We find evidence that initial public offering (IPO) firms, on average, have high positive issue-year earnings and abnormal accruals, followed by poor long-run earnings and negative abnormal accruals. The IPO-year abnormal, and not expected, accruals explain the cross-sectional variation in post-issue earnings and stock returns. The results are robust with respect to alternative abnormal accruals and earnings performance measures. IPO firms adopt more income-increasing depreciation policies when they deviate from similar prior performance same industry non-issuers, and they provide significantly less for uncollectible accounts receivable than their matched non-issuers. The results taken together suggest opportunistic earnings management partially explains the new issues anomaly. 相似文献
Focusing on long-term buyer–supplier relationships, this article addresses two questions: (1) What are the antecedents that lead to the adoption of formal control, social control, or both? (2) What is the nature of the relationship between formal control and social control - are they substitutes or complements? We develop a model to investigate the impact of the length of cooperation and institutionalization on the use of control mechanisms. Further, we argue that in China, formal control and social control may be substitutes in domestic buyer–supplier relationships, but they may be complements in international relationships. Survey data collected nationwide with executives in 380 domestic and 200 international buyer–supplier relationships in China are used to test our hypotheses. 相似文献
This study investigates the effects of superstition characteristics on choice and latency. Three dimensions of superstition are investigated—valence, accessibility, and relevance. Exposure to negative, accessible, or relevant superstition resulted in faster choices made. Superstitions that were negative or relevant led to choices favoring the auspicious product than superstitions that were positive or irrelevant. The auspicious product was also more likely to be chosen if it were associated with a superstition that was more accessible than less accessible. Findings also suggested that when superstition was relevant, the effects of a negative superstition were amplified than when superstition was irrelevant. Relevancy had less effect on positive superstition. 相似文献
To evaluate the cost-effectiveness of vildagliptin plus metformin vs generic sulphonylurea plus metformin in patients with type 2 diabetes mellitus, not controlled with metformin, from a Portuguese healthcare system perspective.
Methods:
A cost-effectiveness model was constructed using risk equations from the UK Prospective Diabetes Study Outcomes Model with a 10,000-patient cohort and a lifetime horizon. The model predicted microvascular and macrovascular complications and mortality in yearly cycles. Patients entered the model as metformin monotherapy failures and switched to alternative treatments (metformin plus basal-bolus insulin and subsequently metformin plus intensive insulin) when glycated hemoglobin A1c >7.5% was reached. Baseline patient characteristics and clinical variables were derived from a Portuguese epidemiological study. Cost estimates were based on direct medical costs only. One-way and probabilistic sensitivity analyses were conducted to test the robustness of the model.
Results:
There were fewer non-fatal diabetes-related adverse events (AEs) in patients treated with metformin plus vildagliptin compared with patients treated with metformin plus sulphonylurea (6752 vs 6815). Addition of vildagliptin compared with sulphonylurea led to increased drug acquisition costs but reduced costs of AEs, managing morbidities, and monitoring patients. Treatment with metformin plus vildagliptin yielded a mean per-patient gain of 0.1279 quality-adjusted life years (QALYs) and a mean per-patient increase in total cost of €1161, giving an incremental cost-effectiveness ratio (ICER) of €9072 per QALY. Univariate analyses showed that ICER values were robust and ranged from €4195 to €16,052 per QALY when different parameters were varied.
Limitations:
The model excluded several diabetes-related morbidities, such as peripheral neuropathy and ulceration, and did not model second events. Patients were presumed to enter the model with no diabetes-related complications.
Conclusion:
Treatment with metformin plus vildagliptin compared with metformin plus sulphonylurea is expected to result in a lower incidence of diabetes-related AEs and to be a cost-effective treatment strategy. 相似文献
This paper presents an academic analysis and review of the recently completed WTO Trade Policy Review (TPR) of Malaysia, 2018. This includes suggesting policies that can help to promote Malaysia's international competitiveness. We show that the sharp decline in commodity prices that started in 2014 contributed in narrowing Malaysia's trade balance and current account balance as a share of GDP. The faster decline of exports as a share of GDP compared to imports accounted for most of the substantial reduction. Further, the collapse of commodity prices was accompanied by a sharp depreciation of Ringgit Malaysia. We also show that Malaysia is losing international attractiveness in terms of FDI inflows relative to its economic size. This is evidenced by the downward trend in Malaysia's FDI performance index since 1992. Further, international tourism has fallen on average since 2014, due largely to a drop in tourist arrivals from Singapore. Policymakers should introduce policies to enhance international competitiveness, such as reforming the education system to produce skilled workers and reducing reliance on low‐skilled foreign workers. 相似文献
The ability of information technologies (ITs) to integrate activities and offerings across multiple channels offers a promising opportunity for retail firms to enhance their relationship with their customers and firm performance. Consumers value the flexibility to learn about the available offerings, complete their orders and obtain customer service across different channels in a convenient and integrated manner. Therefore, the retail industry has begun to use IT extensively to automate and integrate business processes across their traditional and online channels. This study examines the impacts of the use of IT by retail firms in integrating channel activities for selling to customers. Our research model argues that retail channel integration through IT should enhance the efficiency and innovation of a retail firm. In turn, these improvements should enhance their overall performance. We also propose that the environmental dynamism would moderate the effects of improvements in efficiency and innovation on firm performance. We draw upon recent theories in organizational resource integration and organizational learning to develop our research model and hypotheses. Based on survey data from 125 multichannel retailers in Singapore, we find that retail channel integration through the use of IT allows firms to not only be efficient in delivering the current offerings, but also be innovative in creating future offerings. Further, we find that environmental dynamism does positively moderate the effects of innovation ability on performance. Our results provide managerial insights for firms involved in digital integration not only in the retail sector but also in other service industries. These findings could also serve as a foundation for further research on service operations management for firms with both physical and online operations. 相似文献
The purpose of this research was to examine the work values (WV) and the job involvement (JI) of the younger workforce in a Chinese society. Specifically, the study explores the case of Macau, which has transformed from a sleepy enclave to a gambling mecca. The findings from 384 full-time Chinese employees revealed four WV factors considered important to them. The Post-80s value the social environment and freedom. WV are significantly positively correlated with JI and vary significantly across demographic variables. Intrinsic WV have prediction power towards JI. The lack of research on the younger generation particularly in this popular tourism destination contribute to a better understanding and management of the workforce. It also highlights that traditional Chinese managerial practice might not be able to cope with the new expectations and work habits of the younger workers. 相似文献