The New York Times and Wall Street Journal: Does Their Coverage of Earnings Announcements Cause “Stale” News to Become “New” News?

Recent research suggests that the stock market reacts to stale information if it is reported in the media because it is gives the impression of being “new” news. The objective of this study is to provide a unique test of this hypothesis using the time-series properties of quarterly earnings. It is well documented that seasonally differenced quarterly earnings for adjacent quarters are positively correlated. Therefore a component of current quarter earnings when reported is news that was known or predictable at the end of the prior quarter and thus is old news. We find for those firms that receive media coverage in the Wall Street Journal and The New York Times that the price reaction at the time of the announcement of current earnings to past quarter's seasonally differenced quarterly earnings is greater than those firms that do not receive media coverage. The result is consistent with stale earnings information being given the appearance of new information resulting in a further price reaction. This suggests that the stale information hypothesis and media coverage could be a partial explanation for post-earnings announcement drift.     

“共同富裕”的实践探索与理论反思

“共同富裕”作为社会主义的根本原则和内在要求,是社会主义优越性最集中的体现。新中国成立后我们党一直坚持走“共同富裕”道路,经历了从追求“同步富裕”到探索“先富带后富”的实践历程。面对全国居民收入差距日益扩大的现实,我们必须从理论上深入研究并阐释实现“共同富裕”的重要性和长期性,既要吸收和借鉴国外的有益经验,同时也要坚持中国特色社会主义的道路自信、理论自信和制度自信。只有彻底反思“共同富裕”实践探索中出现的新问题,才能找准全面深化改革的切入点,不断完善“共同富裕”的带动机制和保障机制,坚定不移地朝着“共同富裕”方向稳步前进。     

黑龙江兽类物种多样性研究

围绕黑龙江省山系、平原选取样本点，结合对兽类分布历史资料、以往调查结果和现代研究成果的整理，得到黑龙江省兽类概况，并得出各样本点的兽类物种清单；分析了黑龙江兽类区系组成，并绘制了黑龙江地区兽类物种丰富度等值散点图，以揭示黑龙江地区兽类物种丰富度的空间格局；计算了不同山系、平原的兽类物种多样性G-F指数并进行比较分析，进一步得出黑龙江地区兽类物种多样性的区域分异。     

Mergers and partial ownership

We compare the profitability of a merger between two firms in which one firm fully acquires another and the profitability of a partial ownership arrangement in which the acquiring firm, although owning less than 100% of the acquired firm, is nevertheless able to obtain corporate control over all pricing decisions. We find that joint profit can be higher in the latter case because it may result in a greater dampening of competition with respect to an outside competitor when the partial ownership arrangement is publicly observable. We also derive comparative statics on the prices of the acquiring firm, the acquired firm, and the outside firm and use them to explain puzzling features of the pay-TV markets in Norway and Sweden.     

媒体监督、声誉机制与独立董事辞职行为

以2006-2009年媒体负面报道过的公司为样本,本文研究了媒体监督对独立董事辞职行为的影响,并探讨了独立董事声誉机制在其中发挥的作用.本文发现,媒体负面报道量和独立董事的辞职概率显著正相关,而且影响力越大的媒体对独立董事辞职概率的影响越大.这说明媒体报道发挥了积极作用,特别是有影响力的媒体发挥了关键作用.在此基础上,本文还进一步证明,媒体报道之后,越重视自己声誉的独立董事辞职的概率越大,说明就独立董事这一群体而言,声誉机制可以发挥很好的治理作用.     

北京CBD传媒产业发展现状及对策研究

对于首都北京而言,传媒产业的发展不仅是其话语权的重要体现,也是其实现世界城市建设目标的重要载体。北京CBD中央商务区作为北京市重点建设的传媒产业聚集区,在发展过程中存在着产业定位不明确、产业内部资源缺乏有效共享、国际传媒企业有效产出不足等诸多问题。针对现实问题,提出了明晰产业定位、完善传媒产业链、发挥核心企业引领作用等发展对策。     

Multidimensional affluence: theory and applications to Germany and the US

This article suggests multidimensional affluence measures for the top of the distribution. In contrast to commonly used top income shares, they allow the analysis of the extent, intensity and breadth of affluence in several dimensions within a common framework. We illustrate this by analysing the role of income and wealth as dimensions of multidimensional well-being in Germany and the US in 2007 as well as for the US over the period 1989–2007. We find distinct country differences with the country ranking depending on the measure. While in Germany wealth predominantly contributes to the intensity of affluence, income is more important in the US.     

Get MediaSmart®: A Critical Discourse Analysis of Controversy Around Advertising to Children in the UK

In response to calls for increased regulation of advertising to children (occasioned by concerns over childhood obesity levels) a group of UK advertisers targeting young people have sought to demonstrate social responsibility by providing media literacy education resources for children aged six to eleven through the MediaSmart® initiative. This article draws on Critical Discourse Analysis (Fairclough 2001 Fairclough, Norman. 2001. “The discourse of New Labour: Critical discourse analysis”. In Discourse as data: A guide for analysts, Edited by: Wetherell, Marjorie, Taylor, Stephanie and Yates, Simeon. 229–66. London: Sage/Open University Press.  [Google Scholar]) to analyse a selection of publicly available accounts of the 2002 launch and operation of MediaSmart® in order to explore how alternative discursive representations of MediaSmart® construct children and advertising in relation to one another, and how these constructions work to further the social practices of which the discourses in question are part. The analysis concludes that the competing discourses have a stake in the problem of advertising to children remaining open‐ended, but suggests that the possibilities of its resolution lie in (a) the incorporation of children's own perspectives in controversy conducted on their behalf by adults, and (b) conceptions of media literacy which are more active and age‐inclusive than those evident in the discourses currently available.     

三江平原湿地典型草甸小叶章群落物种多样性的季节动态

本研究以三江平原湿地典型草甸小叶章群落为研究对象,从物种丰富度、均匀度和物种多样性指数等方面探讨其季节动态规律.典型草甸小叶章群落物种丰富度在7月份最高,生态优势度指数季节动态变化呈“V”型;多样性信息指数季节动态变化呈单峰型,6月末7月初群落群落的物种多样性最高,种类之间个体分配的均匀性最大;均匀度指数季节动态变化呈线型.群落α多样性的测度指标的季节动态变化表现出一致性.     

崭露头角的网络广告

网络广告是新生代的媒体广告，它具有传统媒体广告的所有优点，又具有传统媒体所无法比拟的优势。网络广告与电子商务密不可分，因此现代企业必须对网络广告加以关注。本探寻了网络广告的优势、表现形式及投放技巧，并总结了我国网络广告发展的四种趋势。