Investors’ Fear and Herding Behavior: Evidence from the Taiwan Stock Market

This article analyzes the influence of investors’ fear on their investment behavior in the Taiwan stock market. This study used the volatility index (VIX) as a barometer of investors’ fear. Our results show that herding behavior increases with the VIX; that is, herding behavior is encouraged by an increase in investors’ fear. Moreover, our results demonstrate that investors react more quickly to bad news than to good news when their fear increases, supporting the hypothesis of the presence of an asymmetric reaction to news. However, investors react more quickly to good news when their fear decreases, indicating an inverse asymmetric reaction. In addition, our empirical results reveal that herding behavior tends to exist on days with a large trading volume.     

上市促进了企业创新吗?——来自创业板制造业企业的经验证据

本研究利用手工收集的2009-2013年在创业板市场申请上市的制造业企业样本以及企业创新专利变量,经过对成功上市企业与终止上市企业的样本匹配,运用双重差分模型考察了上市是否促进我国创业板制造业企业创新,研究结果表明,上市显著促进了企业专利创新。进一步地,我们探讨了上市促进企业创新的机制,结果发现,上市通过改善融资约束显著促进了企业创新,而上市没能通过影响代理问题作用于企业创新。该结果意味着直接金融发展有助于推动企业创新;资本市场的风险分担及融资机制能够降低企业融资约束、进而促进企业创新。这不仅为直接金融促进企业创新提供了新的证据,也为我国进一步发展与完善资本市场,进而促进经济转型、创新发展提供了新的政策启示。     

企业资源对新创上市公司创业投资决策的影响

公司创业投资（CVC）是企业外延式发展的主要路径,主要发生在大型成熟企业。近年来,我国创业板新创上市企业发生的CVC活动也比较活跃,企业资源成为影响企业选择CVC战略的重要因素。以2009-2011年在创业板上市的204家制造业企业为样本,通过其从上市至2014年12月31日之间参与的CVC数据,分析企业技术资源、财务资源和商誉资源对新创企业CVC决策的影响。通过二分类Logit实证检验发现：技术资源对新创上市企业选择CVC战略具有积极影响;充裕的现金流对新创上市企业选择CVC战略具有促进作用;商誉资源对公司创业投资决策的影响并不显著。     

V_2O_5-WO_3/TiO_2脱硝催化剂回收研究进展

SCR脱硝技术广泛应用于氮氧化物(NOX)的减排。作为SCR脱硝技术的核心,V2O5-WO3/Ti O2催化剂的研究与生产发展迅速,给SCR脱硝行业带来较大的回收处理压力。介绍了近年来V2O5-WO3/Ti O2脱硝催化剂的回收技术,主要阐述了湿法回收与干法回收的原理、工艺、研究进展以及SCR脱硝催化剂回收技术的发展现状和前景。     

Managers’ Escalation Behavior in Equity Investment Decisions and the Role of Corporate Governance

The aim of this study is to investigate the relationship between free cash flows and escalation behavior in the long-term stock buying decisions for the firms listed in Taiwan. The main findings include: (1) Managers tend to exhibit the escalation behavior in the long-term equity investment. (2) There is a positive association between the level of free cash flows and the magnitude of managers’ behavioral escalation. (3) The corporate governance mechanisms play a contributory role in mitigating the escalation behavior. The evidence is robust across subsamples for electronic versus non-electronic industries, growth versus value firms, and loss versus gain firms.     

Corporate governance,SFAS 157 and cost of equity capital: evidence from US financial institutions

This study examines the association between fair value measurements and the cost of equity capital under different fair value valuation methods, and assesses the impact of corporate governance on this relationship for US financial firms. We find that firms’ cost of equity capital is negatively associated with more verifiable fair value assets and positively related to less verifiable fair value assets. Furthermore, the positive association between less verifiable fair value assets and the cost of equity capital is mitigated under better corporate governance. The differential impact between more and less verifiable assets becomes smaller for firms with stronger governance. Our findings contribute to the ongoing debate on fair value regulation by investigating the economic consequences of adopting Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) and the importance of audit committee financial expertise on fair value reporting. We also provide evidence on the importance of board independence, internal control strength, auditor industry specialists, and audit committee financial experts in fair value reporting.     

External finance and dividend policy: a twist by financial constraints

This study assesses distorting effect of financial constraints on the inverse relationship between internal and external finance by examining impact of an exogenous financing shock (i.e. a regulation released in China in 2008) on dividend policies in a quasi‐natural experimental setting. Our result shows that in the absence of the regulation, the inverse relationship holds. However, the relation is twisted by the 2008 regulation. Compared with unconstrained firms, financially constrained firms are more willing to pay dividends and are more restrained to reduce cash dividends after the regulation, despite the fact that their external financing capacities are further constrained.     

Emotional intelligence,job insecurity,and psychological strain among real estate agents: a test of mediation and moderation models

We develop two models of the relationships between emotional intelligence (EI), job insecurity, and psychological strain. The moderation model suggests that EI reduces psychological strain by helping individuals cope with job insecurity when it arises. The mediation model suggests that EI reduces psychological strain by enabling individuals to conserve resources, thereby reducing their experience of job insecurity. Our results, based on a sample of 232 real estate agents, show that job insecurity mediates the relationship between EI and psychological strain. Contrary to what the moderation model suggested, the positive relationship between job insecurity and psychological strain was found to be stronger when EI was higher. Overall, the results provide more nuanced insights into the role of EI in psychological strain.     

产业结构优化升级改进生态效率了吗？

建立广义动态空间面板计量模型,从本地效应和区际互动双重视角分析产业结构优化升级对省份生态效率影响的驱动机理和作用效果。研究发现,产业结构高度化既能提高本省份也能提高其他省份的生态效率,即存在本地和外部双重正面效应;而产业结构合理化对生态效率则更多体现为正外部效应。从异质性上看,经济发展水平的提高,更加有利于合理化本地正面效应以及高度化双重正面效应的发挥;合理化和高度化与环境规制的相互作用,更有利于本省份生态效率的提高。