Factor pricing in commodity futures and the role of liquidity

This paper empirically investigates the pricing factors and their associated risk premiums of commodity futures. Existing pricing factors in equity and bond markets, including market premium and term structure, are tested in commodity futures markets. Hedging pressure in commodity futures markets and momentum effects is also considered. This study combines these factors to discuss their importance in explaining commodity future returns, while the literature has studied these factors separately. One of the important pricing factors in equity and bond markets is liquidity, but its role as a pricing factor in commodity futures markets has not yet been studied. To our knowledge, this research is the first to study liquidity as a pricing factor in commodity futures. The risk premiums of two momentum factors and speculators’ hedging pressure range from 2% to 3% per month and are greater than the risk premiums of roll yield (0.8%) and liquidity (0.5%). The result of a significant liquidity premium suggests that liquidity is priced in commodity futures.     

The effects of internal locus of control on entrepreneurship: the mediating mechanisms of social capital and human capital

This paper proposes the research framework that locus of control enhances entrepreneurship through the mediating mechanisms of increased social capital in interpersonal networks and improved human capital in personal development. We adopted structural equation modeling to examine the research hypothesis. The research participants comprised managers from 14 enterprises in China; a total of 1002 valid questionnaires were collected. The results revealed that social and human capital mediate the effect that internal locus of control exerts on entrepreneurship. This study provides the following research contributions: first, the findings address the gaps in previous studies regarding the effect that a single dimension (i.e. personality traits) produces on entrepreneurship. Second, by employing the social exchange and human capital theories, we integrated interpersonal and individual perspectives into the research framework to explore factors affecting entrepreneurship, identifying that social and human capital are key-mediating mechanisms through which locus of control influences entrepreneurship.     

海上风电是风电产业未来的发展方向——全球及中国海上风电发展现状与趋势

2014年,全球海上风电累计装机容量为8770兆瓦.短期内全球海上风电市场仍将保持高度集中,预计2024年全球累计装机容量将达到49944兆瓦,其中欧洲约占75％.海上风电市场的重心将从浅水区向深水区域转移,机组容量大型化成发展趋势.随着海上风电工程技术的不断成熟,风电发电成本将持续下降.中国海上风电产业已初具规模,截至2014年底,中国海上风电实际装机总量达657.88兆瓦.投资风险大、管理制度差、标准规范不健全、装备资源弱等是导致中国海上风电产业发展缓慢的主要原因.一体化风电解决方案能大大降低开发成本,将成为未来中国海上风电发展的主流商业模式.     

The impact of accounting information quality on the mispricing of accruals: The case of FRS3 in the UK

We exploit a unique setting of accounting regulation change to examine how accounting information quality affects the well-documented accrual anomaly. We show a significant reduction in the negative return predictability of accruals among UK companies with poorer accounting information quality following the introduction of Financial Reporting Standard No. 3: Reporting Financial Performance (FRS3). While the functional fixation hypothesis attributes the mispricing of accruals to the judgemental error of end-users of information, our findings suggest that the supply side of information also plays a crucial role. Our results provide evidence that regulatory interventions seeking to improve accounting information quality can reduce the mispricing of securities in the capital market.     

A Retrospective Evaluation of European Financial Management (1995–2008)

We provide a retrospective evaluation of European Financial Management (EFM) from 1995 to 2008. In 14 years, EFM has published a total of 333 articles, with 564 authors from 299 academic and non-academic institutions. The authors and institutions represent 26 different countries. Two interesting results emerge from this analysis. First, although EFM is a young finance journal, it has achieved a highly respectable status among all finance journals. In fact, EFM has surpassed a number of well-established finance journals in its research impact. Second, consistent with its mission, EFM has published articles whose authors have European affiliations and research content. Nonetheless, we find that EFM is the publication outlet of authors outside the European region as well. The rising readership and variety of articles published suggest that EFM is a general finance journal that has done very well in serving the interests of the finance profession for the last 14 years.     

Does subnational region matter? Foreign affiliate performance in the United states and China

This study examines the extent to which subnational regions can explain foreign affiliate performance in two host country settings, the United States and China, the world's two largest economies at polar ends of the economic spectrum (i.e., an advanced versus an emerging economy). Our results suggest that the subnational region is significant in explaining foreign affiliate performance, thus confirming its importance as an additional unit of analysis for firm performance. This study also shows that the effects of subnational region are far stronger in China than they are in the United States, thus suggesting that regional differences are more critical in their explanatory power for firm performance in emerging economies than they are in advanced economies. Copyright © 2010 John Wiley & Sons, Ltd.     

银行业联合授信制度制约企业的非效率投资了吗——基于沪深A股公司的分析

中国银保监会出台联合授信管理制度旨在抑制企业过度融资行为,提高资金使用效率。为检验该制度是否达到预期效果,采用2014—2018年沪深A股上市公司样本,运用非平衡面板数据回归实证考察联合授信机制对企业非效率投资的影响,发现联合授信对企业的非效率投资（包含投资不足和投资过度）呈现显著抑制效应,其中联合授信对投资过度的抑制效应最大。进一步研究发现,相较于国有、大规模、低负债、高盈利等异质属性的企业,联合授信对非国有、小规模、高负债、低盈利等属性企业的非效率投资（尤其是投资过度）抑制效应更为显著。     

基于匹配理论的中小企业转型升级研究

文章将中小企业转型升级过程中员工-升级的匹配特性概括为能力匹配和价值匹配,构建了以转型升级感知为前因变量,员工-升级匹配为中介机制以及客户导向作为调节变量的模型,采用偏最小二乘结构方程模型进行分析.研究结果显示:流程升级感知对员工价值匹配和能力匹配均有积极影响;产品升级感知对员工能力匹配则表现为消极影响,但顾客导向会削弱这一负向效应;价值匹配和能力匹配均对员工心理福利和社会福利产生了积极的影响.     

Social Trust and Corporate Misconduct: Evidence from China

We study whether greater social trust is associated with a lower incidence of corporate misconduct. Both social norm and network theory suggest that social trust can affect managerial behavior and reduce the likelihood of misconduct behavior. Consistent with this prediction, we find that social trust is negatively associated with corporate misconduct behavior. Moreover, we show that, when media coverage is higher, the negative relation between social trust and corporate misconduct behavior is more pronounced. Further analyses suggest that social trust can help mitigate both disclosure-related and nondisclosure-related misconduct.