Who Benefits in an Insider Negotiated Block Trade?

We examine insider negotiated block trades to investigate whether new active blockholders with special expertise create shareholder value. In contrast to existing studies, we find no reliable overall evidence of permanent stock price increases, operating changes, or improved net of industry profitability associated with these major control changes. Top executive turnover is extensive, but appears largely attributable to the block sellers’ actions, not the imposition of discipline by the block buyer. Results suggest initial shareholder gains anticipate takeovers, not improvements in profitability. When a takeover is not forthcoming, the gain disappears.     

Comparative advantage and unemployment

Worker heterogeneity in productivity and labor supply is introduced into a matching model. Workers who earn high wages and work high-hours are identified as those with strong market comparative advantage—high rents from being employed. The model is calibrated to match separation, job finding, and employment in the SIPP data. The model predicts a big drop in employment for workers with weak comparative advantage during recessions. But the data show that workers with strong comparative advantage also display sizable employment fluctuations, implying that aggregate employment fluctuations are not explained by the responses of workers with small rents to employment.     

Short selling activity,price efficiency and fundamental value of IPO stocks

In this study, we take advantage of the unique features of the Taiwan stock market, where short selling is forbidden within the first six months following an IPO. We examine the effects of short selling on IPO price efficiency and the relation between short selling activities and the fundamental value of IPO stocks. We find that price efficiency is improved with increased short selling after the lifting of short sale constraints on IPO stocks. We also show that short sellers tend to target IPO stocks with low fundamental ratios, but simultaneously avoid stocks with high transaction costs. In addition, we provide empirical evidence that short sellers focus more on temporary price fluctuations rather than temporary fluctuations in fundamentals.     

应用ANSYS建立再生混凝土随机骨料模型的方法研究

通过对再生混凝土粗骨料成份的分析,初步提出将再生粗骨料大致分为以附着砂浆石子为主要成分并含有少量砂浆块和砖块杂质,并确定某批次再生粗骨料中各类骨料的百分含量。应用ANSYS的APDL参数化编程,结合蒙特卡罗方法和富勒级配理论,从细观层次上生成再生混凝土各类骨料的二维圆形与三维球形随机骨料模型,并赋予各类骨料的材料属性。然后根据选定的单元类型进行有限元网格的划分,通过判断各单元与骨料形心的位置关系来识别砂浆基质与骨料之间的界面单元,并赋予它相应的材料属性。从而建立起再生混凝土的数值模拟试件,为今后在ANSYS中直接对其进行加载求解,以此来模拟各种力学性能试验提供了必要的基础。     

完善我国应急财政资金管理的途径

应急财政资金管理是我国建设应急管理体系的重要环节。当前我国的应急财政资金使用中存在常规资金规模偏小、筹集比例不合理、资金管理不完善、资金使用缺乏监督等问题。应从完善应急财政资金预算管理制度,拓宽筹资渠道,优化应急财政资金的拨付和使用程序,健全应急财政资金的监管制度等方面,完善我国应急财政管理。     

中美高新技术产品出口竞争与互补关系——基于出口相似性指数的实证分析

近几年,我国高新技术产品贸易发展迅速,在世界高新技术产品贸易中的地位不断上升,对美国也保持着连续增长的顺差。这是否说明中国在高新技术产品贸易上已成长为美国的竞争对手,本文就此问题利用出口相似性指数和显示性竞争优势指数对中美高新技术产品在世界市场上的竞争关系和竞争力进行了计算。结果显示:中美高新技术产品的出口市场相似度很高,但出口产品存在较大差异。中美两国高新技术产品出口不是以竞争为主的,而是具有较大的互补性。     

辽宁装备制造业竞争力实证研究与提升战略

文章根据波特的钻石模型及装备制造业竞争力的内涵,构建装备制造业的竞争力评价指标体系。运用2008—2009年经济数据,采用区位熵系数法、比较分析法对辽宁装备制造业竞争力进行实证研究,认为存在市场拓展能力和利润水平偏低、高端装备制造业发展滞后、核心企业不够强大、产业链短等问题。针对这些问题,辽宁装备制造业必须转变发展方式,提高企业国际竞争力,加快发展先进装备制造业,完善产业链,实施国际化和高端化发展战略。     

体制创新的共建与共享

一、体制创新:共建什么,共享什么 (一)什么是共建 目前,社会上讲的"共建"主要集中在共建和谐社会.这固然是"共建"的一个重要方面,而且从社会体制改革角度来说,这个提法也是正确的.但是,从更广阔的整个体制转型来说,这又是不够的,应进一步地拓展,即拓展到四个方面,树立"四位一体"的广义"共建观".     

The effects of power on consumers’ evaluation of a luxury brand's corporate social responsibility

This paper examines how power affects consumers’ responses to corporate social responsibility (CSR) initiatives of luxury brands. The results of three studies show that high‐power individuals evaluated a luxury brand's CSR campaign more positively than low‐power individuals. High‐power individuals viewed CSR activities as being more fluent than low‐power individuals. This study further demonstrates that power influences consumers’ responses to nonluxury brand's CSR activities. Low‐power individuals, who are more receptive to warmth, evaluated nonluxury brand's CSR more favorably rather than high‐power individuals.     

基于改进Transformer模型的文本摘要生成方法

传统的文本摘要方法,如基于循环神经网络和Encoder-Decoder框架构建的摘要生成模型等,在生成文本摘要时存在并行能力不足或长期依赖的性能缺陷,以及文本摘要生成的准确率和流畅度的问题。对此,提出了一种动态词嵌入摘要生成方法。该方法基于改进的Transformer模型,在文本预处理阶段引入先验知识,将ELMo(Embeddings from Language Models)动态词向量作为训练文本的词表征,结合此词对应当句的文本句向量拼接生成输入文本矩阵,将文本矩阵输入到Encoder生成固定长度的文本向量表达,然后通过Decoder将此向量表达解码生成目标文本摘要。实验采用Rouge值作为摘要的评测指标,与其他方法进行的对比实验结果表明,所提方法所生成的文本摘要的准确率和流畅度更高。