Does Interindustry and Intraindustry Information Help Predict Financial Distress?

This study investigates whether and how the accounting ratios of peer firms within the same industry (the industry peers) or firms within the industry of their customers (the downstream peers) help improve the predictability of sample firm financial distress. We document that the Z‐score factors of the companies with high correlation in stock returns help predict financial distress. The results show that accounting‐based ratios of the industry peers and the downstream peers enhance the accuracy of early warnings of financial distress, especially when prior returns of peer firms are highly correlated with the sample firm.     

Does Social Media Get Your Attention?

The author investigates how social media affects stock prices and post–earnings announcement drift in response to companies’ quarterly earnings announcements. Using quarterly earnings data as well Twitter and StockTwits data, the author utilizes Twitter volume and a residual methodology to generate an attention proxy that is orthogonal to the growth of Twitter accounts. The author finds that the new attention brought by social media after the earnings announcements positively affects the cumulative abnormal returns. Further, even companies reporting bad news can still have positive immediate cumulative abnormal returns if they attract enough attention from investors after an earnings announcement. The new attention effects are different in both magnitudes and statistical significance between social media popular and unpopular industries.     

Time-consistent mean–variance asset-liability management in a regime-switching jump-diffusion market

Financial Markets and Portfolio Management - This paper investigates the time-consistent optimal control of a mean–variance asset-liability management problem in a regime-switching...     

Entrepreneurship and industrial clusters: evidence from China industrial census

Small Business Economics - This article studies the synergy effect of entrepreneurship on China’s industrial cluster. We propose an extension to Duranton and Overman’s (The Review of...     

多地生产型船企物资配送存在的风险问题及其对策研究

通过对造船企业的生产特点以及物资配送现状的分析,从物资入库验收、生产计划调整、物资配送过程、资源配置要求及余料统筹利用等多方面反映了多地生产型船企物资配送目前存在的主要问题与风险,并提出相应的对策。     

异质性媒体与资本市场信息效率

新闻传媒通过其信息处理和传播功能 ,对资本市场的信息整合产生了重要影响.不同于以往的研究 ,文章深入新闻传媒行业内部 ,探讨了不同类别的媒体(中央媒体与各地方媒体)对中国资本市场信息效率的差异化影响.研究发现:中央媒体既可以直接提升资本市场信息效率 ,又可以通过削弱政治关联对资本市场信息整合的不利影响,间接改善资本市场信息效率;地方媒体虽然能够直接提升资本市场信息效率 ,但是无力削弱政治关联对资本市场信息整合的不利影响 ,其间接渠道并不起作用.这一结果考虑了媒体跟踪上市公司时可能产生的内生性问题 ,在一系列稳健性测试中始终存在.文章认为 ,相对于地方媒体 ,中央媒体在信息透明度较低情况下的信息获取和处理的能力优势 ,以及面对政治关联时保持客观报道的独立性优势,可以解释这一发现.     

舾装作业中考虑周期驱动的虚拟单元多阶段动态调度研究

多品种小批量离散型生产企业面临的大量不确定因素会干扰其生产的连续性,其中,船舶生产由于其技术与管理特点在此类生产中具有典型性.本文将以船舶舾装生产为例,在保证设备负荷均衡及资源利用率的基础上,研究该环节的虚拟单元调度问题,以提高企业的生产效率.文章以最小运输距离为目标,在充分考虑瓶颈资源约束的基础上,构建周期驱动下分割计划期的数学模型,并以结合任务分配和时间约束的混合蚁群算法求解.通过在某船厂舾装环节的应用发现,本文所提方法能够有效降低当前舾装各作业的平均完成时间,具备可行性.     

高职院校社会服务体制机制构建的探索与研究

社会服务是高职院校基本职能之一,建立健全高职院校社会服务组织管理机构是社会服务体制构建的首要环节,社会服务机制体系由制度安排、运行管理、激励措施和信息分享等基本要素组成,有效的社会服务对促进区域经济发展、高技术人才培养及扩大高职院校影响力,提高办学质量和深化内涵建设具有重大意义。     

Do Sovereign Re‐Ratings Destabilize Equity Markets during Financial Crises? New Evidence from Higher Return Moments

This study investigates the effects of S&P's sovereign re‐ratings on the higher moments of equity market returns over recent financial crises. Using a set of intraday stock market index prices and sovereign credit ratings for a sample of 36 countries that experienced sovereign rating changes over the period from 1996 to 2013, we find that the higher moments of stock market returns are significantly more responsive to sovereign re‐ratings during financial crises, but the effects on stock markets are not the same across different financial crises. The effects during crises are, however, magnified for large downgrades and those that are associated with a loss of investment grade status. We find that there are asymmetric effects during financial crises in that downgrades are consistently more significant than upgrades in increasing realized volatility and realized kurtosis. Both upgrades and downgrades affect realized skewness in times of crises in the expected direction.     

The State as Both Regulator and Player: The Politics of Transfer of Development Rights in China

The conventional argument that the introduction of transfer of development rights (TDR) shifts the power of land use regulation from the state to the market is increasingly under challenge. In China, the state's grip on land is reinforced through TDR, in which the state is both regulator and player. This state-dominated form of TDR affects China in three ways. First, competing aspirations of different scales of government complicate how TDR is implemented. Although the central state promotes TDR to maintain a national balance of arable land, some local states instrumentalize it to expand their landed basis of accumulation. Secondly, TDR tends to benefit the state but not its people. It may increase the fiscal income of the sending government and lessen the land shortage of the receiving government, but sometimes at the expense of the interests of land users without land ownership. Thirdly, given the state's deep involvement in TDR programs, the key for China's TDR to protect arable land lies not so much in clear property rights or a fully fledged market as in effective checks and balances regarding the state's powers over TDR. These three observations attest to the embeddedness of TDR in the local political economy.