A robust algorithm for parameter estimation in smooth transition autoregressive models

This paper considers whether earned wealth affects bidding behavior in an induced-value second-price auction. We find people bid more sincerely in the auction with earned wealth given monetary incentives; earned wealth did not induce sincere bidding in hypothetical auctions.     

我国会计准则国际趋同相关问题的探讨

本文通过我国会计准则国际趋同的全过程,了解在国际趋同过程中遇到的问题;针对已经解决和有待解决的问题,探讨我国会计准则国际趋同的方法方向。     

构建我国企业社会责任信息披露体系研究

笔者通过对构建我国企业社会责任信息披露体系所涉及的披露内容、披露对象和披露形式三个问题的评价,认为在近期内,改进我国企业社会责任信息披露最为可行的方式是使用年度报告内的单独一个部分进行披露,在披露的表述方式上推荐使用描述性披露方式或者简单的社会责任报表。     

When the principal knows better than the agent: Subjective evaluations as an optimal disclosure mechanism

When the firm has some private and unverifiable information about an employee’s ability, it can design a subjective evaluation mechanism, whereby payments are tied to evaluations, to communicate such information. In this paper, I investigate how to design an optimal disclosure mechanism for the firm. I characterize the firm’s optimal disclosure policy as a function of the worker’s ability distribution, with the hazard rate function playing a key role. I also demonstrate that with some reasonable restrictions on the ability distribution, the firm’s optimal strategy exhibits a particular pattern: it will reward the best workers aggressively, fire the worst ones, and assign one central rating to the rest. The predictions are consistent with the way firms utilize subjective evaluations in reality.     

美国科技创新模式的嬗变及启示

探究了美国科技创新模式的四个阶段：手工模式开创了美国创新的先河，工业模式引发了工业革命，非制度化创新模式加速了创新的开放和集成，市场需求的反向推进产生了实验室与生产力并进的创新商业模式。这些经验给中国科技创新带来了几点启示：一是社会文化营造创新环境，孕育创新行为；二是科技成果转化生产力时间缩短，商业化进程加快；三是创新过程的不确定性，决定了每个国家科技创新历程各不相同。     

发展中国家如何应对贸易争端——巴西处理贸易争端给我国的启示

本文通过介绍巴西贸易争端的近况,论述了巴西采用多边和双边机制解决贸易争端给我国的启示。     

意大利古城西耶纳及其对我国建筑遗产保护的启示

通过对意大利古城西耶纳建筑遗产的特色以及意大利建筑遗产保护概况的论述,分析了我国在建筑遗产保护上存在的主要问题及原因,提出了一些启示性意见和建议.     

国外珍珠产业发展对广东南珠产业发展启示

论文对日本、澳大利亚、越南、缅甸、法属波利尼西亚等在世界珍珠产业中具有一定地位的珍珠产业国发展状况进行深入论述后,总结其成功经验,表明大量的资本注入、优秀人才的聚集、良好的产业基础、稳定的创新系统、政府的大力支持、独特的珍珠产业文化环境和品牌等因素是珍珠产业发展不可缺少的条件。国外珍珠产业可持续发展的成功经验是广东南珠产业健康发展的导航仪。     

A Textual Analysis of US Corporate Social Responsibility Reports

We employ computer-based textual analysis to examine disclosure patterns for a sample of US corporate social responsibility (CSR) reports from the period 2002–2016. Starting from 466 features commonly used in computational linguistics, our results show that the linguistics or disclosure patterns in CSR reports can be used to accurately predict the actual CSR performance type of CSR reporters. Specifically, we find that the two most commonly used disclosure characteristics, number of words and number of sentences, alone can be used to predict reporting firms’ CSR performance type with 81% accuracy. The accuracy of prediction increases to 96% when the top 50 linguistics features most relevant to firms’ CSR performance are included in the prediction model. In addition, we find that the linguistic features of CSR disclosure identified by our study are incrementally value relevant to investors even after controlling for the actual CSR performance score from the professional CSR rating agencies. This finding suggests that the linguistic features of CSR disclosure can be an important venue for capital market participants in evaluating firms’ CSR performance type, especially when professional CSR performance ratings are not available.     

商业银行客户关系管理的启示——基于一个案例的分析

以客户为中心是商业银行开展客户关系管理工作的核心。本文通过对分析行业案例,为今后商业银行的客户关系维护提供了良好借鉴。