Board directors with foreign experience and stock price crash risk: Evidence from China

This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.     

摩托车单向器自动装配机气动系统设计

针对当前摩托车单向器组件主要采用手工装配、装配效率低、随机性大、无法对装配过程实现有效管理控制的情况,为了易于对零件装配过程进行实时监测和提高生产效率,开发了一种智能摩托车单向器自动装配机。介绍了摩托车单向器自动装配机的上料系统、装配系统、检测系统和落料系统的机械结构,重点阐述了设备的气动系统设计,并进行了实验研究。结果表明,该设备可实现组成单向器的5种零件自动上料和装配,同时降低了操作人员的劳动强度,生产效率提高约50%。其气动系统噪音小、工作可靠,可应用于摩托车单向器的大批量生产。研究结果可为其他相似异形零件自动装配机的开发提供参考。     

Free cash flow, debt-monitoring and managers' LIFO/FIFO policy choice

This paper explores the explanatory power of Jensen's free cash flow hypothesis in managers' choice of LIFO versus FIFO. The association between FCF, and choice of inventory methods is based on the assumption that there is a potential conflict of interest between managers and shareholders when LIFO is the tax minimization method and that non-value-maximizing managers of firms with the FCF problem have incentives to choose FIFO, an income increasing method, in order to increase their compensation. However, since debt can act as a monitoring device and mitigate the agency problems of FCF, managers of firms with high FCF and high debt are less likely to choose FIFO than managers of firms with high FCF and low debt. The evidence is consistent with this expectation.     

Teams,Teamwork and Absence*

We argue that firms with interdependent worker productivity, team production, have a higher cost of absence and, as a consequence, spend additional resources on monitoring absence. As a result, firms with team production should have lower absence rates. We estimate the determinants of absence for blue‐collar workers using a sample of German manufacturing establishments. Workplace teams are used as a proxy for team production. The estimates reveal that firms with teams have lower absence rates, as do smaller establishments. The size effect, however, is unique to establishments with teams, which fits prior theoretical work that has not been previously tested.     

标准化在油藏监测工作中的作用

以油藏监测工作中的油藏压力监测为例，介绍了标准化工作在压力资料录取及解释分析中的作用。并用实例说明了标准化作业在油田开发方案的制定及油藏压力监测中的应用。     

南京市重大危险源监管体系中的物流对策分析

根据南京市重大危险源普查报告,分析了南京市重大危险源的基本状况和监管中存在的问题,以提高应急物流反应能力为目标,分别从监管模式的改进、监管政策保障措施建设和重大危险源监管体系建设等三个方面提出了提高南京市重大危险源监管水平的对策措施。     

功能点分析方法在建筑工程监督巡查项目开发中的应用

软件项目的度量是软件项目管理的一个重要问题。为在度量中取得合理、有效的结果,研究了功能点分析法在软件项目管理中的应用。首先介绍了功能点分析法的原理,然后结合一个具体的项目——建筑工程监督巡查系统,详细阐述了功能点分析法的运用过程。实践表明,取得了很好的效果。     

电话远程控制系统的实现

文章阐述了一种电话远程控制系统,并对其系统结构、各部分功能的实现和系统软件程序流程及主要软件功能进行了讨论,其摘机电路、挂机电路、密码电路简单实用;其受控对象如窗户状态、电器状态的反馈与控制电路稳定可靠。     

黄石市空气微生物动态变化分析

为了了解黄石市空气微生物动态变化特征,于2004年春、夏、秋、冬选择黄石市有代表性的工业区、居民区、商业交通混合区、长途客运站、市郊地区进行空气微生物监测分析.结果为黄石市不同区域空气菌落数从大到小顺序为：百货大楼十字路口〉步行街〉亚光新村〉新长途客运站〉华新水泥厂〉黄石理工学院主楼广场.空气微生物季节变化为秋季〉春季〉夏季〉冬季.黄石市空气微生物菌落数的高峰出现在商业交通混合区的秋季和春季.