Golf Versus Nongolf Club Operations: Benchmarks for 2014

With the club industry comprising of different types of clubs, a more in-depth analysis separating clubs with and without golf operations would be beneficial. Financial performance can be summarized via financial ratios. This study surveyed 115 clubs regarding their financial performance and calculated 24 financial ratios for 2014. The median profit margin of all clubs was at 1.65%. Clubs with golf operations reported a median profit margin at 1.73%, doubling that of the nongolf operations at 0.83%. T-tests using means of financial ratios showed a statistically significantly difference in only the food inventory turnover by days.     

The Differential Impact of IFRS Adoption on Aspects of Seasoned Equity Offerings in the UK and France

We examine the potential for IFRS to influence the market for SEOs in the UK and France. The divergence between the UK domestic accounting standards and IFRS is minor (low-divergence firms) whereas domestic accounting standards in France differ materially from IFRS (high-divergence firms); however, both countries have similar legal enforcement and institutional settings that might confound the effect of IFRS adoption. We argue that IFRS adoption serves to mitigate information asymmetry and improve accounting quality. Accordingly, we find that, following IFRS adoption, earnings management activities decrease among high-divergence firms prior to issuing SEOs. As a result of the lower levels of earnings management and information asymmetry, we predict and find that the market reaction to issuing SEOs improves significantly for high-divergence firms following IFRS. Given that equity financing becomes less costly, we find that the propensity to issue new SEOs increases among high-divergence firms after IFRS adoption. We find no similar changes among low-divergence firms. The results persist after running a matched-sample analysis and controlling for potential self-selection bias.     

The Effect of Media Coverage on the Pricing of Seasoned Equity Offerings

This paper examines the role of media coverage and investor attention on the outcomes of seasoned equity offerings (SEOs). I use an archive of Thomson Reuters news articles to proxy for firm visibility and investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with media coverage prior to SEOs. Overall, the evidence is consistent with the hypothesis that media coverage affects investors' information processing in SEOs. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Then and Now: Examining Older People's Engagement in Outdoor Recreation Across the Life Course

Outdoor recreation provides a range of health and wellbeing benefits and facilitates engagement with natural environments. We explore older people's participation in outdoor recreation throughout their lives to examine how past experiences shape engagement later in life. A qualitative life history approach, consisting of semi-structured interviews and a focus group in three place-specific (urban, rural, and small town coastal) case studies in Scotland, was adopted. Thematic analysis revealed ways in which childhood experiences shaped adult engagement and highlighted life course transitions where behaviour change was most pronounced. Place and gender were considered as factors which may affect responses. Participants identified the points of getting married, becoming a parent, children entering adolescence, retirement, the onset of disabilities or ill health, and the death of others as “moments of change” in the extent and/or form of their outdoor recreation. The findings highlight potential for targeted interventions to promote outdoor recreation throughout life.     

高职院校思想政治理论课与职业素养教育融合研究

高校思想政治理论课是大学生思想政治教育的主渠道。职业素养教育是高职院校人才培养体系中的特色环节,也是高职院校进行大学生素质教育的重要阵地。高职院校思想政治理论课与职业素养教育实现有机融合,可以有效调动各种资源形成教育合力,有利于高职院校构建大思政工作格局。高职院校可以从做好顶层设计、整合人才队伍、融入教育载体、互鉴教育方式、规范考核评价五个方面加强思想政治理论课与职业素养教育的有机融合,形成协同育人效果。     

Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

Applying the counseling-learning approach to a tourism-related massive open online course

ABSTRACT

This study discusses how to apply counseling-learning (CL) principles to a particular e-learning solution for teaching a tourism-related subject via a massive open online course (MOOC). Several effective caring patterns in achieving learning-related goals and being part of a community according to the CL principles are presented and discussed using the MOOC “eTourism: Communication Perspectives” as a case study. The study underlines how the MOOC platform can act as a place for contents enjoinment and active learning. Moreover, the active role of social media for increasing the engagement of learners in the proposed activities and for developing a sense of the community is identified. In particular, Facebook and Twitter can act as places for community building and informal social interactions among learners that last beyond the completion of the course, which in turn can be a valid aid for continuing the relationships among instructors/learners and learners/learners, and for reaching new ones.     

Security regulations,access to capital markets,and firm performance: Evidence from China

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms’ performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.     

历史记载以来黄河下游河道变化及沉积环境分析

论文对近历史记载以来黄河下游河段河道变迁历史进行总结概括并重新绘制了黄河下游河道变迁示意图。黄河下游河段按流向分为北、东、南三个方向。北流河道相对分散,形成了一系列三角洲沉积,有的已被沿岸河流带来的沉积物覆盖;东流河道在入海口处河道变迁频繁,形成了规模较大的三角洲并持续至今。南流河道在摆动起始有多股漫流,经由淮河水系扩散,至苏北一带汇成一股由苏北汇入黄海并在苏北形成了规模较大的三角洲。结合相关研究成果,分析黄河河口沉积环境发现:黄河入海泥沙堆积有极高的沉积速率,在沉积年份每年可沉积数十厘米至数米,可以快速向海淤进形成三角洲,而黄河行水期结束后,则无沉积甚至被侵蚀。研究结果表明,北至海河、南到淮河的大范围内沉积环境的塑造均与黄河有关,黄河与下游的滦河、小清河、弥河、潍河、淮河、射阳河等相互影响,共同塑造了华北平原的沉积格局。     

高校公共关系学专业课程体系改革问题研究

公共关系学专业在我国经历了十九年的专业建设,现今已经取得了显著成绩.但专业的课程体系问题一直存在,为了解决这一现实问题,本文从内蒙古高校公共关系学专业课程体系设置的现状人手,分析其存在的不足,提出相应的对策.旨在培养大批符合时代要求的公共关系专业人才.