The option market’s anticipation of information content in earnings announcements

We exploit information in option prices in order to study whether the ex post responsiveness of stock prices to earnings information is reflected from an ex ante, firm- and quarter-specific perspective. Specifically, we develop a measure of anticipated information content (AIC) that isolates the forecasted magnitude of the stock market’s reaction to earnings information. We find that the AIC positively correlates with the ex post magnitude of the stock market sensitivity to unexpected earnings, increases with earnings persistence, firm growth prospects, the richness of firms’ information environments and the presence of (and changes in) sophisticated ownership, and decreases with discount rates. Our paper sheds light on the role that earnings information plays in shaping option-market behavior and offers researchers an option-market approach to studying the responsiveness of stock prices to earnings information.     

Gender and entrepreneurial orientation: a multi-country study

The purpose of this comparative study is to investigate the role of gender and culture in entrepreneurial orientation (EO) among students in the selected nations. EO dimensions are important variables in the study of organizational performance. We adopted Lumpkin and Dess’ EO dimensions. We statistically analyzed the collected data from 389 university students in the US (96), Korea (114), Fiji (80), and Malaysia (99). The results showed significant differences in most EO dimensions between genders and among the nations. Thus, it is important that customized approaches based on gender and unique cultural context are needed for developing EO among college students.     

From compensation to development： the application and progress of RwD in China

Involuntary resettlenment caused by project construction is a difficult problem over world. In the past, therestoration of livelihoods in the event of involuntary resettlementhas been based purely on providing compensation to those who are displaced. Evidence has shown that compensation-based involuntary resettlement can not realize the objective of restoring and improving resettlers＇ living standard. With a view to improve this outcome, the concept of Resettlement with Development （RwD） was envisaged and is now generally heralded as the means to mitigate catastrophic failures of the past. However, few developing countries have included the concept of RwD into th, ational policies and China is one of them. The Chinese government has taken resettlement as an opportunity to help resettlers restore and improve their living standards and develop economy in reservoir areas by implementing RwD olicy including giving compensation and subsidies at early stage and offering production assistance at late stage, citing up reservoir construction fund, initiating partnership programs and preferential policy as well as enhanc infrastruture construction. The preliminary experience from the TGP resettlement has verified that the transformation from compensation-based resettlement to RwD is a right policy, choice. Meanwhile. because ofthe changing political environment and the complexity of involuntary resettlement there is still room for china to improve its RwD policy.     

聊聊海外货运代理

在货运企业的发展当中,从本地服务跨越到国际物流服务的起点往往是海外代理开发。可以说,没有海外代理的存在,国际物流是空谈。笔者查阅21家货运企业的网站,发现每一家都把“广泛的海外代理网络”、“覆盖全球基本港代理”作为一项卖点。但在培训当中,我们发现大部分的货运企业对“为什么要有海外代理”、“海外代理的作用”并没有清晰的概念。本文拟就此问题进行讨论。     

An Essay on When to Fully Disclose in Sales Relationships: Applying Two Practical Guidelines for Addressing Truth-Telling Problems

Salespeople have a moral obligation to prospect/customer, company and self. As such, they continually encounter truth-telling dilemmas. "lgnorance" and "conflict" often block the path to morally correct sales behaviors. Academics and practitioners agree that adoption of ethical codes is the most effective measure for encouraging ethical sales behaviors. Yet no ethical code has been offered which can be conveniently used to overcome the unique circumstances that contribute to the moral dilemmas often encountered in personal selling. An ethical code is developed that charts ethical paths across a variety of sales settings (addressing "ignorance") while illustrating why the cost associated with acting morally is generally reasonable (addressing "conflict"). The code applies the universal transactional notions of customer expectations and salesperson reputation to illustrate why and when salespeople are morally required to tell the truth. In doing so, the code tackles head-on the vexing question of how best to juggle mixed motives - involving self-interests, corporate-concerns, cus-tomer-needs and other influences such as the nature of the transaction. The issue of how mixed motives can be dealt with through moral means is one that ethicists have previously sidestepped (Stark, 1993).     

Strategy shift: Integrating strategy and the firm’s capability to innovate

Innovation is a key source of organizational growth and profitability. Many organizations at the front end of innovation struggle to engender an innovation approach that is effective and lasting. This article presents a framework that defines the interdependency of innovation and strategy, and then outlines the role of top management to continuously renew the positioning of the firm. Based on a synthesis of prior research—including the Dynamic Capabilities View, Innovation Orientation, and Disruptive Innovation Theory—and our own experience working with organizations, we present an operational strategy shift framework, which allows practitioners to increase, refine, and transform their firm’s capability to innovate (CTI) toward achieving their strategic objectives. This framework provides guidance that leaders can use to integrate innovation into their strategic process.