Social connections between media and firm executives and the properties of media reporting

Review of Accounting Studies - We study how social connections between top executives of media and listed firms affect the properties of media reporting. We find that socially connected media are...     

卖空限制与收益可预测性——A股融资融券制度的证据

基于A股市场融资和融券余额的巨大差距,本文拓展了Hong et al.(2016)的理论模型,在融券端和融资端分别找到了影响股票收益率的变量:融券比率(融券余额/流通市值)和融资回补天数(融资比率/日均换手率)。进一步,本文利用组合价差法和Fama-MacBeth横截面回归法,实证检验了A股市场中融券比率与融资回补天数解释和预测股票收益率的能力。实证结果表明,在存在融券限制条件下,融券比率相比融券回补天数(融券比率/日均换手率)能更好地代表套利者对股票价格高估程度的看法,根据融券比率构建的等权重多空组合能带来月均1.58%的显著收益;而由于融资约束相对较少,融资回补天数相比融资比率(融资余额/流通市值)能更好地代表套利者对股票价格低估程度的看法,根据融资回补天数构建的等权重多空组合能带来月均1.28%的显著收益。实证结果与本文存在融券数量限制下的理论模型相符,且该收益率不能被多因子模型和常规股票特征所解释。     

The joint effects of social identity and institutional pressures on audit quality: The case of the Chinese Audit Industry

This article examines how social identity links institutional pressures and audit quality. Combining institutional theory and social identity theory, we theoretically argue that the interaction between social and institutional forces shapes audit quality. Through an analysis of Chinese audit firms from 2000 to 2007, we show that isomorphic imitation has a more significant effect on firms belonging to the same-identity group than firms across cross-identity groups; foreign-affiliated audit firms are more willing to conform to normative pressure from professional networks than local firms; and foreign-affiliated firms are coerced to adapt to the local government’s expectation, particularly when they have a geographically concentrated customer base. We further reveal that a larger customer base attenuates within-identity group imitation but strengthens cross-identity group imitation. The results shed light on the role of social identity in shaping conformity in the audit industry, thus contributing to international convergence–divergence literature and institutional theory.     

双弧焊对10Ni3CrMoV钢性能影响的研究

对921A钢进行了热模拟试验,同时对该模拟试样作了50℃冲击功测试,结果表明,试验钢经过双丝焊接热循环后,热影响区各区的低温冲击功普遍低于母材。将冲击功最低试样做光学显微组织分析,结果表明试样的组织由母材的回火索氏体组织转变为贝氏体+粒状贝氏体+少量铁素体;将其冲击断口做电子扫描电镜分析,结果表明整个断口主要为放射区,只有少量纤维区和剪切唇区主要呈解理特征;验证了调整双丝间距和焊速得到合理的热循环是取得优良焊接接头的保证。     

山西成家庄煤矿矿井充水因素分析及水害防治措施

矿井水害的预防预报是指查清矿井水文地质条件,对水害做出分析判断。本文以山西成家庄煤矿防治水为例,分析了矿井充水因素,以理论结合实际,为预防矿井水害提供依据。     

强耦合氢等离子体中Be~（3＋）的结构和辐射性质研究

采用离子球模型研究了强耦合氢等离子体中杂质Be3＋的原子结构和光谱性质随离子球大小的变化规律.结果表明,强耦合等离子体的屏蔽效应对其中的原子结构和光谱影响很大,而且不同模型给出的结果有很大的差别;在离子球模型下,类氢的轨道电离能随着屏蔽效应的增强而单调减小,轨道的简并度解除,但是随着屏蔽效应的增强,轨道将二次简并,轨道能级关于角动量发生发转;不同主量子数n两能级之间辐射的光谱随着屏蔽效应的增强先红移而后蓝移,在非相对论情况下,屏蔽效应引起同n轨道能级劈裂,辐射出新的光谱,该光谱随着等离子体效应的增强先蓝移后红移,经过再次简并后继续蓝移,直到不再辐射出光谱为止;轨道之间的重叠积分由于等离子体屏蔽效应先减小而后增大,从而振子强度随着等离子体屏蔽效应的增强先减小而后增大.目前的计算数据与可查的数据非常符合.     

浅谈企业研究与开发的管理

建立在现代项目管理理论基础上的企业研究与开发的管理重点是通过时间控制、成本控制来提高R&D的投入—产出比,进一步提高R&D的绩效。     

Labor Unemployment Concern and Corporate Discretionary Disclosure

We investigate how firms strategically vary their disclosure policies in response to labor unemployment concern. Using changes in state unemployment insurance laws as exogenous variations of labor unemployment concern, we show that firms provide more bad news forecasts when unemployment concern is low. This relation is stronger when firms are financially constrained, when CEOs and CFOs have higher equity incentives, and when workers are likely to be affected more by unemployment. Our findings are not driven by earnings management reversal or underlying performance changes, and are robust to a battery of identification tests. Finally, we find a similar effect of unemployment concern on disclosure using the tone of 10‐K and 10‐Q filings as an alternative proxy for corporate disclosure. Overall, our findings suggest that labor unemployment concern is an important consideration for corporate discretionary disclosure.     

探析我国当前通货膨胀的成因与治理对策

从2010年7月开始到2011年6月,我国衡量物价水平的两大指标CPI、PPI持续上涨,通货膨胀日益加剧,如何治理通货膨胀成为我国经济发展的重中之重.本文总结归纳了我国本轮通货膨胀的特点,以及引发我国通货膨胀的国际和国内因素,并在此基础上有针对性地提出了相应的综合性治理措施.