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.

Background and PurposeTranscranial direct current stimulation is an emerging non-invasive neuromodulation technique for focal epilepsy. Because epilepsy is a disease affecting the brain network, our study was aimed to evaluate and predict the treatment outcome of cathodal tDCS by analyzing the ctDCS-induced functional network alterations.MethodsEither the active 5-day, −1.0 mA, 20-min ctDCS or sham ctDCS targeting at the most active interictal epileptiform discharge regions was applied to 27 subjects suffering from focal epilepsy. The functional networks before and after ctDCS were compared employing graph theoretical analysis based on the functional magnetic resonance imaging data. A support vector machine prediction model was built to predict the treatment outcome of ctDCS using the graph theoretical measures as markers.ResultsOur results revealed that the mean clustering coefficient and the global efficiency decreased significantly, as well as the characteristic path length and the mean shortest path length at the stimulation sites in the fMRI functional networks increased significantly after ctDCS only for the patients with response to the active ctDCS. Our prediction model achieved the mean prediction accuracy of 68.3% after the nested cross validation. The mean area under the receiver operating curve was 0.75, which showed good prediction performance.ConclusionThe study demonstrated that the response to ctDCS was related to the topological alterations in the functional networks of epilepsy patients detected by fMRI. The graph theoretical measures were promising for clinical prediction of ctDCS treatment outcome.

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.

Free will is one of the oldest and most debated topics in the history of philosophy. Both positivist philosophy and humanist philosophy considered the problem of free will to be the most difficult issues to untangle. In recent years, psychologists have begun to apply the methods of empirical science to study the psychological mechanism, impact and expression of free will. The general consensus is that free will is an illusion, but people still believe in its existence. Free will has been found closely related to moral responsibility, moral behavior, creativity, self-esteem and subjective well-being. Future research should define free will in more psychological sense, and to explore the generation mechanism and function of free will in everyday life. Theoretical and methodological advances are need to extend our understanding of free will and its psychological impacts to human being.

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.