Abstract:In this paper，we investigate how institutional ownership，liquidity and their interaction term affect the information efficiency． Based on three different metrics，the study shows that increasing the proportion of institutional ownership and raising the level of liquidity will promote information efficiency． Further，by introducing the interaction-term of institutional ownership and liquidity into the regression model，we find an interesting phenomenon in the stock market of China: With the rise of the liquidity level，increase in institutional holding proportion will harm information efficiency in some ways． This is probably because along with high trading volume，the fact that institutional investors use private information to buy additional shares will be easily obtained by other investors． Their imitational behavior will reduce the private information reflected by price，thus weakening the efficiency of information．

Abstract:Based on resource dependence theory，this study explores the antecedents and outcomes of new ventures’political behaviors especially by focusing intentions of graft to win backup when new ventures deal with government and public official departments． The empirical study based on China’s Panel Study of Entrepreneurial Dynamics finds that，the intention to graft is positively related to the new ventures’initial performance．Among multi-levels’antecedents of graft intention，it finds that，at the macro level，new ventures in munificent environment and located in developed markets have less intention to graft; at the firm level，new ventures with innovative products and services and enter a broader scope of market，show a lower intention to graft; at the individual level，entrepreneurial self efficacy and ethical beliefs are negatively related to graft intention．This study contributes to the implication of resource dependence theory in the management field and researches on firm political behaviors in a transition economy．

Abstract:This paper proposes a flexible and enhanced hybrid three-stage model for efficiency measure，ＲAMSFA-RAM，without the mandatory adjustment of the effects of environment factors and statistical noise，which is based on the comprehensive discussions and review of extant hybrid three-stage models for efficiency measure with adjustments for the effects of contextual environment and statistical noise． In contrast to the existing models，our hybrid model not only obeys the non-linear productive functional relationship between the environmental factors and slacks in estimating slacks and in adjusting the inputs and outputs to reduce the bias of efficiency estimation，but also takes advantage of the ＲAM which can present a new approach of adjusting the different effects of environmental factors and statistic noise based on both inputs and outputs． More importantly，our model takes full advantage of the translation invariance of the ＲAM to deal with the non-positive values，which can only work for existing models by arbitrary positive adjustments in virtue of the maximum or minimum of estimated slack datasets，and avoids the bias of efficiency estimation． In the empirical study，this article applies this new model to measure the research and development efficiency of large-and mediumsized industrial enterprises at China’s provincial level，to show that our method presents a feasible modelling approach of objectively comparing efficiency scores．

Abstract:Order allocation is one of the most critical activities in purchasing management in a supply chain． In real situations，order allocation includes much uncertain information and supply disruption． In order to solve the problem，a fuzzy linear/nonlinear programming and scenario analysis are developed． Finally，a numerical example is given to illustrate the proposed model．

Abstract:A growing body of researchers studied the conflicts in organizations，such as psychological contract breach，abusive supervision and counterproductive work behaviors． But it was still difficult to explain the concatenated mistreatments among organizational agents，managers and employees． Drawing on social learning theory，we examined the mediated and moderated relationships among them． Ｒegression analysis of data of two samples from 466 managers and their subordinates revealed that abusive supervision mediated the relationship between manager perceived psychological contract breach and their subordinates’counterproductive work behaviors; Subordinate’s job mobility and locus of control moderated the abusive supervision-counterproductive work behaviors relationship; Manager’s negative reciprocity and perceived organization politics moderated the psychological contract breach-abusive supervision relationship． We discussed the implications of our finding for both theories and practices．

Abstract:The phenomena of high initial IPO returns and poor long-term returns are popular in China’s stock market，and the traditional rational financial theory is unable to explain such phenomena at the same time． In this paper，based on the behavioral financial theory，from the perspective of investor sentiment and disagreement，we construct a buy-sell imbalance( BSI) index，using initial IPO from the investors’trading data，to represent investor sentiment to study these IPO phenomena in China． We find that investors’sentiment and disagreement both have significant positive impacts on the initial returns，and when the disagreement is big，the impact of sentiment is more serious． Meanwhile，sentiment has significant positive impact on the long-term abnormal return，but disagreement has no such impact． This paper provides explanations to the IPO puzzle in China’s stock market from the perspective of individual investors’irrational biases．

Abstract:The phenomena of high initial IPO returns and poor long-term returns are popular in China’s stock market，and the traditional rational financial theory is unable to explain such phenomena at the same time． In this paper，based on the behavioral financial theory，from the perspective of investor sentiment and disagreement，we construct a buy-sell imbalance( BSI) index，using initial IPO from the investors’trading data，to represent investor sentiment to study these IPO phenomena in China． We find that investors’sentiment and disagreement both have significant positive impacts on the initial returns，and when the disagreement is big，the impact of sentiment is more serious． Meanwhile，sentiment has significant positive impact on the long-term abnormal return，but disagreement has no such impact． This paper provides explanations to the IPO puzzle in China’s stock market from the perspective of individual investors’irrational biases．

Abstract:We examine how fund ownership and trading contribute to the firm-specific information measured by the stock return synchronicity． Based on hand-collected fund trading data，we find only when the fund ownership of a firm is high，is the fund ownership positively associated with the information contained in the stock price，which reduces the return synchronicity． In addition，we find the fund trading can directly incorporate information into the stock price and lower the stock return synchronicity． Moreover，this negative relationship between fund trading and synchronicity is from the buy-side rather than sell-side． Information transparency of big firms is better，funds’trading on big firms can reveal more firm-specific information，and has a greater impact on synchronicity． Overall，fund ownership and trading behavior can improve the information environment of listed firms and the efficiency of the capital market．

Abstract:With global competition of the financial sector and financial deregulation，commercial banks are facing increasing operational risk which has become the focus of attention． Therefore，reliable operational risk measurement is becoming increasingly important for commercial banks and other financial institutions． In this paper，nonparametric methods based on heavy-tailed distributions are applied to operational risk measurement．The main advantage of these nonparametric methods is that there are no assumptions made about the shape of loss distributions． It avoids estimate deviation caused by unwittingly mis-specified models． Meanwhile，according to the characteristics of heavy-tailed distributions，a new method to estimate the mean of loss distributions is put forward，and the adjusted mean focuses more on the tail part of loss distributions． The empirical results demonstrate that the adjusted mean exceeds the sample mean，which is in more conformity with the right heavy-tailed distributions’characteristics． This paper employs non-parametric approaches and constructs a consistent and unbiased point and interval estimates for VaＲ． It has overcome the weakness of underestimating of traditional VaR． We discuss three methods of estimating confidence intervals to improve the accuracy of risk measurement． As a consequence，DT ( Data Tilting) interval estimates turned out to be the best．

Abstract:The data in the bank customer’s credit scoring often include lots of missing values，which affect the modeling performance to a large extent． To overcome the deficiencies of existing models，this paper proposes a dynamic classifier ensemble selection model for missing values ( DCESM) ． The model can make full use of the information included in the dataset and does not need to pre-process the missing values before training the model，which decreases the dependence on the hypothesis for data missing mechanism and distribution model．Two credit scoring datasets on bank credit card business from UCI database were selected for our empirical analysis．The results show that the DCESM model outperformed four imputation-based multi-classifiers ensemble models and one ensemble model for missing values