Effects of cross-border capital flows on stock returns of dual-listed firms in mainland China and Hong Kong: Evidence from a natural experiment

This study analyses the effects of the Shanghai–Hong Kong Stock Market Connect policy on the price disparity between A-shares and H-shares of dual-listed companies (DLC). Using a difference-in-difference estimation method, we show that the policy decreases the relative twin cumulative abnormal returns of treated DLC by 3% and narrows the price gaps between A-shares and H-shares. We determine that the rising demand for H-shares, which are newly accessible by mainland investors, drives the price of H-shares up. By contrast, the price of A-shares remains unchanged. Further analysis reveals that cross-border capital flow is the main force of the policy.     

高校研究生党员的先进性和纯洁性教育研究

保持党的先进性和纯洁性,是我党建设的内在要求,是马克思主义政党的本质属性。高校研究生党员保持党的先进性和纯洁性对党和国家事业的发展具有深远的意义,是历史发展的要求,是时代发展的要求。文章首先界定了研究生党员先进性和纯洁性的基本内容;其次,对高校研究生党员先进性和纯洁性教育研究的现状以及存在的问题进行了分析;最后,针对高校研究生党员先进性和纯洁性教育中存在的问题提出有效的建议和措施。     

A Study on Firms with Negative Book Value of Equity

This paper studies the puzzling negative book equity phenomenon among US public firms. Our evidence suggests that negative book equity firms exhibit heterogeneous characteristics. We show that a great portion of these firms, while operating at excessive capital structure with leverage ratio over 100%, are financially and operationally healthy. These healthy negative book equity firms increase their debt primarily motived by a need for funds to fulfill investment demand. We also find that the off‐balance sheet intangible assets and quality of intangible assets play an important role in determining the true debt capacity of these firms.     

Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.     

Entrepreneurship and industrial clusters: evidence from China industrial census

Small Business Economics - This article studies the synergy effect of entrepreneurship on China’s industrial cluster. We propose an extension to Duranton and Overman’s (The Review of...     

浅析盲目城市化与畸形经济发展模式

城市化作为一个国家经济发展必经的过程,与经济增长的关系应该是相互促进的。然而在我国,不正常的经济发展模式却成为推动盲目城市化的动因之一。本文通过分析盲目城市化和畸形的经济发展模式,以期找出一条使我国城市化和经济发展协调发展之路。     

五年梦寻丰子恺--?丰子恺全集?责编手记

近几年来，社会各界兴起了一股“丰子恺热”。海豚出版社社长俞晓群成为这股热潮的最初发动者。五年来，海豚出版社出版了丰子恺著作达一百多种，将丰子恺生前几乎所有的单行本集子予以再版。同时，海豚出版社还与杭州师范大学弘一大师??丰子恺研究中心合作整理?丰子恺全集?，并将于2015年出版问世。     

企业成功创新经历与未来创新绩效

结合组织学习和企业二元式创新理论，探讨成功创新经历对企业未来创新绩效的影响。以2000—2017年中国制造业上市企业专利数据为基础，研究发现，成功创新经历可以显著提高企业后续专利申请数量。但是依据创新实质和创新幅度将创新分为探索式创新与利用式创新后，发现企业后续专利申请主要体现在利用式创新方面，不利于企业探索式创新。间接影响因素检验表明，企业间合作研发程度越高，成功创新经历越能够显著提升其后续创新质量，但是路径依赖越强的企业，其后续创新质量越差。从新的视角推进企业成功创新经历研究，就当前关于成功创新经历对后续创新绩效的影响悖论给出解释机制，同时对企业增强创新能力、维持长期竞争优势具有重要启示作用。     

Prediction regions for interval-valued time series

We approximate probabilistic forecasts for interval-valued time series by offering alternative approaches. After fitting a possibly non-Gaussian bivariate vector autoregression (VAR) model to the center/log-range system, we transform prediction regions (analytical and bootstrap) for this system into regions for center/range and upper/lower bounds systems. Monte Carlo simulations show that bootstrap methods are preferred according to several new metrics. For daily S&P 500 low/high returns, we build joint conditional prediction regions of the return level and volatility. We illustrate the usefulness of obtaining bootstrap forecasts regions for low/high returns by developing a trading strategy and showing its profitability when compared to using point forecasts.