The Information Content of Nonfinancial Performance Measures in the Airline Industry

This research extends the literature on nonfinancial performance measures (NFPMs) by assessing (1) the information content of a broader set of NFPMs and (2) whether NFPMs provide information not provided by financial performance measures (FPMs) from all previously identified FPM categories, rather than just earnings and book value. Specifically, exploratory and confirmatory factor analysis results presented in this paper demonstrate that nineteen NFPMs of major airlines capture seven underlying constructs not captured by eighteen common FPMs. Additionally, this research develops reliable composite measures of the identified performance measure constructs, which prior research argues are superior to individual performance measures.     

The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis

This study examines the impact of Regulation Fair Disclosure (FD) on liquidity, information asymmetry, and institutional and retail investors trading behavior. Our main findings suggest three conclusions. First, Regulation FD has been effective in improving liquidity and in decreasing the level of information asymmetry. Second, retail trading activity increases dramatically after earnings announcements but there is a significant decline in institutional trading surrounding earnings announcements, particularly in the pre‐announcement period. Last, the decline in information asymmetry around earnings announcements is closely associated with a lower participation rate in the pre‐announcement period and more active trading of retail investors after earnings releases.     

Forecasting Stock Index Futures Price Volatility: Linear vs. Nonlinear Models

The study examines the relative ability of various models to forecast daily stock index futures volatility. The forecasting models that are employed range from naïve models to the relatively complex ARCH-class models. It is found that among linear models of stock index futures volatility, the autoregressive model ranks first using the RMSE and MAPE criteria. We also examine three nonlinear models. These models are GARCH-M, EGARCH, and ESTAR. We find that nonlinear GARCH models dominate linear models utilizing the RMSE and the MAPE error statistics and EGARCH appears to be the best model for forecasting stock index futures price volatility.     

Initial Margin Requirements, Volatility, and the Individual Investor: Insights from Japan

Initial margin requirements represent: (1) a cost impediment to the wealth constrained investor and (2) a potential way of mitigating excessive volatility. However, prior empirical research finds that margins are not an effective tool in reducing volatility. We consider the possibility that margins primarily affect certain stocks and investors. Specifically, we test whether margins affect individuals who, as a group, we believe to be the investors most affected when margin requirements change. Our initial empirical tests, however, do not support this contention.     

数字技术融合对企业创新数量与质量的影响

以268家医疗装备企业为研究对象,从Himmpat专利数据库获取2002—2022年的15 446条专利数据,构建“数字-医疗”技术融合网络,基于量与质的视角实证分析数字技术融合对企业创新绩效的影响。采用负二项固定效应回归模型进行实证研究。结果表明,互补性数字技术融合和替代性数字技术融合均对企业创新质量和数量具有正向影响,融合波动性负向调节上述关系。     

加强工程施工技术管理的措施探讨

工程技术管理的水平直接影响着企业能否可持续有力地进步、发展,并获取其最大效益.本文主要对技术管理的加强措施以及运用中的注意事项进行了详细分析与阐述.     

浅议建筑工程地基施工技术的应用

随着市场经济的发展,竞争也显得尤为激烈.认真组织、精心施工的更高要求,也是新时期项目组织者的具备条件.在以往的组织施工中,组织者的思想比较传统和局限,缺少创新,造成很多工程中的质量缺陷,经济效益受到很大的影响,现在,我们就要高度重视地基技术在工程施工中的作用,确保建筑工程的安全顺利高产优质.     

浅论如何防治外墙抹灰中裂缝现象

分析了外墙抹灰基体和基层裂缝产生的原因,从设计和施工的角度提出了相应的防治措施,以满足建筑物的外观和工程质量验收的要求.     

汶川地震重灾区旅游环境保护与旅游经济协调发展

纯粹的市场经济运作不可能使汶川地震重灾区旅游环境保护与旅游经济协调发展,必须从法律手段、经济政策、行政干预、思想认识、科技创新等几方面制定汶川地震重灾区旅游环境保护与旅游经济协调发展的保障措施,从而保证汶川地震重灾区旅游环境保护与旅游经济协调发展目标的实现。     

四川省消费品市场分析

本文从构成区域经济系统发展要素之一——消费品市场,主要从其历年发展情况、零售总额的构成及空间布局,来分析四川区域经济的发展中存在的一些问题,并相应的提出对策。