Stock authorizations: A sequential equilibrium analysis

We develop a sequential equilibrium model of the common stock authorization process. We provide conditions under which actions that increase the number of slack shares, such as stock authorizations, generate negative announcement effects.     

Accruals, Cash Flows and the Post‐Earnings‐Announcement Drift

Abstract:   Several prior studies have shown that cash flows have significantly greater impact on stock prices than accruals. We examine the implications of these findings for the post‐earnings‐announcement‐drift anomaly. We argue that, if investors under‐react to earnings news, then the larger price impact of cash flows causes the cash flow component of earnings news to predict future returns better than the accruals component. Consistent with this argument, we show that unexpected cash flows are more positively related to future returns, than are unexpected accruals. Also, unexpected cash flows are found to predict future returns above and beyond that predicted by earnings surprises. Finally, we show that a strategy that decomposes earnings news into its components significantly outperforms strategies based on earnings news alone. The results support under‐reaction explanations for the drift.     

漂流旅游解说系统规划初探——以阳明山漂流为例

漂流旅游是一种参与性强的旅游项目,完善的解说系统对漂流旅游者的安全、管理、教育等方面都有着重要作用。以阳明山漂流旅游为例,阐述了漂流旅游解说系统的规划原则、规划方法及具体的规划内容,为正在建设中的阳明山漂流旅游提供借鉴。     

公路路堑挡雪墙防雪效果预测与设计参数优化

为了对延崇高速路堑风吹雪雪害问题进行防治,首先采用CFD数值模拟方法研究了挡雪墙防护措施下路堑积雪分布规律,其次基于正交试验方法建立了路堑挡雪墙防雪效果预测模型,最后优化了金家庄螺旋隧道口路堑挡雪墙设置方案。研究结果表明,路堑边坡比对挡雪墙防雪效果的影响程度最大,其次是挡雪墙高度、路堑深度、风速、风速-挡雪墙高度组合、挡雪墙布置距离和挡雪墙高度-挡雪墙布置距离组合,而风速-挡雪墙布置距离组合的影响程度最小。金家庄螺旋隧道口路堑风吹雪挡雪墙最优高度为6 m、挡雪墙和路堑之间最优距离为90 m。设置挡雪墙时路堑路段积雪体积分数减少了12.36%,证明了优化挡雪墙的布置可起到较好的防雪效果。因此,研究结果可为风吹雪挡雪墙的设置提供一种便捷快速的方法和科学依据,为路堑风吹雪灾害防治提供理论参考。     

弹性装卡与另类浮动镗削的创新应用

通过对已加工筒体内孔的两种修复方法对比,论述了弹性装卡与另类浮动镗削的操作技巧和优点,克服了通常修复筒体内孔的椭圆、黑皮等缺陷,并且提高了工效,降低了对操作员工的技能要求。     

风格漂移与基金绩效

基于收益率的风格分析模型,对国内36支开放式基金进行动态分析,将基金的实际投资风格和宣称的投资风格进行比较。研究发现绝大多数的基金在此研究期间发生了"风格漂移"现象,牛市行情中发生"风格漂移"的基金绩效要优于固守宣称风格的基金绩效,熊市行情中发生"风格漂移"的基金绩效要低于未发生"风格漂移"的基金绩效。     

Why are convertible bond announcements associated with increasingly negative issuer stock returns? An arbitrage-based explanation

While convertible offerings announced between 1984 and 1999 induce average abnormal stock returns of −1.69%, convertible announcement effects over the period 2000–2008 are more than twice as negative (−4.59%). We hypothesize that this evolution is attributable to a shift in the convertible bond investor base from long-only investors towards convertible arbitrage funds. These funds buy convertibles and short the underlying stocks, causing downward price pressure. Consistent with this hypothesis, we find that the differences in announcement returns between the Traditional Investor period (1984–1999) and the Arbitrage period (2000–September 2008) disappear when controlling for arbitrage-induced short selling associated with a range of hedging strategies. Post-issuance stock returns are also in line with the arbitrage explanation. Average announcement effects of convertibles issued during the Global Financial Crisis are even more negative (−9.12%), due to a combination of short-selling price pressure and issuer, issue, and macroeconomic characteristics associated with these offerings.     

Stock return predictability of the cumulative abnormal returns around the earnings announcement date: Evidence from China

We find that cumulative abnormal returns adjusted by size, book-to-market, and momentum around the earnings announcement date (DGTW_CAR3 hereafter) significantly and positively predict stock returns in the 6-month period from May 2005 to October 2020 in the China's A-shares market. The monthly equally-weighted DGTW_CAR3 premiums are 0.47% and 0.67% after risk adjustment. Although stock price delay fails to fully account for the DGTW_CAR3 premium, we find that the DGTW_CAR3 premium is more significant for illiquid stocks and during periods with high investor sentiment. This result suggests that market inefficiency explains the DGTW_CAR3 premium. Further analysis shows that, in addition to earnings information, the optimism reflected in the management discussion and analysis section of the annual or half-year report also contributes to the DGTW_CAR3 premium. This finding implies that DGTW_CAR3 may contain new fundamental information that correlates significantly and positively with future stock performance. Finally, we find that the institutional ownership change of a stock associated with DGTW_CAR3 also significantly and positively predicts the stock's return, suggesting that institutional investors adjust their holdings according to DGTW_CAR3 and consequently influence the demand for the stock in the China's A-shares market.     

我国审计结果公告实施中存在的障碍及对策

实行国家审计结果公告,有利于提高审计质量,增强审计监督效果,对建设法治政府、构建社会主义和谐社会具有重要意义。目前我国审计结果公告实施中存在明显问题,如受现行行政型审计体制的制约、法律法规保障体系不够完善、公告风险防范机制尚未完全确立、缺乏完备有效的政府审计问责机制等,某种程度上制约和影响着审计结果公告工作的开展,为此必须积极采取有效对策,以构建完善的审计结果公告制度。     

分析师行业专长、分析师盈余预测与盈余公告的信息溢出效应

盈余公告是资本市场的重要信息来源。通过研究A股市场年报发布先后顺序所产生的信息溢出现象发现,分析师会根据先公告公司的盈余消息,修正对同行业后公告公司的盈余预测。这种现象在同时跟踪两家公司的分析师中更加显著。进一步的研究表明,分析师行业专长可以增进这一机制。行业经验更丰富的分析师预测调整幅度更大,预测准确度的提升也更明显。分析师的决策过程受规模经济的影响。分析师在同一行业内,跟踪的企业越多,搜集和处理的行业信息越多,对行业内溢出信息的利用越充分。研究结果为分析师提高预测准确性以及投资者改进决策质量提供了依据,也为监管者完善信息披露制度提供了参考。