审计师关注媒体对高管的负面评价吗——基于差异性审计应对视角

审计报告改革后新增的关键审计事项内容可视为审计师对外披露的“工作底稿”,提供了沟通精细化审计流程的窗口。文章基于2016—2020年我国上市公司新型审计报告中关键审计事项部分的内容，考察上市公司高管负面新闻对审计师差异性应对的影响。研究发现，媒体对公司高管的负面报道越多，审计师在关键审计事项部分披露的差异化应对措施越丰富，表现为审计应对段文本的余弦相似度越低。横截面异质性检验发现，对于审计师“免责”动机较强的公司，高管负面新闻对审计应对差异化程度的影响更显著。机制检验表明，存在负面新闻越多的高管，其所在公司财务报告存在重大错报的控制风险和固有风险以及审计师的连带监察风险越高，进而导致审计应对的差异化程度越高。经济后果检验发现，审计师对媒体负面新闻的差异性应对增强了资本市场定价效率，降低了存在负面新闻公司的股价同步性水平。本文从差异性审计应对视角探讨了新型审计报告模式下外部媒体监督对审计师决策的影响，为推进审计报告改革提供了证据。     

在校大学生理财现状调查分析报告——以东北师范大学为例

近年来,由于中国国情的教育理念及多种原因导致了大学生的理财能力不容乐观,关于大学生消费和理财的负面新闻接踵而至.故我们进行了东北师范大学学生理财的现状调查,其意在考察本校大学生的理财现状和理财能力,并对调查结果进行问题分析,提出相关对策.     

博弈理论下政府管制对石油企业的必要性和充分性

近年来管道破裂、石油泄漏、设备燃烧等负面新闻暴露了石油企业在生产过程中存在的负外部性。静态博弈中的囚徒困境告诉我们,石油企业有逃避社会责任的倾向,政府管制具有必要性。动态博弈中的Stackelberg模型告诉我们,有效的政府管制可以通过增加逃避者的成本和扩大它与竞争对手的差距来刺激企业迅速承担相应责任。当政府管制增加的惩罚高于逃避责任减少的边际成本时,政府管制是必要且充分的。     

宝马经销商燕宝欠薪引发劳资纠纷

这个豪华汽车品牌正在中国迎来高速发展机遇，并下定决心与华晨扩大合作规模。但一场来自授权经销商的劳资纠纷却让宝马品牌与负面新闻扯上了关系。     

品牌信任对消费者猪肉消费行为的影响

利用问卷调研数据,对品牌信任对城乡消费者品牌猪肉消费行为的影响进行了统计分析。基于计划行为理论和随机效用理论,对影响城乡消费者品牌猪肉购买行为的因素进行了实证分析。研究结果显示:城市居民购买品牌猪肉的比例高于农村居民;随着品牌信任水平的提高,消费者更倾向于购买品牌猪肉;城乡消费者购买品牌猪肉的行为均受到年龄、受教育水平、猪肉价格、购买品牌猪肉的便利度、购买场所、对猪肉质量安全状况的关注程度及猪肉市场负面新闻等因素的影响;消费者购买品牌猪肉的影响因素存在城乡差异,其中对猪肉质量安全状况的关注程度和猪肉市场负面新闻仅对城市居民的品牌猪肉购买行为产生影响。     

品牌信任对消费者猪肉消费行为的影响

利用问卷调研数据,对品牌信任对城乡消费者品牌猪肉消费行为的影响进行了统计分析。基于计划行为理论和随机效用理论,对影响城乡消费者品牌猪肉购买行为的因素进行了实证分析。研究结果显示:城市居民购买品牌猪肉的比例高于农村居民;随着品牌信任水平的提高,消费者更倾向于购买品牌猪肉;城乡消费者购买品牌猪肉的行为均受到年龄、受教育水平、猪肉价格、购买品牌猪肉的便利度、购买场所、对猪肉质量安全状况的关注程度及猪肉市场负面新闻等因素的影响;消费者购买品牌猪肉的影响因素存在城乡差异,其中对猪肉质量安全状况的关注程度和猪肉市场负面新闻仅对城市居民的品牌猪肉购买行为产生影响。     

百思买的五星电器赌注

在中国,五星电器到底是百思买的一项品牌连锁事业,还只是一单流通零售生意?近两年来,随着百思买自有品牌退出中国、CEO杜恩因桃色事件辞职及百思买创始人理查德·舒尔兹辞去董事长一职等"负面新闻"事件被先后曝光,缠绕在五星电器周     

关于建筑管理与工程质量监督的探讨

在我国经济的不断发展的基础上,建筑事业也得到了蓬勃发展,同时我们的生活也离不开建筑的存在。但是就目前建筑行业的发展态势来看,建筑工程的质量逐渐成为人们所关注的焦点问题。在全国各地不乏出现关于建筑工程质量的负面新闻,一些刺耳的网络流行语的出现,也从侧面反应了建筑工程质量所存在的巨大问题。建筑工程质量监督是为建筑工程质量提供可靠的保障,它不仅关系到人们的生命安全,而且还关系到企业的存亡。因此,要加强建筑工程质量的监督工作,保证建筑工程的质量。     

人事地震，HR缺位——SAP“人事地震”

随着金融危机的蔓延，在这个寒冷的冬季，低迷的经济，萎缩的市场，迫使大部分企业都在进行战略收缩或者转型，并相应调整人力资源的需求。这一点，从最近一系列有关裁员的负面新闻中可以看出。     

刍议负面新闻信息传播的积极作用

只要坚持新闻的党性原则,准确理解和切实把握新闻信息的负面性,就能够使一些负面的新闻信息传播成为国家政策和制度层面的一种完善,并通过有效的警示和激励发挥大众媒体舆论监督的重要作用。新闻报道必须坚持弘扬主旋律,但也应通过积极有效的传播使一些负面新闻信息发挥正面的作用。     

Firm-specific information and systemic risk

Although there is substantial literature linking news to the asset return volatility of a single asset, little attention has been paid to how news influences the relationships between firms. This paper addresses this issue by examining how firm-specific scheduled and unscheduled news arrivals influence the systemic risk of individual firms based on a sample of 47 US financial institutions. Whereas negative surprises from scheduled news announcements and a higher rate of unscheduled news both increase the systemic risk of a firm, positive news surprises decrease this systemic risk. In addition, negative scheduled news and a higher rate of unscheduled news across the sector increases the total connectedness or systemic risk across the sector as a whole. These effects are magnified when the market is already in distress. The results indicate that regulators should consider more than volatility and pay attention to the news flow when monitoring systemic risk.     

Time-varying relationship of news sentiment,implied volatility and stock returns

I examine the relationship between aggregate news sentiment, S&P 500 index (SPX) returns, and changes in the implied volatility index (VIX). I find a significant negative contemporaneous relationship between changes in VIX and both news sentiment and stock returns. This relationship is asymmetric whereby changes in VIX are larger following negative news and/or stock market declines. Vector autoregression (VAR) analysis of the dynamics and cross-dependencies between variables reveals a strong positive relationship between previous and current period changes in implied volatility and stock returns, while current period and lagged news sentiment has a significant positive (negative) relationship with stock returns (changes in VIX). I develop a simple trading strategy whereby high (low) levels of implied volatility signal attractive opportunities to take short (long) positions in the underlying index, while extremely negative (positive) news sentiment signals opportunities to enter short (long) index positions. The investor fear gauge (VIX) appears to perform better than news sentiment measures in forecasting future returns.     

新闻媒体、资讯特征与资本市场信息效率

我国媒体产业呈现双轨制特色,产业中同时存在政策导向媒体与市场导向媒体.两类媒体的功能定位与激励机制迥然不同,使得两者对资本市场的影响存在差异.文章发现,在资本市场上,媒体主要通过负面报道,促进公司特质性信息反映在股价中,而正面报道则无此作用.在区分政策导向媒体和市场导向媒体后,文章进一步发现,媒体对资本市场信息整合的影响主要体现在政策导向媒体上,市场导向媒体则无显著影响.为了考察这种差异产生的原因,文章对两类媒体在资讯报道方面的文本特征(信息挖掘与信息传递)进行了比较,发现政策导向媒体相对于市场导向媒体进行了更深层次的信息挖掘与更精准的信息传递,这是它对资本市场信息整合更具影响力的真正原因.     

企业博弈及媒介传播负面影响扩延

企业与媒体形成的一方寻求传播媒介和另一方寻求传播信源的协作结构关系,点缀出企业与媒体关系的中国特色。寻求传播和寻求信源的关系,或是媒体单方传播目的的需要,企业被媒体链接在了公共关系的场城。媒体的博弈始于从社会公共关系中的传播,从这个角度看,媒体与企业存在隐性博弈的因素。有效走出企业博彝与负面传播影响扩延阴影的途经是坚持企业与媒体的利益均衡原则。     

Paying positive to go negative: Advertisers׳ competition and media reports

This paper analyzes a two-sided market for news where two rival advertisers may pay a media outlet to conceal negative information about the quality of their own product (paying positive to avoid negative) and/or to disclose negative information about the quality of their competitor׳s product (paying positive to go negative). We show that competition in the product market does not necessarily prevent the emergence of commercial media bias. Whether or not competing advertisers end up having negative consequences on news accuracy ultimately depends on the extent of correlation in the quality of their products; the lower the correlation, the higher the expected accuracy of the media outlet׳s reports. These findings provide a rationale to explain the observed differences in the extent of commercial media bias across seemingly similar industries or products, within the same media market. The results are robust to the presence of multiple media outlets and to asymmetries between the advertisers. Overall, the paper provides theoretical insights for media regulators and for the empirical literature examining the link between advertising and news contents.     

新闻英语语言特征及翻译技巧

由于新闻英语除了拥有新闻英语语言的基本特征,背后还包含了丰富的异域文化信息,形成了一条自己独特的风格特点,因而给新闻翻译者增加不少困难。从侧面也鞭策出新闻翻译者应更加刻苦,须了解新闻英语语言的特点,积累更多的语言文化知识,同时掌握一定的翻译技巧,做好新闻翻译工作。本文探讨分析了新闻英语语言、词汇的特征,并结合这些特征给出了具体的翻译技巧。     

Short interest and the stock market relation with news sentiment from traditional and social media sources

We examine how the stock market relation to news sentiment—from traditional and social media (Twitter) sources—interacts with short selling of stocks. Our sample includes the S&P500 constituents for the period January 2016 to December 2020, providing 704,452 firm-day observations. We find evidence that both news sources are positively related to returns. The relationship is stronger for firms with a high short interest ratio, for small firms, and particularly for firms that are both small and highly shorted. This is consistent with short sellers targeting firms that are most responsive to (negative) news releases and so more likely to compensate for the additional costs encountered in shorting.     

好消息、坏消息与季报预约披露的时间选择--管理层的组合动机与信息操作

本文构建回归模型并依据中国上市公司数据进行假设检验,考察公司业绩组合(好消息与坏消息的组合)、业绩差异与一季度季报预约披露的时间选择之间的关系以及一季度季报预约披露时间的信息内涵.实证研究显示,由于一季度季报和上年年报均要求在4月30日之前披露的特殊性,上市公司管理层在信息披露的过程中可能存在组合动机与信息操作行为,一季度季报预约披露的时间选择可能关键取决于上年年报和一季度季报预约披露的好消息或坏消息带来的积极影响或消极影响的组合与权衡.     

Inflation news and stock returns: market direction and flow-through ability

Previous studies of the short-run response of daily stock prices to announcements of macroeconomic news could be biased when responses in different scenarios cancel each other out. In our analysis of inflation news in the Spanish stock market, we consider market direction arguments and implement our study based on the sector of activity to control for the ‘flow-through’ ability of the firms in each industry. In general, our results are quite consistent with the ‘market direction’ and the ‘flow-through’ hypotheses. Unanticipated inflation news implies abnormal returns depending on the direction of the news, the state of the economy and the flow-through ability of the sector. The impact of positive surprises affects the abnormal returns of many more sectors than does the impact of negative surprises, especially in the low states of economy. These significant effects are mainly observed in industries that are characterised by low flow-through ability.     

Asymmetric impact of monetary surprises on exchange rate

This paper examines the asymmetric response of exchange rate to monetary surprises. After controlling the type, direction and origin of the news as well as business cycle phase, a new asymmetry is found in the response of the exchange rate to news surprises. In specific, the US Dollar depreciates against major currencies as the response to the negative monetary surprises in the 2001 recession, while the Dollar appreciates responding to similar negative monetary surprises during the 2008 recession. The paper further explores possible causes and finds that time-varying status of the currency with higher financial returns may contribute to the new asymmetry.