Migrate or not? The effects of regulation SHO on options trading activities

In this study, we investigate the effects of stock short-sale constraints on options trading by exploiting two US Securities and Exchange Commission rule changes under Regulation SHO: Rule 203 (locate and close-out requirements) and Rule 202T (temporary removal of short-sale price tests). We find that stock short selling activities decrease (increase) significantly after Rule 203 (Rule 202T) implementation, supporting the validity of Rule 203 (Rule 202T) as an exogenous increase (decrease) in short-sale constraints. Options volume increases significantly after Rule 203 went into effect and the result is more pronounced among firms with lower levels of institutional ownership and smaller options bid-ask spreads. Therefore, the evidence from Rule 203 suggests that investors may use options as substitutes for stock short sales when short selling is less feasible or more costly due to the locate and delivery requirements. In contrast, we find no significant change in the options trading volume of pilot stocks during the pilot program of Rule 202T. Overall, our results indicate that the impact of short-sale constraints on options trading varies with the types of constraints affected.     

运用Logistic回归模型加强高收入者纳税遵从的实证研究

加强高收入者的个人所得税征管、促进纳税遵从一直是税务部门的重要工作之一。利用多元有序因变量Logistic回归模型,以江苏某市2010年度年所得12万元以上个人所得税纳税申报的数据为样本,以＂应补税额＂等级的五分类有序变量为因变量,以纳税申报表中纳税人的年龄、应纳税所得额、应纳税额、性别、职业大类、行业大类6个影响因素为自变量,进行多元有序因变量的Logistic回归分析,研究结果可为税务系统加强年所得12万元以上高收入者个人所得税的申报与征管、促进纳税遵从提供新的思路。     

Exploring the mediating role of utilitarian value and hedonic value in the formation of oppositional loyalty in online communities

Our research expands the scope of the research on oppositional loyalty from brands to online communities. Online communities allow members to freely express their opinions and promote the occurrence of oppositional loyalty behaviours towards the communities. Oppositional loyalty is defined in this article that, for the purpose of strengthening the market position of their preferred community, members of the online community may express negative views or even show oppositional behaviour towards adversarial communities. In view of social capital theory, the study examines the effect of hedonic value and utilitarian value on oppositional loyalty in online communities. The results show that only hedonic value significantly affects oppositional loyalty; hedonic value mediates the effect of the three dimensions of social capital (network ties, identification, and common language) on oppositional loyalty. The study identifies that community type moderates the impact of social capital (identification and common language) on hedonic value but does not moderate the effect of social capital on utilitarian value. Finally, we find that members' oppositional loyalty towards their community can promote their community participation. This research provides recommendations for online community managers to manage and benefit from members' oppositional loyalty.     

Asymptotic subadditivity/superadditivity of Value-at-Risk under tail dependence

This paper presents a new method for discussing the asymptotic subadditivity/superadditivity of Value-at-Risk (VaR) for multiple risks. We consider the asymptotic subadditivity and superadditivity properties of VaR for multiple risks whose copula admits a stable tail dependence function (STDF). For the purpose, a marginal region is defined by the marginal distributions of the multiple risks, and a stochastic order named tail concave order is presented for comparing individual tail risks. We prove that asymptotic subadditivity of VaR holds when individual risks are smaller than regularly varying (RV) random variables with index −1 under the tail concave order. We also provide sufficient conditions for VaR being asymptotically superadditive. For two multiple risks sharing the same copula function and satisfying the tail concave order, a comparison result on the asymptotic subadditivity/superadditivity of VaR is given. Asymptotic diversification ratios for RV and log regularly varying (LRV) margins with specific copula structures are obtained. Empirical analysis on financial data is provided for highlighting our results.     

Workforce diversity and financial statement readability

The Securities and Exchange Commission has associated readability with a range of linguistic features largely determined by the language style of the information producers, including sentence length and the use of personal pronouns, familiar words, surplus words and active voice. We examine the impact of a firm's workforce ethnic diversity on its financial statement readability. Based on linguistic literature, we argue that a more diverse workforce increases the linguistic heterogeneity of the inputs into financial statements, hindering financial statement readability. We show that financial statement readability decreases with the ethnic diversity of the workforce, and that this effect is more pronounced for firms located in a community with a high crime rate or low social capital. We also find that the market reacts less to the earnings surprises of firms with less readable financial statements. We further find that the impact of white-collar employee diversity on readability is greater than that of blue-collar employee diversity. The results of robustness tests suggest that workplace diversity does not reduce firms' overall information production quality, which rules out the alternative explanation that employee diversity hinders financial statement readability through increasing employee conflict and communication errors. Overall, our study suggests that workforce diversity is an important determinant of financial statement readability.     

“省直管县”财政体制如何促进经济增长——基于江苏省2004-2009年数据的实证分析

近几年来,省直管县财政体制在各省陆续实施,其主要目的在于克服既有的市管县体制存在的各种弊端。可以预期,这项改革措施有减少行政管理成本、解决县乡财政困难、促进县域经济增长等多种潜在作用。但可能存在的问题是,该财政体制如何促进经济增长?文章利用江苏省51个县(市)2004-2009年的空间面板数据进行分析发现,省直管县财政体制对经济增长的作用主要是通过县(市)扩权而产生的政府竞争效应实现的。     

丙泊酚复合利多卡因静脉麻醉在高血压患者结肠镜检查中的应用

目的探讨丙泊酚复合利多卡因静脉麻醉在高血压患者结肠镜检查中的安全性及效果。方法回顾性分析47例高血压患者的结肠镜检查资料,将其分为常规组、无痛组。无痛组静脉缓慢注射丙泊酚和利多卡因混合液,使患者入睡后进镜检查。监测并记录两组在检查前、检查中、检查后的收缩压、舒张压、心率、血氧饱和度及镜检时间。无痛组记录麻醉诱导时间、苏醒时间、计算力及提问对答恢复正常时间。结果无痛组全部到达检查终点,常规组有2例未达到回盲部;无痛组镜检时间明显低于常规组,两组比较差异有统计学意义(P<0.05);无痛组的收缩压、舒张压、心率在检查中较检查前明显下降(P<0.05);常规组收缩压、舒张压、心率在检查中比检查前明显增高(P<0.05);两组检查结束后收缩压、舒张压、心率均恢复至检查前水平;血氧饱和度在两组的各个检查中无明显变化。无痛组麻醉诱导时间为(1.9±0.6)min、清醒时间为(6±5)min,计算力及提问对答恢复正常时间为(6±5)min。结论应用丙泊酚复合利多卡因静脉麻醉对高血压患者进行无痛结肠镜检查是可靠的。     

美国对华贸易政策最新发展动向

2006年2月14日,就在西方“情人节”的当天,美国贸易代表办公室(USTR)发表了一份长达29页名为《中美贸易关系:进入更大责任和执法新阶段》的报告。这是自2001年中国加入WTO以来美国就对华贸易发表的第一份全面评估报告,因而引起了国内外舆论的广泛关注。从中,我们可以窥探出美国对华贸易政策的最新发展动向。1美国对华贸易政策的基点:中美贸易关系进入第三阶段二战以来,美国贸易政策一直坚持两个核心原则:①促进建立一个更加开放,以规则为基的国际贸易体制;②在更开放的全球市场中为美国人民寻求经济利益。其贸易政策着重致力于通过在本国…     

胃肠减压在腹部外科疾病治疗中的应用及护理干预

目的探讨胃肠减压在腹部外科疾病治疗中的应用及护理干预。方法对80例腹部外科疾病患者临床资料进行回顾性分析,内容包括胃肠减压方法、护理干预措施、胃肠减压应用及护理效果、满意度等,将所得资料进行统计学分析后得出结论。结果 80例腹部外科疾病患者胃肠减压平均时间(4.4±1.2)d,减压管置入平均置入深度(60±3)cm;插管成功率100.0%,失败率0.0%(P<0.05);4例(5.0%)患者发生相关并发症,其中3例(3.8%)肺部感染、1例(1.2%)电解质紊乱;患者对护理满意度评分高达(93.2±2.1)分。结论胃肠减压在腹部外科疾病治疗过程中具有重要作用,经正确的护理配合后可有效提高插管成功率。     

关系型合约视角下双重股权结构选择动因解析——来自中概股的经验证据

文章从关系型合约的视角研究了公司选择双重股权结构的内在动因。在我国,企业的商业模式普遍具有关系型交易特征。与市场型交易不同,关系型交易依靠交易各方由关系专有性投资所建立起的信任关系来自我履约。文章分析认为,双重股权结构带来的多倍投票权与稳定控制权可以降低关系型合约的执行成本,保障关系型合约的长期稳定执行。文章以1997-2018年339家在美上市的中国公司IPO年度数据为样本,发现公司具有越多的关系型合约,越可能采用双重股权结构。进一步分析表明,当公司所在地的市场化程度、人口流动率较低,或者社会资本紧密度较高时,这种正相关关系更加显著。此外,在采用双重股权结构后,关系型合约公司会通过建立更加完善的公司治理机制来缓解双重股权结构所带来的代理问题。例如,公司会更大概率聘请国际“四大”会计师事务所进行审计,开展更多的投资者电话会议活动,设定更高的独立董事比例,提高会计信息披露质量以吸引更多的分析师关注。上述结果表明,在关系型社会中,双重股权结构对保障公司关系型合约的执行具有独特优势。文章结论对于监管部门、上市公司和投资者更好地理解我国制度背景下的双重股权结构具有实践意义。