Contracting and Reporting Conservatism around a Change in Fiduciary Duties*

We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor–owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of creditors for Delaware-incorporated firms in the vicinity of insolvency. In those firms, following the ruling, debt contracts are less likely to include conservative adjustments to accounting numbers used for covenant compliance (i.e., contracting conservatism decreases), while public financial reporting becomes more conservative (i.e., reporting conservatism increases). The decrease in contracting conservatism is concentrated in firms that exhibit a greater increase in reporting conservatism, suggesting that reporting conservatism is more cost-effective in resolving agency conflicts. In addition, the substitution effect is more pronounced in firms facing greater business uncertainty and firms with greater board independence.     

区块链技术在物流领域应用研究综述

首先介绍了区块链的相关知识,结合区块链技术在支付保障、信息安全与回溯、数据整合等方面的技术优势,对区块链技术在跨境电商、供应链、智慧物流三方面的应用现状进行了分析与总结。     

公司增发与市值管理——基于中国A股上市公司的实证研究

采用2005—2014年中国A股有增发股份记录的上市公司的市场数据,检验了被广泛讨论的"市值管理"现象。结果表明:所有权性质、增发目的、增发对象、经营状况以及市值存在差异的上市公司,在其增发股份前后及期间的超额收益率和股价信息含量存在很大差异,这些差异与不同公司进行增发的诉求一致。这说明,中国A股市场广泛存在服务于公司控制人的市值管理行为。由于这些市值管理行为可能包括控制股价和侵害其他投资人,因此监管层应制定更为严格的法规来规范市值管理行为。     

Understanding sustainable development flexibility: An information perspective

Although flexibility has been considered critical in responding to uncertainty in a business environment, few studies have explored firms' flexibility in sustainable development. To understand the nature of firms that can respond better to uncertainty in their sustainable development practices, this study defines sustainable development flexibility and investigates the mechanism underlying its formation. The study proposes a conceptual framework on the interactions of managers' environmental attitude and cognitive style, as well as firms' information integration on sustainable development flexibility. A questionnaire survey was developed to test the corresponding hypotheses, and 241 valid responses were received from middle- and top-level managers in Chinese firms. The results show that (a) the higher the manager's environmental attitude, the higher the firm's information integration and greater sustainable supply chain flexibility, and (b) the more intuitive the manager's cognitive style, the greater the impact of environmental attitude on sustainable development flexibility.     

高管机会主义品行与公司信息披露决策

文章构建相应策略识别了高管机会主义品行，并探究其对公司信息披露决策的影响。研究结果表明，高管的机会主义品行会显著增加公司信息披露违规、真实盈余管理行为；提升公司选择非国际“四大”会计师事务所的概率，并支付更高的审计费用。随着高管机会主义水平上升，公司更有可能作出上述决策。进一步地，国有产权能在一定程度上抑制高管机会主义品行对信息披露质量的负面影响，却显著增加了公司应计盈余管理；当高管机会主义水平较高时，国有产权也无法发挥有效治理作用。从经济后果看，高管的机会主义品行能被资本市场识别，并显著减损公司未来价值。     

Write-down bonds,credit risk and imperfect information

A structural model of pricing Write-Down (hereafter WD) bonds under imperfect information has been developed to investigate the effect of WD bonds issuance on credit risk. Information is not only delayed but also asymmetrically distributed between managers and outside investors. We derive analytical solutions for corporate securities prices and find the issuance of WD bonds could significantly improve firm value via reducing bankruptcy cost. Our numerical results further demonstrate that the WD bonds issuance increases corporate risk tolerance and reduces the risk of bankruptcy and credit spreads under imperfect information.     

Out-of-stock justifications and consumers’ behavioral outcomes– exploring the role of product type and sales level information in out-of-stock situations

The present study extends prior research on stockouts by examining how product-related attributes interact with OOS justifications to influence consumer responses to stockouts. Drawing from Out-of-stock (OOS) literature, this study investigates how perceived popularity, perceived uniqueness, negative affect, and behavioral outcomes are influenced by out-of-stock justifications, product type, and sales level. Two scenario-based experiments and two field studies are conducted in which the cause of the stockout, product type, and sales level are manipulated at different levels. The results of the studies provide the following primary insights- 1) Consumers infer popularity of the product when the product is OOS due to high demand or when the sales level is high 2) Consumers infer uniqueness of the product when the product is OOS due to short supply but not when sales level is low 3) As the perceived popularity of utilitarian products or the perceived uniqueness of hedonic products increases, consumers' propensity to switch stores to purchase the OOS products increases 4) Consumers’ intention to spread negative word of mouth decreases when the cause of OOS or a high sales level is specified. Retailers can influence behavioral outcomes by specifying the cause of stockout tailored according to the type of product, or by providing sales level information.     

基于农业发展方式转变的江苏省农业产业升级发展研究

[目的]从定量方面对江苏省农业发展方式转变对农业产业升级贡献结果进行研究,以准确把握江苏省农业发展方式转变进程。[方法]构建基于农业发展方式转变的江苏省农业产业升级评价指标体系,以2007—2016年江苏省10年的年度数据为研究对象,采用熵值法计算各年度每个指标权重以及各准则层和农业发展方式转变综合得分值。[结果](1) 2007—2016年江苏省农业产业方式转变取得了一定成效,处于良好的发展势头;(2) 2012和2014年江苏省基于农业发展方式转变的农业产业升级增长最快,2016年出现大幅下跌,导致该下跌的原因是同时期农业集约型效益的大幅下降;(3)集约型升级和高效型升级对基于农业发展方式转变的江苏省农业产业升级带动作用最大;结构合理型升级发展滞后。[结论]江苏省基于农业发展方式转变的农业产业升级还处于不断探索阶段,加速农业产业结构升级对于江苏省加快转变农业发展方式尤为重要。     

Predicting the equity market with option-implied variables

We comprehensively analyze the predictive power of several option-implied variables for monthly S&P 500 excess returns and realized variance. The correlation risk premium (CRP) and the variance risk premium (VRP) emerge as strong predictors of both excess returns and realized variance. This is true both in- and out-of-sample. Our results also reveal that statistical evidence of predictability does not necessarily lead to economic gains. However, a timing strategy based on the CRP leads to utility gains of more than 5.03% per annum. Forecast combinations provide stable forecasts for both excess returns and realized variance, and add economic value.     

ERP与MRO系统集成过程建模与应用研究

为了实现产品生产阶段到服务阶段业务与数据的有效集成,从业务层和数据层对制造服务系统中的大修维护维修(MRO)与企业资源计划(ERP)的集成过程进行了建模与分析,对ERP与MRO系统之间的业务过程和信息交互过程进行了分析,建立了二者的业务集成框架模型,分析了ERP与MRO系统的数据结构转换过程,提出了二者数据集成模型。应用Web Services完成了ERP与MRO的系统集成开发,包括服务BOM集成、备品备件管理集成等。研究结果实现了制造和服务阶段关键产品数据信息的集成与反馈,打通了从制造到服务阶段的数据传递与集成,对进一步研究复杂产品生命周期管理的信息集成具有一定的借鉴意义。