Herding behaviour and the declining value relevance of accounting information: evidence from an emerging stock market

This article sheds light on the underlying mechanisms behind the changes in the value relevance of accounting information in the Karachi Stock Exchange (KSE) during the 1999–2010 period. We find that neither changes in earnings quality nor the earnings lack of timeliness hypothesis can explain the decline in the value relevance of accounting information in the KSE. Based on the stylized facts associated with the growth of the KSE and the broader economics literature, we argue that the reduction in the explanatory power of accounting information vis-à-vis stock returns was caused by herding behaviour. Empirical estimates from state-space model of herding behaviour confirm the existence of herding, and we find that the value relevance of accounting information is significantly lower in periods characterized by herding behaviour. This article is also amongst the first attempts to empirically demonstrate that an expansionary monetary policy and increases in foreign portfolio investment lead to increased levels of herding.     

识别和培育实践共同体——构建学习型组织的新途径

学习型组织的传统构建途径过于强调个体层面的学习,忽视了团队层面和组织层面的学习。实践共同体能够较好地促进团队层面的学习,进而提高整个组织的学习能力。本文系统地探讨了实践共同体的概念本质、理论渊源及其作用,提出了识别和培育实践共同体的方法,并针对实践共同体可能存在的缺陷提出了一些应对策略。     

Are property rights enough?Re‐evaluating a big‐bang claim1

We investigate the claim made by proponents of the big‐bang strategy that the establishment of property rights in an economy in transition creates its own demand for the enforcement of laws to protect those rights. Our model contains a government engaging in activities to accomplish objectives that depend on public support for the enforcement of the rule of law and agents who interpret the level of activities of the government as indications of the government's intent to enforce the rule of law. Agents, using the level of government activities as an input to their decisions, choose whether to support the government's objectives. We establish conditions under which the level of activities chosen by the government maximizes its benefits, and simultaneously induces the constituency to support enforcement of the rule of law. These conditions provide a basis for the argument for the implementation of the big‐bang policy. When these conditions do not hold, however, we show that the level of activities that maximizes the government's benefits may have only a minor impact on support for the enforcement of the rule of law. Two characteristics play an important role in these conditions: the initial level of crime and the types of activities the government chooses to undertake. We present examples showing that the initial level of crime has the more dramatic effect on subsequent support for the rule of law.     

Does Multinationality Affect the Propensity to Innovate? An Analysis of the Third UK Community Innovation Survey

The paper is developed at the interface between internationalization and innovation studies. It utilizes data on innovation from the UK Community Innovation Surveys 3 and 2 (CIS3 and CIS2) to assess whether multinationality affects the innovation propensity of surveyed enterprises. The indicators of innovation propensity—our dependent variables—are taken from the following CIS sets of variables: innovation outputs; innovation inputs; innovation outcomes (patent applications); innovation continuity/sustainability. The latter element is considered to be the ability of the enterprise to sustain innovation over a long period of time and the relevant variable is derived from both CIS3 and 2 data. This allows the paper to introduce dynamic elements into the analysis. Four hypotheses are developed and tested. Our main hypothesis states that multinationality per se (i.e. being part of a multinational company network) affects the propensity to innovate. We also test for three sub‐hypotheses related to characteristics of multinationality: belonging to a group vs being independent; degree of multinationality; being part of a foreign vs domestic multinational. The results show that all those CIS enterprises that belong to a multinational corporation—whether UK or foreign—are more likely to exhibit innovation propensity; they are also more likely to engage in innovation activities on a continuous basis.     

Adam Smith and the division of labour: is there a difference between organisation and market?

The paper claims that, in The Wealth of Nations, the divisionof labour refers simultaneously to two different things: a socialdivision of labour and an organisational division of labour.The central point is that the organisation of work (the organisationaldivision of labour) in the firm is the logical counterpart ofthe social division of labour, and that these reflect two inseparableaspects of the process of the division of labour. Smith is thusconcerned with organisations as well as with markets, each functioningaccording to the same principle. Hence, Smith does not believethat the organisational and the social divisions of labour arefundamentally different, although he does recognise some variationbetween them and describes different states of the divisionof labour within the firm, liberal and capitalist.     

土地政策参与宏观调控的机制分析——基于主体功能区调控视角

我国住房商品化已有三十多年的时间,房地产业渐渐从稳定发展走向了发展过热的阶段。为此,国家出台了大量的土地政策对房地产市场进行宏观调控。从土地供应政策的三个角度即土地供应量、土地供应方式和土地供应结构方面分析其与土地价格的关系,可深化研究土地政策参与宏观调控的机制及其对房地产价格产生的影响。     

全球失衡问题的资产组合方法——对美国的分析及对中国的启示

基于国际收支货币分析理论的资产组合方法是研究全球失衡问题的一个新视角.这一方法关注一国净外部资产头寸的累积及其可持续性,理解和评估外部失衡的关键是净外部资产变动过程中的价值效应.用该方法对美国外部失衡所做的研究能够得到较为乐观的结论.我国持续贸易顺差并没有带来相应程度的财富累积,我国外部头寸的价值效应为负.我国对贸易顺差进行调整时必须考虑外部头寸价值变动所产生的平衡效应.同时,我国应适当调整外部头寸结构以降低外部财富损失的风险并积极参与东亚金融合作以抵御风险.     

The Limits of Organizational Change

The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among different social groups. As different historical social formations entail different institutional structures, the distribution and nature of uncertainty will also differ. The social configurations between class relations and uncertainty are analyzed for the capitalist, feudal and slave modes of production. It is demonstrated that modes of production do not only imply specific exploitative relations but also different relative distributions of uncertainty amongst classes. The joining of Marxian and Post Keynesian approaches allows for a richer understanding of exploitive relations and illuminates the full societal impact of uncertainty. It is shown that only in capitalism is the exploited class exposed to a substantial degree of economic uncertainty.     

2017年北京社区卫生服务中心处方集中点评结果

目的 汇总分析北京市16个区县近100家社区卫生服务中心处方抽样点评的结果 ,比较各区之间的差异,细化点评结果 ,促进全市合理用药.方法 抽取2017年6月第2周,全门诊不包括草药处方,共计50189张处方,进行精细化集中点评.结果 2017年北京16个区县社区卫生服务中心平均处方金额为160.07元,注射剂使用率为5...     

中国共享式经济增长实证研究——基于公共支出、部门效应和政府治理的分析

文章首先基于多维贫困指标SHPI构建了共享式增长指数PEG,然后运用公共支出、政府治理水平和部门效应三个方面的指标来考察共享式增长。文章具体通过协整和误差修正模型分析了长期和短期影响共享式增长的主要因素及其调整机制,并在此基础上重点估计了各部门公共支出对共享式增长的影响。文章发现1978-2008年中国经济增长总体上具有共享性,但是大部分年份的共享程度较低。长期内,在公共支出、部门效应和政府治理水平三大类因素中公共支出方面的三个变量对PEG的影响最大。短期内,政府一般性支出和政府规模对共享式增长程度有非常显著的消极影响。