Analyst Firm Coverage and Forecast Accuracy: The Effect of Regulation Fair Disclosure

In this study, we revisit the relationship between analyst firm coverage and forecast accuracy. In contrast to the proposed negative association in Clement (1999) owing to the portfolio complexity effect, we hypothesize an ‘economy‐of‐scale effect’ that is likely to dominate when analysts rely mostly on public information. In support of the latter effect, we find a positive association between firm coverage and forecast accuracy after the enactment of Regulation Fair Disclosure (Reg FD), which substantially reduces the flow of material private information to analysts. Such a result survives a battery of robustness analyses. We further show that, in the post‐Reg FD period, covering more firms increases an analyst's probability of being selected as a star analyst in the subsequent year. Overall, our findings highlight the importance of the information environment in shaping the economic link between an analyst's firm coverage and forecast accuracy.     

协同技术创新中的技术互补、资源互补与技术创新能力研究

本文基于柯布--道格拉斯生产函数,结合微观经济学的相关理论,分析了协同技术创新对高技术企业与传统企业生产过程的提升作用。同时,通过实证研究和回归分析,结果表明,高技术企业和传统企业之间的技术互补和资源互补对高技术企业和传统企业的技术创新能力都有着积极显著的影响。     

资本品进口、资本技能互补与中国的相对工资差距

中国是资本品净进口国,资本品进口引致资本积累并通过资本与技能互补效应增加对熟练劳动力的相对需求,是影响熟练劳动力与非熟练劳动力之间相对工资差距的一个重要机制。文章实证检验了资本品进口与中国熟练劳动力的互补效应及其对中国相对工资差距的影响。研究结论表明：资本与技能互补效应在中国长期存在,资本品进口促进了中国的资本积累,并通过资本与技能互补效应提高了熟练劳动力的边际产出,增加了对熟练劳动力的相对需求,扩大了相对工资差距。然而,劳动力的相对数量效应和相对效率效应对中国不断扩大的相对工资差距的解释力不强。     

Achieving value co-creation through cooperation in international joint ventures: A two-level perspective

How can international joint ventures (IJVs) enhance value co-creation? Using a resource-based view (RBV), this study examines whether partners’ cultural compatibility and parent companies’ asset complementarity foster top-level cooperation and/or operating-level cooperation in IJVs and investigates the underlying mechanisms (i.e., top-level goal alignment and operating-level goal alignment) in IJV relationships. This study also scrutinizes the differing impacts of top-level and operating-level cooperation on value co-creation in IJVs. The findings from a survey of 200 IJVs in China show that partners’ cultural compatibility positively affects top-level cooperation primarily through top-level goal alignment, while asset complementarity positively affects operating-level cooperation through operating-level goal alignment. Furthermore, operating-level cooperation has a stronger effect on value co-creation than top-level cooperation. This study offers fresh insights into IJV cooperation and value co-creation by introducing a two-level perspective and provides important managerial implications for the development of sustainable IJVs.     

The effects of strategic and market complementarity on acquisition performance: evidence from the U.S. commercial banking industry, 1989–2001

Most traditional research on mergers and acquisitions tends to focus on the role of similarity in explaining acquisition performance. While scholars have recently begun to examine acquisition complementarity, there is still little evidence concerning how complementarity influences acquisition performance. Further, previous research has not drawn the connections between related contexts and the potential benefits from complementarity. In this article, we move the study of acquisition complementarity forward by investigating the effects of strategic and market complementarity on acquisition performance in the context of related horizontal acquisitions. We also propose that two key attributes of acquirers—strategic focus and out‐of‐market acquisition experience—will moderate this relationship. We investigate our research questions in the context of all 2,204 acquisitions made by publicly traded U.S. commercial banks during the 12‐year period from 1989 to 2001. Our findings are generally supportive, suggesting complementarity is an important antecedent of acquisition performance, and raising important issues on the nature of acquisition research in general. Copyright © 2009 John Wiley & Sons, Ltd.     

中美农业贸易的互补性研究

采用贸易结合度指数(TCD)、出口相似度指数(SI)和贸易互补性指数(TCI)等模型,根据联合国粮农组织(FAO)、美国FAS-Online和中国海关数据库的数据,对中美两国16种主要出口农产品的互补性进行了定量分析。结果显示:(1)中美两国农业贸易依存度逐步提高,美国对中国的依赖程度高于中国对美国的依赖程度。(2)中美两国农业贸易具有良好的互补性,中国入世后两国农业贸易互补性增强。基于上述研究结论,提出了互利双赢的政策建议。     

Information Complementarities and the Dynamics of Transparency Shock Spillovers

We show that information complementarities play an important role in the spillover of transparency shocks. We exploit the revelation of financial misconduct by S&P 500 firms, and in a “Stacked Difference-in-Differences” design, find that the implied cost of capital increases for “close” industry peers of the fraudulent firms relative to “distant” industry peers. The spillover effect is particularly strong when the close peers and the fraudulent firm share common analyst coverage and common institutional ownership, which have been shown to be powerful proxies for fundamental linkages and information complementarities. We provide evidence that increase in the cost of capital of peer firms is due, at least in part, to “beta shocks.” Disclosure by close peers—especially those with co-coverage and co-ownership links—also increases following fraud revelation. Although disclosure remains high in the following years, the cost of equity starts to decrease.