Investment Opportunities and the Relation Between Equity Value and Employees' Bonus

A sample of firms where employee stock options and other long‐term incentives are absent but an annual bonus is required is examined. A positive relation is found between firm equity value and stock bonus but not cash bonus. The positive relation is stronger when the firm has greater investment opportunities. Additionally, the relation is shown to be nonlinear in the sense that the marginal effect of stock bonus on equity value is positive but decreasing (negative) when the stock bonus is below (above) the breakpoint. Overall, the annual stock bonus is valued positively by investors even though it is linked to the firm's contemporaneous but not future performance.     

A Content Analysis of Bonus Pack Promotions

Bonus packs created by manufacturers have been characterized by scholars as special factory packs offering the consumer extra product for the same price or at no additional cost. However, this portrayal may fail to fully capture what consumers actually encounter in stores during and following a bonus pack promotion. Indeed, little is known about the types of products that manufacturers promote as bonus packs and how offers for them are specified, how retailers price them, and also what happens when the offers are discontinued. To address these shortcomings, a content analysis is conducted. The results illustrate a richness to bonus pack promotions that previous views of the topic have not described.     

从耕地保护目标论耕地保护机制的功能

在明确耕地保护目标的基础上,通过耕地保护目标在耕地保护机制中3个层次的体现,提出了耕地保护机制应具备的功能。     

中国制造业并购目标的财务特征及预测

并购目标的选择关系到并购事件的成败,制造业是中国经济的重要组成部分,也是并购发生最频繁的行业,识别制造业目标公司的财务特征并对其进行预测具有很大的理论及现实意义。以2013年中国A股市场制造业并购目标为研究对象,选取代表企业各方面能力的20个财务变量,通过单因素方差分析将其与股本规模类似的制造业非目标公司和非制造业并购目标进行比较,实证分析结果表明制造业目标公司具有负债水平高、收益水平低、每股获利能力强、现金短缺、股权集中度低等特点。另外,制造业目标公司和非制造业目标公司在财务特征上不存在显著差异。采用多重共线性诊断并构建Logit回归模型以预测制造业并购目标,模型总体准确率为70.4%,表明对制造业并购目标进行预测在很大程度上是可行的。     

Satisfaction and dimensions of control among call centre customer service representatives

This study explores the perceptions of HR managers on the strategic management of labour turnover in a selection of large hotels in Australia and Singapore. The main argument is that the effects of labour turnover can be mitigated with strategically managed human resources through the four key HR activities. The hotel industries in both Singapore and Australia revealed a comparable range of HR policies and practices being adopted, with an explicit recognition of the contribution an organization’s human resources have on the bottom-line. There was a clear convergence towards minimizing turnover primarily through the recruitment, selection and induction processes. This was despite fundamental social, economic and labour differences between Singapore and Australia.     

Earnings-Based Bonus Compensation

This article studies the cost of contingent earnings-based bonus compensation. We assume that the firm has normal and abnormal earnings. The normal earnings result from normal firm activities and are modeled as an arithmetic Brownian motion. The abnormal earnings result from surprising activities (e.g., introduction of an unexpected new product, an unexpected strike) and are modeled as a compound Poisson process where the earnings jump sizes have a normal distribution. We investigate, in a simple general equilibrium model, how normal and abnormal earnings affect the cost of contingent bonus compensation to the firm.     

定向增发对中小股东利益影响的因素及对策分析

论述了上市公司在定向增发前、增发中、增发后不同阶段,中小股东利益可能受到侵害的主要因素,从上市公司的内部因素和外部制度因素分析了定向增发中可能存在的利益输送问题。根据当前定向增发的新特点,对保护中小股东利益提出了对策与建议。     

Daily income target effects: Evidence from a large sample of professional commodities traders

We provide evidence of rational reference-dependent preferences in the proprietary trading of professional traders. We find increased trading effort and risk taking by traders following morning losses. Further analysis provides no evidence of a deterioration in trading performance subsequent to losses, as neither risk-adjusted performance nor trade execution appear to be negatively affected by prior losses. The evidence supports the existence of rational reference-dependent preferences in the form of trader daily income targets: these professional traders exhibit increased work effort subsequent to abnormal morning losses. The evidence is inconsistent with the alternative explanation of costly loss aversion.     

破解医院奖金分配难题之我见

为建立良好的医生激励机制,医院有必要对医生实行动态化的考核和分配,对医生价值合理估价,完善医生分配,实施合理的价值计酬。动态股权激励模型与传统的计件工资制相比,在奖金的分配上更有利于维护多方利益,为协调一系列影响分配的因素诸如管理、技术等生产要素和医生实际贡献之间的关系提供了动态博弈平台。通过多方对利益的追求和自发调整,最终有利于组织和谐的实现。     

一种基于分数阶Fourier变换的雷达运动目标检测算法

针对雷达回波为多分量LFM信号时,时频分析存在的交叉项干扰问题,提出了一种基于分数阶Fourier变换(Fractional Fourier Transform,FRFT)的伪Wigner分布(PWD).该方法通过在参数平面按阈值进行峰值搜索确定变换域阶次,再在相应的分数阶Fourier域计算PWD,有效地抑制了交叉项的干扰,有利于更好地提取信号的时频信息.仿真实验证明了在强背景噪声下该算法的有效性.