Wealth transfer through private placements: Evidence from China

We examine private issuance of public equity (PIPE) in China, and our results suggest that PIPE investors benefit from the price manipulation before and after issuance. These investors tend to cash out after lockup expiration and make large profits. We also find evidence that the trading of PIPE investors after lockup expiration is informed. Tests about the abnormal returns in the 3 years after lockup expiration suggest that at least part of the benefits PIPE investors receive come from wealth transfer from outside investors. Overall, PIPE issuers in China seem to use an opaque mechanism to compensate PIPE investors.     

Can mutual funds time investor sentiment?

Review of Quantitative Finance and Accounting - This paper examines the ability of mutual fund managers to time aggregate investor sentiment. Our results indicate that mutual fund managers alter...     

经济政策不确定性的跨国溢出效应及其形成机理

本文采用最新发展的广义方差分解谱表示方法,从频域视角考察全球15个主要国家间经济政策不确定性的短期与长期溢出效应,并依次从总溢出水平、方向性溢出水平以及影响因素三个层面进行分析.研究发现,(1)短期与长期下的不确定性总溢出水平呈现出截然不同的时序特征.(2)各国经济政策不确定性溢出水平与国际国内具体事件密切相关,不同类型的冲击事件所产生的溢出效应具有不同的周期长度.其中,一国货币政策、贸易政策的调整将导致其短期溢出水平显著提高,而紧缩性财政政策、政党更替及其他对经济具有负面影响的极端事件则会推动其长期溢出水平大幅上升.(3)金融开放度与贸易开放度较高的国家分别具有较高的短期溢入与长期溢入水平,发达国家与环太平洋地区国家分别呈现出较高的短期溢出与长期溢出.(4)对长短期溢出影响因素的回归分析表明,两国间的金融市场波动相关性和产业结构相似度将显著增强双方的短期溢出,而贸易规模和经济周期差异则对彼此间的长期溢出具有正向影响.     

发电厂脱硫系统二氧化硫排放量适应性控制方法研究

在发电厂脱硫生产pH值控制过程中,运用MATLAB软件对过程控制进行系统辨识,建立控制系统的数学模型,把求得的数学模型应用于SMITH预估器的设计,在实际运用中取的良好的效果.设计目标随动的变参数自适应SMITH控制系统调节系统能及时以脱硫吸收塔出口二氧化硫折算值改变pH值设定值适应各种工况的变化,在保持稳定的二氧化硫脱除率情况下进一步调高调节系统响应的快速性,在稳定工况下提高石灰石浆液的利用率,提高脱硫运行的经济性.     

Government Regulation,Corporate Board,and Firm Value: Evidence from China

This paper investigates the determinants of board composition and its consequences on firm value in China by focusing on the impact of ultimate owner type and financial needs under the institution environment with government intervention and weak investor protection. We find that State‐Owned Enterprises (SOEs) are more likely to choose politically connected directors without professional backgrounds, but non‐SOEs are more likely to have independent directors, or politically connected directors with professional business backgrounds. Appointment of independent directors has no effect on firm value. Due to weak legal investor protection in China, a dominant shareholder can easily remove independent directors, as there is no mature market for directors. Politically connected directors without professional business backgrounds are negatively associated with a firm's value. Although such directors can help a company establish relationships with the government, their firms may suffer due to inferior professionalism.     

索非布韦关键中间体的合成工艺研究

索非布韦是全球首个全口服抗丙型肝炎病毒药物。以2-溴代丙酸乙酯为起始原料,经过膦叶立德、Wttig、氧化、成环、氟化和官能团保护6步反应制备了索非布韦关键中间体(2R)-2-脱氧-2-氟-2-甲基-D-赤式戊糖酸γ-内酯-3,5-二苯甲酸酯,并对合成工艺进行了改进。改进后的工艺降低了成本,提高了反应器的容量,同时还提高了反应的收率,总收率由文献最高的29.0%提高到35.4%,具有一定的工业应用价值。     

Inter-firm collaboration in new product development in Chinese pharmaceutical companies

High-tech firms increasingly rely on inter-firm collaboration (IFC) in new product development (NPD). While there is a growing research interest in exploring the economic rationale of IFC through the transaction cost economics (TCE) and the resource synergy of IFC through the resource-based view of the firm (RBV), little attention has been given to the institution-based view (IBV) that also has important implications for firms’ choice of IFC. In particular, how national institutional environment affects IFC in the NPD process remains under-researched. This study aims to contribute to the literature by extending our understanding of the role of IFC in firms’ NPD process, taking into account transactional, resource, and institutional factors. Based on a case study of two firms: a state-owned and a private pharmaceutical firm in China, our research identifies three key forms of IFC, which are dynamic at different stages of NPD and contingent upon an array of institutional, resource, and transactional rationales underpinning firms’ choice of different forms of IFC. Our study is the first one that investigates the role of IFC in the NPD process bringing together the IBV, RBV, and TCE perspectives.     

旅游业大发展背景下导游高流失率的悖谬:导游离职影响因素分析

在旅游业如火如荼大发展的光环下,身处第一线的导游人员群体却面临着非常尴尬的处境,其流失率远高于其他职业。本文从问卷调研的实证角度,通过因子分析、相关分析等方法,得到影响导游流失的因子有晋升、薪酬、WIF、FIW、FVSW、职业疲劳,在此基础上提出完善导游管理服务中心机制功能的导游服务外包措施。研究成果拓展了导游流失研究范畴,丰富了其理论意义上的内涵和外延;同时,明晰了导游流失的症结,提出了缓解对策。     

节能减排的调控机制创新研究

资源与能源的无节制消耗,致使全球环境污染和资源枯竭。我国对资源和能源的巨大消费受到全球瞩目,能否及时有效地出台节能减排的政策措施,并尽快达到国际节能减排标准,不仅是国际社会的期望,也是关系到我国科学发展的大计。文章从节能减排、资源节约和资源环境保护相互关系的认识入手,提出政府应采取法律、价格、财税、金融相互协调的综合手段和配套措施推进节能减排。