The effect of arrival time of travelers at the airport on consumption in commercial establishments

In the last decade, several Brazilian airports were privatized, bringing initial investments to airport infrastructure, including improvements in commercial facilities. This research analyzes the commercial activities of the São Paulo/Guarulhos International Airport regarding the airport layout, number of stores and opening hours, and scheduled flights. In addition, this research addresses as a main study a survey carried out with travelers to verify consumer behavior in the restaurant and/or shopping segments in relation to the traveler's arrival time at the airport through a multinomial logistic regression model. The results show that as for the concentration of stores at the airport, there are more stores in Passenger Terminal 2 in the public area for the dining segment, while in Passenger Terminal 3 most stores correspond to the restricted area in the shopping segment. The main contribution to the literature was the finding that travelers who arrive around 9 a.m. and between 2 p.m. and 4 p.m. are more likely to consume higher amounts than other groups throughout the day.     

External social networks and earnings management

Using a sample of U.S. listed firms for the 2000–2017 period, we examine how external social networks of top executives and directors affect earnings management in their firms. We find that well-connected firms are more aggressive in managing earnings through both accruals and real activities and that the results are robust after controlling for internal executive social ties. Using a difference-in-differences approach, we find that earnings management decreases after a socially connected executive or director dies. Additional analysis shows that connections forged by past professional working experiences have a greater impact on earnings management than connections forged by education and other social activities. Moreover, CFO social networks have a greater influence on earnings management than CEO social networks. Finally, we explore the underlying mechanisms, finding that 1) firms that are socially connected to each other show more similarities in their earnings management than firms that do not share a connection, and 2) more connected firms are less likely to incur accounting restatements. Collectively, our findings indicate that the external social networks of top executives and directors are important determinants of both their accrual- and real activity-based earnings management.     

交易成本、经济规模和经济增长

鉴于传统交易成本概念的抽象性和复杂性，在传统交易成本概念基础上提出了一个稍加变化的交易成本概念并探讨了交易成本的若干性质及其与经济规模、经济增长之间的关系，提出从简化的角度看，交易成本可由交易时间、交易劳动和金钱成本三部分有机构成观点。通过对交易成本的模型分析，提出只有复杂交易存在最优交易成本的假说。之后，通过建模分析指出，交易成本下降将带来经济规模扩张，而交易成本变化率对经济增长率起决定作用。最后，讨论了最优交易成本和经济规模之间的关系，提出最优的制度应使经济的交易成本达到或接近最优点，从而使经济规模达到或接近最优点。     

基于技术创新与营销活动双视角的品牌价值提升路径

随着全球竞争的加剧,越来越多的企业开始注重品牌建设,高知名度和美誉度的企业品牌能够令其在竞争中脱颖而出,使其获得更多生存和发展的机会。本文基于2015-2020年世界品牌实验室发布的《中国500最具价值品牌》排行榜的相关数据,采用分组回归和加入交叉变量等方法,实证检验技术创新和营销活动对品牌价值的影响。结果发现:技术创新和营销活动能够显著影响企业的品牌价值,但影响效应的大小程度受企业品牌级别和行业竞争环境的调节,且技术创新对品牌价值的影响具有滞后性。因此,本文结合企业的不同发展阶段,从加大研发投入以构建技术壁垒、重视竞争环境以契合发展路径等方面提出了提升企业品牌价值的建议。     

Physical activity,leisure-time,cognition and academic grades: Connections and causal effects in Chinese students

Academic achievement and positive leisure activities are traditionally considered significant determinants of economic growth and human capital accumulation. This paper estimates the impact of physical activity on academic outcome and time allocation to 25 different types of leisure activity by Chinese adolescents. We use structural equation models (SEM) to explore the channels of this transmission. Our results suggest that physical exercise not only exerts a positive direct effect on academic outcome but also increases (decreases) students' time devoted to activities that are positively (negatively) correlated with academic outcome. All the effects are statistically significant but modest at the individual level. Our findings are robust to different exercise frequencies and academic outcome indicators based on students' self-assessment, academic scores, and cognitive tests.     

营建地区创业氛围、促进安徽民营经济发展

民营经济发展差异是安徽省与东部发达地区经济差异的主因。民营经济本质上是一种典型的创业型经济,而地区创业氛围是民营经济创业活力的源泉。因此,提升创业活动水平,加快民营经济发展的关键在于加快营建安徽地区创业氛围。