Taking Advantage of an Untapped Pool: Assessing the Success of African American Head Coaches in the National Football League

Noting that only five African American coaches had been hired to lead National Football League (NFL) teams from 1989–2002, Madden (J of Sports Econ, 5(1):6–19 2004) found that teams coached by African Americans in the NFL outperformed their counterparts in the regular season but were significantly below average in the playoffs. This analysis, with data that includes nine African American coaches and extends through 2007, reconfirms Madden’s finding that African American head coaches outperform their rivals in the regular season, but also finds that African American coaches no longer suffer from poor playoff performance. Using fixed effects pooled cross section time series models, this analysis confirms that teams with African American head coaches can expect more wins in the regular season than their peers, other things equal. However, there is some evidence that as the pool of African American coaching talent diminishes from additional hires their extraordinary performance may be slightly regressing. The playoff analysis shows that that when controlling for seeding, organizational strength and regular season wins, African American coaches perform at the same level as their counterparts.

Further Evidence on Consequences of Debt Covenant Violations

We present new evidence on debt covenant violation (DCV) consequences that have not previously been examined in the literature. In particular, we show that a DCV triggers significant information asymmetry and uncertainty on the part of shareholders and auditors as reflected in higher bid–ask spreads, return volatility, and audit fees. Further, these consequences occur even when lender‐imposed costs are relatively lower, consistent with the act of default itself triggering shareholder and auditor uncertainty. The results highlight costs to the firm of having bright‐line rules in contracts, and add to an understanding of the consequences of DCVs.     

足球就这样被你改变

足球让济南人在外人面前多了聊天的话题和骄傲的资本,足球的魔力和活力让济南人变得更加生动和年轻。     

球迷时代的快感与呐喊

有个笑话如是说:足球比赛是22个需要休息的人在运动,几万个需要运动的人在休息。不太苟同。其实,22个人在挥汗如雨的时候,那几万个人也在大汗淋漓。     

临淄——足球的故乡

足球是当今风靡世界的第一运动。但是,围绕足球的起源却一直是个有争议的未解之谜。2004年2月4日,国际足联在伦敦举行的新闻发布会上正式对外宣布:足球最早起源于中国——中国古代的蹴鞠就是足球的起源。同年5月,中国体育史学、考古学和齐文化研究领域最权威的36位专家、学者齐聚淄博市临淄区,本着对历史高度负责的科学态度,对足球起源地进行了认真、细致、严谨的探讨论证,并对历史文献中关于“蹴鞠”活动记载最早、各历史时期对“蹴鞠”活动记载不间断为主线索进行了充分的考证。《战国策·齐策》和《史记·苏秦列传》就有关于公元前300多…     

Determinants of the Returns-Earnings Correlation*

Abstract. The weak correlation between accounting earnings and security returns documented by numerous empirical studies is an issue of concern in current accounting research. Given that price is determined not solely by accounting earnings but also by other sources of information about future earnings, this paper focuses on the relation between earnings and other information to understand the returns-earnings association. The analysis indicates that current earnings exhibit high explanatory power for returns if they correlate with expected future earnings (or with other information that reflects expected future earnings). A high price-to-earnings (P/E) ratio coupled with a high return on equity (ROE) can ex ante indicate earnings growth, and the earnings of firms with these attributes are positively correlated with future earnings. The high-growth subset obtains an impressive returns-earnings R² of 31 percent and an earnings coefficient of 6.17, demonstrating that it is possible to identify firms whose earnings are strongly correlated with returns using a parsimonious set of firm characteristics. Résumé. La faible corrélation entre les bénéfices comptables et le rendement des titres de placement sur laquelle se sont penchés de nombreux auteurs d'études empiriques retient aujourd'hui l'attention des chercheurs en comptabilité. Le cours des titres étant déterminé non seulement par les bénéfices comptables mais aussi par d'autres sources d'information relative aux bénéfices futurs, l'auteur s'intéresse ici à la relation entre les bénéfices et d'autres renseignements, dans le but d'expliquer le lien entre rendement et bénéfices. L'analyse révèle que les bénéfices courants ont un pouvoir explicatif élevé à l'égard du rendement si ce dernier est en corrélation avec les bénéfices futurs prévus (ou avec d'autres renseignements indicateurs des bénéfices futurs prévus). Un ratio cours/bénéfice élevé associé à un rendement des capitaux propres élevé peut indiquer, ex ante, une croissance des bénéfices, et les bénéfices des entreprises qui possèdent ces caractéristiques sont en corrélation positive avec les bénéfices futurs. Le sous-groupe des entreprises à forte croissance obtient un R² étonnant de 31 pour cent, résultat d'une analyse de régression du rendement par rapport aux bénéfices, et un coefficient de bénéfices de 6,17, ce qui démontre qu'il est possible de déterminer quelles sont les entreprises dont les bénéfices présentent une forte corrélation avec le rendement, lorsqu'on utilise un ensemble parcimonieux de caractéristiques des entreprises.     

“亚洲球王”李惠堂

“看戏要看梅兰芳,看球要看李惠堂”,此说足见球王李惠堂口碑;而这位球王与山城的缘分,则跟抗战期间重庆的“国防体育”活动密不可分。那一时期,抗战的连天烽火,使中国的体育运动也具有了参与全民抗战的特殊意义。     

文化传播中电视暴力对青少年侵犯行为的影响

伴随当代传媒产业的蓬勃发展,暴力也成为影视艺术基本的叙事类型及消费主义文化日趋盛行的现实语境。＂电视暴力＂是作为＂媒介暴力＂的一个子概念存在的;从文化传播看电视暴力,其覆盖面大,且易于接触;电视暴力对受众特别是青少年的影响巨大而深刻。要从制作者、传播者和观众三个方面的自律出发,建立适应我国国情的影视分级制。     

我国居民医疗支出影响因素的实证分析

本文以一种新的方式使用了两部分模型方法,将医疗支出发生的过程分解为患病和治病两个子过程,利用中国健康与营养调查2000年的调查数据,研究了可能影响我国居民医疗支出的各种重要因素.回归分析结果显示:对患病影响最大的因素为所在省份、居住在城市或农村、是否有医疗保险;在给定已经患病的情况下,对治病支出影响最大的因素为病情严重程度、收入和居住地为城市或农村.最后,本文提出了一些有助于从宏观层面控制国家医疗费用和从微观层面更好地满足居民医疗需求的初步意见和建议.     

华岩寺僧人足球队

周星驰执导的电影《少林足球》, 想必大家都看过。影片精彩,但情节是虚构的。4月23日,现实版的“少林足球”在重庆华岩寺上演。24名僧人组成的足球队与重庆学校联队进行比赛,双方大打攻势足球,精彩的比赛,吸引了众多球迷到场观看。     

漫走曼联主场

英国的曼切斯特是座老工业城市,当年英国工业革命的主要发源地。可能是因为工业占据主要地位的缘故,曼切斯特并不是人们理想中的旅游城市。据说来英国的人,如果没有特殊需要很少光顾曼切斯特。然而,曼切斯特又是闻名世界的城市,其原因是足球。曼联和曼城这两个如雷贯耳的世界级足球俱乐部都诞生在这里。     

Determinants of Trade Misinvoicing

Trade misinvoicing should be seen as an element of de facto capital account openness. Traditional explanations for trade misinvoicing??high custom duties and weak domestic economies??are less persuasive in a world of high growth emerging markets that have low trade barriers. We construct a 53-country data set over a 26?year span, covering both industrialized and developing countries, to study the phenomena of export and import misinvoicing. Capital account openness, differentials in interest rates, political stability, corruption, indebtedness and the exchange rate regime are identified as factors related to misinvoicing.     

日本对外贸易竞争力分析

日本对外贸易经历了一个较长时期的发展之后,突然走向下坡路,在国际市场上的份额不断缩小。通过计算显示性比较优势指数,可以研究日本对外贸易竞争力变化的趋势和影响日本外贸竞争力的主要因素,如经济结构调整、对外投资和贸易条件等。我国应当汲取日本在贸易发展阶段的经验和教训,促进我国对外贸易合理、有序、健康发展。     

Determinants of the profitability of China's regional SOEs

This paper examines the determinants of the profitability of China's local state enterprises. The investment share of non-state enterprises is found to be positively related to the profitability of regional SOEs. Openness measured by exports share in GDP is positively related to regional SOEs' profitability in all cross-sectional and most panel regressions. Debt ratio is negatively related to SOEs' profitability in most cross-sectional and panel regressions. The ratio of unhealthy assets to total assets is negatively related to the profitability in all cross-sectional regressions and is negatively but insignificantly related to the profitability in most panel regressions.     

Determinants of cross-border merger premia

Firms have a broad range of rationales for engaging in cross-border mergers and other forms of foreign direct investment (FDI); while some companies are in search of the cost advantages provided by foreign resources, other firms are primarily interested in gaining access to new markets. Although a significant amount of research has explored the patterns of FDI, little work has been done to assess what influences the value of cross-border mergers and, in particular, what determines why some cross-border mergers are expected to result in higher synergies when compared to others. This paper explores what characteristics of a merger are expected to increase the synergies that a firm will accrue from a cross-border merger by testing how a variety of factors impact the premia paid to effectuate a cross-border merger. We find that firms are willing to pay a higher premium to obtain greater control over foreign firms, and that this control is even more important in mergers involving firms in emerging markets. We also find that the factors affecting deal premia in cross-border mergers differ based on whether the acquirer has a high or low intangible asset intensity level.