有关收养问题研究的综述

本文通过对有关收养问题研究的文献的整理,从收继问题,国内外收养的类型、目的和原则进行梳理,最后从研究方向、学科差别和研究方法上进行比较总结,认为国内关注的领域可以拓展到少数民族的收养研究。     

Analysts’ Momentum Recommendations

We document that the likelihood of analyst recommendations following past stock returns decreased abruptly in 2003, coinciding with the Global Settlement and other regulatory changes designed to restrain analysts’ conflicts of interest. We also document that the likelihood of recommendations following past stock returns is abnormally high for recommendations issued after negative stock returns (but not for those issued after positive stock returns), among inexperienced and inaccurate analysts, among large brokerage houses, and for companies with high share turnover. Moreover, the recommendations that are more likely to follow past stock returns are accompanied by earnings forecast revisions that are larger in magnitude and less accurate ex post. Overall, our findings suggest that analysts with conflicts of interest and limited ability are more likely to base their recommendations on past stock returns. Finally, we document that the recommendations that are more likely to follow past stock returns (especially those that were issued before 2003 and those that are issued after negative stock returns) contribute to existing price momentum by generating incrementally stronger short‐term and long‐term stock returns.     

The Impact of NASD Rule 2711 and NYSE Rule 472 on Analyst Behavior: The Strategic Timing of Recommendations Issued on Weekends

Amendments to NASD Rule 2711 and NYSE Rule 472, enacted in May 2002, mandate that sell‐side analysts disclose the distribution of their security recommendations by buy, hold and sell category. This regulation enhances the transparency of analysts’ information and mitigates the long‐recognized optimistic bias in their recommendations. However, we find that analysts are more likely to issue sell recommendations or downgrade revisions on weekends when investors have limited attention after these rule changes. This pattern is more pronounced for prestigious analysts, who are more likely to influence stock prices. Market reaction tests reveal an incomplete immediate response and a greater drift to unfavorable recommendations issued on weekends. Finally, analysts who are more likely to release unfavorable recommendations on weekends exhibit higher future forecast accuracy. Our findings suggest that, while these regulatory changes effectively reduce analysts’ optimistic bias, they are also associated with an increased prevalence of a different form of distortion in the capital market.     

Consistent Analyst Expectation Error and Earnings Management: Evidence from China

Using data from the Chinese A-share market in 2004–12, we show how cognitive bias of individual analysts led to counterproductive effect in less-developed financial markets. We form an ex ante measure of analysts’ expectation error, a measure suitable for markets with a short history. We find that star analysts tend to be more optimistic than ordinary analysts, and their biased opinions influence other analysts because of analyst herding behavior. Two-stage least square regression results suggest that consistent expectation errors among analysts can lead to earnings management. These insights are valuable to investors and regulators.     

高管激励对企业创新影响的实证分析——基于分析师关注的中介效应研究

基于2011-2018年A股上市公司的面板数据,采用中介效应模型和Bootstrap检验,实证分析了高管激励、分析师关注和企业创新三者之间的关系.结果 表明:薪酬激励、股权激励都可以促进企业创新,高管激励力度越大,企业的创新投入和创新产出越多;高管激励与分析师关注呈正相关关系,不论是薪酬激励还是股权激励,都会提高分析师对企业的关注程度;分析师关注在高管激励与企业创新关系中发挥了重要中介作用,高管激励通过提高分析师关注进而促进了企业创新,在控制了高管激励因素后,分析师关注对企业创新仍然存在明显正效应.     

追随原型—特质匹配对员工追随与退缩行为的影响机制研究

对于员工个体来讲,如果能够符合领导者心目中的追随原型,与领导者达成追随原型—特质匹配,则更愿意积极追随;但是,若领导者因得强将而过度用之,令其角色超载、不堪重负、身心受累,员工可能转而选择工作退缩。基于资源保存理论,探讨在追随原型-特质匹配的情况下,员工何时会积极追随,何时会工作退缩。运用结构方程模型对35个团队中的256组上下级配对数据进行统计分析,得出结论：追随原型—特质匹配能够激发员工的和谐工作激情进而促其积极追随;也可能使员工陷入角色超载转而选择工作退缩。上述结论深化了追随领域的相关研究,同时为组织中的上下级匹配模型及员工在追随过程中的行为选择提供了实践指导。     

加强知识产权保护对产业集群构建“创新网络”的积极作用

以产业集群构建"创新网络"为视角,通过建立演化博弈模型论证了加强知识产权保护对产业集群内部构建"创新网络"具有积极作用,并结合产业集群生命周期理论论述了产业集群在其发展的任一阶段都要重视对知识产权的保护。基于以上结论阐述了对我国产业集群建设的启示及政策建议。     

贵州省2010-2011年疑似预防接种异常反应监测分析

目的分析贵州省疑似预防接种异常反应（AEFI）的发生特征,评价AEFI监测情况。方法通过全国AEFI监测系统,收集贵州省报告的2010-2011年AEFI个案数据,采用描述性方法进行流行病学分析。结果 2010-2011年全国AEFI监测系统共收到贵州省报告AEFI个案213例,其中≤1岁占58.22%,男女性别比为1.15：1,主要集中在2010年9月份。一般反应占52.11%;异常反应占32.39%,以过敏反应为主。AEFI发生例数较多的疫苗主要是含麻疹成分疫苗（MCV）和百日咳-白喉-破伤风联合疫苗（DTP）,占报告总数的54.93%。全省67个县（市、区）有AEFI数据报告,县覆盖率为71.28%,48h内及时报告率为85.00%,48h内及时调查率为95.00%。结论贵州省AEFI监测的完整性和敏感性有待提高,各市（州）差异较大。AEFI常发生在低龄儿童为监测重点。尽快制订预防接种异常反应补偿办法,按全国统一要求开展AEFI监测,加强监测工作培训和督导,将是推动贵州省AEFI监测工作系统、深入开展的有效措施。     

Market reaction to second-hand news: inside the attention-grabbing hypothesis

This article investigates whether the market reaction to second-hand information is due to price pressure or information dissemination. We use the perspective of attention grabbing to analyse the market reaction to the dissemination of analysts’ recommendations published in print media. This perspective is able to explain the asymmetric market reaction to ‘buy’ and ‘sell’ advice, which is difficult to rationalize within the price pressure hypothesis. We base our empirical analysis on the content of a weekly column in the most important Italian financial newspaper, which publishes past information and analysts’ recommendations on listed companies. Our findings show asymmetric price and volume reactions on the publication day. Contrary to previous evidence, we document a positive relationship between the number of analysts quoted in the column and the price (volume) increase associated with positive recommendations. Because the weekly columns seem to simply attract investors’ attention, with no additional new information, observing a reaction positively related to the column’s salience (proxied by the number of quoted analysts) is natural. In addition, we find that the market reaction is higher when the order size is lower, i.e., when individual investors’ trades constitute a higher fraction of the total trading activity in the market.     

Conflicts of Interest and Research Quality of Affiliated Analysts in the German Universal Banking System: Evidence from IPO Underwriting

The quality of equity research by financial analysts is a prerequisite for an efficient capital market. This study investigates the quality of earnings forecasts and stock recommendations for initial public offerings (IPOs) in Germany. The empirical study includes 12,605 earnings forecasts and 6,209 stock recommendations of individual analysts for the time period from 1997 to 2004. The focus of this study is on analysing the potential conflicts of interest that arise when the analyst is affiliated with the underwriter of an IPO. In a universal banking system these conflicts of interest are usually more pronounced and therefore interesting to investigate. The empirical findings for the German financial market suggest that earnings forecasts and stock recommendations of the analysts belonging to the lead-underwriter are on average inaccurate and biased, indicating some conflicts of interest. Moreover, the stock recommendations of the analysts that are affiliated with the lead-underwriter are often too optimistic resulting in a significant long-run underperformance for the investor. In contrast, unaffiliated analysts provide better earnings forecasts and stock recommendations that result in a superior performance for the investor.