Limited attention,share repurchases,and takeover risk

We hypothesize that announcing open market share repurchases (OMRs) to counter negative valuation shocks reveals repurchasing firms’ lost growth opportunities or underperforming assets to potential bidders, making them more likely to become takeover targets. This also leads their investors to face higher takeover risk, a systematic risk associated with economic fundamentals that drive takeover waves, as proposed by Cremers et al. (2009). Indeed, we find that repurchasing firms tend to face higher takeover probability in the first few years following their OMR announcements, and that the increase in takeover risk can largely explain their post-announcement long-run abnormal returns documented in the literature. The increase in takeover risk is larger for smaller firms, firms with poorer pre-announcement stock performance, and those attracting more attention of market participants. Our results suggest that OMRs, which are used by many firms to counter undervaluation, could make the firms more sensitive to takeover waves and raise their cost of equity capital.     

高校网络管理与防护工作的优化设计与研究

随着湖北省教育信息化建设试点改革工作的深化,各院校信息化程度不断提升,也赋予了校园网络平台新的要求。这不仅在考验着现有的网络架构与设备,也对软件控制与资源共享技术提出了新的要求,其建设核心基本汇聚于庞大数量级的设备整合与终端控制。基于校园网络一体化硬件基础,通过开发可视化控管软件可基本解决这一难题,从而实现校园网络集中控制与防护。     

河南省公共图书馆视障服务现状调查与分析

运用问卷调查法对河南省公共图书馆视障服务的现状进行调查,分析河南省公共图书馆视障服务中存在的问题,最后提出相应的解决方案。     

When do retail investors pay attention to their trading platforms?

Buying and selling securities through online trading platforms has become increasingly popular among U.S. households in recent years. This study tracks U.S. households' attention to their online trading platforms using daily data for 2004 to August 2017. The analysis covers the 10 most popular online trading platforms among U.S. investors. The findings indicate that market shocks, captured by several proxies, as well as macroeconomic announcements attract investors' attention to trading platforms. We also document that the ostrich effect weakens when considering greater changes in the VIX. Our findings do not support the avoidance of information theory, but do support the theoretical argument that risk-averse agents engage in more information gathering when uncertainty prevails in hopes of reducing their risks.     

基于离散选择模型的推荐系统改进算法

准确地预估用户的点击率,并根据该概率对商品排序以供用户选择在推荐系统领域有着重要的意义。推荐系统中常用的因子分解机等机器学习模型一般只考虑用户选择单个商品的概率,忽略了候选商品之间的相互影响,离散选择模型则考虑将商品候选集作为整体进行考虑。提出了使用深度学习模型来改进离散选择模型,模型使用相对特征层、注意力机制等网络结构帮助深度学习模型进行不同商品间的特征比较,研究结果表明引入离散选择模型的深度学习模型表现优于梯度提升决策树、因子分解机等模型。     

Visual attention toward tourism photographs with text: An eye-tracking study

This study examines consumers' visual attention toward tourism photographs with text naturally embedded in landscapes and their perceived advertising effectiveness. Eye-tracking is employed to record consumers' visual attention and a questionnaire is administered to acquire information about the perceived advertising effectiveness. The impacts of text elements are examined by two factors: viewers' understanding of the text language (understand vs. not understand), and the number of textual messages (single vs. multiple). Findings indicate that text within the landscapes of tourism photographs draws the majority of viewers' visual attention, irrespective of whether or not participants understand the text language. People spent more time viewing photographs with text in a known language compared to photographs with an unknown language, and more time viewing photographs with a single textual message than those with multiple textual messages. Viewers reported higher perceived advertising effectiveness toward tourism photographs that included text in the known language.     

浅谈小组合作学习在《科学思维训练》课程的运用

本文在结合《科学思维训练》课程中运用小组合作学习教学法的实际,阐述了小组合作学习教学法的内涵和模式,以及应用小组合作学习教学法应注意的问题。     

汽轮机安全监测系统探头安装及注意事项

安全监视系统(TSI)是保证汽轮机安全稳定运行的保护系统,包括对汽轮机转子的运行状况进行可靠的连续检测、对汽缸的机械工作参数连续地测量,记录机组启停和运行状态。通过各种TSI探头,汽轮机运转过程中的工况变化产生电信号输入到前置器,为记录、记忆设备提供信号。     

The Visual Representation of Border Tourism: Demilitarized Zone (DMZ) and Dokdo in South Korea

The demilitarized zone (DMZ) and Dokdo mark South Korea borders with North Korea and Japan respectively. Each borderland is a socially constructed symbolic cultural landscape shaped in part by tourism. In this study, a sample of 2202 online images was inspected using content‐semiotic analysis to understand how visual representation of border tourism works. It was found that visitors via social media and government censorship play major roles in constructing representations of (i) alienated borders with iconic war heritage attractions at the DMZ and (ii) an alienated and isolated Dokdo. Both borders highlight patriotic/nationalistic ‘flagging’ and the gaze across. Copyright © 2013 John Wiley & Sons, Ltd.