Prior Wall Street Journal Announcements of Possible Bankruptcy Filings and Price Reactions to Subsequent Bankruptcy Filings

This study examines the relation between prior Wall Street Journal (WSJ) announcements of possible bankruptcy filings and price reactions to subsequent bankruptcy filings for 336 firms that filed for bankruptcy between 1980 and 1993. Extant research indicates that price reactions to announcements of economic events are inversely related to the amount of surprise in the announcements. Prior WSJ anouncements of possible bankruptcy filings increase the markets a priori assessment of firms' probability of bankruptcy, thereby potentially reducing the surprise in subsequent bankruptcy filings. We hypothesize smaller price reactions to bankruptcy filings for firms where the WSJ previously published an article indicating that the firm may file for bankruptcy. Our results are consistent with this hypothesis. Specifically, we find smaller price reactions to bankruptcy filings for firms with prior WSJ announcements of possible bankruptcy filings. Our results hold after controlling for firm size, probability of bankruptcy, exchange listing, leverage, and predisclosure information.     

Share the Gaze: representation of destination image on the Chinese social platform WeChat Moments

ABSTRACT

This paper explores photos and texts posted by tourists on the Chinese social media networking site WeChat Moments, which is an important complementary data source when examining the representation of the destination image. The research applies Aggregated Maps and Social Semantic Networks to analyze the graphic and textual image of the tourist destination Zhangjiajie on WeChat Moments, as well as the relationship between the two forms. The findings are: (1) photos construct an image of the destination as a mountain area with natural scenery and artificial landscapes; (2) texts reflected a multilayer image with a core and subset; (3) photos and texts echoed each other and their differences contributed to an interactive interpretation. The similarities and differences between photos and texts stimulate a discussion about the internal logic of representation.     

Perceptions of Intentional Wrongdoing and Peer Reporting Behavior Among Registered Nurses

Researchers and practitioners have devoted considerable attention to firms' policies regarding discretionary disclosures. Prior studies argue that firms increase demand for their debt and equity issues and, thus, lower their cost of capital, by providing more informative disclosures. However, empirical research has generally not been able to document significant benefits from increased disclosure.This paper proposes an alternative explanation – firms disclose because it is the socially responsible thing to do. We argue that companies have incentives to engage in stakeholder management by undertaking socially responsible activities and that providing extensive and informative disclosures is one such practice.We examine the relationship between firms' disclosures and measures of social responsibility. We use ratings provided by the Council on Economic Priorities as proxies for the degree of social responsibility adopted by the sample firms. Disclosure rankings provided by the annual Association for Investment Management and Research Corporate Information Committee Reports (AIMR Reports) are used to measure disclosure level.Our results indicate that there is a positive relationship between disclosure level and corporate social responsibility. That is, firms that engage in socially responsive activities provide more informative and/or extensive disclosures than do companies that are less focused on advancing social goals. In addition, we find that socially responsible firms are more likely to provide this increased disclosure through better investor relations practices. These results support our contention that increased disclosure is a form of socially responsible behavior.     

Projected Country Image: An Investigation of Provinces/Cities’ Logos

Place image studies can be divided into two broad categories: perceived image and projected image. The former category has been receiving a lot of attention for more than four decades, while projected place image has not received an adequate consideration. In this study, the projected image of a country (i.e. Vietnam) is investigated using new image representatives: provinces/cities’ logos. Both the cognitive and affective aspects of the image are examined, and the interpretable pictorial attributes are compared with the intentional textual projections. The findings provide practical implications for the projection of the country's image in the future. It also introduces a theoretical contribution to enrich the projected place image literature.     

Discretionary Disclosures to Risk‐Averse Traders: A Research Note

Verrecchia (1983) investigates a manager's incentives for costly, discretionary disclosure of his information to risk‐averse traders when the functional form of prices is exogenously specified. We extend Verrecchia (1983) by deriving the endogenously determined functional form of prices that would arise when all traders have constant risk tolerance. We show that these endogenously determined prices are inconsistent with the assumed prices in Verrecchia (1983) when the manager elects to not disclose. We derive the manager's disclosure strategy for our setting and extend the comparative static results in Verrecchia (1990) for risk‐neutral traders to a setting where traders have constant risk tolerance and prices are endogenously derived. Further, in our setting, discretionary disclosure does not affect how traders price risk of different outcomes. Also, we offer a representation of risk‐averse traders' prices using risk‐adjusted distributions. Finally, these results provide implications for empirical‐archival discretionary disclosure studies.     

证其所长 考其所短——桂文灿《论语皇疏考证》简论

桂文灿《论语皇疏考证》是晚清时期考证皇侃《论语义疏》的重要著作。作者证其所长,考其所短,并对异文加以考订,体现出博采兼收、考证深入、实事求是的考证特点。     

图式知识与跨文化交际中的语篇连贯

人们对语篇的连贯理解有赖于大脑中的图式知识。生活在不同文化语境中的人们具有不同的图式知识。因此,在跨文化交际中,英语学习者在理解语篇或者生产英语语篇时会产生许多困难。英语学习者在学习过程中应该不断丰富图式知识,发现中英语言文化差异,以达到交际目的。     

弘一大师致杨白民信函补遗、校点与考证

在浙江省博物馆查得弘一大师致杨白民书信长卷，长卷中有书信（包括明信片）31通，另有致杨雪玖函2通、致周啸麟函1通（共34通）。经与《弘一大师全集八·杂著卷、书信卷》比对，发现有遗漏和错讹。特作补遗、校点和考证，以求弘一大师研究史料的准确性。     

The Euro Area,a Stressful Monetary Union? Learning from Newspapers’ Monetary Policy Coverage

Through a textual analysis of national newspaper articles covering European central bankers’ statements and policy decisions from 1999 to 2011, I derive the concerns expressed by national media in the Economic and Monetary Union (EMU). I consider these concerns as a benchmark for national preferences, and thus for the preferences of national central bankers in the EMU. I also test the existence of groups of national media (i.e., national publics) according to their shared expressed concerns. The results show that in the euro zone, similar concerns are shared by different country groups, corresponding to a group of countries from Northern Europe (Belgium, Finland, and the Netherlands), Southern Europe (Spain and Portugal), and the Periphery (Italy, Greece, and Ireland), but that there are two isolated countries (France and Germany), whose newspapers do not share the issues raised by the rest of the European newspapers. This approach provides further insights into the potential heterogeneity of the European central bankers inside the Governing Council of the ECB in terms of policy preferences.