会计稳健性缓解了盈余惯性吗

以2005~2018年我国A股上市公司为样本，研究会计稳健性对盈余惯性的影响。实证结果表明，会计稳健性可以显著降低盈余惯性。作为资本市场的重要中介，机构投资者和分析师在会计稳健性影响盈余惯性中发挥了积极作用，表现有机构投资者持股比例高的公司和有分析师关注的公司，会计稳健性对盈余惯性的缓解作用更加明显。进一步研究考察会计稳健性缓解盈余惯性的作用机制，结果表明，会计稳健性通过提高会计信息质量和增强投资者关注度两条路径缓解了盈余惯性。     

Investor attention,firm-specific characteristic,and momentum: A case of the Korean stock market

This study examines the sources of negative momentum profits by combining investor attention and the properties of common and firm-specific factors. We choose the Korean stock market as a good case to characterize the negative momentum profits identified in Asia. In both portfolio and stock analyses, a method is devised to generate return data involving the property of each common and firm-specific factor within stock groups by investor attention. This study found significant negative momentum profits within the stock group with high investor attention. This momentum effect is highly dependent on the reversed performance of the past loser portfolio, not the continued performance of the past winner portfolio, and this reversal is strongly attributable to the properties of firm-specific factors, and not those of common factors. These results are robustly consistent regardless of changes in empirical design and the consideration of influence factors, market dynamics, and other stock markets.     

跨文化背景下商业广告设计的视觉元素关注度研究——以餐饮类平面广告为例

本文以餐饮类平面广告为实验材料,研究了中国和美国被试者对平面广告中的图形、色彩、文字、编排及构图等视觉元素的关注度。本研究从文化认知理论出发,以文化认知差异为前提,探寻了东西方族群对商业广告中出现的视觉信息的不同处理方式。以商业广告中视觉设计的原则为标准,解构了平面广告设计中的视觉构成元素并进行一一比较,得出商业平面广告设计中中美两国被试者的视觉元素关注度差异。最终获取了各种视觉元素的评估结果和相对权重,形成了商业图形广告设计元素关注度的先后顺序。这一实验结果对跨文化认知心理理论在跨国广告设计中的应用有借鉴和启发作用,可以为跨国公司和设计师提供技术指导,设计出更符合消费者需求的商业广告。     

IPO first‐day returns: Skewness preference,investor sentiment and uncertainty underlying factors

In this paper, we investigate the initial public offering (IPO) first-day returns. Our focus is to examine the irrational component of the agent behavior towards IPO lotteries. Based on 234 French IPOs performed between 2002 and 2012, we find that IPOs with high initial returns have higher idiosyncratic skewness, turnover and momentum. This finding provides empirical evidence for investors' preference for stocks with lottery-like features and investor sentiment. In addition, we show that the skewness preference and the investor sentiment effect are stronger during periods of favorable market conditions. Our results are robust to the integration of uncertainty underlying factors.     

Is consumer psychology research ready for today’s attention economy?

ABSTRACT

Attention has become an area of major interest in marketing research as a dependent or moderating variable. In this article, we argue for respondent attention as a pivotal part of any consumer psychology research protocol and highlight the risks of not incorporating realistic attention components into research design. We propose four areas where this approach can help the external validity of consumer psychology research. Our recommendations include accounting for variability in the baseline attention levels; smart use of distractions; allowing for variability in attention over the task and avoiding attention leading/assumptive questions.     

电梯检验时应注意的问题及其分析

电梯是高层建筑中必不可少的一项设备,而为了能够避免电梯在运行过程中出现事故,就需要做好电梯的检验工作。本文就电梯检验时应注意的问题进行研究与分析。     

注意力经济环境下传媒的核心竞争力

注意力经济是以注意力资源的生产和分配为基础所形成的经济关系以及商业运作模式,关于“注意力”的探讨为传媒的研究提供了一个新视角。本文认为,媒介经济也是注意力经济;注意力经济环境下传媒的核心竞争力依然是内容;丰富的高品位的内容是获得受众持久注意力的根本,是媒介可持续发展的关键。     

Inferring latent social networks from stock holdings

We infer the latent social networks of investors using data on their stock holdings. We map linkages to portfolio weights using a portfolio-choice model. The precision of an investor’s private signal about firm value is assumed to increase with his connections in the city where the firm is headquartered. Using money-manager data, we find that managerial linkages to a city are overly dispersed relative to the Erdös–Rényi model of i.i.d. connections. Managers at the tail of this distribution with non-i.i.d. linkages have more university alumni in that city. Their stock holdings there outperform their holdings in other cities.     

Investor protection,regulation and bank risk-taking behavior

This paper examines whether the influence of investor protection on banks’ risk is channeled through banking regulation, and vice-versa, using panel data from a sample of 567 European and US banks for the 2004–2015 period. As banking regulatory factors, we consider capital stringency, activity restrictions and private monitoring, whereas as investor protection factors, we consider the level of shareholder and creditor protection. We find that banking regulation moderates the positive direct influence of investor protection on banks’ risk, while investor protection reinforces the negative direct influence of banking regulation on risk. Moreover, we show that the negative effect of national regulations on banks’ risk is more pronounced during systemic crisis years. Finally, taking into account market competition, we argue that private monitoring only has a direct effect on banks’ risk, whereas the effects of capital stringency and activity restriction are channeled through market competition.     

The effects of analyst forecasts and earnings trends on perceptions of management forecast credibility

We examine whether analyst forecasts influence investors’ perceptions of the credibility of a good news management earnings forecast. We hypothesize that the effect of analyst forecasts will depend on whether the analyst forecast confirms management’s forecast and the extent to which management’s forecast is consistent with the prior earnings trend. Findings indicate that the positive effect of a confirming analyst forecast is greater when the management forecast is trend inconsistent than when it is trend consistent. The negative effect of a disconfirming analyst forecast does not differ based on management forecast trend consistency.