Abstract:In the era of digital life and business，traditional management has become or is becoming data-centric management，and traditional decision-making has become or is becoming data-analytics-based decision-making． From the big data characteristics in light of its data nature，problem nature and managerial decision-making nature，this paper elaborates the paradigm shift of research and applications on managerial decision-making． The big data-driven paradigm is described from three aspects: external embedding，technology augmentation，and enabled innovation，to reflect a“correlation + causality”viewpoint in a“data-driven + model-driven”manner． In addition，the panoramic PAGE framework as well as its key elements are discussed with respect to the big data characteristics and important research directions．

Abstract:Since the addiction induced by consumer’s self-control problems is prevalent in many Chinese industries，this paper introduces two features of addiction proposed by O’Donoghue and Ｒabin ( 1999a，2002) : habit-forming and negative internalities，into duopolistic price competition with vertical differentiation．: habit-forming and negative internalities，into duopolistic price competition with vertical differentiation．Firms’equilibrium pricing strategies are investigated when consumers are rational，naive and sophisticated，and the equilibrium price of each firm and the corresponding market share with each other in these three cases are also compared． It is found that when consumers are rational，price competition generates a unique equilibrium． By contrast，when consumers are quasi-hyperbolic discounters，the competition between firms may have multiple equilibria，which attributes to consumers’overconfidence in their future consumptions or sophistication． Meanwhile，under each of the three behavioral types of consumers，three factors will affect the firms’equilibrium prices and corresponding market shares: the consumer’s initial experience portfolio of the two addictive products，the parameter of habit-forming，and the size of negative internalities．

Abstract:E-business platforms have become a major driver for future economic development． However，only a few literatures focus on e-business platform，particularly the empirical research on generation of attractive capabilities of e-business platforms． Based on modular systems theory and related literatures on control mechanisms，this paper models how platform flexibility，platform control，and interaction of platform flexibility and platform control affect the attractive capabilities from the platform-retailers’perspective． Through an empirical study of 185 firms，this paper finds that platform flexibility，formal control，and relational control positively affect the attractive capabilities． In addition，platform flexibility and formal control are substitutes in their effect on platform attractive capabilities，and platform flexibility and relational control are complements in their effect on platform attractive capabilities． The complementary effect of formal control and relational control is also confirmed． Our results extends the application of modular systems theory and control mechanisms，and also provide useful suggestions to e-business platform managers．

Abstract:With economic globalization and the Chinese economy entering new normal，the trend of“China going west”is becoming obvious． International diversification ( DIV) has become one of the strategic choices for many Chinese export enterprises． How does DIV affect the export performance? Based on the institutional theory，a theoretical model of how international diversification affects firms’export performance is constructed． Private listed companies are used as data to test the hypotheses． It is found that DIV inhibits rather than promotes the export performance，which is exacerbated by heterogeneous resources and mitigated by a well-established institutional environment． Thus，an improved institutional environment is a necessary condition for DIV to promote export performance． If the institutional environment is poor，the heterogeneity of resources is stronger; DIV results in a greater negative impact on the export performance．

Abstract:Ｒesilience factor is an important factor to be considered in disaster loss assessment; however，there are few literatures that quantitatively evaluated the effect of resilience on reducing disaster losses． In this paper，factors of disaster resilience are taken into consideration to improve the CGE model，and the“7·21 severe rainstorm”in Beijing is used as an example to compare and analyze the role of resilience in reducing disaster losses． The results show that the magnitude of disaster reduction caused by resilience can be quantitatively assessed，when incorporating the disaster resilience factors into the production module of CGE，by investigating the change of elastic parameter value caused by reduction of labor and capital factors in the production function． Taking the“7·21”rainstorm in Beijing city as an example，it is found that the loss rate of various economic indexes has been reduced after considering the resilience factor，and the recovery degree of each industry sector is different． This paper expands the series of researches on Ｒose and so on，and supplements the quantitative evaluation of disaster restoration． The results can provide an empirical reference for the government and other departments to carry out resilience construction and post disaster emergency management．

Abstract:Most of the current credit evaluation models designed for large samples have no in-depth consideration of the distribution characteristics of large samples，and just simply apply traditional evaluation methods to large samples． This paper firstly proposes the concept and definition of the related attribute set，boundary vector and so on to describe the distribution characteristics of large samples and proves their main attributes． Then the characteristics of sample distribution are studied in the aspect of similarity based on two large sample data sets． Finally，a hybrid large sample credit evaluation model: HLSCE model is designed． The key idea of HLSCE model is that in large sample data sets，the contribution of the same attribute of samples in different local areas are different to classification performance． Specifically，HLSCE model divides，with biological heuristic algorithm，the whole data set into several subsets according to the similarity between samples and boundary vectors，and then trains the basic classifiers respectively on each subsets． The empirical study shows that compared with the existing representative credit evaluation models，our HLSCE model has a higher classification accuracy，as well as a better balance and stability．

Abstract:The level of cash holdings is an important financial decision that may constantly decide a firm’s survival and failure． However，excess cash holdings are easily abused and appropriated by large shareholders and managers，thereby causing severe agency problems． Drawing on agency theory，this study analyzes the impact of media coverage on corporate excess cash holdings． Using a data set of 10 710 firm-year observations of Chinese A-share listed companies during 2004 to 2012，this paper finds that firms with higher media coverage is associated with lower excess cash holdings significantly． Meanwhile，institutional environment enhances the margin effect of media coverage，while product market competition reduces the marginal effect of media coverage． Furthermore，excess cash holdings harm firm value，and media coverage can reduce its negative value effect． The findings may enrich and expand the literature on both cash holdings and media coverage and provide meaningful implications for corporate cash holding decisions．

Abstract:Based on China’s listed company data from 2004 to 2012，this paper studies institutional investors’corporate governance effect from the perspective of top management turnover，and tries to find out the influence mechanism of top management turnover events on stock volatility from the perspective of investor behavior． The empirical results show that: 1) For those companies which suffer losses，institutional investors evacuation can form a strong external pressure，forcing executives to leave． But for those companies which still remain profitable，institutional investor’s pressure is not obvious． Overall，business performance has always been the main reason for top management turnover，and institutional investors in China have always played their part by“voting with their feet”; 2) Compulsory executive alteration is a negative signal to institutional investors，the new executive cannot restore the institutional investors’confidence in the stock holding; 3 ) The noise traders ( small individual investors) tend to interpret executives turnover in companies suffering losses as good news，whose active buying enlarges the fluctuation of the stock price directly after the turnover happened．