Voluntary Disclosure and Analyst Forecast

Empiricists document that firms more often voluntarily disclose bad news than good news and link this pessimism to managers’ increased incentives not to fall short of earnings expectations. This paper analyzes the voluntary disclosure of a manager’s private information by explicitly considering her incentives to meet or beat an analyst’s earnings forecast. The model predicts that managers who face strong incentives to meet or beat these forecasts more frequently disclose bad news than good news in order to guide analysts’ expectations about future earnings downward. This pessimism is higher in markets with less informed managers and may hold even if the manager has strong incentives for high stock prices and meet-or-beat incentives are comparably low.     

煤炭企业固定资产存在的问题及解决办法

煤炭业是我国国民经济中的支柱产业,经济社会可持续发展的基础,在经济社会中具有重要的作用,固定资产在煤炭企业中投入占矿井建设、生产投资比例也越来越大,怎样更好的管理和核算固定资产已成为煤炭企业当今不容忽视的问题。     

浅谈建筑电气照明节能

照明系统是建筑电气中一大核心系统,同时也是一个大电能消耗单元,其节能是建筑电气节能中的一个重要组成部分。本文从照明系统耗能的常见原因分析入手,并对其节能原则与评价标准进行了概括性的分析与说明,在此基础上针对性地提出了建筑电气照明节能的具体措施。     

中国共产党在统筹发展和安全中的独特优势——基于百年金融治理经验和逻辑的思考

统筹发展和安全是中国共产党治国理政的历史主线,是认识党领导与参与金融治理活动的重要抓手.文章通过对中国共产党百年金融治理的史料梳理,考察了党在这一过程中的独特作用和优势,并基于马克思主义视角对这一历史经验和治理逻辑进行学理化研究,形成了一个三元关系分析框架.研究发现:(1)中国共产党领导下的金融治理,在实现金融支持实体经济从个体化、分散化向集体化、规模化乃至集成化转变的同时,实现了安全观从政党安全、主权安全向经济安全乃至总体国家安全的发展深化.(2)对发展和安全认识的深化,源于中国共产党的根本思想导向、战略目标导向和核心利益导向所带来的战略定力优势、调控能力优势和政治动员能力优势.党的领导是在明晰政府和市场两大主体权能边界的基础上形成的长期战略领导,具有独特的治理优势.(3)中国共产党独特的治理优势又通过两条权能路径促进了国家治理效能的提升,即党的战略定力优势保证了政府决策的连续性和稳定性,权能调控能力和政治动员能力优势又使得党能够在政府和市场间发挥利益引导和平衡作用.文章对于认识党在国家治理体系中的定位并推动国家治理体系和治理能力的现代化具有一定意义.     

创业拼凑、机会开发与新创企业创业绩效关系研究

对于新生弱小的新创企业而言,创业拼凑不仅仅是企业行为层面的被迫选择,更潜移默化地转变为企业战略层面的主动决策。在创业拼凑助力新创企业提升创业绩效的问题上,机会开发成为逻辑-行为-结果中关键的一环。从机会开发行为视角,探索创业拼凑决策逻辑对创业绩效的作用机理。实证结果发现,均衡型机会开发、创新型机会开发在创业拼凑与创业绩效的关系中分别存在部分中介效应,相比于创新型机会开发,创业拼凑与均衡型机会开发的匹配有利于获取更高的创业绩效。该研究对于新创企业决策逻辑形成和机会开发选择具有指导意义。     

城市绿地土壤质量研究进展

快速的工业化和城市化导致城市人口高度集中和大 量污染物排放,对城市生态环境造成了巨大的影响,不可避免 地影响到土壤、生态系统乃至人类的健康。城市绿地土壤在促 进城市生态系统平衡及人类健康等方面发挥了重要作用,逐 渐引起了广泛关注。在此背景下,梳理了以下3个方面内容： 1)城市绿地的兴起与分类;2)城市绿地土壤质量的内涵与评 价;3)绿地土壤质量提升技术。在全球推动可持续发展与绿 色发展的背景下,如何权衡城市绿地土壤资源开发保护与城市 经济发展,是城市化过程中面临的重要难题之一。因此,未来 应深入绿地土壤质量理论研究,加强绿地土壤质量监测,综合 研究绿地土壤质量评价体系,阐明绿地土壤在陆地生态过程中 对自然、经济及社会的影响,为推动城市生态系统可持续发展 提供依据。     

Concentrated Control,Analyst Following,and Valuation: Do Analysts Matter Most When Investors Are Protected Least?

This paper uses a sample of more than 2,500 firms from 27 countries to investigate the relation among ownership structure, analyst following, investor protection, and valuation. We find that analysts are less likely to follow firms with potential incentives to withhold or manipulate information, such as when the family/management group is the largest control rights blockholder. Furthermore, this relation is stronger for firms from low-shareholder-protection countries. Using valuation regressions that take into account potential endogeneity between analyst following and firm value, we find a positive valuation effect when analysts cover firms that have both potentially poor internal governance and weak country-level external governance. Overall, our findings suggest that corporate governance plays an important role in analysts' willingness to follow firms and that increased analyst following is associated with higher valuations, particularly for firms likely to face governance problems.     

Who Controls US?

Berle and Means asserted that US corporations typically have dispersed shareholders; their evidence did not support this conclusion. Today, 59.74% of US corporations have ‘controlling shareholders’ who hold at least 10% of the shares; 24.57% are controlled and managed by a family; 16.33% are controlled by a widely‐held financial institution; 13.55% are controlled through family trusts. In all size ranges, the USA has more corporations controlled by families than by financial institutions. In almost all size ranges, it has a higher percentage of family‐controlled corporations than any of next four largest economies.