The time‐varying performance of UK analyst recommendation revisions: Do market conditions matter?

This study examines the time‐varying performance of investment strategies following analyst recommendation revisions in the UK stock market, with specific emphasis on the impact of changing market conditions. We find a negative relationship between the recommendation performance and market conditions as measured in terms of past market return and market volatility. In particular, the upgrade (downgrade) portfolio generates significantly positive (negative) net abnormal returns in bad market conditions (e.g., the dot‐com bubble burst in 2000 and the credit crisis in 2007), but not in other periods of time. Moreover, our non‐temporal threshold regression analysis shows that the reported negative relationship disappears when market conditions become better, i.e., when the past market return (market volatility) is higher (lower) than a certain level, indicating the importance of taking non‐linearity into account in the long sample period as examined in this study. Our time‐series bootstrap simulations further confirm that the superior recommendation performance in bad market conditions is not due to random chance; analysts have certain skills in making valuable up/downward revisions in bad markets.     

Do analysts who understand accounting conservatism exhibit better forecasting performance?

This study investigates the performance of analysts when they match the asymmetric timeliness of their earnings forecast revisions (i.e., asymmetric forecast timeliness) with the asymmetric timeliness of firms’ reported earnings (i.e., asymmetric earnings timeliness). We find that better timeliness‐matching analysts produce more accurate earnings forecasts and elicit stronger market reactions to their forecast revisions. Further, better timeliness‐matching analysts issue less biased earnings forecasts, more profitable stock recommendations and have more favorable career outcomes. Overall, our results indicate that analysts’ ability to incorporate conditional conservatism into their earnings forecasts is an important reflection of analyst expertise and professional success.     

The Role of Website Quality on PAD,Attitude and Intentions to Visit and Recommend Island Destination

This study investigates the effect of website stimuli on positive attitude and intentions to visit and recommend, through three emotional responses (pleasure, arousal and dominance). The model was tested regarding three island‐related websites. Findings show the role of emotions as mediators between website quality attitude and intentions. Arousal and dominance are revealed to be more important in the formation of a positive attitude than pleasure. Visual appeal and ease of use, followed by information, seem to be the most important components in forming a perception of the islands' website quality. Copyright © 2014 John Wiley & Sons, Ltd.     

网上销售的影响因素:利基与热门市场的对比研究

长尾理论表明,互联网更利于利基市场的发展。然而,近期有研究认为热门市场在网上更有优势。为了验证在线商家在这两类市场的不同表现,我们对淘宝网上的791家店铺的64万余种产品的销售数据进行了分析。结果表明,网上销售受到信誉、产品多样性、价格、口碑以及被推荐机会等因素的影响,并且这些影响在利基和热门市场上表现出显著的差异。其中,信誉、产品多样性、价格和口碑对利基产品销售的影响更大。基于历史数据的被推荐机会对热门产品的销售有正向影响,而对利基产品的销售有负向影响。此外,我们还发现了网上销售的后发优势。     

我国农业土地规模经营的现状、前景与政策建议

改革开放后，家庭承包责任制的逐步实施使广大农民获得了生产经营的自主权，解决了农民温饱问题、改善了农民生活。但随着经济的发展，我国的小农生产已经严重制约了我国农业生产的进一步发展。为提高我国农产品在国际上的竞争力，必须改变我国农地小规模分散经营的格局。在稳定土地产权关系的前提下，促进土地使用权流转，发展适度规模经营。本文在综合国内外已有研究的基础上，结合我国各典型区域的土地规模经营现状，总结了我国目前在推进土地规模经营的进程中普遍存在的问题，提出了我国各典型区域土地规模经营的发展前景，从而给出政策建议。     

Cross-Selling

Abstract

Cross-selling is an old and valuable technique used by salespeople to increase order size and to transform single-product buyers into multi-product ones. More recently, cross-selling has evolved into a strategy for customer relationship management. This article starts with a discussion of the benefits and pitfalls of cross-selling as a strategy for customer development within the context of CRM, oriented towards increasing the firm's share of the customer wallet, broadening the scope of the relationship with the customer, and increasing customer retention. This discussion is followed by a review of some of the analytical tools for identifying prospects for cross-selling, and by a discussion of technological and organizational requirements for the successful implementation of cross-selling.     

社交网络与企业人才选拔

企业如果通过社交网络这个关系平台选拔招聘人才,不但能迅速招聘到合适的人才,还能够为企业尽可能多的节约选拔人才的成本,从而提高企业的经济效益。了解社交网络的发展现状、发展趋势、对于企业人才的选拔有着十分重要的意义。     

Consumer self‐construal and trust as determinants of the reactance to a recommender advice

Commercial recommendation agents (RAs) represent an important type of the decision support systems (DSSs) that are widely used by online retailers and firms. To date, little is known about the factors that shape the user's decision making and reactance toward the recommendations of these agents. Building on theories from psychology and information systems domains, this research proposes that a user's self‐construal and trust are two relevant factors that interact to shape the behavior toward the RA advice. Two studies, the first conducted using potential online customers and the second conducted at a behavioral laboratory, provided support to this proposition. The first study considered RA trust and showed that activating the interdependent self leads users with low (high) trust to exhibit high reactance behavior toward the RA advice. The second study variated trust using trust cues and corroborated the latter finding, while showing no important impact for the psychological reactance trait. As expected, in both studies the reactance behavior of independent users was not affected by trust. These results contribute by underscoring that social interdependence extends to RAs because the role of trust becomes salient when the interdependent self is activated for a user.     

FDI对广东省经济发展的实证分析

随着经济全球化进程的加速,外商投资在广东经济发展中的作用越来越受到重视。本文从FDI与广东的GDP、就业、进出口总额和固定资产投资等方面进行实证分析,验证FDI对广东经济增长的促进作用,并在此基础上提出一些吸引外资的建议。     

证券分析师荐股的市场影响能力研究

本文利用上海证券报每周一"本周股评家最为看好的个股"这一栏目的长期荐股统计数据对A股市场中证券分析师荐股的市场影响能力进行了非正常收益率和成交量的实证研究。实证的结果发现证券分析师荐股受到整个市场行情发展状况的影响很大,而对市场量价的影响只存在短期效应,最终影响不大。