自动引导车路径追踪控制器控制效果的MATLAB仿真

介绍了以MATLAB6.5为平台,对不同起始误差条件下自动引导车(AGV)的路径追踪控制器的控制效果仿真。仿真结果证明经过一段时间由路径追踪控制器的速度和角速度的补偿可以消除3个追踪误差量,使自动引导车具有准确跟随路径的能力。     

信息的中介抑或遮掩：企业家精神与公司估值——基于分析师跟踪视角

以2010—2017年上市公司为样本,研究企业家精神对企业估值的影响及其影响路径机制。研究发现:企业家精神能够有效提升企业估值,且在民营企业中更为显著;从信号传递理论角度分析,发现分析师在企业家的经营精神和创新创业精神与企业估值之间发挥信息中介作用,而对战略决策精神与企业估值之间却起到了信息遮掩作用。进一步研究发现,市场化程度越高越利于企业家精神发挥的积极性,并加强分析师信息中介效应和缓解其遮掩效应。研究结果为民营上市公司如何提升企业的市场价值提供了经验证据,并提出政策建议推进企业家精神的发展和积极作用的发挥。     

Analyst Following and Market Liquidity*

This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid‐ask spreads and depths and the adverse‐selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privately informed trade or as signals of information asymmetry, I hypothesize that analysts provide public information, implying that analyst following (forecast dispersion) should have a positive (negative) association with liquidity. Cross‐sectional simultaneous estimations provide support for this hypothesis. The results are both statistically significant and economically important. Granger causality tests indicate that analyst characteristics lead market liquidity characteristics. These results clarify the role of analysts in providing information to financial markets and highlight benefits of increased analyst following.     

论跟随型与领先型新产品开发战略

新产品开发战略是新产品开发能否成功的首要前提,企业选用新产品开发战略合理与否关系到企业新产品的竞争力,关系到企业新产品开发能否成功。从企业开发新产品的胆略以及所开发新产品的创新程度考虑,有跟随型新产品开发战略和领先型新产品开发战略,文章通过对这两种开发战略的优缺点、适用条件和应用情况的分析,总结出如何根据企业和市场的具体情况选用合适的新产品开发战略。     

An Examination of the Differential Impact of Regulation FD on Analysts' Forecast Accuracy

Regulation fair disclosure (FD) requires companies to publicly disseminate information, effectively preventing the selective pre‐earnings announcement guidance to analysts common in the past. We investigate the effects of Regulation FD's reducing information disparity across analysts on their forecast accuracy. Proxies for private information, including brokerage size and analyst company‐specific experience, lose their explanatory power for analysts' relative accuracy after Regulation FD. Analyst forecast accuracy declines overall, but analysts that are relatively less accurate (more accurate) before Regulation FD improve (deteriorate) after implementation. Our findings are consistent with selective guidance partially explaining variation in the forecasting accuracy of analysts before Regulation FD.     

Relationship Between Analyst Forecast Properties and Equity Bid‐Ask Spreads and Depths Around Quarterly Earnings Announcements

Abstract:   We study the relationships between three variables which proxy for the ex‐ante level of information asymmetry – forecast dispersion, forecast revision volatility, and the level of analyst coverage, and equity bid‐ask spread and depth changes around quarterly earnings releases. Kim and Verrecchia (1994) suggest that earnings releases increase the level of information asymmetry and lower the level of liquidity in the security market. Using both an OLS regression framework and a simultaneous equations model, we examine whether equity bid‐ask spreads increase and depths decrease as the level of information asymmetry increases. Our results indicate that spreads are higher (relative to a non‐event period) around earnings announcements when information asymmetry is more pronounced; however, depths are lower only on the day following the announcement when there is greater information asymmetry. Relative spreads have a significant positive relation with both forecast dispersion and revision volatility and a significant negative relation with analyst coverage. Relative depths have a significant negative relation with forecast dispersion and a significant positive relation with analyst coverage. Our findings indicate that the equity specialist adjusts both spreads and depths when confronting informed traders around earnings releases and that these adjustments are more pronounced when the level of information asymmetry is greater.     

Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements

Abstract:   This study examines the effects of public predisclosure information on market reactions to earnings announcements. We develop an empirical measure of public predisclosure information impounded in price prior to earnings announcements by cumulating abnormal returns on public news release dates during the quarter. Consistent with prior literature, we document a negative association between this measure and market reactions to subsequent earnings announcements. Moreover, we find that after controlling for this measure, firm size and analyst following are significantly positively associated with market reactions to earnings announcements. Contrary to prior empirical evidence, our results suggest that, after controlling for actual predisclosure information impounded in price, market reactions to earnings announcements are greater in magnitude for larger, more widely-followed firms than for smaller, less widely-followed firms.     

值得关注的管理学前沿:追随问题研究

企业怎样才能得到更好的发展,学术界一直致力于领导者和领导力的研究,认为领导对企业的发展起着至关重要的作用,却忽视了与领导力相对应的追随者和追随力的研究.事实上,追随者同样能对企业产生巨大的影响.国外对追随问题的研究,已经出现了很丰硕的研究成果,而在我国则还处于初级阶段.国外有关追随问题的研究文献,主要就追随力的定义、组织中的追随者类型、优秀追随者行为、追随者与领导者之间的关系等方面进行了深入的探讨,并取得了丰硕成果.     

The determinants of analyst-firm pairings

This paper explores the determinants of observed analyst-firm pairings. We adopt an analyst/brokerage house perspective that allows us to examine not only firm-level characteristics as in prior research, but also attributes of the analyst and the analyst’s brokerage house that may drive these pairings. Our empirical analyses provide two primary insights. First, analyst characteristics such as industry expertise and relative experience, and brokerage house characteristics such as continuity of coverage, are associated with the decision to follow a firm. Second, there is substantial variation in the association between firm, analyst, and brokerage house characteristics and the decision to follow a firm; this occurs across individual analysts as well as across different types of brokerage houses. Overall, our results provide further insights into the factors leading to observed analyst-firm pairings, and indicate that these factors vary across analysts and their brokerage houses – suggesting richer associations than the average firm-level relationships documented by prior research.     

董事高管责任保险与企业财务困境风险——基于A股上市公司的经验证据

以2006-2015年A股上市公司为样本,检验董事高管责任保险对企业财务困境风险的影响及其作用机制。研究发现：购买董事高管责任保险有助于降低企业的财务困境风险,保险公司的监督作用是企业财务困境风险降低的主要原因;高质量的内部控制或较多的分析师跟踪能减弱董事高管责任保险对企业财务困境风险的治理效用;产权性质则未产生显著的影响。