Material weakness disclosures and restatement announcements: The joint and order effects

We examine differences in stock price, option volatility, and litigation reactions to restatement announcements that are associated with a material weakness (MW) disclosure. Contrasted with restatements that are not associated with any MW disclosure, our analyses reveal that firms that announce both a restatement and an associated MW experience significantly more negative market returns, greater implied volatility, and higher likelihood of class action lawsuits. Separating the restatements into timely reporters, where the MW precedes the restatement, and non‐timely reporters, where the MW is concurrent with or follows the restatement, we find that timely reporters experience more negative returns at the time of the restatement, relative to non‐timely reporters, suggesting that investors perceive the early MW disclosure to signal more pervasive control‐related problems. Interestingly, we find that timely and non‐timely reporters are equally likely to be sued, consistent with the argument that wrongdoing (through either a timely or non‐timely MW disclosure) provides stronger grounds for establishing scienter. However, timely reporters appear to secure more favorable litigation outcomes: they face higher likelihood of lawsuit dismissals and pay much lower settlements, compared to non‐timely reporters. Overall, our evidence provides new insights into how market participants incorporate information about internal control weaknesses into their perceptions regarding the economic implications of financial restatements, and financial reporting quality.     

Settlement procedures and stock market efficiency

This study examines why most derivatives markets that settle on the day following expiration choose the opening rather than the closing price as the final settlement price (FSP), whereas most markets that settle on the expiration day select an average rather than a single price as the FSP. Four exogenous changes in the Taiwan Futures Exchange settlement procedures provide an experimental basis for studying the settlement procedures’ impact on underlying assets. Greatest market efficiency is observed when the FSP is determined by a single rather than an average price and hypothesize that manipulation is prevented at the expense of market quality.     

农村集体经营性建设用地流转模式再审视：基于产权让渡与市场化的视角

研究目的:厘清集体经营性建设用地流转模式,推进集体建设用地入市改革。研究方法:以产权让渡及市场化为视角,采用矩阵分类法划分集体经营性建设用地流转模式,剖析不同流转模式特征与演进路径。研究结果:基于本研究视角可将集体经营性建设用地流转划分为6种模式,不同模式具有不同特征、运行条件、优缺点及收益分配格局,且其存在关联并遵循一定的演进规律。研究结论:规范市场下农地发展权及使用权流转模式将是当前改革的方向,需从法律法规上明确农地发展权相关规定;不同地区需因地制宜地选择流转模式及类型,探索具体实施办法,循序渐进推进流转改革与创新。     

Dynamic relationship between stock market trading volumes and investor fear gauges movements

This article applies multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) to investigate cross-correlation behaviours between two kinds of stock markets trading volumes and investor fear gauges covering the data of U.S. stock markets from 2 January 2004 to 31 July 2018. The empirical results show that the dynamic relationship between stock markets trading volume fluctuations and different kinds of investor fear gauges are multifractal and find that the dynamic relationship is strongly anti-persistent. Moreover, financial crisis in 2008 has a significant impact on the cross-correlated behaviour, suggesting that stock market trading volume fluctuations and investor fear gauges are more susceptible to each other during the financial crisis period. Through the rolling windows analysis, we also find that the stock markets trading volume fluctuations and different kinds of investor fear gauges are anti-persistent dynamic cross-correlated.     

面源污染视角下江西省耕地利用效率研究

[目的]在面源污染视角下考察耕地利用效率,可以为推动耕地可持续利用提供理论和参考依据。[方法]文章基于2000—2014年我国13个粮食主产省(区)耕地投入产出的面板数据,运用SBM方向性距离函数将耕地面源污染因素纳入到传统的效率分析框架,从省际比较的维度对江西省耕地利用效率进行了测度与分析。[结果]考虑面源污染因素对耕地利用效率测算产生了一定的影响;江西省耕地利用效率值呈现阶段性特征,耕地利用效率排名比较稳定,近年来排名有上升趋势;江西省耕地利用绩效一般,且与最佳实践者存在较大的差距。[结论]忽视面源污染因素的耕地利用效率评估是失真和不符合实际的,宜将面源污染因素纳入到耕地利用效率的测度框架,以此来更科学地量化评估耕地利用绩效;设计和完善相关政策,以有效控制耕地面源污染;加强与先进省(区)的交流与合作,学习其农业可持续耕作技术与管理经验,进一步推动江西省耕地产出与资源、环境协调发展。     

Positive Feedback Trading and Investor Sentiment

This article examines how investor sentiment affects positive feedback trading behavior. By analyzing the daily closing total return of CSI 300 index and its individual returns of stocks, we find that relatively high or low sentiment induces active positive feedback trading. With a specific indicator of sentiment, we explain the microstructure setting of the relationship between positive feedback trading and sentiment. We adopt the classical feedback model from Sentana and Wadhwani (1992) to measure positive feedback trading behavior. By adding sentiment factor to the model, we successfully explain how sentiment influences the behavior of both feedback traders and rational investors. The empirical findings suggest that positive feedback traders are more likely to trade when the prices of most securities move forward together. When the sentiment of feedback traders is at an intermediate level, the feedback trading behavior is insignificant.     

生态文明视角下土地整治科技创新研究 ——基于原国土资源部土地整治相关领域的登记和获奖成果分析

研究目的:对原国土资源部土地整治相关领域的登记和获奖成果进行梳理分析,为土地整治科技创新服务支撑生态文明建设提出意见建议。研究方法:文献资料法和比较分析法。研究结果:中国土地生态整治科技创新取得丰硕成果,但在创新能力、研究尺度和内容、成果转化应用方面存在进一步完善的空间。研究结论:土地生态整治科技发展促进了土地整治水平的提高,今后,土地生态整治科技创新要在新发展理念下,在项目设计、标准化、研究内容方面加强科学研究,完善科技创新体制机制,激发创新活力。     

土地整治对中国粮食产出稳定性的贡献

研究目的:研究土地整治对粮食产出稳定性的贡献,为制定合理高效的土地整治政策,促进粮食增产稳产提供依据。研究方法:采用H-P滤波法实证分析中国粮食产量的波动性及增长趋势,然后基于C-D生产函数,分别建立趋势产量和波动强度面板回归模型,分析土地整治对粮食产出稳定性的影响。研究结果:(1)粮食作物播种面积、农业机械总动力、农用化肥施用量均对粮食长期趋势产生不同程度促进作用;农业劳动力对主产区粮食长期趋势影响显著为负,对非主产区却有正向影响。(2)土地整治面积和单位面积投资额均降低了全国及主产区粮食产量的波动程度,土地整治规模在全国和主产区的影响系数分别为-1.4162和-2.2215;单位土地整治面积投资额在全国和主产区的影响系数分别为-0.7589和-1.3509。(3)土地整治新增耕地面积对全国和主产区的粮食产量波动强度影响为正,影响系数分别为0.8018和1.3931。可能是通过土地整治新增的耕地质量较低,产出不高,导致了粮食产量波动。土地整治投入在非主产区均表现为不显著。研究结论:应继续推进尤其是主产区的土地整治项目实施,加大土地整治投资强度,建立长期稳定的投入机制,合理使用整治资金,注重提高新增耕地质量和综合生产能力,同时将土地整治投入和管理机制与农业生产系统运行机制、自然因素等有效结合,并制定差别化区域政策,以保障粮食增产稳产和区域协调发展。