Using social and economic incentives to discourage Chinese suppliers from product adulteration

The American public raised serious concerns about product safety in 2007, when the number of product recalls broke a new record. Following a temporary drop in 2008, both the number and retail value of recalled units have been increasing, despite various efforts exerted by government agencies and private companies to combat this trend. Currently, many countries—including China itself—are expressing serious concern over adulterated or unsafe food made or sold in China. What are the underlying reasons for some Chinese suppliers to adulterate product? When law enforcement is still weak in China, what can western manufacturers do to reduce the risk of product adulteration? To develop effective deterrence mechanisms, we first identify four underlying factors that create incentives for some Chinese suppliers to produce unsafe products. Then we propose ideas to discourage Chinese suppliers from producing adulterated products based on two underlying strategies: (1) creating economic incentives through contingent payments, and (2) creating a social incentive by threatening public exposure through the power of the Internet and social networking sites.     

Analytics in empirical/archival financial accounting research

In this article, we describe various analytics in empirical/archival financial accounting research. We focus the discussion on research questions that are central to accounting research, analytics used to test hypotheses, and evidence. We also describe voice and text analysis, which is generating interesting new datasets and hypothesis tests, offering promising potential for future studies. Our study seeks to (1) inform business professionals about state-of-the-art analytics in accounting research and (2) trigger academics to pursue creative new research opportunities.     

出口机会与进口竞争对工业机器人企业的叠加影响：基于出口持续时间的视角

工业机器人企业是中国推动制造业数字化革命、抢占国际分工制高点战略的主力军,然而其出口持续时间平均不足1年,需引起高度关注。本文基于2000-2015年中国海关数据库和工业企业数据库的匹配数据,运用Cox风险模型分析了出口机会增大和进口竞争加剧对工业机器人企业出口持续时间的影响和作用机制。结果表明,出口机会增大更有利于延长企业出口持续时间,进口竞争加剧则提高了企业的退出率,这一结论在产品多样化程度低、产品核心度低、行业竞争小和市场集中度低的企业中尤为明显;出口机会与进口竞争,主要是通过企业生产率和技术创新的中介作用影响企业的出口持续时间;面对双重叠加影响,工业机器人企业应充分利用产品间的技术关联效应提高出口持续性。     

报酬递增视角下产业集群迂回生产与知识积累的作用机制研究——以河北省安平丝网为例

基于超边际分析方法构建互动作用机制模型可以发现,迂回生产过程中不断提高的专业化水平促进了知识的积累,促使新机器与新技术不断出现;反过来由知识积累产生的创新与技术扩散拓宽了迂回生产的边界,促进了迂回生产的发展。剖析迂回生产与知识积累之间的相互作用机制可以发现,通过提高交易效率、充分发挥集群内部龙头企业带动作用以及提升人力资本水平等举措来加强迂回生产与知识积累之间的相互作用,是进一步拓展产业集群报酬递增空间的必然选择。     

Sovereign Credit Risk,Banks' Government Support,and Bank Stock Returns around the World

We explore the joint effect of expected government support to banks and changes in sovereign credit ratings on bank stock returns using data for banks in 37 countries between 1995 and 2011. We find that sovereign credit rating downgrades have a large negative effect on bank stock returns for those banks that are expected to receive stronger support from their governments. This result is stronger for banks in advanced economies where governments are better positioned to provide that support. Our results suggest that stock market investors perceive sovereigns and domestic banks as markedly interconnected, partly through government guarantees.     

Have capital market anomalies attenuated in the recent era of high liquidity and trading activity?

We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in anomaly-based trading strategy profits in recent years. Overall, our work indicates that policies to stimulate liquidity and ameliorate trading costs improve capital market efficiency.     

The Effectiveness of Technical Trading for Arab Stocks

In this paper, we examine the profitability of technical analysis for a cross section of individual Arab stocks. Our analysis, undertaken from the perspective of an Islamic investor, reveals that technical trading rules do not yield economically or statistically significant returns. While our results uncover some scant statistical evidence of technical trading rule profitability, risk adjusting the returns weakens the evidence in favor of predictability. Furthermore, break-even transaction costs do not exceed estimated transaction costs or bid-ask spreads in the markets examined.     

Stock Returns Under High Inflation and Interest Rates: Evidence from the Brazilian Market

We analyze the relationship of high inflation and interest rates with stock returns in Brazil from May 1986 to May 2011, during which Brazil experienced subperiods of both high inflation (May 1986-June 1994) and relative monetary stability (July 1994-May 2011). The result in the total period is dominated by high inflation volatility, and the findings suggest a bidirectional relationship between stock returns and inflation. During the high-inflation subperiod, interest rates are relevant to explain future changes in inflation and stock returns. Under low inflation, movements in interest rates are better anticipated by equity investors, suggesting higher market efficiency than in high-inflation circumstances.     

Improving data quality during ERP implementation based on information product map

ABSTRACT

Poor Data Quality (DQ) is amajor culprit in the failure of ERP implantation. Previous DQ solutions focus more on technical approaches, ignoring the importance of seeking the root causes. Therefore, this paper proposes aprocess-driven DQ monitoring framework by Information Product Map (IPMAP). First, IPMAP is applied to visualizethe manufacturing process of critical information products. Then, the potential deficiencies that may arouse DQ problems are examined from the aspects of process and human. Finally, the corresponding DQ improvement strategies are put forward and validated in case study. The results indicate that the framework provides helpful guidance for promoting ERP DQ.     

Private acquisition gains: A contingent claims explanation

This paper studies announcement returns of Western European acquisitions of private and public targets. It uses a contingent claims perspective to offer a new explanation for the difference in abnormal returns between acquirers of private and public targets. In this context, an acquisition is analogous to buying a call option and the value of the acquirer increases with uncertainty about its growth prospects (options). We test this idea by studying the relation between announcement returns and acquirer's characteristics that proxy for the existence of growth options. Consistent with the contingent claims hypothesis, the private acquisition gains are associated with the combined effects of growth options (having higher runup before the acquisition announcement) with low level of leverage (near-all equity capital) and with uncertainty (measured by age and analyst coverage of acquirers).