Abstract:As an important corporate governance device, debt reduces agency problems among owners, managers, and employees, thus improves employee productivity. In the meanwhile, debt may increase bankrupt risk, decrease human capital investment and employee productivity. Using a panel of the listed manufacturing companies in China spanning from 1999-2014, we find that debt reduces employee productivity. The subsample analysis finds that, ceteris paribus, financial distress strengthens the negative effect of debt on employee productivity, and the negative effect is more significant in companies that are more dependent on human capital and in companies located in areas with better outside employment environments. Our paper suggests that the agency cost of debt will induce underinvestment of human capital, which depress employee productivity. Our research provides empirical evidences for the “Deleveraging” policy in China

Abstract:Based on the longitudinal case of chauffeured car services in China，this paper conducts a theoretical framework of the mechanism of how collective actions facilitating the institutional logics evolution.The results show that the evolution of the institutional logics in a institutional field is from separated to competed and to co-existed,which is facilitated by the differernt modes of collective actions, composed by the combinations of different strategy of agency and resource mobilization. The coordinated way of collective actions caused by the opportunity facilitate the arise of the new institutional logic,and the separating of the two competing institutional logics.The uncoordinated way of collective actionscaused by the hazy opportunity facilitate the conflicting of the two competing institutional logics.The re-coordinated way of collective actions caused by the opaque opportunity facilitate the co-existing of the two competing institutional logics.The paper reveals the mechanism of institutional logics evolution caused by collective actions,which provides a useful guidance for the development of new industries and collaborative governance of the traditional industries.

Abstract:Considering concentrated ownership，the unique tunneling behavior of controlling shareholders in China is studied． This study combines the“Entrenchment Effect”and“Bargaining Effect”to create a theoretical model on how anti-takeover provisions have affected the decision making of controlling shareholders and acquiring firms． From the minority shareholders'viewpoint，the mechanism and effect of anti-takeover provisions on shareholders'wealth，as well as the market for corporate control is explored． Subsequently，the numerical analysis supports our hypothesis． Ｒesults indicate the following: Firstly，due to the“Entrenchment Effect”，the controlling shareholder' s tunneling increases with the enhancement of anti-takeover defenses; Secondly，for acquiring firms with only one best bid price，bid prices typically increase with the degree of antitakeover defenses; Thirdly，increasing anti-takeover defenses usually result in a noticeable drop of the probability of takeover; Lastly，when takeover bargaining premiums are insufficient to offset the controlling shareholders’tunneling， enhancements to a company's anti-takeover defenses typically result in a decrease in minority shareholders'wealth．

Abstract:With a shortage of resources and perfect institutions，it is difficult for new ventures to obtain valuable resources． More and more researches study how entrepreneurs employ their political skills to develop potential resources hidden in the interpersonal network． In China，entrepreneurs’political skills ( EPSs) play a key role in the process of resource acquisition． By the strategies of rationality or emotionality，the entrepreneurs with high political skills can not only obtain organizational resources，but also can rely on affective inter-action to invoke organizational capabilities in daily practice． Using the mixed method research，this study first establishes a theoretical model with the quantitative method，and then further extends the model with the qualitative method in everyday workplace． The findings suggest that EPSs，which is the component of social competence，have effects on resource acquisition process through their strategies of rationality or emotionality． In the role-relationship between the entrepreneurs and resource owners，the existing resources are obtained through the strategy of rationality when the relationship is weak，and the strategy of emotionality favors potential resources when the relationship is strong． In the renqing situation，the strategy of emotionality facilitates the invocation of personal network and potential resources．

Abstract:Emergency supplies distribution and vehicle routing optimization in the uncertain environment is a hot topic currently，and vehicle scheduling of transporting of the earthquake-wounded and path optimization are more attractive since earthquakes are frequent． This paper divides multi-depot vehicle routing into singledepot by using polymerization optimization algorithm，builds a two-phase mathematical programming model of rescue vehicles with the shortest total rescue time and maximum relatively comprehensive rescue weight，and designs adiscrete glowworm swarm optimization algorithm with trigonometric function variation to solve the problem． The simulation experiment shows that the proposed model and algorithm can effectively solve the rescue vehicles scheduling of the earthquake-wounded．

Abstract:The consumers' quality consciousness and manufacturer' s process innovation ability in a supply chain have an impact on the level of quality choice． Taking this into account，this paper investigates the optimal decisions-making on both quality and quantity in a centralized and a two-stage decentralized supply chain， respectively． The decentralized supply chain consists of a manufacturer and a retailer; the former is an optimization problem and the latter is a Stackelberg game in which the manufacturer is the leader and the retailer is the follower． These two problems above are modeled，and closed-form solutions are obtained． The paper also examines the impacts of the parameters of quality cost，consumers' quality consciousness and manufacturer' s process innovation ability on supply chain decisions， supply chain profits and consumers'surplus． Also，a computational study is used to explore the sensitivities of the optimal decisions，profits and consumers'surplus in the decentralized supply chain to the consumers'quality consciousness and manufacturer's process innovation ability． It is found that the higher the consumers' quality consciousness or the stronger the manufacturer' s process innovation ability is，the higher the quality and quantity are in the supply chain; the high-quality， high-yield policy brings to the supply chain more profits and the consumers' surplus can also be improved． Further， social welfare increases and the resources are effectively utilized． In addition，the double marginalization effect is not always dominant in the distribution channel in view of the impact of channel selection on both the consumer's quality consciousness and manufacturer's process innovation ability． This kind of double marginalization effect will diminish or even disappear as the consumer's quality consciousness and manufacturer'sprocess innovation ability increase in the distribution channel． This study also shows some management insights into the public sector's ( such as government) guidance and supervision of quality problems．

Abstract:This paper studies investor sentiment with three different frequencies: daily，weekly and monthly， and applies MIDAS model to study the effects of mixed-frequency investor sentiment on stock market return and volatility． It is found that the mixed-frequency sentiment has a significant positive impact on both return and volatility and that the MIDAS model outperforms the traditional regression model． The GAＲCH-MIDAS model is used to study the effect of mixed-frequency sentiment on the stock volatility，and it is found that the mixed-frequency sentiment significantly affects the long-term volatility．

Abstract:In light of the tournament theory， this paper studies the imitation behavior among Chinese s mutual funds． In particular， the peer effect as well as its causes and consequences among open-ended funds in the allocation strategies on bubble assets are analyzed． Based on the quarterly portfolio data of open-ended funds between 2005 and 2015， the fund network matrix and equity ownership similarity matrix are constructed． A spatial econometric method is then applied and the resulting empirical evidence shows that there are significant peer effects， i． e． ， the funds take imitation strategy in portfolio allocation on bubble assets． This yardstick competition among fund managers has brought significant net in flows to funds and expanded the size of its assets under management， but does not yield significant abnormal returns to their investors． Our analysis illustrates that fund managers potentially take advantage of the limited rationality of investors to expand the scale of their assets in order to enhance their management revenue． Our paper can help understand the formation of the stock market bubble in China， provide a new perspective on how to effectively regulate the behavior of institutional investors， and reveal new insights for the protection of investors interests．