We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions. 相似文献
This paper analyses firms’ bidding behavior in auctions for development land in Hong Kong. The real estate market in Hong Kong is considered to be oligopolistic as it is dominated by a few top real estate firms, which have strong financial strength/development capacity and large land banks. Joint bidding is used by other real estate firms (“large” firms) to pool resources/capital in order to compete with the top firms. We test whether joint bidding increases or decreases the level of competition in land auctions, using land auction data in Hong Kong from 1991 to 2011. We find that large real estate firms are more likely to be successful than top firms at auctions when bidding jointly. However, joint bidding/winning does not harm competition as reflected by the number of bids, bids per bidder and number of bidders. Land prices also increase significantly in auctions won by joint bidders or alliances of large developers. Our results suggest that joint bidding enhances competition by allowing large firms to act strategically by pooling their resources and act aggressively to compete with the top firms.
Financial Markets and Portfolio Management - We investigate systematic factors driving stock returns and stock return predictability in Japan. We find that dividend yield, cash-flow yield, and... 相似文献
在C-RAN(Centralized,Cooperative,Cloud Radio Access Network)无线网络基于转移矩阵的负载预测方法中,虽然该预测矩阵具有稀疏特性,但是现有的技术缺乏对稀疏特性加以利用,从而造成计算复杂。针对此问题,提出了一种基于稀疏性的预测矩阵求解算法。该算法对网络状态转移矩阵进行分块迭代,每次等分4块,并分别定义4块矩阵的偏移量。当属于同一行的块矩阵的偏移量有一个是零矩阵时,直接得出所求矩阵对应块的元素全部为零,然后进行下一次迭代;当属于同一行的块矩阵偏移量都不为零矩阵时,通过对矩阵方程组变形处理,转换成迭代格式,然后分块处理。最后,结合仿真定量分析稀疏矩阵稀疏度的临界值问题,给出了稀疏度与计算量之间的关系,并证明了其合理性。仿真结果表明,所提算法能够在不影响预测准确度前提下,降低复杂度。 相似文献
The purpose of the present study was to explore whether professional skepticism can be learned in a classroom setting, an issue that has received scant attention in the prior literature. A questionnaire was administered to students enrolled either in the accounting program or in the business administration program of a large college in China. The author finds that participation in ethics education is positively related to students’ professional skepticism, whereas participation in auditing education is not related to accounting students’ professional skepticism. The author also finds that accounting and nonaccounting business students exhibit no significant difference in their scores of professional skepticism. 相似文献
With increasing environmental competitions between companies, there is a pressing need to explore how the environmental pressures from rivals influence focal firms' actions and the subsequent performance consequences. On the basis of social contagion theory and upper echelons theory, we examine whether firms respond to competitors' green success through green supplier integration, which further improves firm performance, and the moderating effect of organizational ambidexterity. The research explores hypothesized relationships adopting hierarchical regression analysis and bootstrapping method by collecting survey data from 206 Chinese manufacturers. Our findings suggest that competitors' green success positively influences green supplier integration. Green supplier integration mediates the impacts of competitors' green success on financial and environmental performance. In addition, the combined dimension of organizational ambidexterity plays a positive moderating role in the impacts of green supplier integration on financial and environmental performance. This study expands previous literature and managers' practices on green supply chain management. 相似文献