股票网络平台中的噪音会影响股价同步性吗

股价同步性是衡量资本市场信息效率的重要指标。股价同步性的影响机制一直以来都是金融研究的热点问题。本文使用文本分析的方法,通过机器学习度量了东方财富股吧中股民发帖评论中的非理性噪音,检验了股票网络平台中的噪音与股价同步性之间的关系。研究发现：第一,股票网络平台中的噪音会促使投资者做出非理性的投资决策,进而降低股价变动的同步性。噪音评论占全部评论的比例越高,上市公司的股价同步性越低,而且两者之间呈现倒U型的非线性关系。第二,公司个股新闻与公告数量的增加、分析师关注度的提高与外部审计质量的提升,均可以减弱股票网络平台中的噪音对股价同步性的影响。本文关注网络新媒体中的噪音对股价同步性的影响,研究结论对于监管部门加强网络信息监测以及上市公司进一步完善信息披露渠道具有现实意义。     

会计信息失真治理要与时俱进

在公众企业推行会计委派制,充分发挥会计人员监督作用;制定并完善企业承担会计责任的具体规章制度;分解落实会计责任,形成各部门共同治理会计信息失真的机制;建立会计信息中心,实现信息资源共享,形成监管合力。     

Competition in the stock market with asymmetric information

We build a game theoretical model to examine how the level of information advantage of insiders and the competition between insiders and sophisticated investors affect stock price movements and traders’ trading strategies and profits. We show that the competition between insiders and sophisticated investors can reduce the losses of less sophisticated investors, and thus alleviates the disadvantaged position of the less sophisticated investors. Further, traders’ profits are affected by the accuracy of insiders’ private information, and the number of days that insiders have obtained the information in advance. These findings show the importance of information transparency and the role of sophisticated investors in limiting insiders’ trading advantages and mitigating the expropriation of investors by insiders.     

企业信息化建设中的和合管理

和合管理既是中华文化的继承、也是管理学中的一个创新。信息工程监理是在信息化建设过程中发展起来的具有中国特色的管理活动,无论是方法论还是理论基础都还正在发展,其中的关系协调正是和合管理的直接印证。     

信息技术在海关风险管理中的应用

长期以来,中国海关监管工作始终面临着一个突出的矛盾,即严格执法与高效运作的矛盾。借鉴国际海关通行的做法,提出了利用海关信息平台,构筑一个科学、系统、完善的风险管理体系,全面推进海关各项业务改革,加快海关现代化建设的步伐,提高海关管理水平。     

Decomposition of new venture growth into firm age,survey period and vintage effects

Firm data are accumulated on a yearly basis. In view of the linear relationship of firm age?+?foundation year?=?survey year, the fluctuations of firm data classified by age and period cannot be decomposed into age, period and cohort (foundation year) effects. Three decomposition methods are briefly reviewed and applied to Japanese data on new ventures founded since 1995. Regarding sales and employment growth, the age effect is the largest with a downward trend, and the cohort effect is negligible. Regarding labour productivity, the age effect indicates upward movements, and the cohort effect is negligible. The reason of the negligible cohort effect is discussed.     

How does the entrepreneurial orientation of scientists affect their scientific performance? Evidence from the quadrant model

In order to identify the effect of academic entrepreneurship on science, this work compares the publication performance of entrepreneurial scientists with that of conventional scientists. Using Stokes's ‘quadrant model’, this paper examines how the entrepreneurial orientation affects scientific performance. The results on advanced materials research in Japan found that (i) entrepreneurial scientists publish more papers than conventional scientists do; (ii) the papers of conventional scientists demonstrate better citation performance than those of entrepreneurial scientists do, on average; (iii) coming to the top-cited papers, entrepreneurial scientists show higher propensity for publishing high-impact papers than conventional scientists do; and (iv) the portfolio interdisciplinarity of papers authored by entrepreneurial scientists is higher than that of conventional scientists. Although the influence of academic entrepreneurship on scientific performance is still unclear, our findings suggest that entrepreneurial scientists could make a relatively large contribution to furthering the scientific frontier by relying on innovation rather than convention.     

Ambient Taxes Under m-Dimensional Choice Sets, Heterogeneous Expectations, and Risk-Aversion

We consider the design of ambient taxes forrisk-neutral and risk-averse polluters whenpolluters and the regulatory agency haveasymmetric information about environmentalrelationships and probabilities associatedwith random events. Unlike prior work, we showthat under these conditions, optimal ambienttaxes must be firm-specific, and accompaniedby additional incentives to influencepolluters' choices of abatement techniques.     

基于不确定性约束条件的食物浪费行为研究

本文探讨了决策者食物利用能力的不确定性如何引起食物浪费,并比较了食物浪费税和私人信息干预这两个政策工具对食物浪费量和社会福利的影响。研究结果表明,消费者食物最优保有量决策一旦偏离其食物利用能力,就会引发食物浪费。虽然两个政策工具都可以有效地降低食物浪费,但是食物浪费税对社会福利的影响方向不确定,而私人信息干预却可以通过激发学习机制增强决策者对自身食物利用能力的认知,并降低不确定性,从而提高整体社会福利。     

Choosing for others

Experiments conducted in the US and France were used to study how individuals make trade-offs between health and taste for themselves and others. When someone receives a choice made for them that differs from their preference, they experience a welfare loss; at least in the short-term. We measure the empirical magnitude of this loss, and suggest it play a role in assessing the desirability of paternalistic policies motivated by behavioural economics. We show that the welfare loss changes with the provision of new information and the impact of this information differs for the two countries.