Steward Effects of Target Founder-CEO in Takeovers

Built upon the agency theory and the stewardship theory, this study examines the mergers and acquisitions (M&A) activities among Chinese publicly listed firms. Using a founder-CEO indicator, we separate steward effects from agency effects, and find that Chinese firms’ M&A activities are significantly influenced by the steward factors after controlling for the agency factors. Firms, of which CEO is a founder, enjoy relatively higher premium during M&A. Further investigation reveals that the steward effects vary in the power of CEO. The results show that steward effect is reinforced when founder-CEO is more powerful.     

Information congruity in scarcity appeal: A structural equation modeling study of time-limited promotions

Although market scarcity such as time restriction is widely used in retail advertisements, its impact on product message processing and product evaluation is still subject to controversy. In this study, analyses through structural equation modeling indicated that (i) scarcity had no impact on product message processing, (ii) scarcity had a direct impact on product evaluation as a heuristic cue when the value inferred from scarcity was congruous with the worth derived from product message, and (iii) scarcity lost its impact on product evaluation when the value inferred from scarcity was incongruous with the worth derived from product message, and the incongruity prompted scrutiny of product message, resulting in a mediated impact of product message on product evaluation through product message processing. In conclusion, the results supported an information congruity theory of market scarcity.     

A membership pricing policy to facilitate service scale-expansion

This paper proposes a multi-year membership pricing policy for a service business like a gym chain. In the pricing policy, the equivalent membership price per year is relatively low to attract customers, and the multi-year membership fees must be prepaid in full. The prepaid cash provides resources for scale-expansion by opening new stores. We develop a nonlinear mixed integer programming model to formulate the pricing decisions. Numerical experiments reveal that the multi-year membership pricing policy, from a long-term perspective, is substantially better than the business-as-usual pricing policy (1-year membership) in cash balance, profit, and market share. Yet, the performances of the two pricing policies do not differ much from a short-term perspective. These findings indicate that the multi-year pricing policy may be a good strategy, because it initially attracts less attention of competitors; suddenly it emerges and substantially outperforms its competitors in cash balance, profit, and market share.     

新疆棉农对农业面源污染防治的态度和支付意愿研究

农业面源污染问题已经成为我国面临的最严重的环境污染问题之一,农户对农业面源污染防治的态度和支付意愿研究,对于政府制定相关政策措施意义重大。分别采用李克特五点量表、条件价值评估法、多元有序Logistic模型回归等方法对(1)棉农对农业面源污染防治的态度,(2)棉农对农业面源污染防治的支付意愿(WTP),(3)影响棉农支付意愿的社会经济因素进行研究。结果表明:新疆棉农对农业面源污染防治的态度非常积极,但是当与自身利益相冲突时,则趋向于以牺牲环境为代价;新疆每户棉农对农业面源污染防治的支付意愿是113.96元/年,49.64%的被调查者选择的支付区间是[12,60)元/年,累计百分比占70.65%;农户的教育水平和是否参加过农业专业合作组织是新疆农户农业面源污染防治支付意愿的主要影响因素。基于此,得出结论并提出相应的对策建议。     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.     

粮油储藏的意义及储藏方法

粮油是人们生活中的必备物质,从粮油生产之日开始算起要经历较长时间的储存。事实上,粮油储藏就是合理保管粮油,是粮食、油料和油脂等在整个消费领域及生产流通中的停留,而这一过程所包含的环节非常多,其中最为关键的则是粮油储藏环节。本文论述粮油储藏的目的及意义,并结合玉米与小麦对粮油储存保管和养护的方法进行研究和分析,希望能为相关人士提供相应的参考与借鉴。     

Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect

The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.     

文化产业:全球化背景及其对策

全球化的发展形势逼人,我们必须把握好机遇,做好准备,积极推进文化产业的国际化进程。从当前来看,首先要面对的是全球经济一体化以后,如何调整文化心态,文化产业如何迎接机遇与挑战。概括的说,这包括三个方面:第一,树立竞争意识和危机意识;第二,处理好民族特色与文化产业国际化的关系,发展壮大自己;第三,在文化产业的国际化进程中必须注意中国文化安全。     

Pointing Out Differences: Consumer Evaluations of Comparative Information Across Product Types

The purpose of this study is to investigate the impacts of comparative claims across search and experience product types. Data was obtained from 159 Taiwanese college students. Results reveal that comparative claims used in blogs (compared to those in print ads) produce lower counterarguments and consumers more easily accept claims made on a blog. Comparative claims lead to higher brand attitude and purchase intention for search products on the blog; however, noncomparative ads lead to higher brand attitude and purchase intention for experience products on the blog. For both search and experience products, there is no significant difference.     

基于行为—结果—反馈的粤西北山区“十二五”高标准农田建设绩效评价及低效因子诊断

[目的]弥补现有绩效观的不足,提出并解析了基于行为—结果—反馈的土地整治绩效评价内涵,开展粤西北山区"十二五"高标准农田建设绩效评价及低效因子诊断。[方法]从实施行为、效益结果、调查反馈3个方面建立指标体系,采用熵权改进的TOPSIS法和障碍度模型量化评估绩效水平并诊断低效因子。[结果]粤西北山区各县市在组织实施、综合效益和调查反馈方面各有不足,"十二五"高标准农田建设绩效水平总体有待进一步提高,绩效评价结果具有显著的区域差异,罗定市绩效值最高,绩效水平为良好;英德市、蕉岭县、南雄市、仁化县的绩效水平为中级;郁南县、龙川县、始兴县、云安县的绩效水平为低级;对于粤西北山区大多数县(市),实施行为作为首位低效因子,对高标准农田建设绩效的贡献度最小。[结论]基于行为—结果—反馈的绩效观,采用熵权改进的TOPSIS法和障碍度模型的绩效评价,能够客观衡量研究区高标准农田建设绩效水平。增加田间道路建设、提高土地流转面积、加强专项工作经费落实对于提高粤西北山区高标准农田建设水平具有普适性。