试析世界制造业技术结构的升级及其对我国的启示

文章从技术结构相关的概念界定着手,分析了技术结构的内涵,并将技术结构嵌入制造业中,以技术为主线,梳理世界制造业发展史,并对制造业技术结构的升级进行经验分析,以期得出对我国发展制造业的一些有益启示。     

Twitter Presence and Experience Improve Corporate Social Responsibility Outcomes

Journal of Business Ethics - We investigate the role of social-media-triggered public pressure on corporate social responsibility (CSR) that includes expectations of transparency and accountability...     

Individual Large Shareholders,Earnings Management,and Capital‐Market Consequences

Using a large hand‐collected sample of all blockholders (ownership ≥ 5%) of S&P 1500 firms for the years 2002–2009, we first document significant individual blockholder effects on earnings management (accrual‐based earnings management, real earnings management, and restatements). This association is driven primarily by these large shareholders influencing rather than selecting firms’ financial reporting practices. Second, the market's reaction to earnings announcements suggests that investors recognize the heterogeneity in blockholders’ influence on earnings management. The results highlight the highly individualized effects of blockholders and a mechanism through which shareholders impact reported earnings.     

开展油液监控推行视情维修

介绍油液监控技术,预测油液监控技术的发展方向,结合我国设备维修与管理的现状,对油液监控技术的应用进行了探讨。     

价值溢价与一月效应——来自上海A股市场的经验证据

以2000年1月至2011年12月沪市A股上市公司为样本,按Size-B/M方法构建6投资组合,考察我国股市的价值溢价是否存在一月效应现象,检验大盘股、小盘股价值溢价在1月和非1月是否不同,并采用CAPM模型检验价值溢价的一月效应。实证结果发现:1)采用账面市值比B/M划分成长-价值型股票组合,大盘股和小盘股股票都存在价值溢价;2)大盘股和小盘股的价值溢价在1月与非1月存在不同的模式——大盘股在1月存在显著的价值溢价,而小盘股的价值溢价主要在非1月的月份出现;3)CAPM模型能够解释我国股市从2007年1月至2011年12月期间的价值溢价。相对小盘股,大盘股的价值溢价的一月效应更为显著。     

Effects of consumer cohorts and age on meat expenditures in the United States

Meat demand is likely influenced by the birth cohort and age of the individual. In this study, we examine the demand for beef, pork, poultry, and other meat in the United States using the 1984–2012 Consumer Expenditure Survey and the almost ideal demand system with the incorporation of age, period, and cohort (APC) effects. We find that the model with APC effects performs better than the models without APC effects. The results indicate that cohorts born in earlier time periods are expected to purchase significantly less poultry compared to cohorts born in later time periods, when they are measured at the same age. Over the life cycle, purchase of poultry is expected to increase with age while the opposite is true for red meat. We also find that the own-price elasticity for beef is highest among the products examined, while the own-price elasticity for other meat is lowest and the inclusion of APC effects increases the absolute value of the own-price elasticities for beef, pork, and poultry, but reduces the own-price elasticity for other meat. Our forecasts indicate that the aggregate poultry purchase will continue to increase until 2022, while the aggregate purchase of red meat will slightly increase until 2017, but will either decrease or stay at same level from year 2017 to 2022.     

A Configurational Analysis of the Causes of Consumer Indirect Misbehaviors in Access-Based Consumption

Journal of Business Ethics - Consumer indirect misbehavior in access-based consumption is a significant challenge for enterprises. The literature is in short of a deep understanding of the...     

Have SFAS 166 and SFAS 167 improved the financial reporting for securitizations?

Critics have alleged that securitization accounting prior to 2010 was among the causes of the recent financial crisis. In response to this criticism, the Financial Accounting Standards Board (FASB) implemented two new accounting standards, SFAS 166 and SFAS 167, to improve the financial reporting for securitizations. Bank regulators have stated their belief that SFAS 166/167 will result in a consolidated balance sheet (and risk-based capital ratios based thereupon) that better reflects a bank's exposure to risk related to securitized assets. We document that, by ceding retained power or influence through the servicing/special servicing functions to third parties, SFAS 166/167 resulted in real effects to the extent that banks (particularly those that were weakly capitalized) achieved their accounting objectives in the post-SFAS 166/167 period through legitimate transaction structuring in line with the intent of the new rules. Further, we use capital market participants’ assessments of risk retention by sponsoring banks as a benchmark, and provide evidence consistent with bank regulators’ beliefs. In particular, following SFAS 166/167, equity investors of sponsoring banks do not consider (consider) as risk relevant securitized assets that receive off-balance sheet (on-balance sheet) treatment. Securitized assets that are consolidated under SFAS 166/167 exhibit the same risk relevance as assets that are not securitized, despite contractual provisions that would seem to imply substantial risk transfer.     

应急物流网络弹性初探

首先,从弹性的定义和内涵出发,结合应急物流的特性,可以把应急物流网络弹性分成柔性、可靠性来研究。通过对这两种属性的研究,总结出弹性的概念和内涵,找出影响应急物流网络弹性的规律。接着,分别研究了这两种属性的概念及度量方法,并针对应急物流特性提出了参考的度量方法,这为应急物流网络弹性研究作好了铺垫。最后,根据应急物流网络性质,提出了一些应急物流网络弹性的研究方向和方法。     

Blockholder Exit Threats and Financial Reporting Quality

Recent theoretical and empirical studies suggest that blockholders (shareholders with ownership ≥ 5 percent) exert governance through the threat of exit. Blockholders have strong incentives to gather private information and sell their shares when managers are perceived to underperform. To prevent blockholders from selling their shares and the firm from suffering a stock price decline, managers align their actions with the interests of shareholders. As a result of the greater manager‐shareholder alignment, managers' actions are more likely to be in shareholders' best interest, and consequently there is less need for managers to manipulate earnings. Consistent with these predictions from economic theory, we find evidence that as exit threat increases, firms have higher financial reporting quality. Theory also predicts that the impact of blockholders' exit threat on financial reporting quality (FRQ) should increase as the manager's wealth is tied more closely to the stock price, and this is what we find. Our study contributes to the research on the impact of shareholders on FRQ and to an emerging literature on the impact of blockholders in financial markets. Blockholders play an important role in managers' reporting outcomes through their actions as informed investors.