Can Shareholders Be at Rest after Adopting Clawback Provisions? Evidence from Stock Price Crash Risk

Using a propensity score matched sample and a difference‐in‐differences research design, we find that stock price crash risk increases after a firm voluntarily incorporates clawback provisions in executive officers' compensation contracts. This heightened crash risk is concentrated in adopters that increase upward real activities‐based earnings management and those that reduce the readability of 10‐K reports. Based on cross‐sectional analyses, we also find that the increased crash risk is more pronounced for adopters with high ex ante fraud risk, low‐ability managers, high CEO equity incentives, and low dedicated institutional ownership. Collectively, our results suggest that the clawback adoption per se does not curb managerial opportunism but rather induces managers to use alternative channels for concealing bad news, which may contribute to a greater stock price crash risk; and the increase in crash risk is more likely in cases where incentives are strong or monitoring is weak. Our results should be of interest to regulators and policymakers considering the effects of clawback adoption on the investing public.     

Evaluation of Sustainable Development Indicators for Regions of Russia

It has been shown how static and dynamic characteristics could be used for a comparative assessment of social, environmental, and economic development, as well as the development balance in social, economic, and ecological spheres. The proposed methodological toolkit has made it possible to identify problem areas and stably manifested dynamic disproportions in the investigated regions, which require corrective actions in order to ensure sustainable development.     

Non‐Standard Time Wage Premiums and Employment Effects: Evidence from an Australian Natural Experiment

We examine the effect of increasing Sunday wage premiums on retail industry employment in Australia, exploiting a quasi‐experimental policy change across two neighbouring states. Using both aggregate and individual‐level data, we adopt a difference‐in‐difference regression framework to estimate the causal impact of the policy change on employment outcomes. We find no evidence of changes in the total number of employees, and no effect on hours per employee in the years following the policy implementation. However, there appeared to be a decline in hours per employee in the announcement year of the policy change. Overall, it appears that in an industry dominated by part‐time and casual employment, any adjustment to the new Sunday wage rates occurred principally through flexibility in hours, rather than in the number of employees.     

Does aid for trade diversify the export structure of recipient countries?

The importance of aid for trade as a tool for facilitating trade, economic growth and social development has received attention since the concept was introduced in 2005. While one of the main targets of aid for trade is export diversification, reflecting the fact that the exports of many developing countries are concentrated in a small range of items, there have not been many efforts to measure the effect of aid for trade on export structure. This study, therefore, attempts to trace the relationship between aid for trade and 133 aid recipients' export structure between 1996 and 2013. Using the Herfindahl–Hirschman Index to measure the degree of export concentration, the findings suggest that total aid for trade has reduced the concentration level in the short run. In the long run, on the other hand, aid for trade has had no significant effect on export structure of recipient countries. Only aid for building productive capacity, which is one of the three categories of aid for trade, contributes to lower concentration. Yet, this change is not caused by an increase in export diversity but by the redistribution of shares of existing products of a similar sophistication level.     

基于耦合共生理论的田园综合体规划模式建构

[目的]随着城乡统筹发展,乡村振兴战略的实施已成为解决"三农"问题的关键。2017年中央一号文件在乡村的大背景下,首次提出了"田园综合体"的概念,旨在通过实现农业与其他产业的共生融合,来带动乡村的发展及振兴、农业的转型升级、农民生活质量的提高。通过构建多产业耦合共生的田园综合体规划模式,以期更好地实现农业转型升级以及乡村的发展振兴。[方法]引入物理学中的耦合理论以及生物学中的共生理论进行研究。[结果]从耦合共生单元、耦合共生环境、耦合共生界面三个方面提出集农旅合一、多产业联合、多方参与为一体的田园综合体模式规划理念框架。[结论]以农旅合一的耦合共生单元为基础,将文化作为农业与旅游耦合共生的介质,有助于实现文化内涵的提升以及农业与旅游的协同发展;以多产业联动的耦合共生环境为推手进行合理布局,使多产业联动发展,有助于实现资源的整合利用、农业产业附加值的增加、村落结构的完善、农村特色及文化的传承;以多方共同参与的耦合共生介质为保障,通过政府、市场和公众这三方的共同参与和合作,有助于解决三农问题,带动农村经济的发展,促进乡村统筹发展及乡村振兴战略的实施。     

胫骨中上段多段骨折应用辅助钢板结合扩髓交锁髓内钉治疗的临床效果

目的探讨胫骨中上段多段骨折中辅助钢板结合扩髓交锁髓内钉的应用效果。方法选取我院2012年1月至2014年1月收治的86例胫骨中上段多段骨折患者的临床资料进行回顾性分析,所有患者均实施辅助钢板结合扩髓交锁髓内钉复位治疗,观察临床治疗结果。结果 86例患者康复效果良好,Johner-Wruhs评分疗效判定,优良率为93.0%(80/86)。结论辅助钢板结合扩髓交锁髓内钉治疗胫骨中上段多段骨折能够取得良好的临床效果。     

Predicting the Loss Given Default Distribution with the Zero-Inflated Censored Beta-Mixture Regression that Allows Probability Masses and Bimodality

Journal of Financial Services Research - We propose a new procedure to predict the loss given default (LGD) distribution. Studies find empirical evidence that LGD values have a high concentration...     

信号级协同计算平台架构及应用思考

针对智能化作战对军事电子信息系统计算能力提升的迫切需求，结合云计算的资源虚拟化、大数据的分布式计算等技术，提出了基于嵌入式CPU+ALL（DSP、FPGA、PPC、GPU、AI处理器等）的异构处理的信号级协同计算平台架构，包括弹性、轻量级异构资源虚拟化模型、分布式实时计算框架和智能计算框架等，形成了一套架构统一、资源共用、使用简便的协同计算和智能计算环境。通过战术级无线电认知和智能信号与信息处理两个典型应用场景，探讨了该信号级协同计算平台可能带来的颠覆性效用。