媒体语气、投资者情绪与IPO定价

本文利用IPO公司在上市前不同时间段内主流财经媒体报道中的正负面词汇数据,构建了媒体语气这一度量公司层面投资者情绪的代理变量,从个股层面检验投资者情绪对IPO抑价率的影响。本文研究结果表明,相比正面媒体语气,负面媒体语气能够更好地解释IPO抑价率、首日换手率以及超募比例。具体而言,我们发现负面媒体语气与IPO抑价率、IPO超募资金比例以及承销商费用占比均显著负相关:负面语气每下降1%,IPO抑价率上升0.22%,超募资金比例提高0.13%,承销商费用占比上升1.44%。我们进一步发现发行公司和承销商有动机和激励通过媒体推介IPO公司,引导、煽动投资者情绪,从而厘清投资者情绪的影响因素以及其作用于资产价格的渠道。本文最后验证了媒体语气作为投资者情绪代理变量的可靠性。     

Corporate Innovation and Disclosure Strategy

This study investigates the impact of firm innovation on MD&A disclosure. Firms need to reduce information asymmetry to assist investors on the one hand and to prevent rivals from benefitting from disclosures on the other. Innovative firms can use an optimistic tone to convey good news but increase content similarity to reduce proprietary costs. Management chooses a certain content similarity and tone strategy for an innovation and as the number of innovations increases, the ratio of similar innovation disclosure and positive tone increases in the overall MD&A, resulting in greater content similarity and more news conveyed with a positive tone. We find that the firm's level of innovation is positively related to content similarity and tone optimism. We also find that this positive relation is more pronounced when product market competition is stronger and when regional intellectual property rights protection is weaker. Our further analyses on market responses provide evidence suggesting that management's disclosure strategy functions as intended.     

上市公司年报语调操纵、非效率投资与盈余管理

基于行为财务理论和委托代理理论，研究了管理者文本信息操纵和数字信息操纵之间的关系。以我国2010—2016年间A股上市公司年报为研究对象，借助网络爬虫（Web Crawler）提取并分析年报中的管理层语调。研究发现：管理者在年报中的语调操纵对盈余管理起到了配合作用。进一步研究发现，语调操纵对盈余管理的配合效应将随着非效率投资程度的增加而增强。研究结论表明，管理者的数字信息操纵和文本信息操纵是相互配合的，它们共同起到了掩盖管理者动机的目的。     

淮安南片方言两字组连读变调分析

描写了淮安南片方言两字组连读变调并分析其特点。淮安南片方言均为前字变调,后字不变调,且前字的声调受后字声调的影响而发生变化,其变调类型为邻接交替式。舒声调变舒声调,促声调变促声调,即变调前后舒促一致。     

News media analytics in finance: a survey

We survey the works applying text analytics to the study of news media in financial markets beyond intraday horizons, and expand into the fundamental economic theory and concepts relevant to the field. We compare and contrast the news sources, textual analysis methods and empirical modelling approaches adopted within the literature. We distil and categorise the key empirical insights, and summarise the bibliographic history of the literature so far. While this rapidly growing field has yielded many exciting discoveries, there are a number of promising avenues for future research which will only benefit from continued advances in computational technology.     

Ethical Responses to Public Allegations of Skin Tone Manipulation in Print Advertising: Consumer Indifference or Consumer Concern?

This study examines the effect of consumer prejudice on ethical responses to public allegations of skin tone manipulation in print advertising. A sample of 156 undergraduate business students read a fictitious news story in which an advertising watchdog group accused business executives of using digital manipulation to lighten the skin tone of a Black female model featured in a product print ad. Participants then answered questions on ethical perceptions, behavioral intentions, and prejudice toward Blacks. Results suggest that low-prejudice consumers have stronger ethical concerns toward the digital lightening of ethnic models in print ads than do high-prejudice consumers. The authors discuss the findings, limitations, and directions for future research.     

对PSC新《大纲》“朗读”项调整的思考

2003年颁发的《普通话水平测试大纲》对1994年的旧《大纲》进行了调整，调整后的新《大纲》无论在朗读作品的选取上，还是在评分项和分值的设置上都更趋科学、合理，增加了测试的效度、信度和可操作性。但和旧《大纲》的“方言语调”相比，新《大纲》的“语调偏误”评分项还是未能摆脱由于理论缺失而导致的评分项前后矛盾和实际操作混乱的尴尬。     

Smoothing Economic Trends in 2008

2008 marks the first time that the government has changed the monetary policy from ＂prudent＂ to ＂tight＂. For the last ten years China has been following the prudent approach, but this change is required to stabilize economic expansion in future.     

Voices on Textiles and Foreign Trade Policy

Basic tone： stabilizing exports,Restrictions on exporting production,More measures to avoid exchange rate risk,More attention to small and medium-size enterprises     

A multilevel investigation of factors influencing creativity in NPD teams

Understanding creativity in the context of a new product development (NPD) team is of paramount importance, especially in the high-technology industry where creativity is a key resource. Building on the mood-as-input model, this study examines how contextual factors (organizational support and organizational control) moderate the relationship between team affective tone and team creativity. The data collected comprise 343 sets of responses involving 106 NPD teams drawn from high-technology firms. The results of this study show that negative affective tone relates positively to team creativity when organizational support is high and organizational control is low, but the linkage between positive affective tone and team creativity as moderated by context factors is found to be insignificant. This article likewise includes research limitations, future research directions, and theoretical and managerial implications.