Analyzing the interdependencies among financial institutions is critical for designing systemic risk monitoring mechanisms;however,most existing research focuses on the first moment of the return distribution,which fa...Analyzing the interdependencies among financial institutions is critical for designing systemic risk monitoring mechanisms;however,most existing research focuses on the first moment of the return distribution,which falls into the conventional models of choice under risk.Previous literature has observed the scarcity of investors’attention and processing power,which makes the traditional theory of choice under risk more vulnerable and brings the salience theory that accommodates investors’cognitive limitations to our attention.Motivated by evidence of salience theory value(STV)containing unique information not captured by traditional higher-order moments,we employ a quantile connectedness approach to examine the STV interconnectedness of China’s systemically important banks(C-SIBs).The quantile approach allows us to uncover the dynamic STV interconnectedness of C-SIBs under normal,bearish,and bullish market conditions and is well-suited to extreme risk problems.Our results show that the C-SIBs system is asymmetrically interconnected across quantiles and at higher levels under bullish than bearish market conditions.Principally,a bank’s performance in the C-SIBs system depends on its systemic importance and market conditions.Furthermore,the comparative analysis indicates that STV could provide more information than higher-order moments in capturing the dynamic change in the C-SIBs system and detecting some market events more precisely.These results have important implications for policymakers and market participants to formulate regulatory policy and design risk management strategies.展开更多
It is important for people to disengage attention from a distraction,which can help them complete the task at hand as quickly as possible.Recent studies have shown that people’s attention stays longer on reward-distr...It is important for people to disengage attention from a distraction,which can help them complete the task at hand as quickly as possible.Recent studies have shown that people’s attention stays longer on reward-distractors than on loss-distractors,and a delay in attentional disengagement is noted when reward-distractors are present.However,few studies have examined whether attentional disengagement from an evaluative distractor relies upon working memory(WM)components.In the present study,we used an attentional disengagement paradigm in which reward-or loss-distractors were presented at a central location and the target was presented at a peripheral location,in combination with different WM tasks.The results from Experiment 1 showed that participants were slower to disengage their attention from a central reward-distractor than a loss-distractor regardless of cognitive load when the phonological loop component ofWM was involved.The results from Experiment 2 revealed that people had difficulty in shifting their attention away from a rewarddistractor in comparison to a loss-distractor when spatial WM was low,whereas no such difference was observed when spatial WM was high.We conclude that WM components differently modulate attentional disengagement from evaluative distractors.That is,the processing of evaluative(reward and loss)distractors may rely on the same cognitive resources as the spatial WM component,but not the phonological loop component.展开更多
文摘Analyzing the interdependencies among financial institutions is critical for designing systemic risk monitoring mechanisms;however,most existing research focuses on the first moment of the return distribution,which falls into the conventional models of choice under risk.Previous literature has observed the scarcity of investors’attention and processing power,which makes the traditional theory of choice under risk more vulnerable and brings the salience theory that accommodates investors’cognitive limitations to our attention.Motivated by evidence of salience theory value(STV)containing unique information not captured by traditional higher-order moments,we employ a quantile connectedness approach to examine the STV interconnectedness of China’s systemically important banks(C-SIBs).The quantile approach allows us to uncover the dynamic STV interconnectedness of C-SIBs under normal,bearish,and bullish market conditions and is well-suited to extreme risk problems.Our results show that the C-SIBs system is asymmetrically interconnected across quantiles and at higher levels under bullish than bearish market conditions.Principally,a bank’s performance in the C-SIBs system depends on its systemic importance and market conditions.Furthermore,the comparative analysis indicates that STV could provide more information than higher-order moments in capturing the dynamic change in the C-SIBs system and detecting some market events more precisely.These results have important implications for policymakers and market participants to formulate regulatory policy and design risk management strategies.
基金supported by the National Natural Science Foundation of China(32171040).
文摘It is important for people to disengage attention from a distraction,which can help them complete the task at hand as quickly as possible.Recent studies have shown that people’s attention stays longer on reward-distractors than on loss-distractors,and a delay in attentional disengagement is noted when reward-distractors are present.However,few studies have examined whether attentional disengagement from an evaluative distractor relies upon working memory(WM)components.In the present study,we used an attentional disengagement paradigm in which reward-or loss-distractors were presented at a central location and the target was presented at a peripheral location,in combination with different WM tasks.The results from Experiment 1 showed that participants were slower to disengage their attention from a central reward-distractor than a loss-distractor regardless of cognitive load when the phonological loop component ofWM was involved.The results from Experiment 2 revealed that people had difficulty in shifting their attention away from a rewarddistractor in comparison to a loss-distractor when spatial WM was low,whereas no such difference was observed when spatial WM was high.We conclude that WM components differently modulate attentional disengagement from evaluative distractors.That is,the processing of evaluative(reward and loss)distractors may rely on the same cognitive resources as the spatial WM component,but not the phonological loop component.
