Almost Common Value Auctions: An Experiment

In almost common value auctions one bidder has a higher (private) value for the item than the other bidders. Theory predicts that even a small private value advantage can have an explosive effect in English auctions, with advantaged bidders always winning and sharp decreases in revenue. These predictions fail to materialize for experienced bidders who have learned to avoid the worst effects of the winner's curse. Bidding is better characterized as proportional, with advantaged bidders tending to bid as in a pure common value auction after adding their private value advantage to their estimated value of the item.     

基于合作关系的供应链信息共享模式研究

首先研究了供应链上下游合作伙伴间信息共享博弈情况，并分析了影响信息共享的障碍因素。然后，从合作伙伴合作关系的视角探讨了供成链中合作伙伴的类型及合作目的，最后以此为基础构建出供应链合作伙伴的信息共事模式及技术支撑体系。     

酸性溶蚀作用下灰岩弱化力学效应的试验研究

通过自制的自平衡岩石真三轴压缩仪(SRT)对灰岩岩样在溶蚀作用下真三轴、常规三轴的压缩试验,探讨了试样在不同的应变条件下溶蚀作用对于轴向的抗压强度的溶蚀效应;真三轴实验σ2的初始应力高于常规三轴的围压但是其σ3未施加应力约束使得灰岩岩样的抗压峰值强度任低于常规三轴的抗压峰值;溶蚀作用对于灰岩力学性质发生改变机理在于溶蚀作用使得裂隙临界应力强度因子降低,其灰岩宏观力学特性不断弱化,但灰岩力学破坏机理并没有本质上的改变。从而对岩溶地区岩体工程的长期稳定性提供了科学依据。     

竞争者信息对古诺寡头垄断均衡影响的实验研究

经济学实验研究是产业组织理论的重要研究方法之一，本研究以实验方法研究了古诺寡头垄断。最优反应和模仿最优理论是解释古诺寡头博弈的常见理论，基于这两种理论分析，本研究设计了三寡头垄断博弈实验，检验了不同竞争者信息对古诺寡头垄断均衡的影响。研究结论对反垄断政策将有一定启示作用。     

基于差异化信息共享水平的供应链伙伴关系管理研究

信息共享是建立供应链伙伴企业之间的信任机制、保证伙伴企业良好运作的基础.文中根据不同类型的供应链伙伴关系,在三种信息共享水平上讨论了伙伴关系的管理与协调,从而达到合作企业共同提升竞争力的多赢局面.     

公允价值对上市公司会计信息价值相关性影响实证研究

本文根据费森-奥尔森估值模型(Feltham&Olson,1995)演化定价模型,分析了我国上市公司2007年年报中运用公允价值计量后会计信息的价值相关性。研究发现,净资产与净收益对股价具有正的价值相关性,相互之间具有增量价值相关性;公允价值调整额对股价具有正相关性,但对净收益的增量价值相关性较弱;公允价值调整对利润的影响额对股价没有价值相关性,对净资产也没有增量价值相关性。     

供应链中的信息共享与价值增值研究

以一个由一个制造商和一个分销商组成的供应链系统为背景，研究了因信息共享而带来的响应时间缩短对供应链整体及其成员收益的影响。用数理逻辑证明了供应链和其成员因信息共享而实现了价值增值。     

Strategic and Natural Risk in Entrepreneurship: An Experimental Study

We report on the results of experiments where participants choose between entrepreneurship and an outside option. Entrepreneurs enter a market and then make investment decisions to capture value. Payoffs depend on both strategic risk (i.e., the investments of other entrepreneurs) and natural risk (i.e., luck). Absent natural risk, participants endogenously sort themselves into entrepreneurial and safe types, and returns from the two paths converge. Adding natural risk fundamentally changes these conclusions: Here we observe excessive entry and excessive investment so that entrepreneurs earn systematically less than the outside option. These payoff differences persist even after many repetitions of the task. With a risky outside option, entry further increases and about one‐third of entrepreneurs adopt a passive strategy, investing little or nothing. Finally, we examine an environment where an individual must become an entrepreneur but chooses the stakes over which she will compete. Due to under‐entry and under‐investment in the high stakes setting, the returns gap grows to over 15 percentage points. A two‐factor model incorporating loss aversion and love of winning can rationalize these returns patterns.     

Preemptive Bidding in Takeover Auctions: An Experimental Study

This paper presents the results of an experimental study on jump bidding in takeover auctions with entry costs. It provides support for signaling hypothesis behind jump bidding and analyzes how the size of the entry costs affects the bidders' behavior and their expected profits. It also shows that jump bidding allows the reallocation of the surplus from the seller to the first bidder but has little effect on the social surplus and the profits of the second bidder. Copyright © 2013 John Wiley & Sons, Ltd.     

国内医药制造业供应链伙伴关系与企业绩效的实证研究

选取医药制造企业前5名供应商采购金额比例和前5名销售商销售金额比例分别衡量供应商和销售商的供应链伙伴关系,研究其对企业绩效的影响。结果表明医药制造企业运营绩效与前5名供应商采购金额比例正相关,与前5名销售商销售金额比例负相关;财务绩效与前5名供应商采购金额比例无关,与前5名销售商销售金额比例正相关。研究表明导致这种“反常”现象的原因在于国内医药制造企业供应链伙伴关系的发展阶段和医药制造企业在整个供应链中所处地位和“决策权力”。     

智力资本价值趋动分析

采用美国标准普耳(S&P 500)健康医疗公司2001年至2004年财务报表及相关资料建立企业智力资本价值模型。根据相关理论,将影响智力资本价值的因素分成创新资本、客户资本、人力资本和运营流程资本。研究发现,创新资本、客户资本和人力资本是智力资本价值提高的正相关趋动力;运营流程资本则具有调节影响作用;具有高额运营流程资本的企业必须提升客户资本,增加智力资本,维持企业持续竞争优势。     

公允价值计量、信息披露质量与价值相关性

新企业会计准则中的公允价值计量对信息披露产生了重要影响。以2006年至2008年深市A股上市企业为样本进行的研究发现,公司受到公允价值计量的积极影响越多,信息披露质量就会越高。高质量的信息披露能够使会计信息的价值相关性得到显著提高,而公允价值计量则能够进一步提高信息披露质量对会计信息价值相关性的改善程度。     

Selecting Board Members: The Impact of Common Knowledge on Gender Diversity – An Experimental Investigation

Using a corporate governance experiment, we explore the role of common knowledge of diversity on board members' selection. Our results show that common knowledge of diversity impacts significantly and negatively the proportion of women selected on boards and in a higher proportion in sectors perceived as ‘masculine’. We also bring evidence of an order effect that makes the selection of men on boards likelier for the first chosen members. This bias is stronger for male decision makers. This article provides implications and directions for future research for the understanding of decision making involved in the selection process for board members. Copyright © 2016 John Wiley & Sons, Ltd.     

公允价值计量选择:思考与解释——信息经济学的视角

本文基于信息经济学的视角,对公允价值的一些理论问题进行了解释。并对历史成本、财务会计和财务报告决策有用性的目标,以及有效资本市场、非对称信息等问题进行了讨论。     

The Impact of Compulsory Arbitration on Bargaining Behavior: An Experimental Study

A series of experiments compares bargaining behavior under three different settings: no arbitration, conventional and final-offer arbitration. Under no arbitration, disputes with zero payoffs were around 10%, while the pie was equally split in less than half of the cases. Under conventional arbitration – where the arbitrator is free to choose his award – every third negotiation ended in dispute, evidencing a modified chilling effect. Under final-offer arbitration – where the arbitrator must award the bargainers either one of their final offers – there was only a small increase in disputes, while equal splits doubled to 80%. The experiment shows that final-offer arbitration, despite having lower dispute rates, interferes more with bargaining behavior than conventional arbitration, where bargaining behavior is similar to that seen in the no-arbitration treatment. Under final-offer arbitration, negotiators adjust their bargaining strategy on the arbitrator’s expected award.     

基于牛鞭效应的供应链信息共享价值研究

基于牛鞭效应模型对供应链共享价值进行了量化分析,并对传统供应链(非信息共享)与现代物流供应链(信息共享)的牛鞭效应进行了比较,结果表明信息共享条件下牛鞭效应得到了有效的控制.     

我国上市公司内部控制信息披露的实证研究

以2003年A股上市公司为样本，对我国上市公司内部控制信息披露问题进行实证研究。研究发现，我国上市公司内部控制信息披露受到公司盈利能力、财务报告质量以及财务状况是否异常的显影响，即经营业绩好、财务报告质量高的上市公司倾向于披露内部控制信息；而财务状况存在异常的上市公司披露内部控制信息的动力则明显不足。     

基于牛鞭效应的供应链信息共享价值研究

基于牛鞭效应模型对供应链共享价值进行了量化分析,并对传统供应链(非信息共享)与现代物流供应链(信息共享)的牛鞭效应进行了比较,结果表明信息共享条件下牛鞭效应得到了有效的控制。     

物流企业信息化整合与物流企业绩效关系的实证研究

通过实证研究,使用结构方程模型,找到了物流企业内部各种信息系统的整合、物流企业与外部供应链上的其他节点企业之间的信息系统整合对于该企业的运作绩效、市场绩效、财务绩效的影响。