Managerial Ownership and Financial Analysts’ Information Environment

Despite the importance of sell‐side financial analysts as information intermediaries in the capital market, little is known about how managerial equity ownership is associated with their information environment. Using Barron, Kim, Lim and Stevens’ (1998) framework for measuring the precision of financial analysts’ information, we observe that managerial ownership is positively associated with the precision of financial analysts’ public (common) and private (idiosyncratic) information, largely consistent with the alignment view of managerial equity ownership. These results are robust to controlling for various economic and statistical factors that might affect the inference.     

The Effect of Forward‐looking Criteria and IFRS on the Informativeness of Banks’ Loan Loss Allowances: Evidence from Korea

This study analyses how forward‐looking criteria (FLC) and International Financial Reporting Standards (IFRS), as well as changes in accounting principles, affect the informativeness of banks’ loan loss allowances. The results indicate that although the relationship between non‐performing loans and loan loss allowances strengthened after the application of FLC, the relationship between non‐performing loans and loan loss allowances weakened and that between net charge‐offs and loan loss allowances strengthened after the application of IFRS, presumably because banks delayed the reflection of insolvent loans on loan loss allowances in the latter case. Moreover, the introduction of IFRS did not improve the ability to predict the future charge‐off scale using loan loss allowances, referred to as the ‘informativeness of loan loss allowances’. This result occurred because IFRS's incurred loss model does not incorporate the impact of macroeconomic situations into loan loss allowances in the early stage, although it does enhance the accuracy of loan loss allowances. By exploring the effect of accounting principles on the determinants of loan loss allowances, this study has implications for the assessment of loan loss allowances, capital adequacy and asset quality for stakeholders such as depositors, creditors, capital markets and financial supervisory authorities.     

Dysfunctional customer behavior: conceptualization and empirical validation

Service Business - Dysfunctional customer behavior is endemic and prevalent across multiple service sectors. However, despite significant interest from practitioners and scholars, understanding of...     

多组多播集中式大规模MIMO系统的安全性能分析

分析了主动攻击下的多组多播集中式大规模多输入多输出(Multiple-Input Multiple-Output,MIMO)系统的安全性能。基于上行导频训练估计的信道状态信息，系统采用功率限制下的共轭波束成形方案实现下行多播传输。通过分析合法用户安全速率的下界和窃听者信息速率的上界，得到了系统安全速率下界的闭合表达式。进一步，推导出基站天线数趋于无穷大情况下此安全传输系统能获取的极限安全速率。实验仿真验证了所得结果的正确性。     

湖北省定额全费用基价与定额统一基价模式比较研究

本文通过分析比较定额全费用基价和定额统一基价模式,详细分析比较两种基价模式的特点及优缺点,进而论证定额全费用基价的优势及发展趋势。     

Reading the stars: Determining human capital's value in the hiring process

Star employees are highly sought after by competitors and thus more likely to move from one company to another. However, not all the factors related to stardom are as mobile as the stars themselves. We argue that while simply possessing star status leads to increased movement, differences in the attributions of human capital and value appropriation will also influence a star's movement to competing firms. To test this, we analyzed the careers of 695 security analysts over a 10‐year period. We found that while stars are more likely to move to competing firms than nonstars, the difference in movement between stars and nonstars decreases as the status of their current firm and their tenure increases.     

Construction and Empirical Analysis of Citizens' Water Literacy Evaluation Index System: A Structural Equation Model

Water Resources Management - This study draws on the existing water literacy evaluation system and the weight of each indicator to construct a three-dimensional theoretical analysis framework of...     

创业韧性的驱动因素及其对创业行为选择的影响——一个基于QCA方法的研究

创业韧性作为创业者克服困境,自我恢复与成长的能力,可以帮助创业者或企业家在逆境中实现自我超越,促进创业成功.然而目前来说创业韧性的研究仍处于起步阶段,学者们重视韧性对创业活动的促进作用,而较少关注创业韧性的驱动因素.本文通过定性比较分析的方法(QCA)探索失败情境下不同因素的组态对创业韧性的影响后发现:①并不存在单一的核心条件会促使创业韧性的形成;②驱动创业韧性的形成分为四条路径,并就四条路径对结果进行讨论;③低创业失败恐惧与高创业经历在经济成本与社会成本缺失下对创业韧性的形成具有重要影响,并推动创业者继续展开创业活动,而不会一蹶不振,退出创业.     

技术创新网络分裂断层、知识权力与创新独占性——知识势差的调节作用

创新独占性可表征创新合作群体对于自身知识、技术创新成果的利用和分享程度，决定着创新合作群体能够在多大程度上从创新成果中获利。创新独占性具有外部排他性和内部互补性的显著特征，有必要从技术创新网络视角出发，审视创新子群间相互关系对创新独占性的影响机理。以参与合作研发的高新技术企业群体为研究对象，构建技术创新网络分裂断层对创新独占性影响路径的概念模型。结果显示：技术创新网络分裂断层对创新独占性产生正向影响，知识权力在技术创新网络分裂断层与创新独占性之间发挥中介作用，技术创新网络分裂断层对创新独占性的影响受知识势差的负向调节。     

CDS trading and nonrelationship lending dynamics

Review of Accounting Studies - We investigate how credit default swaps (CDSs) affect lenders’ incentives to initiate new lending relationships. We predict that CDSs reduce adverse selection...