长期资产减值转回的市场反应——来自A股制造业上市公司经验证据

本文以新旧会计准则过渡期为背景,以长期资产减值转回为研究对象,实证研究了投资者对制造业上市公司长期资产减值转回的市场反应,研究发现:就整体而言,投资者无法判断长期资产减值转回是盈余管理还是未来价值的增加;但就大额样本而言,投资者则认为长期资产减值转回是由于盈余管理。     

家族企业创业导向探析-以浙江万事利集团为例

目前国内外有关创业导向的维度及其测量存在着差异,在一定程度上阻碍了公司创业理论的发展和实践创新。因此,文章通过案例分析,对家族企业创业导向的关键特征进行解析,探讨在我国情景下家族企业创业导向构念的维度结构及其各维度间的共变性问题,使相关构念更具有针对性也确保其适用性。      

The emotions of top managers and key persons in cross-border M&As: Evidence from a longitudinal case study

Building on prior research on emotions in M&A, this paper analyses the post-M&A emotions of top managers and key persons from the acquired company by examining what triggers emotions during the post-acquisition integration stage, and what the consequences of those emotions are. This study applies cognitive appraisal and affective event theories with empirical evidence based on a longitudinal, single case study of an Indian–Finnish acquisition. The main findings imply that M&As are very emotional for top managers and key persons. Our findings reveal that they experience a wide range of positive and negative emotions triggered by individual and company-level triggers. Interestingly various triggers can have different and opposite appraisal outcomes in the short and long-term. In addition, top managers and key persons are often restricted in the range of behavioural outcomes caused by emotions.     

Exports-led growth or growth-led exports in the case of China and Pakistan: An empirical investigation from the ARDL and Granger causality approach

There are various factors that determine and influence economic growth. From these, one of the most significant factors is exports, which play a vital role in the economic growth and development of a country. Trade theory states that exports enhance the growth of a domestic economy in various ways. This study attempts to empirically investigate the existence of the exports-led-growth (ELG) or growth-led-exports (GLE) hypotheses by adopting comparatively more contemporary techniques as compared to earlier classical approaches for China and Pakistan for the period of 1980 to 2015. The study found the existence of ELG for both China and Pakistan.     

Policy uncertainty and international financial markets: the case of Brexit

ABSTRACT

This study assesses the impact of the Brexit probability on both the UK and on international financial markets, for the first and the second statistical moments. As financial markets are by nature highly interlinked, one might expect that the uncertainty engendered by Brexit also has an impact on financial markets in several other countries. We first estimate the time-varying interactions between UK policy uncertainty, which to a large extent is attributed to uncertainty about Brexit and UK financial market volatilities. Second, we use two other measures of the perceived probability of Brexit before the referendum, namely daily data released by Betfair and results of polls published by Bloomberg. Based on these data sets, and using both panel and single-country SUR estimation methods, we analyse the Brexit effect on levels of stock returns, sovereign CDS, 10-year interest rates in 19 predominantly European countries, and those of the British pound and the euro. We show that Brexit-induced policy uncertainty will continue to cause instability in key financial markets and has the potential to damage the real economy in both the UK and other European countries. The main losers outside the UK are the ‘GIIPS’ economies: Greece, Ireland, Italy, Portugal and Spain.     

Shareholder wealth responses to European legislation on bank executive compensation

This paper uses an event study approach to investigate the shareholder wealth responses to European legislation on bank executive compensation. Using a sample of 124 banks over 2009–2010 and over 20 legislative and related events, we find that in early stages bank shareholders react positively to broad discussion at the EU level on executive pay. When plans to regulate the pay process are considered, however, this results in a negative stockholder reaction. We also find that large bank shareholders are most affected by remuneration policy.     

European bank stress test and sovereign exposures

We use an event study methodology to revisit the bank stress test conducted by the European Banking Authority in 2011. Instead of only considering the final results disclosure, we consider six key official announcements during the stress test. Our results indicate that abnormal returns reversed over the course of the stress test and that the emerging sovereign crisis contributed to the stock market perception of bank health.     

债权人权利保护法律颁布的市场反应——基于法和金融理论的研究

法律对银行债权人权利的保护可以通过书面法律的制定及完善得以实现。那么,债权人权利保护法律的颁布和修订是否会引起市场投资者的反应?文章运用事件法考察了《物权法》、新《公司法》和新《企业破产法》的颁布和修订对我国上市银行股价的影响。研究结果表明,三部法律公布事件对上市银行的股价均有显著的冲击效应,这说明债权人权利保护法律的颁布和修订引起了市场投资者强烈的反应;进一步地我们发现,不同法律事件下不同银行的股价所受影响各异,这可能源于上市银行的终极控制人以及三部法律关于债权人保护条款的侧重点和法律规定的强度不同。     

有效且经济的汽车可靠性试验方法探讨

文章介绍了汽车可靠性试验的定义和汽车可靠性试验方法种类,通过实际的汽车开发项目,探讨了进行经济有效的汽车可靠性试验的方法。     

企业与高校合作创新影响因素的回归分析

运用因子分析方法提取了影响合作创新的四个方面的因素,通过多元线性回归模型对企业高校合作创新的相关假设进行验证,并对检验结果进行了分析和探讨。