An Empirical Analysis of Synthesizing the Effects of Festival Quality,Emotion, Festival Image and Festival Satisfaction on Festival Loyalty: A Case Study of Macau Food Festival

This study aims to examine the interrelationships among the festival quality dimensions, festival quality, emotion, festival image, festival satisfaction and festival loyalty. Analysis of data from 454 attendees in the 12^th Macau Food Festival indicates that the proposed model fits the data. The result of this study will assist festival management in developing and implementing market‐orientated service strategies to increase quality and image, and enhance the emotion and satisfaction of attendees in order to attain their loyalty toward food festivals. Copyright © 2014 John Wiley & Sons, Ltd.     

Spillover Effects of Internal Control Weakness Disclosures: The Role of Audit Committees and Board Connections

We find that firms are less likely to report an internal control material weakness (as mandated by the Sarbanes‐Oxley Act) in a given year if one of their audit committee members is concurrently on the board of a firm that disclosed a material weakness within the prior three years. We find a similar spillover effect for financial restatement disclosures. The spillover from material weakness disclosures is evident only if a shared director has more experience with the disclosing firm or can channel more information about the disclosed material weakness. Our findings suggest that prior director experiences outside the firm influence the work of audit committees inside the firm. One rationale is that a director's prior experience with an adverse disclosure helps diffuse important insights and serves as a catalyst for improvements in a firm's internal control and financial reporting practices. An alternative explanation, which we cannot dismiss, holds that a director's prior experience helps a firm to underreport material weaknesses and financial restatements without any attendant improvements in the underlying practices.     

Information effects of dividends: Evidence from the Hong Kong market

The literature has suggested that earnings and earnings forecasts provide stronger signals than dividends about future performance of a firm. We test the information effects of simultaneous announcement of earnings and dividends in the Hong Kong market, distinguished by three interesting features (concentrated family-shareholdings, low corporate transparency, and no tax on dividends). Our results show significant share price reactions to unexpected earnings and dividend changes, but dividends appear to play a dominant role over earnings in pricing, a result contrary to findings in the literature. The signaling hypothesis works primarily for firms with earning increases, while the maturity hypothesis works mainly for firms with earnings declines.

效率、公平与区域协调发展

任何国家都存在由区域差异而导致的区域差距,政府的责任是要控制乃至缩小这种区域差距,实现区域的协调发展.改革开放以来我国的区域差距逐步扩大,这与中央政府区域政策目标在效率与公平上的孰为"优先"的偏差有关.本文认为,效率与公平是两个不同层次的概念,中央政府应该确立效率与公平兼顾的区域政策目标,并建议国家开征"统筹税",促进在效率与公平兼顾基础的区域协调发展.     

依托资源优势发展哈尔滨市森林旅游业

哈尔滨市的森林旅游资源十分丰富,有众多的森林公园和自然保护区,但哈尔滨森林旅游尚处于起步和发展阶段,如何利用森林旅游资源,发展森林旅游,对其今后的发展战略和科学规划进行研究是目前亟待解决的问题.哈尔滨市应依托资源优势,大力发展森林旅游业.     

信贷、杠杆率与经济增长：150年的经验与启示

本文分析了信贷增长与经济增长之间的关系,信贷本质上是借助实体经济活动促进增长,若出现错误配置.过多的信贷将不能带来更快的增长。本文通过对美英日德等发达经济体150年来的杠杆率和经济增长关系的分析发现,杠杆率具有长周期特征,大致呈现三四十年的变化周期。中国改革开放40年至今,宏观杠杆率基本处在一个周期的峰值附近,因此,去杠杆成为必然之选。在政策层面,中国去杠杆过程需稳中求进,要将强制性的市场出清作为去杠杆的前提.警惕強调宽松环境下的去杠杆,故总体上需保持偏紧的货币环境。     

传统农区工业企业地理集聚及其用地空间响应——以河南省曲沟镇铁合金产业为例

集成多期遥感影像、企业经纬度坐标、深度访谈和统计年鉴等多维数据,综合运用遥感解译、缓冲区分析、核密度分析及土地利用转移矩阵等方法,研究了河南省曲沟镇1990年以来铁合金企业集聚与土地利用过程及特征。结果表明：(1)研究期内企业布局经历了“点状分散—带状集聚—网络布局”的演变过程;(2)镇域土地利用类型以农用地、工矿仓储用地及住宅用地为主,用地类型转换以工矿仓储用地显著增加和农用地大幅下降为主要特征;(3)镇域工矿仓储用地分布与企业集聚态势密切相关,空间扩展具有“接触式”、近农村居民点、高度集中于南部及大分散、小聚集等特征;(4)企业布局先后经历了“散点多核—‘丁’字形—‘不’字形—单核多圈”的演变过程,推动镇域空间结构实现发生期、成长期、稳固期和转型期的更替。     

Tariff and Quota Equivalence in Vertically Related Markets

This paper re‐examines the issue of tariff and quota equivalence by introducing an upstream market into the Hwang and Mai (1988 ) model, and then allowing the two downstream firms to cross‐haul within each other's market. We assume the upstream monopolist can select either a two‐part or a one‐part tariff pricing strategy. It is found that if the upstream firm adopts a two‐part (one‐part) tariff pricing strategy, then the market price of the final good under a tariff will be higher (lower) than that under an equivalent quota; that is, the quota is set at the import level under the tariff regime. This result stands in stark contrast to the prior findings of both Hwang and Mai (1988 ) and Fung (1989 ). Moreover, if the quota rent is set as being equal to the tariff revenue, the social welfare under a tariff will necessarily be lower than that under an equivalent quota.     

我国自愿环境协议的第三方主体选择及其职能安排刍议

自愿环境协议在环境管制的实务中得以流畅运用,政府与企业以外的第三方主体对企业环境绩效所进行的评估功不可没。在我国,可由政府对从事环境服务业的法人实体开展资质认证,依此判断这些组织机构是否具备为协助政府与企业实施自愿环境协议所必要的环境审计能力,并根据所获得的结论建立第三方协议参与者官方认证资源库。通过认证的第三方在自愿环境协议中负责对企业进行环境审计、环境目标执行计划书评审和履约绩效监督,企业购买此类环境服务的费用享受公共财政的支持。     

基于成本——效益分析的安徽农村生物沼气发展研究

生物沼气为生物质能源中最为普及的一种,由于其分散性、小型化和就地取材适合农村发展。文章运用成本——效益函数,通过将农村沼气发展具有代表性地区的实地调研情况与函数的理论前提进行对比分析后发现,发展大中型沼气项目更适合农村实际,从而提出下一阶段农村沼气的发展模式。