Initial public offering prospectus forecast errors and mandatory explanations: evidence from New Zealand

This paper examines management forecast errors in initial public offering (IPO) prospectuses of New Zealand firms and subsequent management explanations for earnings forecast errors in recent years. New Zealand has several unique features and recent changes that are worthy of research, including the requirement for management to make forecasts; a requirement to explain differences between forecast and actual; and a recent change that provides the voluntary opportunity to obtain a negative assurance opinion on forecasts. Using hand-collected IPO data between 1998 and 2014, we find that firms that include a negative assurance opinion on the prospective financial information in the prospectus have more accurate earnings and cash flow forecasts. We investigate the subsequent explanations for forecast errors, which are mandated by a financial reporting standard. We show that management tends to attribute negative and large forecast errors to external causes rather than their own actions. Our findings have implications for regulators and investors in New Zealand and other settings.     

Impact of investor sentiment on mutual fund risk taking and performance: evidence from China

ABSTRACT

This study provides empirical rationale and guidance for incorporating investor sentiment into mutual fund enterprise information systems. It investigates the effect of fund-specific investor sentiment on fund risk taking and performance. Working on a sample of equity funds in China, our panel regressions reveal that fund risk-taking is negatively related to lagged fund-specific investor sentiment. Investor sentiment is negatively linked to subsequent fund performance, which conforms with the dumb money effect. Encouragingly, there is evidence that mutual fund managers in China possess investing expertise. Fund-specific investor sentiment shows asymmetric impacts. The dumb money effect is primarily driven by positive sentiment.     

正规金融与非正规金融的演化博弈分析

通过整合正规金融的规模优势和非正规金融的信息优势,构建了正规金融与非正规金融演化博弈模型。通过对模型的分析表明,金融系统的演化方向与博弈双方的支付矩阵相关,并受到系统初始状态的影响。此外,正规金融与非正规金融合作产生的超额利润、双方因合作所投入的初始成本、以及其贴现因子是影响二者合作竞争关系演变的重要参数。     

进一步推进厦台旅游交流与合作的探讨

随着大陆地区赴台旅游范围的扩大,厦门对台旅游合作的机遇和挑战并存。本文在对厦台旅游交流合作进行SWOT分析的基础上,提出进一步推进厦门与台湾旅游交流合作的若干对策建议。     

腹部按摩对改善脑出血急性期患者便秘的效果评价

探讨腹部按摩对改善脑出血急性期患者便秘的效果评价。     

电解可脱铂金弹簧圈栓塞治疗颅内动脉瘤的护理干预

探讨应用弹簧圈栓塞术治疗颅内动脉瘤的护理。     

创新型工业工程专业人才培养模式探讨

在对国内外工业工程专业人才培养现状进行分析的基础上,提出了我国创新型工业工程专业人才培养目标,并从课程体系、师资建设、教材建设、教学方法、实验与实践等方面探讨了创新型人才培养模式的实施策略。     

复杂产品系统自主创新能力动态演化机理及提高途径研究综述

复杂产品系统在产业发展中处于战略性地位,目前我国复杂产品系统的发展与发达国家相比还有很大差距。研究我国企业复杂产品系统自主创新能力动态适应性演化机理,对于我国自主创新战略的实现具有重要的理论和现实意义。     

我国装备制造业转型升级发展对策研究

我国装备制造业的转型升级是实施十二五规划纲要的重要任务。本文通过对装备制造业在国民经济中的基础作用、世界装备制造业的发展趋势和我国装备制造业发展现状的研究,提出了加强科技立法、制定技术政策和规划引导,发展中场产业,转变技术创新模式,引发企业家技术创新激情等促进我国装备制造业转型升级的发展对策。