Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex-dividend day: the case of Australia

Using a sample of Australian stocks during the 1996–2014 period, this study examines how tax heterogeneity between domestic and foreign investors affects trading behaviour and stock prices around the ex-dividend day. Domestic investors prefer dividends and tend to buy stocks cum-dividend and sell them ex-dividend whereas foreign investors tend to trade in the opposite direction. Abnormal trading turnover increases with tax heterogeneity. Moreover, stocks with a larger domestic investor base are associated with a higher price drop-off ratio on the ex-dividend day and higher market value of franking credits. Overall, our findings support the dynamic dividend clientele hypothesis.     

M5 competition uncertainty: Overdispersion,distributional forecasting,GAMLSS, and beyond

The M5 competition uncertainty track aims for probabilistic forecasting of sales of thousands of Walmart retail goods. We show that the M5 competition data face strong overdispersion and sporadic demand, especially zero demand. We discuss modeling issues concerning adequate probabilistic forecasting of such count data processes. Unfortunately, the majority of popular prediction methods used in the M5 competition (e.g. lightgbm and xgboost GBMs) fail to address the data characteristics, due to the considered objective functions. Distributional forecasting provides a suitable modeling approach to overcome those problems. The GAMLSS framework allows for flexible probabilistic forecasting using low-dimensional distributions. We illustrate how the GAMLSS approach can be applied to M5 competition data by modeling the location and scale parameters of various distributions, e.g. the negative binomial distribution. Finally, we discuss software packages for distributional modeling and their drawbacks, like the R package gamlss with its package extensions, and (deep) distributional forecasting libraries such as TensorFlow Probability.     

Performance effects of innovation in two-sided markets: The paradigmatic case of OTAs

Online Travel Agents (OTAs) play an important intermediary role in the two-sided travel distribution market. A critical factor that enhances a firm's competitive advantage is innovation. Yet, the analysis of innovation in the OTA context is scarce. The main objective of this article is to fill this gap and examine the effect of OTA innovations on firm performance. We analyze the effect of two-sided market specific innovations (same-side and cross-side) on performance and contribute to the literature by expanding the theoretical understanding of innovations. We find that producer-to-consumer innovations have a greater effect on OTA performance than producer-to-producer and consumer-to-consumer innovations. A fundamental managerial implication is that exchange management is an area to be enhanced when innovating in travel market distribution.     

我国“一带一路”沿线地区风险投资时空分布及影响因素研究

深入分析我国“一带一路”沿线地区风险投资时空格局及影响因素，有助于促进创新创业与企业发展、提高区域科技创新水平。运用空间分析方法和空间计量模型，对2003-2018年我国“一带一路”沿线139个城市风险投资的时空分布特征及影响因素进行分析，结果表明：①沿线地区的风险投资发展具有不均衡性，呈现为沿海高、西部低的分异格局；②风险投资的全局自相关系数均为正，呈现出明显的空间集聚特征；③风险投资机构数、国家高新区数量、风险投资退出、政府引导基金发展、财政科技支出对区域风险投资具有显著促进作用，环境污染对风险投资有一定抑制作用。随着ESG投资理念逐渐获得认可，沿线地区可以通过提升绿色发展水平促进风险投资发展。     

Functional income distribution and effective demand in India: An applied post Keynesian model

This article is an attempt to understand the relationship between functional income distribution and aggregate demand in India. To this end, the article (a) highlights trends in growth and class distribution of income in India; (b) constructs a post Keynesian macro model that links short run growth with profit share, where the latter is itself driven by movements in output and real exchange rate; (c) discusses and, wherever required, estimates key parameters relevant to the Indian case; and (d) simulates the model and discusses the effect of shocks to distributive as well as autonomous demand variables on growth performance. The article finds that, although a possibility of wage-led growth in India cannot be ruled out, by and large, distributive shocks do not have a strong impact on output growth. On the other hand, an increase in public expenditure growth, although it has a strong effect on output growth, tilts income distribution toward profit earners. A comprehensive agenda involving greater public expenditure and higher wages to stimulate growth and improve distribution is therefore recommended.     

国防产业联盟协同创新网络政府治理：基于语义挖掘技术的策略向度研究

国防产业联盟发展的关键在于科学管理协同创新网络。政策注意力聚焦点反映政府治理创新网络的策略向度，不同政府层级间的注意力分布结构差异表明该策略向度的偏向性。通过人工构建主题词袋，计算主题词TF-IDF权值及余弦相似度，对中央和地方共96份政策文件、1 926份新闻文章进行规模化语义分析，整体评估政府治理国防产业联盟协同创新网络的策略适应性，并测量其在实施与宣传过程中的偏向性。结果发现，网络拓展是首要策略选择，网络管理方式为引导而非参与，关系耦合度低，网络愿景策略运用有限。地方政府在实施过程中出现了策略偏异和策略调整；政策宣传更接近地方政府的策略向度。     

高管学术经历能提高企业分红吗？

文章选取2008-2017年沪深A股3449上市公司的23193个样本数据，实证检验了高管学术经历与企业分红水平的关系。研究发现，相比于高管无学术经历的企业，有学术经历高管企业的分红水平显著更高。高管的学术经历通过缓解融资约束，而不是缓解过度投资的路径显著提高企业分红水平。在进一步的研究中，通过引入外部治理与企业产权性质影响因素，发现外部治理较弱、非国有企业的情况下，高管的学术经历对企业分红水平的提高作用更加明显。采用倾向得分匹配法（PSM）、工具变量回归等检验结果依然稳健。研究丰富了高层梯队理论与企业分红相关性的文献，发现了中国情境下影响企业分红的新因素。     

Logistics optimization through a social approach for food distribution

The management of supply chains is becoming more important in economic and social environments. Currently, the social sustainability is a factor that must be considered to design governmental strategies and policies. The objective of this research paper was to show, with a case study an approach to optimize distribution and delivery logistics of food in a social assistance program of school breakfast using mathematical models that include transportation distance, optimal locations, and vehicle routing through different clusters. By using qualitative variables like poverty levels, food insecurity and social exclusion, different clustering methods are proposed with the purpose of identifying the common characteristics in the studied population; and at the same time, reducing the distribution complexity. The results show an efficient approach to design a supply chain that includes economic and social factors. The new model developed in this paper can be used to plan social assistance governmental programs, to identify the specific needs and characteristics of the beneficiaries, minimizing the total cost of the distribution network logistics when delivering food for school meals.     

Planning the delivery of relief supplies upon the occurrence of a natural disaster while considering the assembly process of the relief kits

Models for the distribution of relief supplies often assume immediate availability of relief items upon the occurrence of a natural disaster. However, such an assumption does not always apply in realistic settings. In some cases, at least it is necessary to assemble relief items into kits before distributing them among the affected population. This paper presents a rolling horizon methodology that considers dynamic parameters such as demand, capacities and demand priorities for the problem of distributing relief supplies after the occurrence of a natural disaster by including such assembling activities before the delivery.