Mitigating the Influence of Analysts Who Issue Aggressive Stock Price Targets: The Role of Joint Versus Separate Evaluation*

Investors frequently rely on individual analysts' stock price targets. Aggressive price targets often reflect analysts' attempts to strategically influence investors. Therefore, investors' welfare may be compromised if they take aggressive price targets at face value. In this study, we examine conditions under which investors are more likely to infer that analysts who issue aggressive price targets are acting strategically. Investors can evaluate multiple analysts' price targets with or without other related information (e.g., earnings estimates). Investors can also evaluate the information provided by multiple analysts jointly or separately one analyst at a time. Two experiments find that as predicted, when investors evaluate multiple analysts' price targets without earnings estimates, there is no difference in investors' perceptions about whether the aggressive analyst is acting strategically across joint versus separate evaluation. However, also as predicted, when investors evaluate multiple analysts' price targets along with their earnings estimates, investors perceive the aggressive analyst as acting more strategically under joint evaluation than under separate evaluation. Our findings suggest that jointly evaluating multiple analysts' price targets with other related information, such as earnings estimates, can reduce the likelihood that investors would be overly influenced by aggressive analysts.     

城市地下智能物流系统网络节点结构研究

城市地下智能物流系统的运输轨道和各级节点结构设计是决定整个系统整体运输量的决定因素。文章以1000万人口城市对快递、商超和餐饮三大类货物的日均物流量为参照,选用在RDC和小区DC的两次换装模式,对集装设备型号、轨道参数进行了设计,采用“4米通道+2米通道”的组合模式,并对CDC、RDC、FDC和小区DC进行功能与结构设计,形成完整的城市地下智能物流系统的结构设计方案。     

论挡浪墙砼外观的质量控制

在典型施工中挡浪墙砼常出现松顶、云斑、底脚漏浆导致的蜂窝麻面、锈斑、沉降缝缝板处漏浆导致的砂陷麻面、粘皮、正斜面的气泡数量太多且较大等问题,分析原因,砼的外观质量得到改善。     

联防联控机制协同组织网络演化研究

国务院联防联控机制在疫情防控中发挥了重要作用，是新时代国家治理体系和治理能力的有效成果，为应对重大公共卫生事件多部门合作提供了重要参考。为了厘清联防联控机制中各部门间的协同过程，结合中国抗击疫情的实例，运用社会网络分析法，构建了协同组织网络演化模型，从时间维度分析联防联控机制组织网络的结构特征、组织的角色地位演化过程。研究发现,随着时间的推移，协同组织数量不断增加，组织之间联系的紧密程度先上升后降低；协同是一个动态过程，外部需求变化引起网络中组织角色发生改变，推动网络整体结构的不断演进。     

寡头竞争市场下共同配送定价方法研究

共同配送采用多个企业联合组织起来实施配送活动的方式，其优势越来越受到重视，关于共同配送的理论研究也越来越多，但是对于定价问题还一直是个难题。在前人研究的基础上，引入共同配送服务质量因素，建立寡头竞争市场下共同配送定价模型，并设计粒子群算法，采用帕累托改进方法和总收益最大解方法对模型进行具体求解，得到相关的结论，最后验证了模型和算法的有效性。     

A methodology for class analysis: Agricultural investments and agrarian change in South Africa

This paper presents a class-analytic approach, which combines a “labour exploitation criterion” with class typologies developed for the South African context and the author's additions. The labour exploitation criterion distinguishes between rural classes based on the degree to which one employs others, works for others, or works for oneself. I combine the principal indicator of “labour exploitation” with the income contributions of social grants, ownership of farming assets and livestock, and the contribution of agricultural production to simple or expanded reproduction. Debates around class formation are explored in the context of a comparative analysis of two joint venture (JV) dairy farms, located in the Eastern Cape Province of South Africa, which involve residents as both landowners and workers. A class-analytic approach illuminates the emerging agrarian class structure that a JV-type intervention both reflects and in turn conditions, in dialectical fashion, with important implications for debates around agrarian change in South Africa.     

Consumers’ reaction to automobile recalls: The role of corporate non-market strategies and interstate relations

We investigate how the two signals of non-market strategies of foreign automakers (i.e. the domestic share of ownership and recognition of social responsibility) and the relations between China and the foreign automaker’s home country (i.e. interstate relations) jointly affect the business performance of Sino-foreign joint venture automakers (SJVAMs) when an automobile recall event occurs. Analysing 422 automobile recall events in 2013–2019 befalling SJVAMs in China, we find that the domestic share of ownership and recognition of social responsibility can buffer the negative impact of recalls on SJVAMs’ business performance. Meanwhile, the buffering effect of recognition of social responsibility is stronger when the domestic share of ownership is lower. Additionally, the buffering effects of domestic share of ownership and recognition of social responsibility are stronger when the interstate relation is poorer. We discuss our contributions to research on corporate legitimacy and crisis management.     

Individual investors and social ownership structures in the UK before the 1930s: Joint holdings and trustee investment

After the introduction of limited liability, a growing number of individuals in Britain from a widening social spectrum, including the less affluent, began to own stocks and shares. Drawing upon a unique and large dataset of 35 848 investors between 1870 and 1935, this study analyses joint holdings which have been a neglected aspect of investor behaviour. Our findings reveal that joint holdings were quite common and that about one in five UK investors were involved in a joint investment. Men were more likely to be joint holders than women for reasons related to institutions of social ownership such as trusts and executorships.     

论有限责任公司夫妻股权的法律结构：基于信托的视角

有限责任公司夫妻股权具有夫妻财产和公司股权的双重团体结构，二者的“嵌套”引起解释论矛盾，合理的解决路径是将股东身份和股权利益进行分离。信托结构是理解夫妻股权关系的一个可行的样本。夫妻股权结构基本符合财产独立性和信义义务等信托的形式要求，且二者均具有区隔财产管理与家庭生活、分离财产管理意志、提高财产利用效率、降低交易成本的功能。根据与信托的类比解释，登记于夫妻一方名下的股权，登记方的单方处分为有效处分，但处分结果受信义义务的制约。在离婚财产分割中，夫妻双方可就有限责任公司股权达成信托式协议，并通过无表决权股或设立股权信托的方式处理股权。在股权继承中，在世配偶成为有限责任公司股东需经其他股东过半数同意，若其他股东不同意，需在无表决股权、股权信托、股权收购中选择其一以保障在世配偶的权利。     

Repayment performance of joint-liability microcredits: Metropolitan evidence on social capital and group names

This study empirically tests the predictions of four primary theories applicable to joint-liability microcredit programs’ repayment performance using an administrative data in a metropolitan setting. We introduce a new variable, group names, as a proxy for social capital to capture cooperation, solidarity, and drive for success, which shows a significant positive impact of 9.9% on repayment performance. Precise calculations of residential distance between group members show a deterioration of repayment performance by 1.1% with a 15-min increase in minimum walking distance. The results also show that joint liability, sectoral diversification, type of sector that the borrowers facilitate, the ratio of new members in a group, characteristics of loan officers, loan amount, interest rate, income-loan amount coverage ratio, the existence of senior members, average education, and diversity in income streams significantly affect repayment performance.