“一家两制”差别化生产概念理论研讨分析

目的 农业生产源头关乎到农产品安全,当前学界就农产品“一家两制”差别化生产相关研究已产生较大学术影响,影响社会舆论对食品安全的判断。方法 文章以19个村庄的调研为基础,检视“一家两制”概念及其理论预设后发现,农产品“一家两制”的差别化生产并非普遍而只是个别现象,已有研究存在证据不足和社会误读等问题。结果 （1）自留地因素是农产品“一家两制”差别化生产的主要证据,但该文认为自留地作为特殊的历史产物不应被纳入农产品差别化生产研究范畴。（2）农产品有差别的生产方式并不完全是农户有意为之的行为,也有无意之举或农作习惯等因素。（3）多元理性的逻辑模型与当前农业生产现实并不契合,生存理性、经济理性和社会理性均难以有效解释农户农业生产行为。（4）“一家两制”理论存在消极的重建食品安全信任、对农户的道德谴责和加剧消费者不信任的弊端。结论 已有“一家两制”概念及其理论研究存在解释力和契合度不足等问题。食品安全治理需从多元主体出发,而不应单纯将农产品安全问题归因于小农户。     

Understanding antecedents of continuance and revisit intentions: The case of sport apps

Prior studies have investigated the antecedents of sport application (Sapp) adoption, but few researchers have concentrated on attitudinal, cognitive and behavioural factors' effects on users’ continuance intention (CI) and revisit intention (RI). This study focused on the Sapp CI antecedents of use intensity and commitment to – and competence and satisfaction with – these tools. Analyses using structural equation modelling were conducted with data on 362 Sapp users from Malaga, Spain. The results confirm that commitment to and competence with Sapps are positively related to satisfaction and use intensity, which have a positive impact on CI and RI.     

Money and the emergence of knowledge in society

This paper deals with money’s epistemic relevance in society. Money presents theoretical difficulties for neoclassical economics, which treats it as a cost-reducing tool, leading to a socially neutral, aseptic view on money. Drawing from complexity and social theory I provide a socio-epistemic rationalization for money’s irreplaceable role. Building upon Ingham’s Money Is a Social Relation, I argue that money generates a new orderly system of complex social relations that in turn engenders knowledge as an emergent social and ontological phenomenon irreducible to the fragmented knowledge held by members of society. I show that ultimately money cannot be separated from economic knowledge and market rationality. This paper provides sociological and ontological accounts for the emergence of knowledge crucial to coordinate societies, thus extending recent explorations of the ontology of money.     

Margin trading,short selling,and bond yield spread

Using a quasi-natural experiment, this study examines the effects of margin trading and short selling on bond yield spread in China. It finds that both margin trading and short selling can reduce bond yield spread. Additionally, it finds that margin trading lowers firms’ debt ratios and increases their credit ratings, which explains the reduced spread. In other words, margin trading can impact investors’ decisions by revealing positive information about a firm. Another finding is that short selling lowers the bond yield spread by decreasing earnings management, suggesting that short selling has an impact on investors’ decisions through its effect on corporate governance. Our results suggest that margin trading transmits positive information and short selling impacts firms’ policies. These results provide support for future regulations of margin trading and short selling.     

Cross-border cooperation between securities regulators

The events of September 11, 2001, prompted sweeping cross-border coordination efforts for securities regulators around the globe. After 9/11, the International Organization of Securities Commissions (IOSCO) forged a nonbinding arrangement—the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)—that standardized the protocol for information sharing among participating securities regulators. Because regulators from different countries entered the MMoU at different times, their enlistments created a set of staggered shocks. I use these shocks to show that the resulting cross-border cooperation (a) increases cross-border enforcement and (b) reduces the cost of liquidity provision in the capital markets of participating countries. These results support the conclusion that the MMoU helps fill gaps in cross-border regulation that historically exposed investors to information asymmetry, agency costs, and expropriation risks.     

Post-audits for managing cyber security investments: Bayesian post-audit using Markov Chain Monte Carlo (MCMC) simulation

With increasing security spending in organizations, evaluation of the quality and effectiveness of IT security investments has become an important component in managing these projects. The academic literature, however, is largely silent on post-audit of such investments, which is a formal evaluation of IT resource allocation decisions. IT post-audits are considered a useful risk management tool for organizations and are often emphasized in security certifications and standards. To fill this research gap and contribute to practice, we suggest post-auditing of IT security investments using the generic Markov Chain Monte Carlo (MCMC) simulation approach. This approach does not place stringent conjugate assumptions and can handle high-dimensional Bayesian post-audit inference problems often associated with information security resource allocation decisions. We develop two Bayesian post-audit models using the MCMC method: (1) measuring the effectiveness of an IT security investment using posterior mean score ratios (MSR), and posterior crossover error rates (CER); and (2) measuring the effectiveness through detection of a denial of service (DOS) attack using Bayesian estimation to statistically compare the degree of divergence using the concept of entropy. We demonstrate the utility of the proposed methodology using an email intrusion detection system application.     

The effect of financial reporting quality on CEO compensation structure: Evidence from accounting comparability

This study examines the effect of accounting comparability on the design of CEO compensation structure. After controlling for firm-specific attributes, we find that accounting comparability is positively associated with CEO equity-based compensation intensity and pay-performance sensitivity. This suggests that the improved comparability increases the usefulness of equity-based compensation and a firm is willing to offer more equity-based compensation contracts to CEOs and increase their pay-performance sensitivity. Further, we find that the impact of comparability on the CEO’s compensation contract increases with information asymmetry, which is consistent with the notion that accounting comparability is a quality of financial reporting that facilitates the use of equity-based compensation in a poor information environment. Our analysis also reveals that the effect of accounting comparability on CEO compensation structure is greater when a firm’s corporate governance is strong, consistent with the complementary relation between comparability and the exiting corporate governance in determining CEO compensation schemes. Overall, our evidence suggests that firms utilize more equity-based compensation as a proportion of total compensation under greater accounting comparability and enhance the alignment between equity-based compensation and firm performance.     

Locational effects and the cost of corporate bonds: the role of information

The public yield spreads of bonds vary widely between Chinese provinces/municipalities, with the average for the highest province double that of the lowest one. Although we find that these patterns are mainly attributable to economic and legal conditions, locational effects like geographic distance and public firm credit ratings also appear to be contributory. We show that these effects are induced by different regional informational environments and are robust to controlling for potential endogenous location choices.     

金融资产配置与股价信息含量

股价信息含量作为资本定价效率的重要体现，其对于抑制"脱实向虚"实现金融服务实体经济起着关键作用。文章着眼于我国企业大量配置金融资产这一现实，探究了其对股价信息含量的影响。基于2007-2017年中国A股上市公司数据的实证检验表明：金融资产具有"盈余管理"功能，管理层可能出于"盈余管理"动机配置金融资产，恶化公司信息环境，最终降低了股价信息含量。具体而言，企业通过操纵金融资产确认类别、公允价值估值及终止确认等方式达到盈余管理目的。当公司盈余管理动机较为强烈时，金融资产对股价信息含量的降低作用更加明显。完善的法律体制及有效的内部治理有助于缓解两者之间的负向关系。文章结论为我国企业持有金融资产提供了新解释，揭示了"脱实向虚"作用于实体经济的路径，同时丰富了会计政策选择的经济后果，为推动我国会计准则改革具有一定的启示意义。     

Polls to probabilities: Comparing prediction markets and opinion polls

The forecasting of election outcomes is a hugely popular activity, and not without reason: the outcomes can have significant economic impacts, for example on stock prices. As such, it is economically important, as well as of academic interest, to determine the forecasting methods that have historically performed best. However, the forecasts are often incompatible, as some are in terms of vote shares while others are probabilistic outcome forecasts. This paper sets out an empirical method for transforming opinion poll vote shares into probabilistic forecasts, and then evaluates the performances of prediction markets and opinion polls. We make comparisons along two dimensions, bias and precision, and find that converted opinion polls perform well in terms of bias, while prediction markets are good for precision.