CEO career horizon,corporate governance,and real options: The role of economic short‐termism

Research Summary: Combining studies on real options theory and economic short‐termism, we propose that, depending on CEOs’ career horizons, CEOs have heterogeneous interests in strategic flexibility, and thus, have different incentives to make real options investments. We argue that compared to CEOs with longer career horizons, CEOs with shorter career horizons will be less inclined to make real options investments because they may not fully reap the rewards during their tenure. In addition, we argue that long‐term incentives and institutional ownership will mitigate the relationship between CEOs’ career horizons and real options investments. U.S. public firms as an empirical setting produced consistent evidence for our predictions. Our study is the first to theoretically explain and empirically show that a CEO's self‐seeking behavior will impact real options investments. Managerial Summary: This article helps to explain how a CEO's self seeking‐behavior may shape a firm's real option investment, which could result in different level of strategic flexibility. We argue that CEOs with short career horizons have less time to exercise their firms’ real options, which should lower the investments in the firms’ real options portfolios relative to CEOs with long career horizons. We study a sample of U.S. public firms and find strong evidence that a CEO's expected tenure in the firm is positively related to the real options investments at the firm level. We find that this agency issue can be mitigated by adopting appropriate corporate governance mechanisms such as long‐term incentives and institutional investors.     

Rethinking Money as an Institution of Capitalism and the Theory of Monetary Circulation: What Can Modern Heterodox Economists/Institutionalists Learn from Karl Polanyi?

Modern heterodox theories of money reject the neoclassical conception of money as primarily a medium to facilitate exchange. These heterodox theories of money all have as common starting point an analysis of credit-debt relations in which production is a central feature, with these economies organized along capitalistic design. The Keynesian-Marxian framework describing the process of monetary circulation, traditionally referred to as the theory of the monetary circuit (TMC), perhaps best represents this comprehensive vision. This broad TMC analytical framework is compatible with institutionalist theories of money that also point to the importance of credit-debt relations. The question, however, is whether this more unified heterodox theory of money, which describes sequentially monetary relations under capitalism, can be used to understand pre-capitalistic monetary institutions. By conceptualizing money as a means of payment rather than medium of exchange, Karl Polanyi’s analysis offers social scientists crucial insights to understanding monetary relations in all types of societies in which credit-debt relations have emerged historically.     

The HRM–capital market link: Effects of securities analysts on strategic human capital

This article develops theory about an agency problem affecting the strategic human capital (SHC) of the firm. It proposes three categories of SHC‐related choices managers must make that imply a trade‐off between near‐ and long‐term performance. Dispersed shareholding, firm coverage by securities analysts, and their practice of publishing quarterly earnings forecasts are argued to entail a bias in management incentives, shifting the balance in this trade‐off toward near‐term performance. To restore the balance, securities analysts would need to distinguish transitory from recurring effects of SHC‐related choices in their valuation models (e.g., treating certain labor cost savings during cyclical downturns as transitory). Restoring the balance would also require them to anticipate long‐term effects in their long‐term earnings forecasts (e.g., long‐term positive effects of retaining employees with valuable skills during cyclical downturns). The article discusses specific transitory cost effects and long‐term effects they could potentially take into account. The skills and incentives needed by analysts to account for such effects are argued to vary across firm segments.     

无源超高频抗金属标签天线设计方法综述

射频识别（RFID）技术的不断发展,对标签天线提出了更高的要求。普通标签天线直接应用于金属表面时,由于受到金属边界的影响,其性能会出现一定程度的下降。详细介绍了4种无源超高频抗金属标签天线的设计方法,包括调整天线与金属面的间距、采用吸波材料、引入高阻抗表面基板、采用平面倒F天线（PIFA）或微带天线结构,并分析了每种方法的优缺点及其对标签天线的阻抗匹配、带宽、尺寸、识别距离以及成本等方面的影响。微带贴片天线不仅具有低剖面、高方向性等优点,而且含有金属接地板,常用作抗金属标签天线的设计原型。在抗金属标签天线的设计与实际应用中,研究者可针对具体要求灵活运用这些设计方法。     

On commodity price limits

This paper examines the behavior of futures prices and trader positions around the occurrence of price limits in commodity futures markets. We ask whether limit events are the result of shocks to fundamental volatility or the result of temporary volatility induced by the trading of noncommercial market participants (speculators). We find little evidence that limits events are the result of speculative activity, but instead associated with shocks to fundamentals that lead to persistent price changes. When futures trading halts price discovery migrates to options markets, but option prices provide a biased estimate of subsequent future prices when trading resumes.     

浅谈洛湛线微机计轴设备应用

本文介绍微机计轴自动闭塞在工程中的应用实例,介绍了系统性能、设备安装及调试。     

多层介质频率选择表面的等效电路分析方法

基于数值仿真计算和微波网络理论，提出了一种多层介质中频率选择表面（FSS）等效电路的分析方法。该方法物理过程直观，计算量小，适用于二维任意形状FSS等效电路的精确求解。以方形贴片型FSS为例验证了等效电路模型的准确性，并分析了多层介质对其等效电路参数的影响规律。最后，基于滤波器理论与FSS等效电路模型设计了双层带通型FSS，计算结果表明全波仿真结果与理论计算结果基本一致，为多层FSS的综合设计提供了一种精确设计方法。     

Myopic market pricing and managerial myopia

This paper develops a firm‐level measure of myopic market pricing, which captures the extent to which the market overvalues short‐term expected abnormal earnings relative to longer‐term ones. The empirical analysis shows that myopically priced firms manage earnings more actively and invest less in R&D. The impact of myopic market pricing is concentrated in firms where managers cater more to market pricing, that is, in firms with greater short‐term investor ownership, with CEO compensation that is more sensitive to the firm share price, and with higher equity dependence. Additional tests show that these findings are robust to the consideration of market (under)overpricing. The results suggest that when managers cater to market pricing, market myopia encourages managerial myopia.     

约束稀疏脉冲反演在GX气田开发中的应用研究

GX气田北部地区构造、断层特征较为复杂,地质建模较困难,而约束稀疏脉冲反演是一种基于地震道的反演方法,它是在波阻趋势的约束下,用最少的反射系数脉冲达到合成记录与地震道的最佳匹配。该方法对初始模型依赖性较小,中高频部分不受初始模型的影响,其反演结果能忠于实际地震资料,分辨率与地震资料接近,保真度高。以GX气田为例,通过约束稀疏脉冲反演技术对GX气田开展储层预测,其反演结果与实测井曲线吻合较好,能客观反映地质体在横向上的变化特征,该方法适用于储层横向变化快和非均质性较强的少井区块。