Asset specificity and conditional accounting conservatism

Asset specificity, the redeployability of an asset to alternative uses, is a key determinant of an asset's resale value. Asset specificity has a direct impact on a firm's ongoing fair value determination, bankruptcy risk, liquidation value, and abandonment option. We document a significant negative association between asset specificity and conditional conservatism. Further tests reveal that this inverse relation manifests as bad news being less quickly incorporated in earnings as asset specificity increases. We find no difference in the extent to which good news is delayed in earnings for firms conditional on asset specificity. In addition, the documented association is stronger when asset specificity arises from lower within‐industry acquisition activity. The association is also more pronounced for firms that are in less competitive industries, have institutional investors, have limited access to the public debt market, and/or have more unsecured debt. Our findings are noteworthy for regulators and researchers given the recent interest in the determinants of conservatism.     

基于SFA模型的河南省粮食产量时空变化及投入要素影响

[目的]粮食问题影响着一个国家的国民经济发展和人民生产、生活,农业在整个社会生产活动中占有重要地位,河南省是全国农业大省,对河南省粮食产量进行分析具有重要的现实意义。[方法]以2005—2015年河南省各县粮食产量和投入要素为研究对象,将研究数据面板化,利用线性相关、随机前沿生产函数模型、脱钩分析等方法,运用ArcGIS 10.1、Eviews 8.0和SPSS 19.0等软件,对河南省各县粮食产量时空变化、投入要素影响程度和脱钩效应进行分析。[结果]模型运算结果表明文章选用模型效果较好,能够反映粮食产量的时空变化以及其与投入要素之间的关系,且符合河南省粮食产量实际情况。研究结果表明:(1)从时间上来看, 2005—2015年河南省粮食产量总体呈线性上升趋势;(2)从空间上来看,河南省中部、北部、东部和南部粮食产量较高,西部受地势因素影响粮食产量较低;(3)粮食产量与化肥施用折纯量、粮食播种面积、农民经营性收入、农药施用量、农业机械总动力和乡村农业人口呈正相关关系,与农村用电量呈负相关关系;(4)化肥施用折纯量、农村用电量、农药施用量存在脱钩效应,粮食播种面积、农民经营性收入、农业机械总动力不存在脱钩效应。[结论]应保持目前粮食播种面积不变,提高农业机械总动力,突出投入要素的影响,同时对河南省各县进行区域功能定位。     

On Some Characteristics of Gaussian Covariance Functions

The concepts of isotropy/anisotropy and separability/non‐separability of a covariance function are strictly related. If a covariance function is separable, it cannot be isotropic or geometrically anisotropic, except for the Gaussian covariance function, which is the only model both separable and isotropic. In this paper, some interesting results concerning the Gaussian covariance model and its properties related to isotropy and separability are given, and moreover, some examples are provided. Finally, a discussion on asymmetric models, with Gaussian marginals, is furnished and the strictly positive definiteness condition is discussed.     

Estimating input-mix efficiency in a parametric framework: application to state-level agricultural data for the United States

ABSTRACT

This paper contributes to the productivity literature by demonstrating novel econometric methods to estimate input-mix efficiency (IME) in a parametric framework. Input-mix efficiency is defined as the potential improvement in productivity with change in input mix. Any change in input-mix (e.g., land to labou r ratio) will result in change in productivity. The advantage of this approach is that it does not require data on input prices to estimate the mix efficiency levels. A nonlinear input-aggregator function (e.g., Constant Elasticity of Substitution) is used to derive an expression for input-mix efficiency. Bayesian stochastic frontier is estimated for obtaining mix efficiency using US state-level agricultural data for the period 1960–2004. Significant variation in input-mix efficiency is noted across the states and regions, attributable to diverse topographic and geographic conditions. Furthermore, comparisons of allocative and mix efficiencies provide insightful policy implications. The production incentives such as taxes and subsidies could help farmers in adjusting their input mix in response to changes in input prices, which can affect the US agricultural productivity significantly. The proposed methodology can be extended by i) using flexible functional forms; ii) introducing various time- and region-varying input aggregators; and iii) defining more sophisticated weights for input aggregators.     

Is heterogeneous capital depreciation important for estimating firm-level productivity? Evidence from Chinese manufacturing firms

This paper contributes to the existing literature on estimating firm-level production functions. Using Chinese manufacturing survey data, we employ the firm-level heterogeneous capital depreciation rate to measure firms’ investment and assess its role using Olley and Pakes (1996) (OP) production function estimation technique. Although there is some ongoing debate on the econometric soundness of the OP technique, we argue quantitatively that the heterogeneous depreciation rate muffles the measurement error associated with the key input demand investment. In our sample, it significantly narrows the gap of total factor productivity (TFP) estimates between the OP technique and a state-of-the-art estimation method that works without investment. We further reveal that the improved performance primarily originates from the dynamic evolution in the distribution of the capital depreciation rate.     

Loss and damage: a critical discourse analysis of Parties’ positions in climate change negotiations

The years-long negotiations on loss and damage (L&D) associated with climate change impacts reached a milestone with the adoption of the Paris Agreement, sanctioning the permanence of the Warsaw International Mechanism (WIM) created in 2013. The WIM aims at advancing knowledge gathering, coordination and support to address L&D associated with extreme and slow onset events in vulnerable developing countries (Decision 2/CP.19). Despite being among the most controversial issues to be recently treated in climate change negotiation, L&D has attracted little attention in the field of international relations. This paper aims at addressing this gap by reconstructing the emergence and evolution of the negotiating positions on L&D of developing and developed countries. It employs a critical discourse analytical approach and builds on Fairclough’s three-dimensional framework for critical discourse analysis, taking decision 2/CP.19 as the core communicative event. Consistently, the decision is analysed at three different levels: as a text (micro-scale); as a discursive practice (meso-scale); and as a social practice (macro-scale). The analysis makes use of a wide range of materials including previous decisions, High Level Segment statements and Parties submissions. It reconstructs Parties’ conflicting views on the positioning of L&D vis-à-vis the adaptation space (L&D as a part of, or as beyond adaptation) and the scientific, ethical and legal arguments employed to support these standpoints. It highlights, in particular, the strategic importance which the ‘compensation argument’ had in determining developing countries’ capacity to influence the UNFCCC process up to the inclusion of a specific article on L&D in the Paris Agreement. While calls for compensation might have lost momentum as a result of the Warsaw and Paris talks, the paper argues that their potential is far from exhausted. They in fact imply a more general request for climate justice which the UNFCCC has not yet addressed.     

一种机载三维音频技术的快速计算方法

针对机载三维音频应用的实时性需求，提出了一种基于单耳相对头相关传递函数和改进型混响模型的机载三维音频快速实现方法，在较传统实现方式性能无明显下降的情况下降低了80%的计算量。对提出的算法在F-16战斗机模拟强噪声环境下进行相关主观试听实验，同时在某型飞机音频系统中实验验证。实验结果表明,所提方法在实时处理3路三维音频时，三维音频方位分辨精度在5°以内，可满足实际机载平台使用需求。     

Productivity impact of drought tolerant maize varieties under rainfall stress in Malawi: A continuous treatment approach

Drought tolerant (DT) maize varieties have received massive support in sub‐Saharan Africa because of their potential to protect smallholder farmers against drought‐related maize yield losses. Using four waves of household farm panel data from six districts in Malawi, we examine the impact heterogeneity of this technology on maize productivity using a continuous treatment approach. We find strong evidence of positive correlation between maize yield and adoption of DT maize varieties. On average, an increase by one hectare in the area allocated to DT varieties increases maize yield by 547 Kg/ha representing a 44% increase from the average maize yield of 1,254 Kg/ha for our sample. Our findings give evidence that DT maize technology has potential to protect smallholder farmers against drought‐related production losses. Policies that promote increased allocation of maize area to DT maize hold potential to enhance food security. Smallholder farmers especially in drought‐prone areas should be encouraged to allocate at least one‐third of the maize plot to DT varieties while breeders continue with the efforts of breeding a DT variety that is not only drought tolerant but also adapted to all weather conditions. More importantly, the government should ensure provision of timely ex ante weather information to guide farmers on decision‐making with respect to maize varietal choices.     

农民对宅基地权利认知及影响因素研究*——以河北省新乐市为例

［目的］通过对河北省新乐市农民在宅基地权力认知及影响因素方面的分析，探究我国农村宅基地制度并提出相关建议。［方法］文章受制度功能可信度理论启发，以河北省新乐市14个行政村为调研对象，探究农民对宅基地相关权利认知情况，同时采用Spearman相关性分析研究影响农民宅基地认知的因素。［结果］调研地自发宅基地流转市场已形成，宅基地制度功能处于社会保障功能向财产功能转变的过渡阶段； 农民对宅基地所有权认知不明晰，但并不影响宅基地市场建立； 在宅基地流转中，农民更关注相互之间信任、村委会保留的记录、流转中形成的“事实产权”； 农民性别、年龄、受教育水平和家庭人口数是影响权利认知的主要因素。［结论］依据制度功能可信度理论充分考虑宅基地制度在现阶段的功能变化，因地制宜； 政府应关注农民的宅基地使用权问题，使其真正成为农民的财产； 应对农村宅基地流转中形成的事实产权逐渐正式化； 应制定年轻人就业帮扶和年长者社会保障等相关政策，避免宅基地流转影响农村社会稳定性。     

别让IT运维成为中小企业迈向国际化的“包袱”

随着中国改革开放的不断深入,中国加入WTO,国内中小企业如雨后春笋般的发展起来,甚至已经将公司开到了国外,为新中国的经济腾飞做出了不可磨灭的贡献,期间IT系统在规范管理、提升工作效率方面起到了应用的作用。但随着企业规模的不断扩大,分公司越来越多,地域间隔越来越远,IT系统运维正变得空前困难。鉴于此,本文将着重介绍如何利用新技术降低IT运维成本,提升运维效率。