Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years

We commemorate the 50th anniversary of Ball and Brown [1968] by chronicling its impact on capital market research in accounting. We trace the evolution of various research paths that post–Ball and Brown [1968] researchers took as they sought to build on the foundation laid by Ball and Brown [1968] to create a body of research on the usefulness, timeliness, and other properties of accounting numbers. We discuss how those paths often link back to the groundwork laid and questions originally posed in Ball and Brown [1968].     

New development: China renews reform of central–local fiscal relations and provides for basic national public services

China’s reform on central–local fiscal reform has slowed down in recent years. The appointment of a new finance minister experienced in local government affairs is expected to renew the reform affirmed by the Chinese Communist Party (CCP) congress in late 2017. China has unprecedentedly identified a comprehensive list of 81 national basic public services as entitlements. Eighteen of them are subject to national and local standards, and co-financed by central and local governments. A new cost-sharing method for 10 of these services classifies sub-national jurisdictions into five tiers, in which the central government’s share declines from 80% to 10%. These measures, effective in 2019, aim at creating a ‘harmonious and moderately prosperous society’.     

刑事涉财产执行中的案外人权益救济——以案外人权益救济程序的当事人构造为视角

刑事涉财产执行程序因采取移送执行模式而被误认为不存在申请执行人，使得刑事涉财产执行程序及其衍生的案外人权益救济程序过分依赖执行法院的职权主义。在刑事附带民事诉讼裁判、追缴或责令退赔违法所得并返还被害人判项、责令被免予刑事处罚的被告人赔偿被害人损失判项的执行程序中，案外人权益救济程序原则上应以被害人为申请执行人，并参照适用民事强制执行程序中的案外人权益救济制度。其他刑事涉财产执行程序应以检察机关为申请执行人。除非出现被执行人逃避执行或者案外人对执行标的提出排除执行请求等特殊情形，作为申请执行人的检察机关通常无须现实参加执行程序。     

Optimal investment with vintage capital: Equilibrium distributions

The paper concerns the study of equilibrium points, or steady states, of economic systems arising in modeling optimal investment with vintage capital, namely, systems where all key variables (capitals, investments, prices) are indexed not only by time but also by age. Capital accumulation is hence described as a partial differential equation (briefly, PDE), and equilibrium points are in fact equilibrium distributions in the variable of ages. A general method is developed to compute and study equilibrium points of a wide range of infinite dimensional, infinite horizon, optimal control problems. We apply the method to optimal investment with vintage capital, for a variety of data, deriving existence and uniqueness of equilibrium distribution, as well as analytic formulas for optimal controls and trajectories in the long run. The examples suggest that the same method can be applied to other economic problems displaying heterogeneity. This shows how effective the theoretical machinery of optimal control in infinite dimension is in computing explicitly equilibrium distributions. To this extent, the results of this work constitute a first crucial step towards a thorough understanding of the behavior of optimal paths in the long run.     

加强师德师风建设提高以德治校能力

教育大计，教师为本；教师培养，师德师风为先。师德师风建设是高校思想政治教育的重要内容，是进一步推动廉政文化进校园工作的重中之重，是增强以德治校水平和提高以德治校能力的关键，是贯彻落实学校党风廉政建设和深入推进反腐败工作的重要举措。     

COMPARING PPP WITH TRADITIONAL PROCUREMENT: THE CASE OF SCHOOLS PROCUREMENT IN IRELAND

Advocates of public‐private partnerships (PPPs) argue that they can deliver public infrastructure more efficiently than traditional procurement through timelier completion and superior value for money. Despite these claims comparative analysis of the performance of both procurement methods has received scant attention in the PPP literature to date. This paper addresses this issue by providing an in‐depth, case‐based comparison of PPP versus traditional procurement in the schools sector in Ireland. Through detailed semi‐structured interviews with key stakeholders and an examination of the available documentation, we assess whether the key objectives of using PPP have been achieved. Overall, we find no evidence that PPP leads to faster delivery of infrastructure when the overall procurement process from contract notice to delivery is accounted for. In addition, we find only limited evidence to suggest that PPP results in better value for money.     

互联网平台下商业模式创新的路径、经验和启示

互联网经济快速发展,基于互联网平台的企业创新行为具有鲜明的特色。纵向研究了三家企业的创新过程,发现互联网环境下,企业商业模式创新有三个特点:以客户为中心的战略准则,价值创造由企业转向客户;企业打破边界,加强合作伙伴之间的协同和柔性,大幅提高创新效率;企业提高管理不确定的能力,领导者、企业文化、管理模式帮助企业应对不确定性。同时,提出当前创新模式存在核心技术缺乏、生产端缺乏创新的潜在风险,并提出创新发展的建议:加强生产端互联网的建设,提高创新质量;深化完善商业生态系统建设,提高商业系统整体的创新能力。     

Cross‐Functional Integration: Concept Clarification and Scale Development

The centrality of cross‐functional integration (CFI) to supply chain theory and practice has long been recognized. Yet researchers continue to struggle with consistently defining or measuring the CFI construct, thus limiting the utility of CFI research. This research develops (1) a comprehensive definition of CFI that synthesizes previous supply chain research and (2) a valid set of scale items that measure the conceptual domain outlined by this definition. The goal is to build a common foundation for extending knowledge on CFI's antecedents and consequences, and ultimately to improve scholars’ ability to guide a broader practitioner community still struggling to achieve integration in their organizations.     

Mandatory IFRS adoption and management forecasts: The impact of enforcement changes

We examine how concurrent enforcement changes affect the positive relationship between mandatory IFRS adoption and firms’ voluntary disclosure. We show that the increase in the issuance of management forecasts after IFRS adoption is smaller for firms from IFRS-mandating countries with concurrent enforcement changes than for those from countries without such changes. We find no difference in the increase of forecast informativeness between firms from IFRS-mandating countries without concurrent enforcement changes and firms from non-IFRS-mandating countries; however, firms domiciled in IFRS-mandating countries with concurrent enforcement changes exhibit a significantly smaller increase in forecast informativeness. Our findings suggest that better IFRS enforcement distinctly weakens (strengthens) the positive effect of IFRS adoption on voluntary (mandatory) disclosure.     

Antecedents and outcomes of digital influencer endorsement: An exploratory study

The advertising and marketing literature have established that celebrity endorsements constitute an effective way to enhance attitudes toward brands and increase purchase intents. However, there are no relevant studies on digital influencers. This study addresses the research gap by examining the effect of digital influencers' attractiveness and the effect of the congruence between a digital influencer and a brand on consumer attitudes and purchase intentions. By applying structural equation modeling to a sample of 307 followers of digital influencers, a model was tested and group analysis was performed for two categories (“entertainment & video games” and “fashion & beauty”). The results show that both brand attitudes and purchase intentions are influenced by the digital influencer's attractiveness (which includes both likeability and familiarity) and by the congruence between the digital influencer and the brand. This study makes several contributions to both theory and practice, which are highlighted in this paper.