Risk Awareness of Interpersonal Trust and Entrepreneurship in China: Evidence from Survey Data

This paper aims to build a theoretical framework for the influence of risk awareness of interpersonal trust (RAIT) on entrepreneurship, and explores the influence of RAIT on entrepreneurship with the micro survey data from the Chinese General Social Survey (CGSS) 2010–2013. The study found that, individuals with higher level of RAIT, their probability of starting new business will increase significantly, and with every increase of RAIT level, the probability of business venturing increase almost 4.0%. No mediation effects of information screening and cooperative mechanism are found in the relationship between RAIT and entrepreneurship. Moreover, during the venturing process, risks accompanying interpersonal trust cannot be reduced by social input; the reduction occurs only in eastern China where the economic system and the industrial development standards are more comprehensive and mature. This paper contributes to the literatures in the following two areas: it provides new evidence on how to deal with risks in the entrepreneurship process that accompanying interpersonal trust; meanwhile, it provides an explanatory mechanism on how the risk awareness affects business venturing.     

Value relevance of proportionate consolidation versus the equity method: Evidence from Hong Kong

Whether proportionate consolidation (PC) or the equity method (EM) provides more informative financial statements is a controversial issue. This study uses data from listed companies in Hong Kong to investigate the value relevance of the EM compared with PC during 2005–2008 when the local word-for-word equivalent HKAS 31 offered the same options. The results of this study provide evidence that PC does not offer higher value relevance than the EM. PC’s horizontal aggregation of a portion of the operations, assets and liabilities of the jointly controlled entities with those of the venturer is less informative to investors than the EM’s vertical aggregation.     

“丝路经济带”九省市经济金融竞争力评价

深入剖析丝绸之路沿线国内段九省市的综合发展实力,探索不同发展战略定位下省 区市竞合协同发展路径,对全面发展丝绸之路经济带具有重要意义。本文从经济发展竞争力、 环境设施与可持续发展竞争力、科技创新与财富竞争力、金融发展竞争力、对外开放竞争力五 个维度建立指标评价体系,运用分类主成分分析法全面衡量九个省市经济金融发展的分项和综 合竞争力,将九省市分为三个发展梯度,形成资源聚集与要素流动的直观剖析。在此基础上,利 用聚类分析法得出丝绸之路经济带区域经济关联的着力点与经济发展的增长极,并最终得出处 于不同梯度省区市间开展基于优势竞争力的产业间合作的三大有效路径。     

Death of linkages in host countries? A firm‐level study on the channels of productivity spillovers in the Malaysian manufacturing sector

Productivity spillovers from multinational corporations (MNCs) to local firms have been an area of keen research interest in developing economics. Claims of positive spillovers in the form of technology transfers have been questionable, in part because of the many ambiguous conclusions obtained. The paper argues that the lack of focus in the mechanisms underpinning spillovers may be one of the reasons for the ambiguity. Using local input–output linkages as the mechanism for technology transfer, this study examines the presence and the enabling conditions for spillovers. Accounting for the variations in firms' characteristics, the findings show that skills‐oriented MNCs participating in international production networks transmit horizontal spillovers to local establishments. Vertical spillovers from MNCs are mostly relevant only to lower‐skilled establishments. For skilled and export‐oriented local establishments, technologies learned from producing for international production networks are more significant than forming linkages with MNCs in the domestic market.     

Behavioral theories and the pricing of IPOs’ discretionary current accruals

The main purpose of this paper is to provide additional evidence about the effect of discretionary current accruals on the pricing of IPOs. This paper seeks to discriminate between two alternative explanations for the prior findings: (1) behavioral biases coupled with limited arbitrage; and (2) the sample- and period-specific nature of the results in the prior literature. The IPOs from 1962 to 1998 were used to obtain the following results. First, there was not a negative association observed between discretionary current accruals and subsequent price performance for the 1926–1971 period. Second, analysis reveals that the pattern of cross-sectional evidence is inconsistent with the predictions made by behavioral theories. Third, in the 1972–1998 period, evidence of predictable negative performance attributable to IPO discretionary current accruals is limited to NASDAQ firms. These findings are difficult to reconcile with the explanation of behavioral biases coupled with limited arbitrage.     

Intelligent agents for adaptive security market surveillance

Market surveillance systems have increasingly gained in usage for monitoring trading activities in stock markets to maintain market integrity. Existing systems primarily focus on the numerical analysis of market activity data and generally ignore textual information. To fulfil the requirements of information-based surveillance, a multi-agent-based architecture that uses agent intercommunication and incremental learning mechanisms is proposed to provide a flexible and adaptive inspection process. A prototype system is implemented using the techniques of text mining and rule-based reasoning, among others. Based on experiments in the scalping surveillance scenario, the system can identify target information evidence up to 87.50% of the time and automatically identify 70.59% of cases depending on the constraints on the available information sources. The results of this study indicate that the proposed information surveillance system is effective. This study thus contributes to the market surveillance literature and has significant practical implications.     

基于VAR模型的我国铜锌期货价格引导关系实证研究

铜、锌期货是大宗金属期货的重要品种，在期货投资市场上广受追捧。研究通过构建VAR模型，运用格兰杰因果检验，分析了近远月铜、锌期货价格之间相互引导关系，模型实证结论认为远月期铜、锌期货价格之间具有显著的相互引导关系，为期货市场上各类型投资者提供政策指引。     

熟化粉状饲料在蛋鸡饲料中的运用

我国蛋鸡饲料消耗量巨大,因此对蛋鸡饲料的研究意义重大。本文从蛋鸡的生理特点及当前蛋鸡饲料的现状出发,分析国内外蛋鸡饲料的生产工艺及其优缺点,重点研究熟化粉状蛋鸡料的生产工艺、优点及该工艺推广的必要性及可行性。     

Optimal and robust designs for trigonometric regression models

This article presents discussions on the optimal and robust designs for trigonometric regression models under different optimality criteria. First, we investigate the classical Q-optimal designs for estimating the response function in a full trigonometric regression model with a given order. The equivalencies of Q-, A-, and G-optimal designs for trigonometric regression in general are also articulated. Second, we study minimax designs and their implementation in the case of trigonometric approximation under Q-, A-, and D-optimality. Then, We indicate the existence of the symmetric designs that are D-optimal minimax designs for general trigonometric regression models, and prove the existence of the symmetric designs that are Q- or A-optimal minimax designs for two particular trigonometric regression models under certain conditions.