When Do Analysts Adjust for Biases in Management Guidance? Effects of Guidance Track Record and Analysts’ Incentives

Prior research indicates that analysts do not fully adjust for the general downward bias in earnings guidance issued by management. We report the results of two experiments designed to investigate how guidance track record and analysts’ incentives jointly explain the extent to which analysts adjust for guidance bias. Our results suggest that analysts with accuracy incentives adjust for management’s track record of downwardly biased guidance when the bias is relatively small (one cent), but those with relationship incentives do not. Furthermore, the difference in adjustment is larger when the bias track record is inconsistent than when it is consistent. Also, when guidance bias is larger (two cents) relative to smaller (one cent), analysts with relationship incentives partially adjust, as they appear to strike a balance between accuracy and their desire to please management. These findings hold implications for investors, regulators, and the interpretation of prior research.     

美国税制结构是长期贸易赤字的重要原因

美国长期的贸易赤字一直是世人关注的焦点。关于美国贸易赤字的原因,国际社会众说纷纭,但世人却忽视了美国税制结构这一重要原因。近四十年来,世界多数国家都引进了增值税,该税对进口产品公平征税与出口产品准确退税的机制,促进了世界贸易的发展。在此期间,美国一直是以所得税为主的税制结构,根据WTO的规则,这种税制对进口产品不能征税,对出口产品不能退税,所以是导致美国长期贸易赤字的重要原因。统计资料也显示,美国贸易赤字的增长,与其主要贸易伙伴实行增值税国家的增加呈明显相关性。美国只有改变税制结构,消除导致长期贸易赤字的税制因素,才能促进贸易平衡。     

因子分析法在县域经济发展水平评价中的应用

县域经济是国民经济的重要组成部分。为了全面、客观、系统、科学地评价和分析县域经济发展水平,一般要采用多指标综合评价法,这种传统方法具有主观随意性与工作复杂性的缺点。采用因子分析法对县域经济发展水平进行评价,可以有效地克服传统多指标综合评价方法中的不足与缺陷。     

经管类专业与企业互动实践教学模式研究

在应用型人才培养为目标的大背景下,文章针对高校经管类专业的教学特点,剖析了经营中内外交困的企业与高校经管类专业合作的迫切性,提出校企步调一致,互通有无,共破困境。走共谋发展、共享资源、共研难题的双赢道路。     

法国科研税收补偿政策及其启示

本文介绍了法国科研税收补偿政策的主要内容及特点,并提出了相应的激励我国企业进行研发或创新的借鉴建议。     

Impact of empathy with nature on pro-environmental behaviour

Existing studies show the role of empathy with nature in improving attitudes toward the environment. This article demonstrates that induced empathy with nature can improve environmental behaviours and commitments. We find that environmental commitment and behaviour are positively affected by empathy with nature and establish a causal model between empathy with nature and pro-environmental behaviour. We further investigate the relationship between self-construal (interdependent or independent), empathy with nature (existing or non-existing) and pro-environmental behaviour. The results indicate that participants who have empathy with nature display stronger pro-environmental behaviour, particularly in the private domain. Commitment to the environment plays a mediating role in this relationship and self-construal plays a moderating role. Specifically, for individuals with interdependent self-construal, empathy with nature promotes pro-environmental behaviour, whereas for individuals with independent self-construal, empathy with nature has no statistically significant effect on pro-environmental behaviour.     

Does character's gender matter in inspirational brand story? Exploring the moderating effect of gender role conformity

Inspirational brand story is a widely used marketing strategy in brand building. However, few empirical studies have investigated the underlying mechanism and boundary conditions of a successful brand story strategy. The current study examined the influence of lead character's gender in inspirational brand story on consumer–brand identification based on the social identity theory, benevolent sexism, and gender schema theory. Results from two experiments demonstrated that the gender of inspirational brand stories has an impact on consumer brand identity through the mediation effect of sympathy. Compared with a male character, a female character elicits viewers' sympathy, which results in high brand identification. Such a gender effect is stronger when there is a high level of perceived gender role conformity. Theoretical and managerial implications are discussed.