The disposition effect refers to the tendency of investors to sell winners too early and hold on to losers too long, which is one of the most documented and robust decision biases. However, few studies have looked beyond demographic and social factors on the disposition effect. The current study investigated the association between financial self-efficacy (one’s belief about their personal capability in ultimate financial goals achieving), versatile cognitive style (an individual’s capability in deploying the experiential or rational mode in ways (...) that are contextually appropriate), and the disposition effect. A total of 285 employees from finance-related business completed anonymous questionnaires regarding financial self-efficacy, rational-experiential inventory, and the disposition effect. Our findings revealed that financial self-efficacy was significantly and positively associated with versatile cognitive style and the disposition effect. Further, versatile cognitive style partially mediated the relationship between financial self-efficacy and the disposition effect. Our findings provide valuable guidance for individual investors to make financial decisions based on their characteristics. (shrink)

The marketization of interest rate is an inevitable requirement for China’s financial reform and joining the WTO to connect with the international financial market. It is also an important link to improve the marketization degree of China’s financial system. The marketization of interest rate in China is gradually advancing according to its preset mode. In the process of interest rate marketization, an unavoidable problem is that while the interest rate marketization gives the commercial banks the autonomy of capital pricing, the (...) fluctuation of interest rate is more and more frequent. However, due to the fluctuation of interest rate, the loan as the main assets of commercial banks will be prepayed by borrowers, and the time deposit as the main liabilities of commercial banks will be withdrawn by depositors in advance; that is, embedded options are implied in asset liability items, which makes it difficult for commercial banks to accurately calculate the actual interest margin of deposits and loans and manage the interest rate risk. Therefore, it is of great significance to identify and price such embedded option value. On the basis of identifying and decomposing the embedded options in deposit and loan of commercial banks, according to the change characteristics of deposit and loan interest rate of Chinese commercial banks, this paper chooses jump-diffusion interest rate model to describe the change of benchmark interest rate of deposit and loan in China and demonstrates the advantages of this model compared with other models. Based on Monte Carlo simulation technology, the embedded options of five-year fixed deposit and ten-year prepayable loan in China are priced. On this basis, it points out that the real interest margin of commercial bank’s deposit and loan should be the nominal interest margin minus the value of deposit and loan’s embedded options. In the process of interest rate risk management, we should pay attention to the existence of embedded options and carry out effective management. (shrink)

In nature, gregarious animals, insects, or bacteria usually exhibit paradoxical behaviors in the form of group fission and fusion, which exerts an important influence on group’s pattern formation, information transfer, and epidemiology. However, the fission-fusion dynamics have received little attention compared to other flocking behavior. In this paper, an intermittent selective interaction based control algorithm for the self-organized fission-fusion behavior of flocking system is proposed, which bridges the gap between the two conflicting behaviors in a unified fashion. Specifically, a hybrid (...) velocity coordination strategy that includes both the egalitarian and selective interactions is proposed, where the egalitarian interaction is to maintain the flock’s order and achieve the fusion behavior while the selective interaction strategy is for the response to external stimulus information and generates the fission behavior. Numerical simulations demonstrate that the proposed control algorithm can realize the self-organized fission-fusion behavior of flocking system under a unified framework. The influences of the main control parameters on the performance of the fission-fusion behavior are also discussed. In particular, the trade-off parameterαbalances the exploration and exploitation behaviors of flocking system and significantly enhances its movement flexibility and environmental adaptivity. (shrink)

BackgroundAthletes will increase their state anxiety under stress situations, which will lead to the decline of sports performance. The improvement of anxiety by probiotics has been reported, but there is a lack of research in the athlete population. The purpose of the current study is to explore the effectiveness of probiotics in improving athletes’ state anxiety and sports performance under stress situations.MethodsWe conducted this single-arm study in Chongqing Institute of Sports Technology. In the 8-week study, 21 Chongqing young divers were (...) given probiotic Bifidobacterium animalis subsp. lactis BB-12 daily. The state anxiety and sports performance of athletes were measured before, during, and after the intervention, and the gut microbiota of athletes was measured before and after the intervention.ResultsThe intervention results showed that cognitive state anxiety, somatic state anxiety, and anxiety emotion were improved. In terms of gut microbiota, the intervention did not change the gut microbial composition but increased the abundance of Bifidobacteriaceae. At the 8th week, the performance of athletes under stress was significantly improved.LimitationsFirst of all, due to the restriction of the number of subjects in this study, there was no control group. Secondly, although the athletes’ diet was recorded in this study, the influence of this factor on gut microbiota was not eliminated. Finally, the anxiety level of the athletes in this study was obtained through a self-report, lacking physiological data in state anxiety.ConclusionThe results show that probiotics intervention can improve the state anxiety of athletes under stress situation and improve the performance of athletes under stress situation. (shrink)

Important strides have been made toward understanding the relationship between self-efficacy and life satisfaction. However, existing studies have largely focused on work and academic domains, leaving self-efficacy in the finance domain less frequently investigated. The present study applied the self-efficacy construct to the finance domain, namely “financial self-efficacy”, and tested the sequential mediating roles of high standards tendency and investment satisfaction in the relationship between FSE and general life satisfaction. A total of 323 employees from finance-related businesses completed anonymous questionnaires (...) regarding FSE, high standards tendency, investment satisfaction, and general life satisfaction. Results indicated that FSE influenced general life satisfaction through investment satisfaction, and sequentially through high standards tendency and investment satisfaction. These results provide contributions to the current literature on life satisfaction, and positive psychology literature by shedding light on the roles of high standards tendency and investment satisfaction in the relation between FSE and general life satisfaction. (shrink)

This book collects sixteen theses written by Professor Tang Yijie, one of the most prominent scholars of traditional Chinese philosophy. He argues that a general understanding of traditional Chinese philosophy can be achieved by a concise elaboration of its truth, goodness and beauty. He also asserts that goodness and beauty in Chinese philosophy, combined with the integration of man and heaven, knowledge and practice, scenery and feeling, reflect a pursuit of an ideal goal in traditional Chinese philosophy characterized by (...) the thought mode uniting man and nature. He also discusses the anti-traditionalism of the May Fourth Movement, explaining that the true value of "sagacity theory" in traditional Chinese philosophy, especially in Neo-Confucianism in the Song and Ming dynasties, lies in its insights into universal life. In addition, he stresses that existing ideas, issues, terminologies, concepts, and logic of Chinese philosophical thought were shaped by Western philosophy. It is necessary to be alienated from traditional status for the creation of a viable "Chinese philosophy." "Modern Chinese philosophy" in the 1930s and 1940s was comprised of scholarly work that characteristically continued rather than followed the traditional discourse of Chinese philosophy. That is to say, in the process of studying and adapting Western philosophy, Chinese philosophers transformed Chinese philosophy from traditional to modern. In Chapter 13, he puts forward the idea of a "New Axial Age." He emphasizes that the rejuvenation of Chinese culture we endeavor to pursue has to be deeply rooted in our mainstream culture with universal values incorporating cultures of other nations, especially the cultural essence of the West. (shrink)

ObjectiveWe conducted the following cross-sectional study to comprehensively assess the anxiety among Chinese international students who studied online during the COVID-19 pandemic and its influencing factors.MethodsQuestionnaires were distributed through “Sojump,” and a total of 1,090 valid questionnaires were collected. The questionnaire was divided into two parts: general situation and anxiety assessment of students. The former used a self-made questionnaire, and the international general GAD-7 scale was used to measure anxiety. Chi-square test was used to analyze the differences between groups, and (...) logistic regression analysis was performed for the factors with differences.ResultsAnxiety was found in 707 of 1,090 international students. Chi-square test and multivariate Logistic regression analysis showed that the incidence of anxiety was higher in the group under 22 years of age than in the group over 22 years of age ; International students living in big cities had a higher incidence of anxiety than those living in rural areas ; international students who socialized 3 times or less monthly had a higher incidence of anxiety than those who socialized more than 3 times per month ; international students who expected purely online teaching had a higher incidence of anxiety than those who expected purely offline teaching or dual-track teaching ; international students with a subjective score of online learning experience of 6 or less had a higher incidence of anxiety than those with subjective scores of more than 6. However, gender, emotional status, BMI, major of study, vaccination status, and degree type had no significant difference in the incidence of anxiety among international students who studied online during the COVID-19 pandemic.ConclusionDuring COVID-19, international students who were younger, came from big cities, had low social frequency, expected purely online teaching, and had poor experience of online classes were risk factors for anxiety during online classes. (shrink)

Is there the possibility for Confucianism to have a third-phase development? In saying this we mean to regard the school of thought advocated by Confucius, Mencius, and Xunzi during the Spring and Autumn period and the Warring States as the first-phase development of Confucianism. After the Han Dynasty Buddhism spread to China. Under the impact of Buddhist ideas, a Confucian school of idealist philosophy emerged during the Song and Ming dynasties. It greatly pushed forward the Confucian doctrines and constituted (...) the second-phase development of Confucianism. Over the last century, Western civilization has found its way into China. Especially around the time of the "May Fourth" [1919] Movement Marxism was also disseminated into our country. That gave an even bigger and more serious impact on China's traditional thought and culture. Under such circumstances, is it possible for Confucianism to have a third-phase development? Can it be brought back to life? Can it still have a role to play in China and the world? In my opinion, it is perhaps too early to conduct an all-round discussion of this issue. However, to raise questions and opinions from certain angles in an attempt to push the inquiry forward may prove helpful. (shrink)

v. 1-2. San song tang zhe xue wen ji (shang, zhong) -- v. [3]. San song tang zhe xue wen ji (xia). San song tang zhe xue wen ji (shang) bu yi. San song tang jiao yu wen ji. San song tang za zhu.

本卷收哲学文集(上),收原中国哲学史补所收各篇及1948年前的其他单篇哲学论文,共计六十五篇.

Resumen: En las dinastías Tang y Song, los clanes zongzu oficiales comunes dominaron gradualmente la comunidad de clanes, lo que interrumpió el riguroso sistema de sacrificios orientado a los estratos. Por lo tanto, como una forma emergente de sacrificio ancestral privado, la sala de imágenes yingtang apareció en las mansiones de los funcionarios comunes o en las casas de la gente común. Cuando la estatua anterior dio paso a una imagen, este nuevo signo cultural llevó a cada ejecutor (...) del sacrificio a lograr una identificación psicológica y emocional con la comunidad. A través de imágenes o retratos colgados en los salones, los albaceas pudieron comprobar si se podía crear visualmente un reino espiritual para comunicarse con sus antepasados o contarles sus oraciones. (shrink)

漢宋分爭是清代學術的結穴，也制約着民國學術的流變。 本書以重新梳理清代漢宋關系為主旨，在盡量占據文獻的基礎上轉變研究思路，將清季以來尤其是民國學人名著中廣為流傳的觀點作為前賢見識，而非清學的本事；進而在整體的觀照下，選取漢宋敘述形成的關鍵環節，即阮元— —學海堂——陳澧的大事因緣，拋開成見，使條理人事關系與解讀文獻本意相輔相成，揭示史事、觀念發生演化的歷史進程，重現清中葉所謂漢宋分爭的本相，寓解構於重構之中。 於梅舫，1980年出生，浙江紹興人，歷史學博士。先后求學於浙江師范大學歷史系、中國人民大學歷史系、中山大學歷史系、復旦大學文史研究院，現為中山大學歷史系副教授。.

Resumen: Las dinastías Tang y Song fueron una época en la que prevaleció el budismo zen, y también fue un periodo crítico para el rápido desarrollo de la literatura china antigua. En esta época, las ideas literarias eran omnicomprensivas y ricas en estratos. Se introdujeron poemas en la gāthā budista para explicar los principios budistas. La infiltración del budismo zen dio a la poesía un ámbito zen claro y significativo, por lo que brilla en la historia de la (...) literatura china antigua. Este artículo partirá de los antecedentes de la época y del análisis de los textos, y se centrará en la relación entre el pensamiento del budismo zen y la poesía en las dinastías Tang y Song para explorar cómo ambos se combinan e influyen mutuamente. (shrink)

This study investigates the literary-historical context of the attempts by late Southern Song critics to periodize Tang poetry. It demonstrates that the primary agenda of these critics was to establish High Tang poetry as the sole correct model. The insistence on the supremacy of the High Tang went in tandem with, and formed part of, the rebuke of contemporary poets for choosing Late Tang poetry as the object of emulation. The focal point of contention was (...) whether Late Tang poetry could or should serve as a useful model, at least for some in the initial stage of their poetic training. In this context, periodizations of Tang poetry functioned as an auxiliary to the discourse on choices of models in the late Southern Song. (shrink)

The present essay deals with the fabrication of the imperial genealogy of the Southern Tang state. A means of linking the Southern Tang founder Li Bian to the Tang, it helped establish Southern Tang claims to the Tang heritage. Though no original fabricated genealogy survives, variant forms have been handed down through a number of texts starting in the early Northern Song period. These are discussed in terms of their plausibility, marking the Jiang- nan (...) lu by Xu Xuan as the officially accepted description and the Zizhi tongjian version as the most “believable” of all fake Southern Tang genealogies. (shrink)

Fuzhi’s philosophies of qi. In this essay, both the strength and weakness of their interpretations will be critically examined. As a contrast, an alternative interpretation of the School of qi in Song-Ming Neo-Confucianism will be outlined. This new interpretation will uncover that, like Leibniz, Zhang Zai and Wang Fuzhi introduced a non-substantivalist approach in natural philosophy in terms of an innovative concept of force. This interpretation not only helps to show the limitations of Mou Zongsan’s and Tang Junyi’s (...) understandings of Zhang Zai’s and Wang Fuzhi’s doctrines of qi, but also indicates a way to bridge the traditional Chinese philosophy of nature and modern physics. More generally, our critical discussions will bring to light a new angle with which to re-appreciate Mou Zongsan’s and Tang Junyi’s contributions to the development of Confucianism. (shrink)

本书初由唐君毅夫人谢廷光于1985年编订,收录唐君毅逝世后亲友,同道,学生等发表和撰写的纪念文章,现增入当时未及收录的纪念和讨论文章,以及唐君毅亲属撰写的回忆文章.由这些文章,不仅表示了大家的回忆与纪 念,更是由此对唐君毅先生生平进行总结和缅怀.

Confucian philosopher Xunzi’s moral thought is considered in light of the modern focus on self-realization. Self-Realization through Confucian Learning reconstructs Confucian thinker Xunzi’s moral philosophy in response to the modern focus on self-realization. Xunzi (born around 310 BCE) claims that human xing (“nature” or “native conditions”) is without an ethical framework and has a tendency to dominate, leading to bad judgments and bad behavior. Confucian ritual propriety (li) is needed to transform these human native conditions. Through li, people become self-directing: (...) in control of feelings and desires and in command of their own lives. Siufu Tang explicates Xunzi’s understanding of the hierarchical structure of human agency to articulate why and how li is essential to self-realization. Ritual propriety also structures relationships to make a harmonious communal life possible. Tang’s focus on self-realization highlights how Confucianism can address the individual as well as the communal and serve as a philosophy for contemporary times. (shrink)

The recent emergence of reprogramming technologies to convert brain cell types or epigenetically alter neurons and neural progenitors in vivo and in situ hold significant promises in brain repair and neuronal aging reversal. However, given the significant epigenetic and transcriptomic changes to components of the existing neuronal cells and network, we question if these reprogramming technology might inadvertently alter or erase memory engrams, conceivably resulting in changes in narrative identity or personality. We suggest that the nature of these alterations might (...) be less predictable compared to memory and personality changes known to be associated with diseases, drugs or brain stimulation therapies. While research in applying reprogramming technologies to neurological ailments and aging should continue, more targeted analyses should be put in place in animal experiments to gauge the severity and degree of memory alterations, and appropriate risk and benefit analyses should be conducted before these technologies move into human trials. (shrink)

The vast majority of indigenous communities are among the world’s poorest and are unlikely to be engaged in a thriving, mutually beneficial partnership with an MNC. While there are increasing studies on CSR initiatives in base of the pyramid communities, few—if any—feature the self-initiated stakeholder transition of an impoverished community. This paper examines the factors that motivated the stakeholder transformation process of an indigenous community, from its position as a non-stakeholder, one lacking in power and legitimacy, to the status of (...) being a primary stakeholder of the firm. We applied a constructivist grounded theory approach to longitudinal data to arrive at the conceptual framework. The findings presented are drawn from an in-depth case study of the Maasai, an indigenous community from East Africa. The findings point to the existence of entrepreneurial alertness that is instrumental in propelling the indigenous community to evolve from one stakeholder category to the next. Our research aims to propose a possible foundation for how communities deep in poverty can coalesce themselves to make their social needs salient to multinational organizations. (shrink)

本书由上编：汤一介谈《儒藏》和下编汤一介与《儒藏》构成，具体收录了《我们为什么要编纂》《回忆汤先生与》《怀念汤一介先生坚持编好》《日本编纂委员会及其工作》《纪念汤一介先生》《汤一介先生与》《怀念汤先生 》等文章。.