The dark side of analyst coverage: The case of innovation

We examine the effects of financial analysts on the real economy in the case of innovation. Our baseline results show that firms covered by a larger number of analysts generate fewer patents and patents with lower impact. To establish causality, we use a difference-in-differences approach that relies on the variation generated by multiple exogenous shocks to analyst coverage, as well as an instrumental variable approach. Our identification strategies suggest a negative causal effect of analyst coverage on firm innovation. The evidence is consistent with the hypothesis that analysts exert too much pressure on managers to meet short-term goals, impeding firms' investment in long-term innovative projects. We further discuss possible underlying mechanisms through which analysts impede innovation and show that there is a residual effect of analysts on innovation even after controlling for these mechanisms. Our paper offers novel evidence on a previously under-explored adverse consequence of analyst coverage—its hindrance to firm innovation.     

知此七事不枉一生

你有没有筹划一下自己的生活？还是做一天和尚撞一天钟，一切随遇而安？如果你没有明确的目标，就很可能失利。     

Does Information Asymmetry Explain The Diversification Discount?

We examine the diversification discount while controlling for differences in information asymmetry between diversified and nondiversified firms. We show that both diversified and nondiversified firms with higher levels of information asymmetry have discounted firm values relative to firms with lower levels of information asymmetry, although a diversification discount remains at all levels of information asymmetry. Fixed‐effect Fama‐MacBeth regressions confirm the existence of a statistically significant relation between information asymmetry proxies and excess value, but they also show that a significant diversification discount remains after controlling for differences in information asymmetry and other firm characteristics discussed in earlier studies (e.g., size, profitability, leverage, and capital constraint).     

国际货币体系改革研究——以后金融危机时代与人民币国际化为视角

自美国爆发金融危机后,国内外有关对国际货币体系改革的文献大量涌现,充分体现了这一课题的重要性与紧迫性。本文从归纳当代国际货币体系存在的种种问题及原因着手,深入挖掘该体系的制度性缺陷,继而对当前有关国际货币体系改革多种方案进行分析和评述。文章认为:目前各界提出的多种方案,在可行性方面都存有一定的障碍,因此在方案比较上,没有最优,只有"次优"。就目前而言,"超主权货币"方案因为直接影响了美元的"霸主"地位及其铸币税利益,会引起美国的阻挠。加上从理论上对"超主权货币"本身在价值基础、发行管理等问题上尚有不少争议,因此,在可预见的将来,恐怕难以实现。而对以美元为主导的多元国际货币体系进行不断修正,恐怕是更贴近实际的情况。文章还指出:当代国际货币体系的改革必须有人民币国际化进程的参与。而人民币国际化将是一个政府推动和市场选择共同的结果,不要刻意安排时间表去强行推进。在此进程中,人民币也将面临"三元悖论"和"特里芬难题"的困扰。妥善处理好中外各方的利益保障问题,是关键环节。因此,我们必须加快做好包括沪港两地金融中心联动机制建设、内外分离型的国际银行设施建设、以及我国资本帐户开放与汇率制度改革的互动协调关系建设等工作,以人民币国际化推动国际货币体系的改革进程。     

中国汽车民企跨国并购的绩效评估和经验分析——以浙江吉利并购瑞典沃尔沃为例

吉利2010年对沃尔沃的跨国并购引起了广泛持续关注。运用财务指标法对吉利从2008年到2012年前后5年的偿债能力、资产运营能力、盈利能力、获现能力和发展能力5个角度共15个指标进行比较分析,可以评估得出吉利并购绩效优异的结论。吉利在此次并购中积累了做足战略准备、充分利用国际中介、争取政府支持、巧妙选择融资方式、尝试多样化支付手段、注重文化整合、理顺人才管理机制、优化营销模式的成功经验,为中国汽车民企今后的跨国并购提供了参考和借鉴。     

关于民事诉讼“主管”的思考

“主管”一词带有严重的行政化倾向。“民事诉讼主管”这一概念的性质,即积极性和主动性,与司法的消极性和被动性不相符,也在一定程度上限制了当事人的诉权,用“民事审判权范围”取代“民事诉讼主管”这一概念更为科学合理。在确定民事审判权的范围时应遵循法治原则、私权保障原则和司法最终解决原则,确定民事审判权的具体范围时应采用概括式与排除式相结合的立法方法。出现新类型、具有民事性质、当事人无法寻求其他救济方式或寻求未果的纠纷时,均可依照司法最终解决原则寻求司法救济。     

Optimal Trade Policy with Horizontal Differentiation and Asymmetric Costs

This paper examines the optimal export policy under Bertrand competition when the products exhibit horizontal differentiation and production costs are asymmetric. The focus of this paper is on the product‐differentiation effect in the determination of the optimal export policy. We show that given that the equilibrium characteristic of a foreign firm's product R&D lies to the left‐hand side of its initial level , since the foreign firm has a unit cost advantage and the efficiency of its R&D technology is sufficiently low, a rise in the export subsidy of the domestic country increases a domestic firm's profits and then welfare by extending the degree of horizontal differentiation between the two products. Thus, the optimal export policy under Bertrand competition may turn out to be an export subsidy rather than an export tax. This result is in sharp contrast to that of Eaton and Grossman (1986 ).     

基于体验视角的北京乡村旅游服务质量提升对策研究

北京乡村旅游经过自发发展、数量扩张、规范发展和品质提升4个阶段,实现了三大转变,形成了新的乡村旅游产品体系和乡村旅游的“北京模式”。但是,北京乡村旅游仍存在着同质化严重、形式单一、类型趋同、缺乏特色和创新、服务质量不高等不足之处。因此,从体验的角度出发,探讨,如何提升北京乡村旅游服务质量的对策。     

沿东陇海线地区参与陆桥经济走廊建设的思路与对策

沿东陇海线地区包括徐州、连云港两个市区和铜山、邳州、新沂、东海四个县（市）,位于新亚欧大陆桥通道的东端起点,在全国和全省经济社会发展中具有重要的战略地位。促进沿东陇海线地区参与陆桥经济走廊建设是主动融入国家“一带一路”建设大局的关键举措,是构建江苏区域发展新格局的重要任务,是推动苏北全面小康建设的迫切需要。     

国际贸易单证标准化方法研究

依据长期从事国际贸易标准化研究的经验,文章系统地研究了国际贸易单证标准化理论,总结出国际贸易单证标准化的方法,对于掌握和推动我国国际贸易单证标准化具有积极的推动作用。