Information transmission between large shareholders and stock volatility

Does information transmission between large shareholders exacerbate stock volatility or reduce stock volatility? In this study, based on the common shareholding data in the Chinese stock market from 2007 to 2017, we establish the shareholder’s coshareholding network, and use the weighted network clustering coefficient to measure the information transmission speed. Moreover, we investigate the impact of information transmission speed on stock volatility. The empirical results show that a nonlinear U-shaped relationship exists between information transmission speed and stock volatility. The findings are robust to the inclusion of other determinants of stock volatility identified in the literature. Finally, we verify the existence of private information interaction in the coshareholding network.     

The role of ICT in reducing information asymmetry for financial access

This study assesses the role of ICT in complementing private credit bureaus (PCB) and public credit registries (PCR) in reducing information asymmetry for financial access. The empirical evidence is based on Generalised Method of Moments with 53 African countries for the period 2004–2011. The following findings are established. First on financial access: (i) the marginal effects from interactions between ICT and PCR (PCB) are consistently positive (negative); (ii) net effects from interactions are negative with the higher magnitude from PCR and (iii) only thresholds corresponding to interactions between PCR and internet penetration are within range. Second, findings on financial allocation efficiency reveal positive marginal and net effects exclusively for mobile phones and PCR. Third, allocation efficiency may be constrained by increasing financial deposits. Overall, the complementarity between information offices and ICT in boosting financial access is still very limited. Policy implications are discussed with emphasis on improving the engaged complementarity and fighting surplus liquidity.     

中西部欠发达城市土地利用结构地域差异研究——以河池市为例

以河池市2014年土地利用变更数据为基础,运用计量地理模型与GIS软件等方法,分析其土地利用结构的地域差异情况。河池市各县市均具有较大区位意义的土地利用类型,其土地利用多样性与信息熵较高,但土地利用集中度都处于低水平,市内县市具有多种不同最优土地利用类型组合。河池市未有效利用优越的地理优势发展其特色优势产业,这将成为河池市今后土地利用规划研究的重中之重。     

Readability of accountants’ communications with small business—Some Australian evidence

This paper explores the readability of a new and non-corporate narrative area, accountants’ communications with small business. The distinctive motivations, agendas and interests of small business managers are considered. The findings are informed by rationales from Shearer's (2002) thesis on the influence of neoclassical economics on accounting discourse. The study finds low readability accentuated by potentially low reader interest with accounting documents composed according to conventional accounting's rules and statutory requirements. Higher readability and document content which informs small business managers’ interests is evident when accountants are not compelled to author documents with reference to these professional rules and legislation.     

Information,market power,and price volatility

We consider demand function competition with a finite number of agents and private information. We show that any degree of market power can arise in the unique equilibrium under an information structure that is arbitrarily close to complete information. Regardless of the number of agents and the correlation of payoff shocks, market power may be arbitrarily close to zero (the competitive outcome) or arbitrarily large (so there is no trade). By contrast, price volatility is always lower than the variance of the aggregate shock across all information structures. Alternative trading mechanisms lead to very distinct bounds as a comparison with Cournot competition establishes.     

“互联网+创业”服务平台用户使用意愿影响机理研究——基于D & M模型和计划行为理论视角

针对互联网创业服务特点，基于计划行为理论信息系统成功模型构建新的理论模型，使用结构方程模型进行数据分析，以解释互联网创业服务平台用户持续使用意愿。通过模型分析发现，兼容性和线上线下互动通过知觉行为控制正向显著影响用户满意度和用户使用意愿，信息品质直接影响用户对互联网创业服务平台的使用意愿，而用户满意度在平台信息品质、系统品质、服务品质与使用意愿之间具有中介效应。基于此，提出完善互联网创业服务平台和提升用户使用意愿的对策建议。     

信息不对称、过度自信与股价变动

信息传导的非同步和投资者情绪变化是股票市场的两个典型特征,前者会引发投资者之间出现信息不对称问题,后者主要体现为投资者过度自信,两者共同作用影响股票价格变动。本文将信息不对称和投资者过度自信情绪置于同一个分析框架,建立两阶段动态序贯定价理论模型研究现实市场上信息传导过程中股价变动的内在机制。结果表明:(1)面临新信息的进入,投资者对股票收益预期的调整与均衡价格之间具有正相关关系;(2)面临有利消息时,过度自信投资者比例越大,股票的均衡价格越高,投资收益将越低;面临不利消息时则相反;(3)随着过度自信投资者比例以及过度自信程度升高,市场风险溢价将下降;(4)投资者群体在信息传导过程中出现分化,对股价变动形成异质信念,未获取信息和获取信息但未出现过度自信的投资者认为股价被高估,获取信息且出现过度自信的投资者认为价格被低估,促使更多的交易,引发市场成交量和股价变动;(5)过度自信投资者比例与过度自信程度提高均会对市场效率产生正向影响,而对市场深度具有负向效应。最后,基于理论结果对非对称性和持续性等典型的市场波动性特征进行解释。     

绥中地籍登记信息平台构建

地籍登记信息平台的建立能够支持地籍登记工作实现信息实时更新和共享。系统基于C/S架构进行开发,以绥中县为例,建立农村宅基地数据库,集成多源地理空间数据,为用户提供宅基地信息的基本浏览和查询,实现数据的信息化管理,提高土地管理部门的工作效率和服务质量,对当前登记信息平台的建立进行了有益的探索。     

不同经济发展水平下创新要素对产业创新绩效的影响及政策启示

基于不同经济发展水平研究视角，选取新一代信息技术产业为研究对象，采用改进的Griliches-Jaffe知识生产函数模型，运用面板数据回归分析方法，利用《中国高技术产业统计年鉴》（2007-2017年）中电子及通信设备制造业统计数据进行实证研究，探究创新要素投入与创新绩效的关系。结果发现：对于新一代信息技术产业，在不同经济发展水平地区投入相同创新要素对创新绩效的影响存在一定差异，尤其体现在技术投入要素作用效果上。这就意味着，对经济发展水平不同地区使用相同的创新要素推动产业创新发展是低效的；不同发展水平地区有针对性地分配创新要素，对于实现创新要素最大效率、推动战略性新兴产业布局与发展尤其关键。最后，提出相应政策启示及建议。