Do significant risk warnings in annual reports increase corporate bond credit spreads? Evidence from China

Based on listed companies issuing bonds on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this study analyzes the relationship between significant risk warnings in Chinese companies’ annual reports and corporate bond credit spreads. The main findings are as follows. First, in the Chinese market, “substantial warnings of significant risks” can significantly improve corporate bond credit spreads, reflecting the risk-warning effect; second, state-owned property rights weaken this effect, which only pertains to listed companies with poor risk management and low information quality; third, significant risk warnings increase investors’ heterogeneous beliefs, also affecting credit spreads; and fourth, through textual analysis, it is found that the corporate bond credit spread is greater when the disclosed risk factors are more pessimistic and less similar to those of the previous year. The findings of this paper help to enrich the literature on credit spreads and risk disclosure.     

The price of going green: the role of greenness in green bond markets

In this paper, we empirically investigate how greenness information is priced in the green bond market. Our comparison of liquidity-adjusted yield premiums of green bonds versus synthetic conventional bonds indicates that, on average, there is no robust and significant yield premium or discount on green bonds. However, green bonds certified by an external reviewer enjoy a discount of about 6 bps. Furthermore, green bonds that obtain a Climate Bonds Initiative certificate show a discount of around 15 bps. The findings suggest that a universally accepted greenness measure can benefit the development of the green bond market.     

高职高专院校题库建设的研究与实践

题库建设是实现考教分离、确保考试的公正与公平原则、不断提高学校教学质量、促进教风和学风根本好转的有力举措,亦是体现学校信息化建设水平的一个重要标志.本文对题库建设的实践进行了探讨.     

阅读测试效度浅析

阅读测试效度是以语言学习，语言教学和语言测试的研究为基础的。它包含阅读过程和阅读技巧，涉及测试目的以及所学专业知识；它包括选择相关并合适的材料，设计出合适的测试项目而又不影响被试者的阅读能力；它还要考虑题的难度和干扰项等因素。     

对数字邮戳在期货交易结算单传送中的应用探讨

数字邮戳作为一种第三方数字签名,可以有效地帮助网上通信、交易各方鉴别信息的真实性和完整性。文章介绍了在期货交易结算单的电子传递中应用数字邮戳技术的背景和基本思路,探讨了需要解决的问题和解决方法,并给出了实现方案。     

SAP系统在煤机装备制造企业的应用

介绍了煤机装备制造企业的SAP系统结构和供应链组成,分析了SAP系统下如何控制物料的外购和加工的前置时间,同时介绍了SAP系统中的关键要素及注意问题。     

招商引资政策绩效及影响因素分析——以皖北地区为例

从政府、投资商、居民和环境四个主体,采用熵权_灰色关联度模型,以皖北六市为例,评估地方政府招商引资政策绩效。结果表明:皖北地区招商引资政策绩效存在着很大差异。改善招商引资政策的绩效应权衡不同主体的利益,还应在政策之外寻找条件支持。     

A Configurational Analysis of the Causes of Consumer Indirect Misbehaviors in Access-Based Consumption

Journal of Business Ethics - Consumer indirect misbehavior in access-based consumption is a significant challenge for enterprises. The literature is in short of a deep understanding of the...     

1996—2011年中国滨海旅游业发展区域差异研究

基于历年统计数据研究,结果表明：滨海旅游业发展呈现不断上升趋势。增加值已位居海洋产业体系第一位。选取26个与旅游业综合发展水平相关的指标,基于主成分分析法对中国滨海地区旅游业综合发展水平及存在差异进行研究．结果表明：广东、江苏、浙江得分最高,其旅游业综合发展水平最高;广西和海南得分居最后两位,其旅游业综合发展水平最低。希冀各滨海地区认清自身旅游业发展现状和潜力,制定不断提高综合竞争力的发展战略,对实现中国旅游业发展的既定目标提供理论借鉴和实践指导。     

Participation in export and Chinese firms’ capacity utilization

This paper first sets up a firm heterogeneity trade model and shows that given capital stock and productivity, export firms will have higher rates of capacity utilization. In addition, given capital stock and fixed export costs, firms with higher productivity are more likely to export. I then use the 2012 Chinese enterprise survey from the World Bank to empirically investigate the impact of participation in export on Chinese firms’ capacity utilization rate. The results show that on average, export firms have capacity utilization rate 1.55–2.01 percent higher than non-export firms, which amounts to 14.6–18.9 percent of the standard deviation of capacity utilization rate in the sample. I also find that firms with a larger part of shares owned by the government have lower capacity utilization. Stronger market competition leads to over-investment and therefore lower capacity utilization rate. Faced with more rigorous labor market regulation, firms will substitute capital for the use of labor, resulting in higher capacity utilization rate.