R&D based knowledge capital and future firm growth: Evidence from China’s Growth Enterprise Market firms

Building upon a dynamic stochastic general equilibrium (DSGE) model, this paper examines the role of knowledge-based capital (KC) in improving firms’ future growth in productivity. Based on the analysis of Chinese listed firms from 2006 to 2017 in the Growth Enterprise Market (GEM), we find KC often generates endogenous movements in productivity and earnings over the business cycles, suggesting that the nature of KC is pro-cyclical. Moreover, investment in KC is often classified as a corporate expense and is thus deducted from the current year’s profits. Therefore, firms with high R&D investments have significantly higher future productivity growth but lower current profitability than do those with lower R&D investments. Given these characteristics, KC’s benefits to productivity and future earnings are thus not immediate. For faster growth in the long term, firms should continue investing in KC even if they may face a short-term fall in corporate earnings as a result of internal knowledge investment, especially for fast-growing GEM firms.     

The intersection of entrepreneurship and selling: An interdisciplinary review,framework, and future research agenda

Selling is integral to entrepreneurship, yet it has rarely been a focal topic of analysis for entrepreneurship scholars. To address this, we undertake a broad-ranging systematic literature review of research that in some way explores selling within entrepreneurial contexts. We inductively develop a framework that orders extant research into selling antecedents, activities, contexts, and outcomes. Then, drawing on these entrepreneurship-selling intersections, we suggest opportunity theory can be extended by integrating critical insights from selling literatures. In particular, we address ego-centric views of entrepreneurship which prioritize entrepreneurial agency, and advocate for the incorporation of customer agency into synchronized processes of opportunity identification, refinement, and exploitation. The article concludes that a promising avenue for future theory development resides in the study of situated sales interactions, which can serve as an empirical vista to the underexplored entrepreneur-customer nexus.     

Disclosure incentives when competing firms have common ownership

This paper examines whether common ownership – i.e., instances where investors simultaneously own significant stakes in competing firms – affects voluntary disclosure. We argue that common ownership (i) reduces proprietary cost concerns of disclosure, and (ii) incentivizes firms to “internalize” the externality benefits of their disclosure for co-owned peer firms. Accordingly, we find a positive relation between common ownership and disclosure. Evidence from cross-sectional tests and a quasi-natural experiment based on financial institution mergers help mitigate concerns that our results are explained by an omitted variable bias or reverse causality. Finally, we find that common ownership is associated with increased market liquidity.     

Do telecom carrier takeovers create value? Longitudinal analysis of U.S. telecom carrier takeovers from 1996 to 2005

Takeovers by telecommunications carriers have surged during between 1996 and 2005, stimulated by the Telecommunications Act of 1996. In this study, we hypothesize and test the short-term and long-term performance of telecommunications carrier mergers and acquisitions (M&As) between 1996 and 2005 according to three main categories (strategic types, bidder characteristics, and payment methods). For short-term performance, this study investigates abnormal market returns of bidding firms after M&A announcements and our study shows that telecommunications carrier M&A announcements do result in a significant increase in shareholder wealth in the short run. However, from a long-term perspective, which has been investigated in terms of the survival rate and the operating performance after M&As, the telcos experience a statistically significant decrease of up to 10%. The results also show that though strategic type, bidder characteristics, and payment method play an important role in the value creation of M&As in the short term, only the bidder size matters in the success of M&As over a long period of time.     

基于指挥信息系统的通信部队指挥应用分析

随着指挥信息系统在全军的广泛运用,指挥方式由传统的"树状"改变为"网状"、"扁平状"。然而现通信部队在开展指挥信息系统训练、应用上还存在一定的短板,在提高整个部队的指挥能力上无法提供高效支持,文章对通信部队的指挥信息系统在实际运用上进行了初步分析,并指出了目前存在的不足,对如何提高通信部队利用指挥信息系统提高整体作战能力提出了对策和建议,对提高指挥信息系统在实际中的应用具有积极意义。     

基于DEMATEL对煤炭企业供应商关键绩效指标间的关系分析

依据企业自身特点和要素间的关系构建评价指标体系,采用DEMATEL方法对淮南矿业集团的供应商选择评价进行研究。通过分析关键绩效指标间的逻辑关系和直接影响关系,揭示系统内要素的结构关系,为供应商的选择与供应链竞争力的提升提出了相应的建议。     

The True Meaning of ‘Social Justice’: A Catholic View of Hayek

Hayek's well‐known dismissal of the concept of ‘social justice’ is examined and questioned. While basically agreeing with Hayek's critique, the author argues that we should not entirely reject this concept, although it is often used in a vague and emotional way – ‘social justice talk’. Drawing on the tradition of classical liberalism and Catholic social teaching, he makes the case for the true meaning of social justice, which applies to the basic legal and institutional framework of a society rather than the distributional outcomes of market processes.     

Complex stylized facts of the Mexican economy: a hirschmanian perspective (to attack the “fear of growing”, more and better)

We elaborate some complex stylized facts related to the Mexican economy. The analyzed period runs from 1960 to 2013 with selected subperiods. Our main findings are: 1) there are involuntary idle capacities in the manufacturing industries; 2) the growth of the Mexican economy is not balanced but unbalanced; 3) there is an inflation-free environment. This fact is consistent with the previous ones; 4) there is a mixed of efficient and inefficient sequences of investment; 5) the stimulus of manufacturing exports on macroeconomic performance has been offset by its imports; 6) the deficits in manufacturing balance and in the current account have been financed without difficulty. Of course, this financing capacity constitutes a second best condition; 7) according to a backward linkages analysis, the towing capacity of manufacturing sector over the Mexican economy would be a larger one if the manufacturing imports penetration had not been so intense since the trade liberalization; and 8) the size of the positive effect of the manufacturing sector on the economy and on the non-manufacturing sectors diminished since the early eighties. Our complex stylized facts highlight the need for an upgrading of the current economic policies.     

Legal evolution of the concept of ‘home base’ for the purpose of determining labour and social security law applicable to European aircrew members

This paper has a dual aim: (1) to outline the legal evolution of the ‘home base’ concept and (2) to map the role of this concept in determining the law applicable (both employment law and social security law) to employment contracts of European aircrew members. An in-depth analysis of the relevant portions of (1) Reg. (EEC) No 3922/91, (2) Reg. (EU) No 465/2012, (3) Reg. (EU) No 83/2014, (4) EASA's 2014 Certification Specifications, and (5) the European Court of Justice's preliminary ruling on joined cases C-168/16 and C-169/16 is conducted.What emerges is that (1) the ‘home base’ definition, due to its subjectivity, has traditionally been susceptible to multiple interpretations and (2) due to regulatory ambiguity, the use of ‘home base’ to identify the labour laws applicable to airline workers has for a long time been inconsistent, ranging from one extreme (being considered a key element for this purpose) to the other (being assigned a secondary role). It was only in the last few years that some improvements were made, with Reg. (EU) No 465/2012 first and the European Court of Justice's 2017 preliminary ruling then, clarifying that the ‘home base’ concept must be assigned a central role in the determination of the law (both social security law and employment law) applicable to employment contracts in the aviation industry.     

Valuing Initial Public Offerings Using Article 11 Pro Forma Financial Information in the Prospectus*

We investigate whether Article 11 pro forma financial information assists investors in valuing IPOs. While the SEC expects it to be helpful in assisting investment decisions, Article 11 pro forma financial information is based on registrants' understanding and assumptions, and registrants can exercise their own judgment when preparing pro forma financial statements. It is therefore an empirical question whether the information contained in pro forma financial statements is useful to investors. We examine the association between pro forma adjustments of earnings and book value of equity and the IPO offer value and find asymmetric results. While positive pro forma adjustments of earnings and book value of equity are positively associated with the IPO offer value, negative pro forma adjustments of earnings and book value of equity are negatively associated with the IPO offer value, suggesting that negative pro forma adjustments are priced as growth opportunities. Additional analyses reveal that the association between pro forma adjustments of book value of equity and the IPO offer value varies across different time periods and industries and that pro forma adjustments of book value of equity are initially mispriced by investors. In contrast, we do not find similar results for pro forma adjustments of earnings. Further empirical tests show that the asymmetric results of mispricing of pro forma adjustments of earnings and book value of equity may be explained by the requirements of Article 11 of Regulation S‐X for pro forma adjustments dictating that adjustments to earnings reflect only recurring items while adjustments to book value reflect both recurring and nonrecurring items.