The effects of bank relationships on firm private debt restructuring: Evidence from an emerging market

Our paper seeks to examine the direct benefit of bank relationships for a distressed borrower by assessing its influence on the success of firm private debt restructuring. We find that a distressed firm with a stronger bank relationship has a greater probability to successfully restructure its debt through private renegotiation. Accordingly, an analysis of credit rating recovery provides complementary evidence on the factors of successful debt restructuring. A duration analysis of the length of time needed for a debt restructuring to be completed is fully consistent with our documented results. We conclude that in a bank dominated financial system like Taiwan's where firms are heavily bank-dependent, the bank-firm relationship is of crucial importance to the success of financially distressed firms in private debt restructuring.     

Who Herds? Who Doesn't? Estimates of Analysts’ Herding Propensity in Forecasting Earnings

We develop parametric estimates of the imitation‐driven herding propensity of analysts and their earnings forecasts. By invoking rational expectations, we solve an explicit analyst optimization problem and estimate herding propensity using two measures: First, we estimate analysts’ posterior beliefs using actual earnings plus a realization drawn from a mean‐zero normal distribution. Second, we estimate herding propensity without seeding a random error, and allow for nonorthogonal information signals. In doing so, we avoid using the analyst's prior forecast as the proxy for his posterior beliefs, which is a traditional criticism in the literature. We find that more than 60 percent of analysts herd toward the prevailing consensus, and herding propensity is associated with various economic factors. We also validate our herding propensity measure by confirming its predictive power in explaining the cross‐sectional variation in analysts’ out‐of‐sample herding behavior and forecast accuracy. Finally, we find that forecasts adjusted for analysts’ herding propensity are less biased than the raw forecasts. This adjustment formula can help researchers and investors obtain better proxies for analysts’ unbiased earnings forecasts.     

斗轮堆取料机斗轮轴轴承密封装置

斗轮堆取料机斗轮轴轴承密封圈工作环境恶劣,腐蚀性粉尘颗粒积聚严重,导致密封圈过早磨损失效,进而导致轴承磨损报废。对此,设计新型密封装置,减少甚至消除粉尘的入侵,保证轴承正常工作。在改进后对密封装置进行了验证,实践证明,该装置能有效解决油封和轴承的防尘、防腐蚀等问题,提升了油封和轴承的使用寿命,降低维保成本。     

单因素实验设计在水产品中总汞含量测定的应用

本文利用原子荧光光度计法,采用单因素实验设计考察了消煮时间、消煮温度、酸的比例和消煮后放置时间四个因素对水产品总汞含量测定的影响,并通过验证试验进一步确定。实验确认上述四个因素对汞的含量测定都有影响,并在150℃下消煮3 h,采用硝酸与高氯酸混合时为汞含量的最佳测定条件。     

SNAP and Paycheck Cycles

It is well documented that individuals do not spend the Supplemental Nutrition Assistance Program (SNAP) benefits smoothly over the month after receipt. Rather, recipients spend a disproportionate share of benefits at the beginning of the benefit month. This has costs for recipients and stores. There is also evidence that other income streams, such as Social Security and paychecks, are not spent smoothly. The presence of these other income streams may bias estimates of the effects of this SNAP cycle on consumption for working SNAP beneficiaries and those who receive other government benefits. We use data from United States Department of Agriculture's National Household Food Acquisition and Purchase Survey to explore how the SNAP cycle is affected by accounting for these other income streams. We find suggestive evidence that the cycle is more pronounced for workers who are paid on a weekly or monthly basis, but little evidence that cycles in other income streams mitigate or exacerbate the SNAP cycle.     

企业家社会责任行为方式创新对其形象评价的影响机制研究

运用扎根理论探究了企业家创新性社会责任行为的特征及作用机制。基于扎根理论，就企业家微公益行为对其形象评价的影响机制进行了探索性研究。通过深度访谈与二手数据的扎根分析，提出了企业家微公益行为对其形象评价影响的理论框架：企业家微公益行为具有权威性、互动性与多样性，会通过情感和认知两大层面来获取消费者认同感，并影响消费者对企业家微公益行为动机的感知，进而影响其形象评价。该研究是对企业家社会责任理论的有益拓展，同时为希望通过社交网络进行公益活动的企业家提供了实践参考。     

The Effect of Environmental Corporate Social Responsibility on Environmental Performance and Business Competitiveness: The Mediation of Green Information Technology Capital

With the emergence of environmental sustainability and green business management, increasing demands have been made on businesses in the areas of environmental corporate social responsibility (ECSR). Furthermore, the influence of ECSR on green capital investment, environmental performance, and business competitiveness has also been the subject of attention from enterprises. However, in previous studies, the mediating role of green information technology (IT) capital in the relationship between ECSR, environmental performance, and business competitiveness, has not been investigated by researchers. In order to bridge this gap in the ECSR literature, this study aims to examine the influence of ECSR on green IT capital, and the consequent effect of green IT capital on environmental performance and business competitiveness. Data were collected from 358 companies from the top 1000 manufacturers in Taiwan. The results confirmed that ECSR has significant positive effects on green IT human capital, green IT structural capital, and green IT relational capital. Green IT structural capital and green IT relational capital have positive effects on environmental performance and business competitiveness, and environmental performance has a positive effect on business competitiveness. In addition, green IT structural capital and green IT relational capital have partial mediating effects on ECSR, environmental performance, and business competitiveness. The implications and suggestions for future research are discussed.