Governance or reputation? Flexible tax enforcement and excess goodwill: Evidence from the taxpaying credit rating system in China

This study investigates the effect of flexible tax enforcement on firms’ excess goodwill using unique manually collected data on taxpaying credit rating in China from 2014 to 2021. We document that A-rated taxpayer firms have less excess goodwill; A-rated firms reduce excess goodwill by 0.005 vis-a-vis non-A-rated firms, which accounts for 100% of the mean value of excess goodwill. This finding holds after multiple robustness tests and an endogeneity analysis. Moreover, this negative effect is more pronounced in firms with low information transparency, that are non-state-owned and that are located in regions with low tax enforcement intensity. The channel test results suggest that taxpaying credit rating system as flexible tax enforcement reduces firms’ excess goodwill through a reputation-based effect and not a governance-based effect. This study reveals that the taxpaying credit rating system in China as flexible tax enforcement can bring halo effect to A rating firms, thereby limiting irrational M&As and breaking goodwill bubble.     

关于解决流动性过剩问题的初步思考

本文从流动性的内涵和外延入手,分析了我国流动性过剩的全球背景和我国流动性过剩的表现及结构性特点,提出了解决流动性过剩,要坚持"市场为主、各方联动、化多为少、化少为多、标本兼治、综合解决"的思路,指出当前重点是解决经常账户顺差过大,流动性过剩的来源问题,以及农村地区资金匮乏,导致资金配置结构性失衡的问题。     

Using verbal attention to enhance restaurant customer satisfaction and behavior

Managing and developing positive customer relationships is a critical factor in the success of a restaurant. In this study, waitresses either asked customers about their satisfaction with the food or service before proposing tea or coffee, or they directly proposed coffee or tea without asking about satisfaction. It was found that the number of customers who ordered coffee/tea was significantly higher when the waitress asked the customers about their satisfaction. The theoretical and practical interest of studying the effect of verbal communication toward customers is discussed.     

Excess capacity,production technology and technical inefficiency in hospitality sector

This article examines the effects of excess capacity on the production cost and technical inefficiency of hotels and restaurants in Norway. The dataset includes a daily unbalanced panel of 94 hotels and restaurants from 2003 to 2014. To accommodate inefficiency, we use an input distance function (IDF). Inefficiency in the IDF means that if inputs are overused by k% then production cost is also increased by k%. We also allow inefficiency to differ across locations and regions by using them as determinants. The results indicate that excess capacity considerably affects the cost and increases inefficiency. The marginal effect on cost increases with excess capacity, but the effect on inefficiency sets in when it exceeds 50 percent. Furthermore, we find less overuse of inputs by firms in small metro towns and the Northern region causing them to be more efficient [except for the Southern and Western regions] than their counterparts.     

Maximizing an equity portfolio excess growth rate: a new form of smart beta strategy?

It has been claimed that, for dynamic investment strategies, the simple act of rebalancing a portfolio can be a source of additional performance, sometimes referred to as the volatility pumping effect or the diversification bonus because volatility and diversification turn out to be key drivers of the portfolio performance. Stochastic portfolio theory suggests that the portfolio excess growth rate, defined as the difference between the portfolio expected growth rate and the weighted-average expected growth rate of the assets in the portfolio, is an important component of this additional performance (see Fernholz [Stochastic Portfolio Theory, 2002 (Springer)]). In this context, one might wonder whether maximizing a portfolio excess growth rate would lead to an improvement in the portfolio performance or risk-adjusted performance. This paper provides a thorough empirical analysis of the maximization of an equity portfolio excess growth rate in a portfolio construction context for individual stocks. In out-of-sample empirical tests conducted on individual stocks from 4 different regions (US, UK, Eurozone and Japan), we find that portfolios that maximize the excess growth rate are characterized by a strong negative exposure to the low volatility factor and a higher than 1 exposure to the market factor, implying that such portfolios are attractive alternatives to competing smart portfolios in markets where the low volatility anomaly does not hold (e.g. in the UK, or in rising interest rate scenarios) or in bull market environments.     

Money demand and the role of monetary indicators in forecasting euro area inflation

This paper examines the stability of money demand and the forecasting performances of a broad monetary aggregate (M3), excess liquidity and excess inflation in predicting euro area inflation. The out-of sample forecasting performances are compared to a widely used alternative, the spread of interest rates. The results indicate that the evolution of M3 is still in line with money demand, even when observations from the economic and financial crisis are included. Both excess measures and the spread are useful for predicting inflation.     

A Bayesian approach to excess volatility,short-term underreaction and long-term overreaction during financial crises

In this paper, we introduce a new Bayesian approach to explain some market anomalies during financial crises and subsequent recovery. We assume that the earnings shock of an asset follows a random walk model with and without drift to incorporate the impact of financial crises. We further assume the earning shock follows an exponential family distribution to accommodate symmetric as well as asymmetric information. By using this model setting, we develop some properties on the expected earnings shock and its volatility, and establish properties of investor behavior on the stock price and its volatility during financial crises and the subsequent recovery. Thereafter, we develop properties to explain excess volatility, short-term underreaction, long-term overreaction, and their magnitude effects during financial crises and the subsequent recovery. We also explain why behavioral finance theory could be used to explain many of the asset pricing anomalies, but traditional asset pricing models cannot achieve this aim.     

以核心员工为中心构筑企业核心凝聚力

企业核心凝聚力的建设离不开企业员工的努力,而企业的核心员工又对企业的员工具有举足轻重的影响作用。文章对企业的核心员工与企业核心凝聚力二者间的关系进行了研究,通过对企业核心员工的识别、培养、管理等的阐述,在提高企业核心凝聚力的建设途径中提出了以核心员工为中心构筑企业核心凝聚力的思想。     

石化企业员工思想政治素质培训实践与探究

员工是企业赖以生存和发展的资本,员工整体素质决定着企业的竞争力。提高员工队伍的整体素质,尤其是思想政治素质,是增强企业竞争力、促进企业和谐发展的重要途径,也是广大员工利益之所在。     

美国量化宽松政策对亚太新兴市场国家的影响

量化宽松是美联储在通货紧缩下所采取的一种直接创造货币、扩大央行资产负债表规模的非传统货币政策。量化宽松将给我国等新兴市场国家造成较大的负面效果,建议采取临时性资本管制、针对性量化政策、建立区域货币离岸市场、加快经济结构转型等对策来应对。