Real earnings management around CEO turnovers

Following CEO turnovers, US firms adjust real business activities to manage earnings downwards (REM bath). This effect is most pronounced in firms with low levels of institutional ownership. REM baths early in CEOs’ tenure can be confounded with legitimate adjustments to business activities. However, we show that they are not accompanied by increases in R&D or capital expenses, nor are they explained by restructuring expenses. CEOs with short tenure record more negative REM measures in their first year of tenure, when compared with CEOs with long tenure.     

Operating cash flow asymmetric timeliness in Australia

Operating cash flow (CFO) asymmetric timeliness occurs when CFO reflects bad news more quickly than good news. We examine the presence and determinants of CFO asymmetric timeliness in Australia, where substantial differences in reporting requirements of cash flow components, in characteristics of listed companies and in the degree of conservative financial reporting produce contrasting findings to those in the United States. We find supportive evidence for the novel ‘sticky cost behaviour’ explanation and also the product-pricing strategy, but not the life cycle hypothesis. These findings are useful for investors and analysts concerned with forecasting the future values of companies.     

铁路空铁联运车站发展分析及建议

空铁联运是综合交通一体化发展的重要组成部分,欧美国家已积累了许多经验,我国也逐渐出现一批与民航机场建设在一起的铁路车站,探索空铁联运的发展模式。对现有铁路空铁联运车站的布局特征、服务特征和运量特征进行分析,总结规律、提出建议,为我国空铁联运的发展方向提供参考。     

Occupational attainment and stratification in China: The interactive effects of social networks and the hukou system

This paper examines the effects of social networks and hukou status on worker’s occupational attainment in China. To identify the potential ranking of different occupations, we consider the use of the stereotype ordered regression model to estimate individual occupational choice. Our results show that social networks play different roles in shaping occupational outcomes for urban and rural workers. In particular, friendship ties significantly improve urban workers’ opportunities in obtaining higher‐ranked occupations; in contrast, kinship ties appear to be more influential for rural migrants, but the effects are limited to the attainment of lower‐ranked occupations. While social contacts from government organizations or state‐owned sectors facilitate urban workers’ attainment of higher‐ranked occupations, similar patterns are not observed among rural workers. We further find that the beneficial effects of social networks or urban hukou identity are stronger for workers who are from less‐developed regions, who work in state‐owned enterprises, or who have a college degree. Decomposition of the wage gap between urban and rural workers suggests that differences in social networks and occupation types, together with hukou discrimination, account for the majority of the current wage inequality.     

Why is free education so popular? A political economy explanation

This paper analyzes the political support for different funding regimes of education in a one‐person, one‐vote democracy. We focus the analysis on four systems that have had a preponderant presence in the political debate on education: a private system, a public system that delivers the same resources to each student (universal‐free education), a public system that intends to equalize results, and a public system that aims to maximize the output of the economy. We show that a system of universal free education is the Condorcet winner. The level of income inequality and the degree to which income distribution is skewed to the right are key factors behind this conclusion. We also show that the voting outcome of public versus private funding for education depends crucially on the type of public funding under consideration.     

上海自贸试验区制度推广的“梯度对接”战略探讨

上海自贸试验区改革的重点和难点在于通过先行先试,形成全国可复制、可推广的制度样本。本文尝试提出以经济园区为载体的"梯度对接战略",作为加快上海自贸试验区制度创新复制推广的一条可行路径。在界定梯度对接战略基本内涵的基础上,论证指出,遍布全国的各类经济园区作为渐进改革开放的空间载体、制度试验创新的重要平台及地方经济转型升级的有力依托,其地位、功能、作用与上海自贸试验区相似相通,当前以其为载体对接自贸区改革是结合历史经验和现实基础的必要且可行选择。这既有利于加快自贸区改革及制度推广进程,又有助于经济园区自身的转型升级。近期苏州、成都、武汉及福建等地经济园区融合自身特点效仿自贸区改革的现象,是本文提出战略的"现实版"。     

演化变迁视阈下新生代大学生职业价值观研究

基于演化变迁视域，文章梳理了20世纪80年代以来大学生职业价值观发展脉络和变化规律，发现我国大学生职业价值观演化变迁基本可以分为四个阶段。在此基础上，文章重点探讨了新生代大学生“目的性/手段性职业价值观模型”，报告了新生代大学生职业价值观的现状。运用计量的研究方法，通过对全国范围2533份样本数据的分析发现，新生代大学生职业价值观与之前各时代是一种继承和发展关系，同时表现出鲜明的时代特征。研究得出：“自我实现、地位追求、家庭维护”是其择业最深层次的驱动力，“匹配相容、薪酬声望、福利待遇、轻松稳定”是其择业的具体标准。研究最后探讨了新生代大学生职业价值观背后的成因并对其发展趋势进行分析，文章的研究结论能够为大学生就业指导部门以及用人单位开展相关工作提供了一定参考和借鉴。     

施工现场塔吊安全运行的探讨

文章综合现场塔吊施工运行现状,具体分析了塔吊在使用过程中容易出现的问题和原因,并提出了相应的技术措施和管理建议.     

西津水电站大坝第三次安全定检水文复核研究

文章通过对西津水电站设计洪水、校核洪水洪峰流量、洪水位、泄洪能力以及坝高进行复核计算,以此说明西津水电站的泄流能力和坝高满足安全要求.