Does corporate diversification reduce value in high technology firms?

We find that firm value is reduced via industrial diversification and this reduction in value depends upon a firm’s technology intensity. We consider that asymmetric information problems are more severe in technology intensive industries and find that high tech industry firms present distinctly larger value reduction when compared to low tech industry firms. The negative valuation effect is greater for firms that have a relatively larger amount of intangible assets and greater R&D capital. We determine that our findings are robust to different estimation methods and alternative excess value measures.     

Promoting Tourism,Projecting Power: The Role of Television Commercials

This paper analyzes television commercials (TVCs) launched by Korea Tourism Organization (KTO) from 1999 to 2012. By repeating shots of traditional and Korean popular (k-pop) culture, high-tech machinery, and sportsmanship, it is fair to say that Korean tourism TVCs both reflected and fueled the fad a target audience has for Korea. Hence the commercials not only promoted tourism, they were also projecting national power in general and cultural power in particular. It is surmised that through power projection the TVCs intend to create a country halo effect so that the country’s products and services may enjoy an aspired added value.     

UGC的表现形式对网络营销效果的影响研究——以微博为例

随着Web2.0的兴起,用户创作内容（UGC）的概念应运而生,迅速发展并逐渐成为供应商组织生产、商家营销宣传以及消费者购买产品的利器.本论文梳理了UGC相关研究的分类和趋势,并选择微博作为平台,采用情景实验法,探究UGC的表现形式（文本、图片、音视频）对网络营销效果的影响,在此基础上为企业进行更大范围的社会化媒体营销（如博客、SNS社区等）提供策略性建议与营销思路,有效提升UGC互动的效用,在理论和实际应用上都有着显著意义.     

农村减贫效率及其空间差异研究——基于DEA-ESDA模型的分析

[目的]通过对2011~2015年间全国以及各区域层面的农村减贫效率进行测度,探讨其空间差异及变化特征。[方法]文章采用投入导向的DEA-BCC模型测算农村减贫效率值,并借助探索性数据分析法(ESDA)对农村减贫效率的空间差异和变化展开分析。[结果](1)我国农村减贫综合技术效率相对较低,未能充分挖掘现有资源投入的潜力,纯技术效率整体偏小是造成综合技术效率较低的重要原因;(2)省际农村减贫效率在2011~2015年整体呈现出先减后增的趋势,并表现出西高东低的阶梯形空间布局;(3)农村减贫的综合技术效率存在正自相关性,高高聚集的区域主要集中在西部地区,低低聚集区域呈现由东北向京津都市区移转的趋势;(4)减贫综合技术效率的热点区域主要集中在西北与西南两大区域,且具有较强的稳定性;冷点区域主要分布在江西、安徽及东部沿海地区,较为稳定的冷点区域主要集中在东北及环渤海地区。[结论]我国农村减贫效率存在显著的空间异质性的特征,需要精准地识别出局部性致贫因素,因地制宜地制定出具有区域联动特点的空间扶贫开发策略。     

高大平房仓储粮减损增效探索

高大平房仓储粮第一年秋、冬低温季节利用小功率风机进行下行式机械通风降低基础粮温;储存稳定期在确保储存安全的前提下,进入第2年、第3年秋冬季节则采用自然通风;气温上升季节对仓房实施隔热密闭、仓顶喷淋等一系列控温措施,在低能耗的情况下,可有效控制粮温,且大大减少了因通风产生水分散失而造成的储粮损耗.经过3年的储藏,损耗率低至1.42‰,且稻谷品质达到要求,降低储粮保管费用.     

地方人大中的地域代表现象探析——基于五省市人大代表建议的内容分析

本文试图探析在中国地方人大中是否存在地域性代表及其相关因素。通过收集和分析2017年国内五省市人大收到的近四千条代表建议,发现在地方人大代表的履职行为中,一定范围内存在从整体资源中为选区争取利益的现象。进一步回归分析的结果显示:来自经济发展水平相对较低的地区的代表,更倾向于提出地域性建议;由代表联名提出的建议更可能是地域性建议;担任地方党政领导职务的省市人大代表,在提出建议时更倾向于提出地域性建议。上述实证发现对中国地方人大地域性代表的实现机制提供了初步启发性证据,也有助于丰富我们对非竞选体制下的政治代表性和回应性机制的理解。     

资源配置视角下战略性新兴产业基地建设决策过程研究

采用案例分析法，以国家传感网创新示范区建设的决策过程为研究对象，从资源配置视角重新审视了战略性新兴产业基地建设的决策过程。结果表明，在战略性新兴产业基地建设决策过程中，地方政府充分发挥了主观能动性，与中央政府、科研机构及企业积极互动，获得了建设产业基地的资源。同时，中央政府完成了与产业基地甄选及部署相关的资源配置。     

Toward an Integrated Model of Purchase Intention of Dietary Supplements in Sexually Oriented Advertising

This study was designed to examine antecedent factors that yielded a model of purchase intention of dietary supplements in sexually oriented advertising. Results suggested that sexual cognition, gender difference, individual attitude toward advertisements, and product involvement were yielded as key predictors toward people's purchase intention of dietary supplements. However, sexually oriented advertising did not considerably increase their purchase intention. A regression analysis also loaded sexual cognition and product involvement as two key determinants in the model of purchase intention of dietary supplements. Moreover, people with a more positive level of sexual cognition significantly resulted in their higher degree of purchase intention of dietary supplements.     

推动消费升级 引领经济发展——创新江苏消费经济发展新阶段

2018年9月,中共中央、国务院联合发布《关于完善促进消费体制机制,进一步激发居民消费潜力的若干意见》文件。文件根据习近平中国特色社会主义思想,认为“消费是最终需求,既是生产的最终目的和动力,也是人民对美好生活需要的直接体现。”对消费在国民经济中的重要作用进行了深入阐述,将扩大和升级消费放在战略高度来进行谋划和部署,为今后如何进一步发展国民消费指明了前进方向。改革开放以来,江苏省的消费与全国一样发生了巨大变化,但是我们也应看到,江苏消费虽然增长较快,但是与党和国家的要求还存在一定的差距,消费能力、消费意愿、消费供给消费三要素的发展不充分,在消费水平、消费规模和消费结构等方面还存在一定的问题,在满足人民日益增长的需要方面还需要继续努力。特别是在推动江苏经济发展上要发挥更大的作用,通过消费对经济的调节、引领、带动机制促进江苏经济创新发展。因此,我们要继续贯彻党和国家“两个一百年”、江苏率先小康的“强富美高”战略目标,采取得力措施来解决消费矛盾,激发居民消费潜力,通过消费升级使江苏消费和经济均上升到一个新阶段。     

The Chinese Stock Dividend Puzzle

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no significant price run-up before announcement. The significant announcement effect of stock dividends is robust to controlling the earnings surprise effect. We offer some discussion of the possible explanations.