Market Reaction to Corporate Social Responsibility Announcements： Evidence from China

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.     

资源约束、定价权缺失与对策选择

本文分析、总结中国政府对国内资源品价格实行人为控制的历史和现实原因,论证了实现中国经济转型面对着资源约束和定价权缺失的问题,提出资源价格改革和争夺国际资源品定价权的对策选择.     

小型物流配送路径优化实证研究——以某高校小型水厂物流配送为例

本文以某高校小型水厂物流配送为例,在实地调查的基础上进行小型物流配送路径优化实证研究,并探讨出配送线路的优化路径与评价。     

机械构成元素与加强型机械的研发

机械已成为当今世界一种不可或缺的工具。工业领域中,机械加工产业发展迅速。了解机械的原理与加工原理,才能保证机械产品适合产业发展,保证其使用的质量与效果。文章从分析机械构成元素出发,阐释了机械的基本构成原理,进而指出了目前加强型机械的使用与研发现状,提出了我国在加强型机械研发方面存在的问题及应对措施。     

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.     

Optimal dynamic reinsurance with dependent risks: variance premium principle

In this paper, we consider the optimal proportional reinsurance strategy in a risk model with two dependent classes of insurance business, where the two claim number processes are correlated through a common shock component. Under the criterion of maximizing the expected exponential utility with the variance premium principle, we adopt a nonstandard approach to examining the existence and uniqueness of the optimal reinsurance strategy. Using the technique of stochastic control theory, closed-form expressions for the optimal strategy and the value function are derived for the compound Poisson risk model as well as for the Brownian motion risk model. From the numerical examples, we see that the optimal results for the compound Poisson risk model are very different from those for the diffusion model. The former depends not only on the safety loading, time, and the interest rate, but also on the claim size distributions and the claim number processes, while the latter depends only on the safety loading, time, and the interest rate.     

寒地城市街旁绿地园林小品设计研究

寒地城市具有特殊的气候特点和人文特色，园林小品在寒地城市街旁绿地设计过程中具有重要的作用。只有克服寒冷气候对园林造景的不利影响，充分挖掘寒地城市的特色，并将其体现在街旁绿地的园林小品设计过程中，才能提高户外绿地的吸引力，为居民提供舒适的体闲环境。     

Applying fuzzy quality function deployment to identify service management requirements for customer quality needs

In this paper a fuzzy quality function deployment to identify service management requirements for customer quality needs is developed. First, customer quality needs with importance degree have been investigated followed by development of service management requirements for satisfying the observed customer quality needs. Furthermore, construct a fuzzy relation matrix to link service management requirements and customer quality needs based on cross-functional expertise. The aggregated fuzzy assessments of various service management requirements are ranked to determine their importance priority. Finally, an empirical study for identifying the service management requirements for customer quality is used to demonstrate the proposed approach.     

预包装食品标签相关规定及标签标志错误分析

预包装食品标签上的产品信息是消费者购买产品的重要依据,也是食品质量安全管理的重要内容之一。本文依据GB 7718-2011《食品安全国家标准预包装食品标签通则》探讨预包装食品标签目前存在的问题。     

An economic evaluation of market development programmes for US dairy products

‘This study measured the effectiveness of US dairy export promotion programmes on increasing foreign demand and enhancing producers’ revenues. An import demand equation based on panel data was used to test whether export promotion has a positive and significant impact on US dairy exports. The effects of various promotion scenarios on the dairy market were then simulated, and benefit–cost ratios (BCRs) for these programmes were estimated. There were three key findings. First, the combined effort of public and private dairy export promotion expenditures had a positive and statistically significant impact on demand for US dairy products in the world market. The findings indicated that export promotion stimulated total dairy exports by 4.14 billion pounds, on average, per year, which represented 55.8% of total exports. Second, US dairy export promotion has been highly profitable for the nation’s dairy farmers. The calculated BCRs, based on assumed elasticity of supply, ranged from a low of 8.54 for the most elastic assumption to a high of 30.12. Third, from an optimality standpoint, dairy farmers are underinvesting in export promotion. The marginal BCRs ranged from a low of 3.79 to a high of 15.22, which means that, at the margin, increasing export promotion expenditures would be profitable for dairy farmers.