Delegation and the regulation of U.S. financial markets

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the firm and systemic levels. The model explains changes in U.S. financial regulation leading up to the financial crisis. We test the predictions of the general model with a novel, comprehensive data set of financial regulatory laws enacted specifically between 1950 and 2009. The theoretical and empirical analysis finds that economic and political factors impact Congress’ decision to delegate regulatory authority to executive agencies, which in turn impacts the stringency of financial market regulation, and our estimation results indicate that political factors may have been stronger and resulted in inefficiencies.     

失败学习对企业绩效的影响机制研究

已有文献认为失败学习对企业绩效具有重要作用，但失败学习通过何种途径促进企业绩效提升的研究并不完善。基于失败学习理论，引入资源拼凑和机会识别作为中介变量，构建失败学习影响企业绩效的多路径模型，探索失败学习对企业绩效的驱动路径及内在机理。实证结果表明：失败学习对企业绩效具有显著积极作用，资源拼凑和机会识别分别在失败学习与企业绩效之间起中介作用，资源拼凑和机会识别在失败学习对企业绩效驱动过程中存在链式中介作用，战略柔性能够强化资源拼凑与企业绩效之间的关系，并正向调节资源拼凑的中介作用。研究结论拓展了失败学习对企业绩效的影响路径，对企业复苏和成长具有重要启示。     

管理层权力制衡强度、债务约束与企业创新投资

企业创新是国家经济可持续增长的关键，受到管理层意愿的影响，因而需要对内部经营者的权力进行制衡。以2010-2018年我国A股上市公司为研究样本，实证检验管理层权力制衡强度对企业创新投资的影响，以及不同债务约束情境下高商业信用配置、高负债水平的调节效应，此外，还考察了产权性质的差异化影响。研究表明，管理层权力制衡强度越大，企业创新投资水平越高；高商业信用强化了该促进作用，而高负债水平弱化了该促进作用。进一步研究发现，管理层权力制衡强度与企业创新投资的关系在民企中更显著；国企能够更好地获得和运用商业信用，使其高商业信用对该关系的强化效应更显著；民企具有更强的债务约束，其高负债水平对该关系的弱化效应更明显。     

Revisiting the ICAPM under the distortion of risk–return tradeoff in short-horizon stock returns

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.     

2019—2020年长沙市生产安全事故统计分析

为探究生产安全事故的演化规律，基于长沙市2019—2020年生产安全事故的数据，从事故发生时间、发生区域、行业和领域分布、事故等级等方面进行分析。研究表明：2019—2020年事故数量和死亡人数呈下降趋势，1月、8月、10月事故数量和死亡人数较多，2月事故数量和死亡人数少；非主城区的事故数量和死亡人数高于主城区，事故数量和死亡人数在空间上的分布比较均衡；道路运输和工矿商贸行业在全市生产安全事故中占绝大多数；工矿商贸行业中，建筑施工行业的事故数量和死亡人数最多；一般事故所产生的事故数量和死亡人数最多，重大事故的事故死亡率最高。     

Is online-to-offline customer care support essential for consumer service?

Customer satisfaction is the main pillar for convenient and profitable retailing. The retail sector continuously tried to develop new strategies to improve consumer satisfaction. It is impossible to provide each service directly to the consumer by the retailer. In this direction, the retailer establishes customer care to provide the best service to consumers. Consumer care can provide promotional or prevention services, increasing the consumer's satisfaction level. This study is developed to show the impact of retailers' customer care service for an offline-to-online retailing strategy. The demand is consumer support, advertisement, and selling price dependent. For maintaining consumer service, some free home delivery policies are offered, when consumers ordered more than a certain percentage of the amount. Finally, the total profit of this O2O retailing system is calculated by the classical optimization technique. Some special cases are discussed in the numerical section to prove the impact of customer care services. Numerical results prove that customer care support enhances the profit by 48.20%, whereas investment in the advertisement and home delivery strategy helps the retail industry to earn 44.80% and 16.74% more profit, respectively. Finally, from this study, it is clear that customer care activities are essential to increase the profit of the retailing sector.     

Do goodwill impairments affect audit opinions? Evidence from China

There has been a steady growth of goodwill impairments in the Chinese stock market since the adoption of the impairment approach in accounting. The influence of goodwill impairments on a firm’s financial position and profitability give reason to doubt its current and future performance. We examine whether auditors, as a crucial external monitor, identify the information risks of goodwill impairments and express their concerns about financial reporting quality in their audit opinions. Using a sample of firms listed on China’s A-share market from 2007 to 2017, we test the association between goodwill impairments and the type of audit opinion received in the same financial period. Our findings are as follows. First, the probability of receiving a modified opinion increases with the amount of goodwill impairments. Second, the positive association between goodwill impairments and modified audit opinions is driven primarily by earnings management risks. Third, this positive association is more salient when auditors are industry experts and there is no auditor–client mismatch. Fourth, auditors are more sensitive to the amount of goodwill impairments than to their mere existence. Overall, we document that auditors perceive goodwill impairments as a signal of information risks and communicate their concerns to investors to avoid litigation.     

Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

Depletion of psychological,financial, and social resources in the hospitality sector during the pandemic

This study details how psychological, financial, and social factors shape employee deviant interpersonal behaviors during a pandemic. Data were collected with a survey of 372 front-line employees of hotels and analyzed with PLS-SEM. The findings showed social disconnectedness and perceived risk of unemployment leads to perceived isolation, which further creates depression in employees. The findings also showed that depression is positively related to employee deviance. Financial strain is a major cause of perceived isolation, depression, and deviant behaviors among front-line employees. Results also proved that social support reduces fear of isolation, depression, and employee deviance. This study provides guidelines that hotels need to understand the psychological stance of employees and design policies to overcome employee perceived fears and psychological disorders.     

从利益共同体到命运共同体:地方政府隐性债务的合作治理

在地方政府性债务的治理中,隐性债务因其增长迅速、规模不清和风险不确定,成为未来债务治理的重点和难点。隐性债务挟裹主体众多,关联利益甚广,因此,基于共同体视角,明确治理主体,有利于化解风险。在隐性债务生产阶段,因利而合的共同体大肆攫取利益导致隐性债务激增;在债务风险凸显阶段,利益共同体的本能选择不是"安危与共",而是"大难临头各自保"。但债务风险的"飞去来器效应"和群体性焦虑,将促使利益共同体走向命运共同体。命运共同体既是利益共同体,更是治理共同体。在隐性债务治理阶段,共同体应形成"共生"意识、采取"共治"行动、构筑"共担"保障,实现有效共治。