Yu Feng

We investigate how firms adjust corporate pension plans in response to economic policy uncertainty (EPU). Using a sample of US-listed firms, we find that firms increase pension underfunding levels when facing higher EPU. The result is robust to controlling for pension portfolio returns, discount rates, plan sizes, pension liability, numbers of employees, other macroeconomic factors, difference-in-differences and instrumental variable estimation, and additional evidence of pension risk-shifting. Further analysis reveals that financial distress and information asymmetry induced through EPU are the potential channels. The effect is stronger for firms having CEOs being excessively paid, using cash flow as a performance metric in CEO compensation, paying high dividends, and having short-term institutional investors, whereas the presence of unions, positive corporate culture, and social capital alleviate the effect. Notably, managers, not shareholders, appear to be the party reaping the benefits. Our findings suggest that firms may shift risk to employees in response to heightened uncertainty and institutional characteristics play a moderating role in this crucial business ethics issue.

Starting from the many-world interpretation of quantum mechanics, this work gives a holistic view of consciousness. The entirety is complete and does not possess any particular physical properties or subjective experience. It is the superposition of all possibilities. Its partition, however, gives rise to physical properties and subjective experience simultaneously. They play complementary roles to each other. The latter cannot be conveyed to a third person, and cannot be reduced to the former. It in fact fills the informational gap which is impossible for the former to fill. The casual effect and the privilege of subjective experience are related to the role it plays, which is to identify the subject's self location.

The indispensability argument for abstract mathematical entities has been an important issue in the philosophy of mathematics. The argument relies on several assumptions. Some objections have been made against these assumptions, but there are several serious defects in these objections. Ameliorating these defects leads to a new anti-realistic philosophy of mathematics, mainly: first, in mathematical applications, what really exist and can be used as tools are not abstract mathematical entities, but our inner representations that we create in imagining abstract mathematical entities; second, the thoughts that we create in imagining infinite mathematical entities are bounded by external conditions.

Resumen: Debido a varias razones históricas y realistas, el desarrollo de la teoríeorlsica de la mlsica en China se queda atrátrra cuanto al sistema de enseñanza, el contenido de la enseñanza y otros aspectos. Es una tarea importante para los trabajadores chinos de la misica revisar o complementar la teoríeorteorntar sica actual y los libros de texto relacionados, y luego construir un sistema de disciplina de la teoríeorla teordesica en China. Este artículo sintetiza las teoríeorreorr educacióducacirr las tehistoria de la m sica, la cultura musical, la morfologíorfolog, la otras disciplinas relacionadas, utiliza valores científicos, objetivos y racionales y conceptos holísticos y comprensivos, toma el desarrollo de la educacióducaciedteoríeoracieducacsica de China como objeto de investigaciónvesttoma la historia como espejo para seguir considerando y prospectar la construccióonstrusistema de disciplina de la teoríeorla teordesica de China. Los fundamentos de la mtsica china pueden dividirse, a grandes rasgos, en tres periodos: (1) desde principios del siglo XX hasta la fundacióundacita la blica Popular China; (2) desde ese momento hasta el periodo de reforma y apertura; y (3) desde el periodo de reforma y apertura hasta la actualidad. La teoríeor teord. La teord. evolucionóvoluciond. La teord. Lfundacióundaciond. Lblica Popular China a travéravulun proceso de aceptaciócepasiva y absorcióbsactiva, como puede observarse en el desarrollo de la enseñanza de la teoríeorla teorde la ene lasica china y sus materiales didrcticos. La teoríeor teora teordidiales dpropagórprincipalmente desde el palacio a la iglesia, luego a las escuelas y finalmente a la sociedad. Como resultado, la enseñanza de la teoría musical china evolucionóvprogresivamente hacia un sistema menor mayor como modo dominante, y los fundamentos de la mtsica china se desviaron gradualmente. Tras el establecimiento de la Repiblica Popular China, la investigaciónvestigaciina, lprofundizado, lo que ha beneficiado el crecimiento de la disciplina de la teoríeorla teorbásica, que ahora se dirige hacia la diversificacióiversifprofundidad. El desarrollo de la teoríeorla teorde la teor teor de la tecontado con la ayuda de varios music musicusieducadores musicales de diversos campos académicos y puntos de vista de la investigaciónvestimodelo ideal de la construccióonstruccdisciplina de la teoríeorla teorde la teoconcibe sobre la base del principio de “combinar la historia con la teoríeor la tpeinar el desarrollo de la teoríeorla teordesica en China. Este modelo fomenta la integracióntegraciteoríeorgracirasica tradicional y la teoríeora teorlsica moderna desde una perspectiva diacrónica, refuerza la unidad del padel pal pmundo en la teoríeorla teorsica bcsica desde una perspectiva sincrónica, y presta atenciótenciiaconnotacióonnotacitecnología en su conjunto.

Desire is an important philosophical topic that deeply impacts everyday life. Philosophical practice is an emerging trend that uses philosophical theories and methods as a guide to living a eu‐ daimonic life. In this paper, we define desire philosophically and compare different theories of desire in specific Eastern and Western traditions. Based on the Lacanian conceptual–terminological triad of “Need‐Demand‐Desire”, the research of desire is further divided into three dimensions, namely, the subject of desire, the object of desire, and the desire itself. The concept of desire is then an‐ alyzed from this triad and these three dimensions through different philosophical theories. This paper selects Buddhism as the representative of Eastern tradition, and Stoicism as the representative of the West, paying special attention to Stoicism’s “spiritual exercises” following Pierre Hadot. By exploring and comparing the Buddhist paths to liberation from suffering (i.e., the Four Noble Truths and the Noble Eightfold Path) and the two theoretical pillars in Stoicism (i.e., the notions of “living according to nature” and “the dichotomy of control”), practical guidance is then provided for un‐ derstanding and regulating desire in times of crisis. This understanding and regulation of desire constitutes a philosophical therapy for today’s troubles, particularly those caused by excessive or irrational desires.

The present study investigated the configuration effect of human capital, social capital, and psychological capital on job performance. The human capital questionnaire, social capital scale, psychological capital scale, and job performance scale were used to survey 458 employees. Results revealed that four antecedent configurations could achieve high task performance, and three antecedent configurations can achieve high contextual performance. The high job performance driving path was characterized by “all roads lead to Rome.” Human capital, social capital, and psychological capital affected job performance in the form of configuration, which reflected the asymmetric causal relationship.

This study aimed to investigate the effects of customers’ motivations on online purchase intentions as mediated by commitment toward online fashion retailers. The survey method was used to collect data from Chinese respondents using a questionnaire. The convenience sampling technique was used to collect data from 275 respondents. Collected data were analyzed on smart-PLS using the structural equation modeling technique. Results of the study show a significant and positive impact of social empowerment and remuneration motivations on consumer commitment online purchase intention. Further results show that consumer commitment partially mediates the relationship between social empowerment, remuneration, and online purchase intention. This study contributes to the literature in the domain of consumer commitment by focusing on the underlying needs and motivations of consumers. The researchers have demonstrated a strong need to understand the dynamics of commitment due to its importance in affecting purchase intention. This study also has several implications that guide online retailers how to motivate consumers with social, remuneration and empowerment incentives to develop their intention to purchase online. Fashion retailers are suggested to gratify certain consumer motives to increase commitment. Specifically, among the three motives, empowerment motivation emerged as the strongest predictor of consumer commitment in social media environment. This study will help to the online brands to attract more customers by providing the motivation such financial, empowerment and socialization.

The relationship between professional ethical reflection and corresponding moral behavior is an important theme of moral psychology in recent years. Following Schönegger and Wagner’s research in German-speaking countries, through a replication-extension of the original US-based research carried out by Schwitzgebel and Rust, we aim at examining their results in the Chinese context. The previous researchers have shown that ethical reflection generally has no positive effect on moral behavior. A cross validation of this result was conducted in Chinese mainland, and three issues concerning Confucian virtues were added. Through reaching out to 4482 professors and collecting 368 responses altogether, we attempted to explore whether professional ethical reflection can influence normative attitude and the moral attitude-behavior consistency. Unfortunately, the results failed to show a statistically significant difference between ethicists and other professors on most of the moral issues, with the exception of paying academic membership fees and vegetarianism, wherein ethicists do express more stringent normative attitudes, and their moral attitude and self-reported behavior are statistically consistent. Notably, Chinese professors mainly expressed morally neutral attitudes toward the issue of eating meat, and they tended to believe that ethical reflection contributes to more and better moral behaviors.

The second law of thermodynamics is traditionally interpreted as a coarse-grained result of classical mechanics. Recently its relation with quantum mechanical processes such as decoherence and measurement has been revealed in literature. In this paper we will formulate the second law and the associated time irreversibility following Everett’s idea: systems entangled with an object getting to know the branch in which they live. Accounting for this self-locating knowledge, we get two forms of entropy: objective entropy measuring the uncertainty of the state of the object alone, and subjective entropy measuring the information carried by the self-locating knowledge. By showing that the summation of the two forms of entropy is a conserved and perspective-free quantity, we interpret the second law as a statement of irreversibility in knowledge acquisition. This essentially derives the thermodynamic arrow of time from the subjective arrow of time, and provides a unified explanation for varieties of the second law, as well as the past hypothesis.

This paper connects the hard problem of consciousness to the interpretation of quantum mechanics. It shows that constitutive Russellian pan(proto)psychism (CRP) is compatible with Everett’s relative-state (RS) interpretation. Despite targeting different problems, CRP and RS are related, for they both establish symmetry between micro- and macrosystems, and both call for a deflationary account of Subject. The paper starts from formal arguments that demonstrate the incompatibility of CRP with alternative interpretations of quantum mechanics, followed by showing that RS entails Russellian pan(proto)psychism. Therefore, CRP and RS are mutually supportive. It then provides a unified ontological picture by combining CRP and RS. The challenge faced by CRP, the combination problem, can be resolved by adopting a RS version of quantum mechanics. Technically, this is achieved by a co-consciousness relation capable of explaining the difference between first-person and third-person perspectives. The hierarchical structure of the relation removes any concern on the structural mismatch between the physical and the phenomenal.