We use topic modeling to study research articles in environmental and resource economics journals in the period 2000–2019. Topic modeling based on machine learning allows us to identify and track latent topics in the literature over time and across journals, and further to study the role of different journals in different topics and the changing emphasis on topics in different journals. The most prevalent topics in environmental and resource economics research in this period are growth and sustainable development and theory and methodology. Topics on climate change and energy economics have emerged with the strongest upward trends. When we look at our results across journals, we see that journals have different topical profiles and that many topics mainly appear in one or a few selected journals. Further investigation reveal latent semantic structures across research themes that only the insider would be aware.
We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions. 相似文献
Due to the price elasticity of demand for secondhand commodities, it is difficult to establish a quantitative model for the auction. This paper proposes an agent-based multiattribute reverse auction model to support multicommodity combinatorial auction. First, this paper establishes an agent-based reverse auction model and introduces the framework, procedures, and protocols of the model in detail. Second, in light of the multicommodity environment, the targets, protocols, auction strategies, and approaches are identified. Finally, by using the proposed agent-based auction model, both buyers and sellers will reach simultaneous agreements on the details of the commodities to complete the auction. 相似文献
We suggest that the distortion of the positive risk–return relation in the ICAPM is a consequence of trading by informed investors to exploit mispricing. We hypothesize and demonstrate that a non-positive (strongly positive) risk–return relation following positive (negative) market returns is attributed to short-selling (purchasing) of overpriced (underpriced) stocks along with optimistic (pessimistic) expectations conditional on good (bad) market news. We verify this asymmetry in the risk–return relation through the indirect risk–return relation conditional on good (bad) market news. We also find that the attenuation (reinforcement) of the positive risk–return relation is more profound in high- (low-) sentiment periods. 相似文献
This paper studies a unique phenomenon in China's corporate governance—that chief audit executives (CAEs) sit on supervisory boards (CAE duality)—and examines its effects on executive compensation contracts. Using a sample of listed firms between 2010 and 2018, we find a significant positive relation between CAE duality and pay-for-performance sensitivity, which suggests that the dual position helps integrate monitoring resources and reduces agency costs. This positive relation is more pronounced when companies face a stricter monitoring environment and in non-state-owned enterprises (non-SOEs) than in SOEs. In addition, we find that the recent reforms on compensation strengthen the role of CAE duality in SOEs. Further analysis identifies the reliability of performance information (i.e., earnings quality) and reduced executive self-interested behaviours (i.e., perquisite consumption) as the influencing mechanisms that increase the demand for performance-based compensation and thus improve pay-for-performance sensitivity. 相似文献