Why do stock repurchases change over time?

Recent studies have shown the time trends of firm stock repurchase behavior. We examine these time changes for stock repurchase through the lens of real activities earnings management. Managers appear more likely to manipulate earnings through stock repurchases since the passage of the Sarbanes–Oxley Act (SOX) in 2002. Furthermore, suspect firms that just missed analyst earnings per share forecasts have higher incentives to manipulate earnings through stock repurchases. The results are not driven by changes in corporate governance associated with the passage of SOX. Overall, our results suggest earnings management can be a significant determinant of the dynamics of stock repurchases.     

实体经济发展困境及政策建议:从制造业视角

近年来,在虚拟经济高回报率的吸引下,中国经济出现了“脱实向虚”的现象,导致实体经济发展受到极大的冲击,许多制造业企业面临着成本居高不下、人才匮乏、融资困难、专利维权效益不高和舆论环境出现偏差等系列问题。因此,本文通过分析中国实体经济发展存在的问题,提出营造有利于实体经济发展的舆论环境,提出降低实体经济企业成本、加强金融财税支持、强化人才保障、推动研发创新和加强知识产权保护等系列政策建议,以促进实体经济平稳快速发展。     

Examining relationships among perceived benefit,tourist experience and satisfaction: the context of intelligent sharing bicycle

Intelligent sharing bicycle has been a new fashion in China and appeals to more and more tourists. To better understand the experience of tourists traveling on sharing bicycle, this study explored the influence of perceived benefit of sharing bicycle on different perceived experiences, including escape, entertainment, esthetic and educational experiences. The relationships between these experiences and perceived satisfaction were also tested. An effective questionnaire survey was conducted for 296 tourists in Chengdu, China. The results of the study show that perceived benefit significantly relates to all the four dimensions of experience. However, only entertainment and esthetic experience seem to affect tourist satisfaction in this context. The relationship among educational experience, escape experience and tourist satisfaction are insignificant. Theoretical and practical implications of the study results are discussed for further research.     

基于供给侧结构性改革的我国农产品供需及收益现状分析

［目的］在我国实施农业供给侧结构改革的大背景下，分析我国主要农产品玉米、大豆、水稻供需及成本收益现状，以把握农业供给侧结构性改革的成效及存在问题，为推进农业供给侧结构性改革及实现农业供需平衡、保证农民受益具有重要意义。［方法］将影响农业经济增长的因素分为市场需求与市场供给两部分，而市场需求包括国内需求和国外需求，市场供给则只指国内供给。分别采集我国玉米、大豆、水稻这3种典型农产品的国内市场需求、国外市场需求和国内市场供给3部分数据，并将市场需求与市场供给数据进行对比，由此分析我国农业供给侧农产品供需现状及存在的问题，指出我国农业供给侧结构性改革发展方向。［结果］（1）我国农产品仍面临着供需不平衡、农民成本收益率低、农产品价格高导致国际市场竞争力低等问题，农业供给侧结构性改革是国家的重大战略，我国通过降低农作物播种面积来降低产能最终实现农产品供需平衡效果微乎其微； （2）我国的农产品产能是相对过剩，并非绝对过剩； （3）我国农产品市场供给一端的要素没有得到有效调节，使农产品生产成本过高，是导致农产品缺少市场竞争力的主要因素。［结论］积极拓宽农产品国外销售市场来增加农产品需求渠道，调节农产品国内市场供给要素，降低农产品生产成本，提高农产品生产质量，增加我国农产品竞争力，是我国通过农业供给侧结构性改革实现农产品供需平衡的必然之路。     

Can Management Turnover Restore the Financial Statement Credibility of Restating Firms? Further Evidence

This paper investigates the association between management turnover following financial restatements and the probability of subsequent restatements. We find that restating firms that replace management (CEO and/or CFO) are more likely to restate their financial statements again. We also find that subsequent restatements are mainly attributable to the new management. Overall, our results suggest that management turnover following restatements may not be an effective mechanism to remediate financial restatements, but the change to a new management results in a greater possibility of lower earnings quality (i.e., higher probability of subsequent financial restatements and accruals‐based earnings management). Our study supports prior literature's findings that the change in the top management leads to organizational instability and higher accounting information risk. Our findings have implications for internal decisionmaking with regard to top executive replacement.     

Work-family conflict and organizational citizenship behavior: the role of job satisfaction and decision authority

Drawing upon the conservation of resources theory (Hobfoll, Am Psychol 44:513–524, 1989), social exchange theory (Blau, Exchange and power in social life, 1964) and the job demand-control model (Karasek, Adm Sci Q 24:285–308, 1979), this study uncovers the theoretical mechanism that explains the relationship between work-family conflict and organizational citizenship behavior (OCB). First, this study focuses on how employee job satisfaction mediates the relationship. Then, we investigate the moderating role of decision authority in the mediated relationship. We employ three-wave data collected from 324 employees in 102 teams to test our hypotheses. Results of hierarchical linear modeling (HLM) first shows that job satisfaction mediates the relationship between work interference with family (WIF) and OCB. In addition, employees’ decision authority moderates the direct effect of WIF on OCB. Specifically, the negative relationship between WIF and OCB is stronger when employees’ decision authority is high. Moreover, decision authority moderates the indirect effect of WIF on OCB via job satisfaction. Specifically, the negative relationship between WIF and job satisfaction is weaker when employees’ decision authority is high. The results suggest that organizations should give employees enough decision authority over their work, as a high level of decision authority may act as a double-edged sword regarding critical organizational outcomes.     

CKshare: secured cloud-based knowledge-sharing blockchain for injection mold redesign

This paper proposes a trustable mold redesign knowledge-sharing platform, known as CKshare, based on private cloud and blockchain technology. Firstly, we use private cloud to store the mold redesign knowledge of each party to meet its own privacy and data format requirements. Secondly, a blockchain network is used for recording the knowledge and its transactions to ensure security and trustfulness. Thirdly, a simple retrieval mechanism is developed based on k-nearest neighbors for retrieving the codified knowledge on the platform. To realize CKshare, a prototype platform has been developed and explained based on real data from the case mold company.     

Media heterogeneity and post‐earnings announcement drift: evidence from China

This paper examines how the Chinese stock market acts differently towards state‐controlled and market‐oriented media coverage. Using a setting of post‐earnings announcement drift, we find that information from state‐controlled media enters the stock price in a timelier manner, while the message from market‐oriented media needs more time to get a response from investors. The effect is also influenced by whether the type of news coverage is good or bad. Our findings suggest that the capital market underreacts when good news is reported by the market‐oriented media.     

The value relevance of comprehensive income under alternative presentation formats permitted by ASU 2011-05

Review of Quantitative Finance and Accounting - Under Accounting Standards Update 2011-05, firms can present comprehensive income (CI), defined as the sum of net income (NI) and other comprehensive...