant relationship between perceptions of social support and individual occupational identity. Achievement motivation and subjective wellbeing individually play a mediating role between social support and individual occupational (...) identity. Achievement motivation and subjective wellbeing play a chain mediating effect between elf-efficacy and individual occupational identity.ConclusionSocial support can indirectly predict professional identity of pre-school “would-be teachers” through the mediating effect of achievement motivation, subjective wellbeing and the chain mediating effect of achievement motivation and subjective wellbeing. (shrink)

This article examines the way in which the British press reported on typhoons that affected Hong Kong during the nineteenth and early twentieth centuries. Typhoons were a significant element in the narration of the British Empire, featuring frequently in British accounts of their involvements in the Far East, where Hong Kong was its only colony. I suggest that these accounts need to be considered alongside the consolidation of the ‘tropics’ as a region in British perceptions, and in doing so, this (...) article opens discussions of the study of tropicality to the consideration not just of climate, but also of the significance of singular weather events. This article argues that the cultural representations of typhoons in the British press were a tool of ‘othering’. In particular, there were two significant shifts around the 1880s in these reports. First, the term ‘typhoon’ became tied to these types of storms that affected Hong Kong. Second, the stories that were told about typhoon events emphasized British heroism and colonial management. Both these shifts in reporting stripped away the weather wisdom that British sailors had earlier identified in the local population. (shrink)