The Effects of Search-Related and Purchase-Related Mobile App Additions on Retailers’ Shareholder Wealth: The Roles of Firm Size,Product Category,and Customer Segment

Mobile channel additions have been shown to increase consumer-brand relationships, brand satisfaction towards and overall purchasing from a retailer, but what is less apparent is whether shareholders are fully rewarded for retailers’ mobile channel additions. Results from an event study on 115 announcements relating to mobile app additions of publicly traded U.S. retail firms between 2009 and 2016 indicate that the stock market responds generally positively to mobile app additions, but specifically to the two mobile app addition types. Stock market responses to search-related and purchase-related app additions are moderated by firm size, product category, and target customer age. For announcements of search-related apps, the market responds more positively to product retailers than to service retailers, and to small firms than large ones. For announcements of purchase-related apps, the market responds less positively to firms that target younger customers than firms who do not especially target them.     

DO FIRMS SEEK A TARGET BOARD STRUCTURE? EVIDENCE FROM THE POST‐SOX PERIOD

We investigate whether firms restructure board composition to align with changes in their contracting environment. Board size and independence increase with firm complexity, consistent with theoretical predictions. However, the hypothesized negative relation between board independence and information costs is evident only for firms completing acquisitions. Furthermore, board independence increases to offset increases in CEO power in a sample of firms making acquisitions, but decreases when CEO power increases in a large cross‐section of firms. We conclude that after the Sarbanes–Oxley Act of 2002, firms face constraints adjusting to target board structure, but these constraints can be mitigated by a shock to the contracting environment via acquisition.     

知识型员工双重社会网络对企业创新绩效作用机制研究

基于企业基础资源观和组织学习理论，从知识型员工个人和组织社会网络两个方面构建知识型员工双重社会网络影响企业创新绩效的理论模型，分析知识共享、组织学习及资源整合在员工双重社会网络对企业创新绩效影响机制中的作用。结果表明：知识型员工双重社会网络对科技型企业创新绩效的作用路径有3条，资源获取与整合、知识共享与学习及员工动态创新能力分别在其中发挥中介作用；在不同类型组织文化环境中，知识型员工双重社会网络对企业创新绩效的作用特征、作用重点以及作用机制存在显著差异，内部整合维度主要通过知识共享和组织学习影响企业创新绩效，外部适应维度主要通过隐性知识传播和资源整合影响企业创新绩效。     

清徐县优势农业与旅游业协调发展研究

[目的]发展优势农业是改造传统农业,加快农业现代化的有效途径之一,旅游业作为国民经济新的增长点,两者协调发展更有利于增加农民收入,促进新农村建设,同时也是农村社会经济可持续发展的必然要求。[方法]文章通过文献查阅法了解清徐县优势农业葡萄及葡萄文化旅游业等方面的相关研究及研究成果,结合实证分析法通过协调发展度函数构建模型对清徐优势农业协调旅游业发展进行定量分析。[结果]清徐县优势农业和旅游业的综合评价指数从2004年的0.118 6上升到2016年的0.985 8,总体呈上升趋势,同时协调度13年间,2004~2008年介于0.221 5~0.490 5之间,处于失调发展阶段,2009年为过渡阶段,协调度为0.524 3,2010~2015年协调度介于0.626 7~0.685 8之间,处于初级协调发展水平,2016年协调度为0.701 7,发展到中级协调发展水平。优势农业与旅游业协调发展有利于区域经济水平的提高和农业收入的增加。[结论]推动优势农业与旅游业协调发展,清徐县需加大散户经营管理力度,切实有效地解决散户存在的实际问题,夯实优势农业的基础,为旅游业发展提供更大的发展空间。     

The Short-Selling Hypothesis of Weekend Effect and T + 1 Trading Mechanism

Asia-Pacific Financial Markets - Utilizing a difference-in-difference regression model, we conduct cross-sectional and time-series analysis to explore effect of short sales on the weekend effect in...     

Further Mining the Predictability of Moving Averages: Evidence from the US Stock Market

Most studies on the predictability of moving average (MA) technical analysis use the discrete (buy/sell) trading recommendations. However, it is possibly incomplete or unreliable to explore the predictability of MA by only employing its generated trading signals. To further explore the forecastability of MA, we study its measurable impact on the stock market returns by using a conventional predictive regression framework. Our empirical study on the US stock market with respect to more detailed price information finds, (i) that the proposed predictor, MADP (MA based on daily prices) shows significant predictability in‐ and out‐of‐sample, and significantly outperforms the historical average (HA) benchmark as well as the MA based on monthly prices, (ii) that the predictability of MADP centers on the short‐term lags (within the most recent 10 days) and disappears when lags are beyond 20 days, and (iii) that the economic evaluation of the portfolios based on trading strategies confirms the superior performance of MADP with short‐term lags against the benchmark even though considering transaction costs.     

辽西北地区农业干旱危险性评价与区划

[目的]开展农业干旱危险性评价与区划研究,为辽宁省西北地区农业防旱抗灾工作提供科学依据。[方法]文章根据联合国国际减灾战略署(ISDR)对农业干旱危险性的定义,分析了构成研究区作物干旱危险性的致灾因子和孕灾环境因子,采用层次分析法确定了各因子的权重,构建了研究区农业干旱危险性评价指标和模型。以2009年为例,通过利用降雨、土壤、农业生产类型及地形等数据计算了辽西北地区农业干旱危险性评价指数,利用自然间断点法分级干旱危险性评价指数,并借助GIS技术,绘制研究区农业干旱危险性等级区划图。[结果] 2009年作物生长期间研究区农业干旱危险性由高到低排列为:朝阳市葫芦岛市锦州市阜新市铁岭市沈阳市。[结论]辽西北地区农业干旱危险性等级区的划分,能够帮助政府管理部门为面临干旱威胁不同的区域建立适当的防灾方法和有效的应急预案。     

歌乐山,写满信仰与忠诚

歌乐山下埋忠骨 The Bones of the Martyrs Buried Under Gele Mountain 烈日当空,站在红岩魂广场抬头仰望,那座由红色岩石雕刻而成的烈士群雕在骄阳下闪闪发光.登上高高的阶梯,只见一面鲜艳的党旗屹立在烈士公墓前,静静守护着红岩英烈. 墓碑上铭刻的,是300多个名字. 革命烈士牺牲在黎明前夜,没能亲眼看到重庆的解放,但他们的故事在这片土地上被一直传颂,他们的忠诚与信仰将同他们的名字一道,镌刻于巍巍歌乐.走进红岩魂陈列馆,倾听们的故事,愈加明白先烈的牺牲有着何等的分量.     

甘孜州农牧区县域发展水平综合评价与特征分析

[目的]对甘孜州各县市的发展状况进行研究探讨,为区域可持续发展策略的制定实施提供科学依据,对提升县域发展水平和发展质量具有重要意义。[方法]建立涵盖经济、社会、资源环境三大模块共计24项指标的评价体系,选取发展较快的2007—2014年为研究时段,运用极差法、改进熵值法、耦合协调度模型与GIS工具,对甘孜州各县市的发展水平进行综合评价与分析。[结果](1)全州综合发展水平指数平均值为0. 500 8,发展水平整体较低,其中康定市得分最高,石渠县最低,县市之间呈现两级分化。(2) 2007—2014年全州综合发展指数平均增幅0. 262 6,年均增速13. 77%,所有县市均处于上升过程,但县市之间增速不一,发展差距逐步扩大。(3)全州发展协调度平均值为0. 390 5,协调度较低,各县市均处于轻度失调或濒临失调水平。(4)发展水平、活力、协调度较高县市均集聚于州东部和南部,尤以东路片区最为典型。[结论]下一阶段需依据各县市实际,立足优势,制定实施合理的发展规划,缩小区域差异,提升综合发展水平。     

超常发展再铸辉煌--上海港集装箱运输发展回顾与展望

2002年,上海港创造了一个新纪录——集装箱吞吐量完成861万TEU,比上年634万TEU增长35.8%,超越高雄港而成为排名世界第四位的集装箱港口。这一辉煌业绩标志着作为我国大陆最大的国际通航港口又向国际航运中心建设的目标迈出了一大步。上海港集装箱吞吐量的发展是超常的。近10年来,它都以年均28%的增长率攀升。1994年突破100万达到119.9万TEU,从1997年至2001年的5年里,每一年都突破一个大数,分别超越200万、300万、400万、500万和600万TEU,2002年则跃升双百万,达到861万TEU。这是上海港集装箱运输发展史上前所未有的。它超常发展的巨大…