国民休闲设施系统结构分异的信息维透视——以苏州为例

文章立足分形信息论新视野,选取等级信息维和空间信息维两项指标,对苏州休闲设施系统的结构分异现象进行分析。研究发现：首先,苏州休闲设施系统的等级结构及空间结构均具有分形特性,信息维数深入刻画了休闲设施系统的结构分异特征,也为休闲设施系统的结构优化指明了方向并提供了优化判定的标准。其次,苏州休闲设施系统整体上呈现出一种核心松散—外围紧致的分形递变趋势,自组织能力的离心化现象较突出。这种结构模式与游憩需求结构相吻合,准确反映了成熟型休闲设施系统的空间发展态势,也说明休闲设施系统发展越成熟,越需要重视自组织优化能力的引导和提升。其三,信息维可以弥补简单统计方法的不足,为基于行为统计规律的环城游憩带理论提供分形信息论的比较依据。另外,与以往研究比较发现,休闲设施和旅游景点的信息分维存在差异,从分形信息论视角证实了旅游仅仅是游憩的一种非惯常方式,游憩对城乡社会发展的意义远远大于旅游。     

员工福利基金经济效益探析

员工福利基金作为企业薪酬计划的重要组成部分,对于雇主而言具有提高员工积极性、协调劳资关系、有较高的投资回报率、有利于企业承担相应的社会责任、提高企业社会知名度等作用,对员工而言具有提高收入、改善生活、提高劳动生产率等作用。员工福利基金在我国才刚刚起步,在运行中存在诸如成本过高、分摊不合理、雇主利用员工福利制度强留员工等问题。应通过实施适合企业发展的员工福利计划、避免雇主滥用员工福利计划等措施来规范员工福利基金的运作,促进我国员工福利事业的发展。     

Stock market openness and analyst forecast bias

Biases in analysts’ forecasts can be reduced not only through regulation but also through market mechanisms. In 2014, China launched the Shanghai-Hong Kong Connect program, which opened part of its domestic equity market to foreign investors. The implementation of this program provides a quasi-natural experimental setting to explore whether stock market openness plays a governance role in brokerage firms and minimizes their affiliated analysts' forecast biases. We find that the participation of foreign institutional investors mitigates the forecast biases of affiliated analysts. We also show that these analysts exert more significant effort by conducting more site visits. Our findings suggest that market liberalization can help improving the quality of analysts’ forecasts.     

The effects of cross-border cooperation on disclosure enforcement,earnings attributes,and transparency

This study tests for changes in U.S.-listed foreign firms’ financial reporting properties and transparency when their home market regulators enter an arrangement that facilitates enforcement cooperation with the Securities and Exchange Commission. This arrangement—the International Organization of Securities Commissions’ Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)—has explicit disclosure-related provisions. I show that the MMoU is associated with improvements across various measures of accounting properties and transparency. Collectively, the findings help resolve enduring questions about why the earnings quality of U.S.-listed foreign firms diverged from that of U.S. firms during pre-MMoU periods.     

Comprehending the outward FDI from Latin America and OCED: A comparative perspective

This study examines the determinants of outward foreign direct investment (FDI) from Latin American countries and compares it with their OECD counterparts. Our analysis is based on a sample of 45 countries, 13 from Latin America and 32 from the OECD, over the period 2001–2012. We find that the outward FDI from Latin America is more likely to be located in geographically proximate countries and in countries with similar culture and language than that from their OECD counterparts. We also show that Latin American outward FDI is less likely to be resource seeking. This presumably reflects the rich natural resource endowments and agricultural potential in major Latin American countries. Further, outward FDI from Latin America is more likely to be concentrated in countries with a similar corruption environment than that from their OECD counterparts. This might indicate a broadly similar nature of corruption across Latin America due to shared cultural, political and economic legacies.     

Persistence of prices in the Eurozone capital cities: Evidence from the Economist Intelligence Unit City Data

Using the Economist Intelligence Unit City Data, this paper studies price differences in the Eurozone by comparing the prices of individual goods between twelve Eurozone countries. To estimate the persistence of prices, I employ a cross-sectionally augmented panel unit root test that accounts for contemporaneous as well as serial correlation. Based on the test, the estimated half-lives are 13 months for traded goods and 16 months for non-traded goods. Price differences for certain traded goods such as food or cars revert to parity much faster than prices for alcohol. To further refine the persistence estimates, I use the sequential panel selection method to determine the stationarity of individual cross-sections for each good that rejects the unit root. The distribution of stationary cross-sections between the Eurozone countries appears fairly balanced. The half-lives based only on stationary-cross-sections are reduced to 6 months for traded goods and 7 months for non-traded goods.     

Disclosure and liquidity management: Evidence from regulation fair disclosure

We examine the effect of the firm’s information environment on its liquidity policy by exploiting a natural experiment involving Regulation Fair Disclosure (Regulation FD). We find, on average, Regulation FD has a negative impact on firm cash holdings. We also directly evaluate changes in firm disclosure policy and find the negative Regulation FD-cash holdings relation is stronger for firms that increased public disclosure and holds largely for firms that faced lower proprietary costs of public disclosure. Furthermore, we find this negative relation is more pronounced for firms with limited access to the credit market. We capture the medium-term effect of Regulation FD two years before and two years after the implementation. Overall, our results suggest that the change in the amount of information disclosed in response to Regulation FD, an externality effect, affects information asymmetry between firms and outside investors and thus cash holdings.     

Multilateral negotiations and formation of coalitions

This paper analyses properties of games modeling multilateral negotiations leading to the formation of coalitions in an environment with widespread externalities. The payoff generated by each coalition is determined by an exogenous partition function (the parameter space). We show that in almost all games, except in a set of measure zero of the parameter space, the Markov perfect equilibrium value of coalitions and the state transition probability that describe the path of coalition formation is locally unique and stable. Therefore, comparative statics analysis are well-defined and can be performed using standard calculus tools. Global uniqueness does not hold in general, but the number of equilibria is finite and odd. In addition, a sufficient condition for global uniqueness is derived, and using this sufficient condition we show that there is a globally unique equilibrium in three-player superadditive games.     

Exploring and investigating sustainable international business practices by MNEs in emerging markets

While there are a number of dimensions to sustainability, ranging from the environmental to the social, a common assumption in the literature is that firms from the mature markets are more likely to have the capacity and indeed, rationale to take sustainability more seriously. Emerging market counterparts, MNEs included, are seen to lag behind in sustainable practices. However, recent developments challenge this conventional wisdom. This article introduces the special issue on ‘Sustainable International Business Practices by MNEs in Emerging Markets, and highlights emerging themes which are promising future directions for theoretical and empirical enquiry.     

明星科学家在创新活动中的作用:一个文献综述

明星科学家在创新活动中的重要作用尤其是作用机制受到国外学者的日益重视和广泛关注。通过对国外相关文献进行系统梳理和深入研究，发现明星科学家可以通过“雇中学”、身份效应、桥梁效应、产学研合作和同群效应在创新活动中发挥重要作用。如何更加充分发挥明星科学家的作用，从而解决当前创新资源分散、封闭、缺乏整合的问题，以及真正提升企业人力资本水平和创新能力并构建推动企业创新的长效机制，是今后学术研究和政策层面需要重点考虑的问题。