The Informational Role of Short Sellers: The Evidence from Short Sellers’ Reports on US‐Listed Chinese Firms

Using US‐listed Chinese firms as the setting, this paper studies a novel channel through which investors can acquire information about firms’ financial reporting quality, that is, the reports published voluntarily by short sellers. I find that short sellers tend to target firms that have financial reporting red flags and that exhibit ‘good’ operating performance and stock valuations. Targeted firms experience an average three‐day cumulative abnormal return (CAR) of ?6.4%, and ?13.6% for initial coverage of the firm, and the CARs are more negative when the reports allege more severe misconduct of the firms. Non‐targeted firms also experience losses in value following short seller reports, especially when they hire the same non‐Big 4 auditors as targeted firms and when their earnings quality is poor. In comparison, analysts fail to perform proper due diligence and are much less effective than short sellers in exposing misreporting risk in Chinese firms.     

A top-down creation of a cultural cluster for urban regeneration: The case of OCT Loft,Shenzhen

Researchers of related topics agree that the large-scale top-down development of a creative cluster by a real estate developer may obstruct rather than facilitate creativity and creative entrepreneurialism. OCT Loft, a design industry park in Shenzhen, China, is being celebrated as an exception. Based on analyses of primary and secondary data, we find that the Loft’s success can be attributed to two factors. First, the choice of design as the target industry was appropriate. Design is a fast-growing industry and thus needs space for expansion. Second, the developer chose tenants with good reputations in the industry rather than those offering the highest rent. Both these factors are difficult to implement. First, a growing industry is hard to find in a city where urban regeneration is needed. Second, the majority of developers cannot pass up maximising rent for a good reputation as OCT did. Indeed, OCT was able to pursue the Loft’s creative success because giving a good impression to potential clients was expected to result in future opportunities that would raise profit further. In sum, a large-scale top-down development can facilitate creative entrepreneurialism but only when the developer is not hasty in demanding an immediate return on investment.     

后金融危机时期全球创业教育与中国创业发展——基于全球创业观察最新数据分析的结论

通过2008年全球创业观察（GEM）获得的数据分析,可以认为创业的发生、发展与创业教育有很大关系。总体而言,创业教育和培训对创业能起到积极的促进作用。但创业教育的不同形式与不同来源对各国的创业所产生的作用各有不同,取得的效果也存在着差异。创业教育对创业产生的效果与其文化和价值观念、经济发展水平、社会保障体系成熟程度以及就业机会等因素有很大关系,同时与创业群体的年龄阶段、创业教育或培训的供给情况以及创业教育的质量等因素关系密切。本文在分析基础上得出的结论,为我国政府在创业教育和培训方面制定政策等提供了决策性参考依据。     

Managerial mindset as the mechanism of the country-of-origin effect: evidence from Chinese multinational enterprises’ approach to employer associations

The country-of-origin effect (COE) on employment practices in multinational enterprises (MNEs) has become an important area of international human resource management research. However, research on the mechanisms of the COE, a fundamental and critical aspect of the country-of-origin phenomenon, is scant. This study seeks to empirically explore the mechanisms through which country-of-origin influences Chinese MNEs’ approach to host-country employer associations. Analysis of qualitative data from 13 Chinese MNEs revealed that country of origin affected the approach of Chinese MNEs to host-country employer associations in the form of transfer of managerial norms. It also revealed that it was the mindset of those home-country nationals who were key decision-makers at subsidiaries that enabled the COE in Chinese MNEs. This paper highlights the importance for future studies of international strategic human resources management to pay attention to micro-foundations of cross-border practice transfer and to incorporate analyses of managerial cognition in the investigation of MNEs’ management practices.     

语文教学中美育的实施

美育是素质教育的重要组成部分。本文就作者几年来在文学作品教学中的一点作法来谈一谈语文教学中美育的实施,即文学作品的美育因素,可以从意境美、语言美、人物形象美、结构美、环境美等五个方面来进行充分挖掘。     

低碳城镇化对就业的促进作用及保障体系构建

增强人的生存和发展能力,促进人的全面发展是以人为核心的中国新型城镇化建设的终极目标,实现这个目标的前提就是要保障和实现充分就业。低碳城镇化是新型城镇化的重要内容和必由之路,低碳城镇化对就业的保障应该更具公平性并且按照就近原则来推进。文章认为,在低碳城镇化建设过程中,要促进就业增长和提升就业质量,必须优化产业布局、产业结构与发展模式,扩大就业空间;建立健全劳动力教育培训制度,培养适应低碳产业发展需求的劳动者,提高劳动者就业竞争力;推进城乡劳动力市场一体化建设,提高人力资源利用效率,增强社会就业公平性。     

西方经济强国模式类型及中国特色经济发展模式的思考

历史上的九个经济强国可分为三种类型,按其特色大致分为四种崛起模式;改革开放以来,形成中的有中国特色的经济发展模式创造了世界经济发展史上奇迹;正在形成中的有中国特色的经济发展模式的已具有六个方面的本质特征;重视中国经济发展模式成长中的困境;加大制度创新,突破发展障碍。     

英汉双宾构式的共性和个性之比较分析

在构式语法理论框架下,介绍了英汉双宾构式研究的现状,探讨了英汉双宾构式在句式语义、原型特征以及构式义和动词语义的匹配模式,说明英汉双宾构式在以上三个方面存在着共性;在双宾构式的范围、概念模式以及能够进入双宾构式的动词三个方面存在着差异,从而说明:句法结构反映了人的概念结构和对世界的认知方式,包含相同概念内容的句式也会因为对事件的认知方式不同而导致意义上的差别。英汉双宾构式的共性反映了不同民族对世界的认知方式相同,英汉双宾构式的差异体现了英汉民族语言表达方式的不同。     

全球经济危机给中国高校国际化带来的新挑战及其思考

本文从国际合作与交流的角度出发,分析了当前全球经济危机给中国高校国际化带来的新机遇和新挑战,进而从课程建设、师资队伍建设、管理队伍建设三个方面,对如何应对新挑战、抓住新机遇进行了初步的探讨。     

西方骑士文学与中国武侠文学发展历程之比较

西方骑士文学和中国武侠文学母题相似,都是歌颂正义必定战胜邪恶,但因二者产生的社会背景及根源的不同,因而在文学史上的发展历程及结局也大相径庭。西方骑士文学在封建制度灭亡之后,逐渐失去了生命力,而中国武侠文学却一直蓬勃发展。