Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

Does the transformation of accounting firms’ organizational form improve audit quality?Evidence from China

In this study,we examine the effects of the transformation of accounting firms’organizational form on audit quality.We find that the transformation from limited...     

Water pricing with household surveys: A study of acceptability and willingness to pay in Chongqing,China

In determining domestic water prices, policy makers frequently need to use demand-side information rather than only rely on supply-side data as previously did, and household surveys are often conducted to collect information on the demand side. This paper presents a multiple bounded discrete choice (MBDC) survey model for collecting information about acceptability of different water prices by different types of households and estimating households' willingness to pay for water service improvement. The results obtained from MBDC surveys can be directly utilized in the development of water pricing and subsidy policies. An empirical MBDC study is conducted in Chongqing, China, where domestic water service quality was seriously inadequate, but financial resources were insufficient to improve the service quality. With a survey of 1500 households in five suburban districts in Chongqing Municipality, this study shows that a significant increase in water price is economically feasible as long as the poorest households are properly subsidized. The analysis also indicates that the order in which hypothetical prices are presented to the respondents with the MBDC method can systematically affect the answers and should be taken into account when designing such survey instruments.     

首届奥帆城市市长暨国际帆船运动高峰论坛主讲摘录

两年前的8月,北京向世界奉献了气势恢宏、精彩难忘的奥运盛会,青岛向世界展现了千帆竞发、万众欢腾的激情画卷.     

于秦峰:用心书写妙府传奇

走进即墨妙府老酒,那“千里之堤,毁于蚁穴!质量是命,安全是天”的警示语,让我们读懂了妙府的执着与追求;那古朴悠远的“古遗六法”和精心设计的“妙府文化长廊”,让我们体验了妙府的品质与精神;那享誉全球的妙府文化墙,让我们感受了“心法自然”的和谐与本真……     

泊里红席

“炕上没有席,脸上没有皮”。往胶南市泊里镇一带,几乎家家户户都有在炕上铺红席的习俗,无论娶媳妇还是过年,泊里红席在当地常常是亲戚朋友间互相赠送的高档礼品。实际上,泊里红席的编织和使用,已经在当地有上千年的传承历史。     

别样的元宵节

正月十五元宵节是中国最传统的节日之一,家人亲友相聚一堂热热闹闹地包饺子、吃汤圆、放鞭炮、祈求家人平安幸福……许许多多的中国家庭都以同样隆重而传统的形式度过这一天。然而,对于青岛的一些家庭而言,由于克利伯帆船队员的到来,他们的元宵节和往年大不一样。