Does Accrual Management Impair the Performance of Earnings‐Based Valuation Models?

This study examines how accrual manipulations affect firm valuation in the years surrounding the passage of the Sarbanes‐Oxley Act (SOX). We compare the absolute percentage pricing errors of RIM and DCF valuation models for a group of US firms suspected to have engaged in accrual manipulations to avoid a small loss or a small earnings decline vs. ‘Normal’ firms matched on industry, year and size. We find that RIM can better estimate intrinsic value than DCF for the matched Normal firms in the pre‐SOX period, but not so for accrual manipulators, and that SOX mitigates the harmful effect of accrual manipulations, completely eliminating the difference in RIM's accuracy advantage over DCF between Normal firms and accrual manipulators. As a further analysis, we redefine Suspect firms as real‐activity manipulators and find a significant across‐group difference in accuracy wedge in both sample periods, implying that SOX has prompted firms to favor real‐activity manipulations over accrual manipulations.     

The antecedents of digital collaboration through an enhanced digital platform for destination management: A micro-DMO perspective

While the tourism sector shifts towards digital transformation, Destination Management Organisations (DMOs) often struggle to adapt to their changing technological environment. This study explores the antecedents of digital collaboration and develops a framework for micro-DMOs to enhance effective destination management through digital technologies. An integrated sequential qualitative approach was adopted by conducting multi-phase interviews, in addition to designing and trialling a real-world trial digital platform. The research provides empirical evidence that digital collaboration is essential for micro-DMOs, necessitating them to transform their current “websites” into digital platforms which act as a hub for business stakeholders to actively be involved in. Antecedents of successful digital collaboration include mutuality, trust, control, and leadership which may be manifested differently from non-digital collaboration. Additionally, the study identifies three aspects for digital collaboration; marketing, networking and knowledge sharing that demands specific attention. Our results have theoretical, methodological, and practical implications for academia, industry and policymakers.     

Tourism at Costalegre,Mexico: An ecosystem services-based exploration of current challenges and alternative futures

Tourism, as all human activities, is dependent on the natural environment and its respective ecosystem services (ES). Different user groups manage and consume these touristic ES differently, resulting in discrepancies and potential conflicts. Despite the urgency to find inclusive local approaches for sustainable development, tourism studies still analyze socio-economic and ecological impacts separately and lack integrated social–ecological approaches to improve foresight in tourism planning. Based on a growing concern regarding the future of Costalegre on the Jalisco coast of Western Mexico, we analyze through interviews, surveys, and participant observation the dependence of tourism on specific ecosystem services and conduct a scenario analysis which shows present and future implications for the social–ecological system. Furthermore, this analysis shows in detail how different scenarios change ES provision and people's livelihoods. Key findings include identifying freshwater provision and cultural ES as the most important touristic ES. At a regional scale, peasants in ejidos are the main ES stewards, whereas high-class tourism facilities constitute important local stewards. Benefits, mainly access to freshwater and the beach, are unequally distributed, provoking conflicts among different ES user groups that may escalate in the near future. Improved communication between all user groups and strengthening of key political actors seem to be the most immediate recommendations to ensure the long term sustainability of this particular region. This work may contribute to improved planning and decision-making as our ES based scenarios are a first step to integrate social–ecological knowledge into improved decision-making. At a local scale, the study reveals the most likely future development options and their social and ecological consequences. It could also serve as a baseline for informed policy making.     

On post-IPO stock price performance: A comparative analysis of RLBOs and IPOs

This is the first study to examine the post-IPO stock price performance by differentiating between IPOs and three types of RLBOs (i.e. public-to-private (or re-IPOs), division-to-private, and private-to-private deals). We document that public-to-private RLBOs outperform their industry rivals, IPOs, mature firms in comparable industries, and a propensity-score matched control group for up to five years post-offering. Further, we document that, within RLBOs, public-to-private RLBOs, outperform private-to-private and division-to-private RLBOs. We also find support for the underwriter signaling effect for public-to-private RLBOs. Our analysis identifies for the first time what private period restructuring activities contribute to superior post-re-IPO stock price performance. Further, the beneficial effects of private period restructurings are enhanced for deals associated with prestigious underwriters. Our findings suggest that first IPOs and re-IPOs differ substantially in term of post-offer performance, the impact of prestigious underwriters on performance, and performance over time.     

卖空限制与收益可预测性——A股融资融券制度的证据

基于A股市场融资和融券余额的巨大差距,本文拓展了Hong et al.(2016)的理论模型,在融券端和融资端分别找到了影响股票收益率的变量:融券比率(融券余额/流通市值)和融资回补天数(融资比率/日均换手率)。进一步,本文利用组合价差法和Fama-MacBeth横截面回归法,实证检验了A股市场中融券比率与融资回补天数解释和预测股票收益率的能力。实证结果表明,在存在融券限制条件下,融券比率相比融券回补天数(融券比率/日均换手率)能更好地代表套利者对股票价格高估程度的看法,根据融券比率构建的等权重多空组合能带来月均1.58%的显著收益;而由于融资约束相对较少,融资回补天数相比融资比率(融资余额/流通市值)能更好地代表套利者对股票价格低估程度的看法,根据融资回补天数构建的等权重多空组合能带来月均1.28%的显著收益。实证结果与本文存在融券数量限制下的理论模型相符,且该收益率不能被多因子模型和常规股票特征所解释。     

HSE管理体系与传统安全管理有效结合的探讨

阐述了促进HSE管理体系推进与传统安全管理有效结合的6个方面,以提高HSE体系的推进效果,提升企业的HSE绩效。     

AN ANALYSIS OF SUPPLY CHAIN COLLABORATIONS AND THEIR EFFECT ON PERFORMANCE OUTCOMES

This research examined how operational outcomes, relational outcomes and business performance are affected by a collaboration project between buyers and suppliers in a supply chain. It is hypothesized that interdependence of knowledge and process, supply chain partner insight, and the level of collaboration between the firms affect the outcomes of a collaboration project. Survey data from buyers and suppliers from a wide range of industries and organizations were used in this analysis. Among these participants, higher levels of collaboration led to improvements in operational and relational outcomes, which together led to improvements in asset utilization, competitive position, organizational performance, and profitability.     

“十二五”时期海峡西岸经济区经济社会发展趋势分析

通过分析“十一五”以来海西区主体——福建省经济社会发展的主要成就和“十二五”时期海峡西岸经济区经济社会发展将面临的机遇和挑战，充分考虑到新一轮发展的外部环境、经济结构、增长趋势的合理性，运用柯布一道格拉斯函数为基础的各种计量模型预测，结合专家预测、经验判断等方法，对“十二五”时期海峡西岸经济区国民经济发展作出相应的预测分析。     

高校教师按生产要素分配的理论依据及现实意义

本文对按生产要素分配的内涵和特点作出定义 ,对按生产要素分配和按劳分配的关系进行深入的探讨 ,对高校教师按生产要素分配的理论依据进行详尽的阐述 ,对当前高校教师实施按生产要素分配提出建议     

生态建设与环境保护的政府投资战略研究

作者认为，政府投资于生态建设和环境保护的动力受其两类投资战略是否确定的影响：一是受生态安全投资战略是否确定的影响，二是受生态与环境经济投资的乘数效应战略是否确定的影响。本文探讨了政府对生态建设和环境保护的这两种投资战略和有机结合的三种方式及其相应的投资力度等问题。