REAL OPTIONS WITH COMPETITION AND REGIME SWITCHING

In this paper, we examine irreversible investment decisions in duopoly games with a variable economic climate. Integrating timing flexibility, competition, and changes in the economic environment in the form of a cash flow process with regime switching, the problem is formulated as a stopping‐time game under Stackelberg leader‐follower competition, in which both players determine their respective optimal market entry time. By extending the variational inequality approach, we solve for the free boundaries and obtain optimal investment strategies for each player. Despite the lack of regularity in the leader's obstacle and the cash flow regime uncertainty, the regime‐dependent optimal policies for both the leader and the follower are obtained. In addition, we perform comprehensive numerical experiments to demonstrate the properties of solutions and to gain insights into the implications of regime switching.     

The impact of reporting frequency on the information quality of share price: evidence from Chinese state-owned enterprises

As a major global exchange, the Stock Exchange of Hong Kong (SEHK) only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies duallisted in both China A share market and SEHK (AH shares) as the experimental group and mainland’s companies listed on SEHK (H shares) only as the control group, we apply the difference-in-difference (DID) method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.     

新兴技术向战略性新兴产业演化中政府政策分析

战略性新兴产业的形成首先需要新兴技术的支撑,而新兴技术从形成到商业化都面临着巨大的不确定性。本文分析了新兴技术商业化中各个阶段的影响因素,阐述了政府政策的作用,提出政府在新兴技术商业化的不同阶段为有效促使新兴技术尽快向战略性新兴产业演化应采取的政策。     

基于组织承诺的企业科技人员激励方式研究

科技人员是企业知识员工中最具价值创造性的员工类型之一,提高其组织承诺度,能有效抑制离职并提高其价值贡献度。基于对157名企业科技人员的实证研究,探讨了激励因素对其组织承诺的影响作用,并进一步根据激励因素在不同控制变量下的表现,提出了具有实际操作性的企业科技人员激励方法。     

浅谈矿用电容式发爆器的检修技巧

煤矿用电容式发爆器的一般出现如:放炮时不能够响完(与发爆器自身原因有关)、充电时间长而放电时间短、充不上电等常见故障给井下生产造成一定的影响,同时留下安全隐患。对此学会发爆器的应急处理故障是尤为重要的。     

专利权价值评估的进一步探讨

在对现有专利权价值评估模型进行探讨的同时,又针对专利权的投入与产出均为随机的情况下,根据McDonald和Siegel是否继续生产期权计算公式,提出了修正期权定价法,作为对现有模型的补充。     

个性化推荐系统对移动电子商务消费者购买决策的影响力及其应用策略

移动电子商务为消费者拓宽了对商品的选择空间,同时也诱发了信息过载、搜索负担过重等问题。为了缓解信息过载的压力,提升消费者的满意度,个性化推荐服务应运而生。主要以消费者购买决策为研究对象,分析了个性化推荐技术如何影响购买决策,并探析了个性化推荐系统在移动电子商务中的应用策略。     

媒介物与员工激励

本文在对现有媒介最大化主要文献回顾的基础上,对市场环境和组织管理环境下的媒介物种类、媒介物的特征、媒介物作用对象的差异进行深入分析。深入探讨了组织管理领域媒介物影响个体行为的可能机制。本文认为,组织管理领域对组织成员的行为影响可能与个体需要的满足、目标引导、能力显示等作用机制有关,通过这些作用可改变个体的“努力→结果”之间的关系,发生组织管理领域“媒介最大化”现象。本文的观点为未来实证考察组织管理情境下媒介物对员工行为的作用提供了参考,并有利于丰富媒介最大化理论。     

Exploring the presence of accounting amongst petty traders in Ghana

This paper seeks to investigate the presence of accounting among petty traders in Ghana. The methodology applied was the mixed method under the multiple methods choices. Both qualitative and quantitative techniques were used. The findings were that formal education is not a pre-requisite requirement to the operations of a petty trading business. However, the study revealed the presence of accounting in petty trading; thus confirming the assumption that accounting is a universal good and is present in the petty trading business. Findings on the three major factors that influenced the present or absent of accounting among petty traders revealed that： there were no state institutions or pressure groups in Ghana to influence or oblige private entrepreneurs （petty traders） to prepare financial statements; the literacy of the petty trader though was found to be a necessary factor, it was not sufficient to explain the accountancy presence or absence in the traders＇ businesses. The usefulness of the accounting information to the petty trader influenced the presence of accounting in the traders＇ business. Finally, the level of trust - social capital in the community, and its influence on the presence of accounting, was relatively insignificant in the context of urban Ghana. No study of this kind has been conducted in the field of accounting presence or absence in Ghana.     

自然资源会计的理论框架构想

本文旨在探讨自然资源资产的界定,并构建一个自然资源会计的理论框架以及分析其未来研究趋势。