Many retailers and manufacturers adopt the practice of accepting product returns from consumers (via money-back guarantee) and retailers (via full-credit returns policy) respectively. While the extant literature focuses on either the manufacturer’s or retailer’s returns policy, this paper investigates both returns policies and finds that the manufacturer’s returns policy can actually induce the retailer’s returns policy by increasing the retailer’s salvage value for consumer returns. However, counter to the intuition that an increasing salvage value is always beneficial for retailers, the manufacturer’s returns policy is not necessarily beneficial for competing retailers. Nonetheless, the manufacturer’s returns policy can benefit the manufacturer even when competing retailers face a certain demand before sales, which is in sharp contrast to the extant literature. We also show that a high quality retailer can be more likely to accept returns than a low quality retailer. 【活动二】创新系学术工作坊No. 18：Workshop on Mediation Analysis 2018/01/03时间：周三上午9:00-12:30
地点：浙大紫金港校区行政楼702 主讲人：何子林副教授，荷兰蒂尔堡大学
嘉宾简介：
何子林目前为荷兰Tilburg University经济管理学院副教授。2007年10月入职Tilburg University前，他在University of Otago有近三年的授课经历。何子林于2004年在National University of Singapore拿到博士学位。他在Strategic Management Journal, Organization Science, Research Policy等杂志有多篇论文发表。在Google Scholar的引用超3000次。
工作坊简介：
本workshop 将深入探讨mediation analysis这一方法 (3.5 hours including a break of 15-30 minutes）,需要参加的同学们提前阅读。软件使用的是Stata，最好同学们带电脑同时安装有这个软件，三篇必读文献为：
1) Shaver JM (2005) Testing for mediating variables in management research: Concerns, implications, and alternative strategies. Journal of Management, 31(3): 330-353.
2) Preacher KJ, Hayes AF (2008) Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3): 879-891.
3) Hayes AF, Preacher KJ (2010) Quantifying and testing indirect effects in simple mediation models when the constituent paths are nonlinear. Multivariate Behavioral Research, 45(4):627-660.
风险量化工具应为投资经理提供一个直观可靠的架构来分析、预测和控制从单一头寸到投资组合整体的风险。风险管理不仅仅是通过分散投资减少投资风险，而是清楚的了解投资组合的风险敞口和风险因子，权衡每一个投资决策的风险和收益。如何合理预测单个证券的风险和投资组合的风险是业界和学界长期讨论的话题。我将简单介绍风险量化模型的设计与应用，以及如何帮助投资经理管理投资组合。 【活动四】创新系学术讲座No.19：Ownership Change and Innovation: The Mediating Effect of Interest Alignment2018/01/05时间：周五上午12:15-13:30
地点：浙大紫金港校区行政楼1102 主讲人：何子林副教授，荷兰蒂尔堡大学
嘉宾简介：
何子林目前为荷兰Tilburg University经济管理学院副教授。2007年10月入职Tilburg University前，他在University of Otago有近三年的授课经历。何子林于2004年在National University of Singapore拿到博士学位。他在Strategic Management Journal, Organization Science, Research Policy等杂志有多篇论文发表。在Google Scholar的引用超3000次。
讲座内容：
While many studies suggest a strong link between ownership and organizational strategy, little research has examined how ownership change matters for firm innovation. This paper leverages the context of privatization to study how firms’ transition from state ownership to private ownership shapes innovation. We argue that privatization helps to alleviate not only traditional principal-agent conflicts, but also principal-principal conflicts in firms of concentrated ownership, leading to greater innovation. Exploiting a major privatization reform, we show that privatization enhances firm innovation, and that this effect is mediated by interest alignment between firm owners and managers as well as that between controlling and minority shareholders. This study contributes to a dynamic view of ownership change and innovation by delineating the causal mechanism through which privatization affects innovation. 【活动五】【紫金创享.创业大讲堂】 NO.7：从浙大篮球队长到让机器人看懂制造的科技创业者2018/01/05时间：周五晚18:30