Does local political support influence financial markets? A study on the impact of job approval ratings of political representatives on local stock returns

Using data on job approval ratings of governors, U.S. senators, and the president, we find that firms located in states with high approval ratings outperform firms located in states with low approval ratings by .64% per month. Furthermore, this relationship is stronger when investors are actively involved in politics, when local politicians are closer to the center of political power, for small firms that have a larger proportion of local investors, and for financially strong areas where investors are ready to execute investments in local stocks. Overall, our study shows that investors’ political sentiment is important in determining stock returns.     

Real earnings management around CEO turnovers

Following CEO turnovers, US firms adjust real business activities to manage earnings downwards (REM bath). This effect is most pronounced in firms with low levels of institutional ownership. REM baths early in CEOs’ tenure can be confounded with legitimate adjustments to business activities. However, we show that they are not accompanied by increases in R&D or capital expenses, nor are they explained by restructuring expenses. CEOs with short tenure record more negative REM measures in their first year of tenure, when compared with CEOs with long tenure.     

How much does tax erode fund excess returns?

We model the tax drag from active fund management based on reported monthly holdings of active equity funds. Tax drag erodes 65 percent of the 0.74 percent excess return in Broad Market funds, but only 21 percent of the 1.80 percent excess return in Small-Cap funds for Australian superannuation (pension) fund investors. Tax drag varies with investment style; market state, which is most detrimental during bull markets; and fund turnover. For high-income individual investors, tax drag is exacerbated to the extent that active management only generates meaningful after-tax excess return for Small-Cap funds of certain styles.     

The impact of shareholders and creditors rights on IPO performance: An international study

This paper examines the impact of cross-country variation in shareholders' and debt holders' rights on post-IPO performance and survival of newly listed stocks across the globe. Using a sample of 10,490 initial public offerings (IPOs) in 40 countries between 2000 and 2013, we find that post-IPO performance and survival is better in countries with stronger shareholder protection, but the impact of creditor protection is negative i.e. stronger creditor protection leads to poor post-IPO performance and survival. This effect is driven by rules requiring creditors’ consent for company reorganization and the mandatory replacement of incumbent managers. Reputable IPO advisors exacerbate the positive impact of shareholder rights and the negative impact of creditor rights.     

基于DEA方法的安徽省地方财政科技投入绩效评价

安徽省近年来一直很重视财政科技投入力度,但财政科技投入的逐年增加并没有引导全社会研发投入有相应幅度的增加,这是因为对财政科技投入的效率和产出效果没有专业的评价,导致投入产出效率不高。本文运用数据包络(DEA)方法,通过建立绩效评价指标体系,从横向和纵向两个维度分别对安徽省16个地市和2007-2017年安徽省地方财政科技投入产出进行绩效评价,评价结果显示2007-2017年安徽省地方财政科技投入总体上的投入产出综合效率表现不错,但是分地区的投入效率不够理想。因此建议政府部门优化财政资金管理体系、增加对基础性研究的财政投入、加强对市级财政科技投入的监管等,进一步提高安徽省地方财政科技投入效率。     

Do networks or performance impact the promotion of Chinese officials? Evidence from prefecture‐level cities

This study examines the effects of connections and economic performance on the promotion of Chinese city mayors. Our study differs from the published literature in four respects. First, this study covers a comprehensive data set, including 1,422 mayors from 284 prefecture‐level cities. The use of a large data set helps resolve mixed results of past studies. Second, we use a broader range of top leaders. Third, we apply a more comprehensive definition of connections than earlier studies. Finally, we examine the effects of the policy shift of the 11th 5‐year plan on promotion of mayors. Our results reveal that the performance of a city mayor assisted his/her promotion to party secretary before 2006 but not afterwards. However, a mayor's connection with five types of top leaders is helpful. Among the four types of connection, colleagueship is the most effective in expediting the promotion of mayors. Graduating from the same university and department is also helpful but to a lesser extent. Township connection is not useful.     

绿色信贷如何影响银行财务绩效——基于地区绿色发展异质性的视角

基于2007~2017年中国34家商业银行非平衡面板数据，实证检验了商业银行开展绿色信贷对其财务绩效的影响，并利用《中国绿色发展指数报告》提供的分省绿色发展指数，考察了绿色发展对绿色信贷与银行财务绩效关系的调节效应。结果表明：商业银行发放绿色信贷投放有助于改善其财务绩效，并且这种改善效应主要来自绿色信贷对银行生息资产收益率的提升作用；绿色发展水平能够增强银行投放绿色信贷的经济效益，并且这种增强效应主要与地方经济增长绿化度和地方政府对绿色发展的支持度有关。商业银行应积极开展绿色信贷业务；政府部门应加强和完善绿色信贷激励政策，以推动绿色金融与绿色经济协同发展。     

媒体关注与企业创新绩效

媒体关注是会发挥信息功能的正面效应进而促进企业创新，还是会发挥负面效应给管理者形成外部压力从而抑制企业创新？在梳理媒体关注信息功能的基础上，基于2010~2018年A股上市公司数据分析媒体关注与企业创新绩效的关系。研究发现：媒体关注对企业创新绩效起到促进作用，在控制了内生性问题后，这一结论依然成立。通过对报道性质进行区分，发现非负面报道对创新绩效的促进作用更加明显，而负面报道并没有显著降低企业创新绩效。在影响机制分析中发现融资约束在媒体关注与企业创新绩效之间起到中介作用，即媒体关注通过缓解企业融资约束进而提高创新绩效。     

房价与企业高管薪酬业绩敏感性

非房地产企业受房价上涨的吸引投资于房地产业务，虽然能给企业带来业绩增长，但这使得企业业绩很难衡量高管的努力程度，业绩质量也不高，根据高管薪酬的最优契约理论，企业业绩在高管薪酬契约中的使用权重会被降低。基于中国35个大中城市的房价数据以及中国非房地产业的上市公司数据，研究发现：高房价显著降低了企业高管薪酬业绩敏感性，这一影响在高管薪酬契约有效性较高时更显著；以上结论在使用DID模型控制反向因果内生性问题后依然成立。     

高绩效工作系统能否抑制员工沉默?

在自我决定理论的基础上探讨高绩效工作系统对不同动机员工沉默行为的影响机制及差异性。研究结果表明：（1）高绩效工作系统对员工默许沉默、防御沉默和漠视沉默行为具有显著的抑制作用；（2）高绩效工作系统能通过自主需求满意度、能力需求满意度和关系需求满意度的提升降低员工的默许沉默行为；（3）高绩效工作系统能通过关系需求满意度的提升降低员工的防御沉默行为；（4）高绩效工作系统通过自主需求满意度、能力需求满意度和关系需求满意度的提升降低员工的漠视沉默行为。