Behavioral theories and the pricing of IPOs’ discretionary current accruals

The main purpose of this paper is to provide additional evidence about the effect of discretionary current accruals on the pricing of IPOs. This paper seeks to discriminate between two alternative explanations for the prior findings: (1) behavioral biases coupled with limited arbitrage; and (2) the sample- and period-specific nature of the results in the prior literature. The IPOs from 1962 to 1998 were used to obtain the following results. First, there was not a negative association observed between discretionary current accruals and subsequent price performance for the 1926–1971 period. Second, analysis reveals that the pattern of cross-sectional evidence is inconsistent with the predictions made by behavioral theories. Third, in the 1972–1998 period, evidence of predictable negative performance attributable to IPO discretionary current accruals is limited to NASDAQ firms. These findings are difficult to reconcile with the explanation of behavioral biases coupled with limited arbitrage.     

The welfare costs of monopoly are larger than you think

We show that monopoly is the parent of monopsony when an industry employs specialized resources. This means that the welfare loss from monopoly and monopolization is larger than commonly portrayed. Copyright © 2010 John Wiley & Sons, Ltd.     

Monte Carlo theoretical trials of methods for assessing statistical significance for differences between adjusted odds ratios

Odds are generally defined as the number of successes divided by the number of failures in a given number of trials. An odds ratio is the ratio of one odds divided by another. Odds ratios can be adjusted to reflect associations with the outcome independently of the influence of associations with other variables. These are adjusted odds ratios. There are several well known methods for comparing odds ratios and testing for statistically significant differences between them. Analogous methods for adjusted odds ratios are not well known or well documented. One method for comparing adjusted odds ratios is explained by Hosmer and Lemeshow (Applied logistic regression, 2000). This method is used for the odds ratios for two variables from the same data set. The purpose of this analysis was to apply this method to a different situation: comparing odds ratios for the same variable from two different data sets. Monte Carlo trials were used to assess the performance of the method and these indicated the method performed well.     

Intelligent agents for adaptive security market surveillance

Market surveillance systems have increasingly gained in usage for monitoring trading activities in stock markets to maintain market integrity. Existing systems primarily focus on the numerical analysis of market activity data and generally ignore textual information. To fulfil the requirements of information-based surveillance, a multi-agent-based architecture that uses agent intercommunication and incremental learning mechanisms is proposed to provide a flexible and adaptive inspection process. A prototype system is implemented using the techniques of text mining and rule-based reasoning, among others. Based on experiments in the scalping surveillance scenario, the system can identify target information evidence up to 87.50% of the time and automatically identify 70.59% of cases depending on the constraints on the available information sources. The results of this study indicate that the proposed information surveillance system is effective. This study thus contributes to the market surveillance literature and has significant practical implications.     

基于VAR模型的我国铜锌期货价格引导关系实证研究

铜、锌期货是大宗金属期货的重要品种，在期货投资市场上广受追捧。研究通过构建VAR模型，运用格兰杰因果检验，分析了近远月铜、锌期货价格之间相互引导关系，模型实证结论认为远月期铜、锌期货价格之间具有显著的相互引导关系，为期货市场上各类型投资者提供政策指引。     

Women,Muslim Immigrants,and Economic Integration in France

Muslim immigrants to Europe display distinctive attitudes toward women in a wide range of survey data. This study investigates whether this translates into distinctive behavior. Relying on a dictator game in France and an identification strategy that isolates the effect of religion from typical confounds such as race, we compare the donations of matched Christian and Muslim immigrants and rooted French to in‐group and out‐group men vs. women. Our results indicate that Muslim immigrant participants deviate from Christian immigrant and rooted French participants in their behavior toward women: while the latter favor women over men, Muslim immigrants favor men over women.     

Addressing the Texting and Driving Epidemic: Mortality Salience Priming Effects on Attitudes and Behavioral Intentions

Texting while driving is becoming a problem of epidemic proportion, causing thousands of fatalities each year. However, surprisingly few academic studies to date have examined this issue in a social marketing context. We address this research void by reporting the findings of two empirical studies—the first, an exploratory study of drivers' perceptions of texting while driving; the second, an experimental examination of the relative effectiveness of mortality salience (MS) primes in public service announcements (PSAs). Employing theory derived from the MS literature, we find that when verbal and/or visual cues to death/dying were used, participants' attitudes and behavioral intentions were altered in a positive direction. As compared to a control group, the primed PSAs produced less favorable attitudes and reduced intentions to text while driving in the future. Implications of these findings for consumers, social marketers, and policymakers are discussed, and future research directions are provided.     

Construction of an open innovation network and its mechanism design for manufacturing enterprises: a resource-based perspective

Innovation is the engine of development for enterprises, and there is an increasing trend to adopt an open innovation strategy. However, how to manage external resources in an open, collaborative and complementary manner, and in a shared environment that will yield the greatest networking effects, it is a challenging task. Because there is no such a satisfactory model for an open innovation strategy that combine operational mechanisms with the management of, external resources. Thhis article tries to fill the gap by adopting a resource-based perspective to construct an overall open innovation (OOI) business model. In this model, external resources are classified as industrial and non-industrial entities, to enable the identification of the interaction methods between manufacturing enterprises and external resources. The management of external resources involved in a Technology Open Innovation (TOI) cycle is given particular attention that includes: 1) the classification of the external resources of a TOI, 2) the general mechanisms extracted to promote qualified resources in and unqualified resources out, and 3) a business model to conceptualize the collaboration between enterprises and external resources. A case study of TOI is also provided to empirically verify its feasibility. This paper contributes to the literature by providing an original operational model and mechanism design for an open innovation strategy that is capable of managing external resources effectively.     

熟化粉状饲料在蛋鸡饲料中的运用

我国蛋鸡饲料消耗量巨大,因此对蛋鸡饲料的研究意义重大。本文从蛋鸡的生理特点及当前蛋鸡饲料的现状出发,分析国内外蛋鸡饲料的生产工艺及其优缺点,重点研究熟化粉状蛋鸡料的生产工艺、优点及该工艺推广的必要性及可行性。