Valuing Initial Public Offerings Using Article 11 Pro Forma Financial Information in the Prospectus*

We investigate whether Article 11 pro forma financial information assists investors in valuing IPOs. While the SEC expects it to be helpful in assisting investment decisions, Article 11 pro forma financial information is based on registrants' understanding and assumptions, and registrants can exercise their own judgment when preparing pro forma financial statements. It is therefore an empirical question whether the information contained in pro forma financial statements is useful to investors. We examine the association between pro forma adjustments of earnings and book value of equity and the IPO offer value and find asymmetric results. While positive pro forma adjustments of earnings and book value of equity are positively associated with the IPO offer value, negative pro forma adjustments of earnings and book value of equity are negatively associated with the IPO offer value, suggesting that negative pro forma adjustments are priced as growth opportunities. Additional analyses reveal that the association between pro forma adjustments of book value of equity and the IPO offer value varies across different time periods and industries and that pro forma adjustments of book value of equity are initially mispriced by investors. In contrast, we do not find similar results for pro forma adjustments of earnings. Further empirical tests show that the asymmetric results of mispricing of pro forma adjustments of earnings and book value of equity may be explained by the requirements of Article 11 of Regulation S‐X for pro forma adjustments dictating that adjustments to earnings reflect only recurring items while adjustments to book value reflect both recurring and nonrecurring items.     

基于底线预警的国土空间生态修复规划实施监督体系研究

国土空间生态修复是推进生态文明建设的重大举措,构建基于底线预警的国土空间生态修复规划实施监督体系是完善国土空间规划“一张图”信息系统的重要组成部分和政策支撑。通过对生态修复规划实施监督体系建设的研究,把握底线控制与监测预警机制,对接国土空间生态修复业务管理各项需求,搭建“五梯度四体系”的生态修复规划动态监测实施监督信息系统,构建以“七个一”为主要内容的生态修复规划底线预警监测评估机制,并与各层级国土空间规划“一张图”实施监督信息系统进行衔接,实现对生态修复规划实施的动态监测和预警。     

环境检测报告质量的提升策略分析

环境检测工作对于环境保护具有重要影响,这要求全社会稳步提升对于环境检测工作的认识水平,积极地参与相关工作实践,为环境保护提供可靠的参考依据。论文重点分析了环境检测报告质量的提升策略,结合提升环境检测报告质量的意义,提出对应的方案,以期推动环境检测报告的质量提升至新的高度。     

Decentralization and local pollution activities: New quasi evidence from China

Traditional fiscal federalism theory holds that decentralization may improve the provision of public goods and services. However, the social welfare field with strong externalities may face different incentives and behavioural logics. This paper provides novel empirical evidence for the causal relationship between decentralization and local pollution. In this paper, we focussed on China's widely spread decentralization reform, which substantially expanded the economic and social management autonomy of county governments. Using the difference-in-differences method and a panel dataset from 1998 to 2007, we found that the reform would compel affected counties to loosen environmental regulation, adopt financial and fiscal policies that would actually support heavy-pollution industries' rapid economic growth. Overall, the reform led to a significant increase in local pollution, thus worsening the overall environmental quality. Moreover, cost-benefit analysis indicated that the reforms generated net gains in social welfare, but the substantial environmental costs cannot be ignored.     

杭州市临安昌北山区2010—2020年“三生”用地演变分析

基于临安昌北山区2010、2015和2020年土地利用监测数据,根据行为主体的主观用地意图为“三生”用地划分依据,依据土地利用转移矩阵、土地利用变化图谱、单一土地利用动态度、土地利用结构信息熵等方法测度昌北山区10年间的“三生”用地演变特征。结果发现,该地区10年间土地利用处于缓慢发展的阶段,但土地利用结构信息熵值不断增加,尤其2015年后人类活动干扰输入的负熵流明显增加,土地利用结构均衡度水平较低,昌北山区的土地利用系统内部结构向无序方向发展。究其原因,与当地工矿业用地扩张、盲目追求生产发展有直接关系。工矿业生产用地的增加会使土地利用系统内部结构无序发展,林草生态用地的增加可以使系统内部更趋于有序状态。分析结果为科学地调节昌北山区“三生”用地关系、探索“三生”良性互动的可持续协调发展之路提供基础研究支持。     

环境分权对低碳发展的异质性影响——基于省级面板数据的实证研究

优化配置生态环境治理权责是实现绿色低碳发展的基础支撑。立足于我国省级面板数据,采用局部性分析视角揭示环境分权对低碳发展的异质性影响。基于莫兰特征向量的空间滤波随机效应模型表明,尽管两者之间非空间异质性不显著,但存在显著的空间异质性,呈现出“东北-西南”方向性差异,即东北方向倾向于加剧效应,而西南方向则表现为抑制效应。该发现回应了全局性分析中存在的“效应抵消”问题,同时也为当前环境治理体制改革提供了更具地域性的思路,有助于避免政策的“一刀切”问题。     

基于动机理论的线上政务服务影响因素研究——个人信息保护视角

当前个人信息保护问题使公众在使用线上政务服务的意愿与实际应用缺乏弥合,致使产生不信任行为。以个人信息保护为切入点,根据动机理论,借鉴ACSI(美国顾客满意度指数)模型,从公众驱动型动机和政府驱动型动机两方面探讨影响公众使用线上政务的原因,并采用Amos进行证测。结果表明个人信息保护是影响公众使用意愿的关键因素。为解决上述问题,构建基于区块链技术的概念框架,以促进我国线上政务服务中信息保护机制的发展,推动我国数字政务化智能化进程。     

Adverse effect of social media on generation Z user's behavior: Government information support as a moderating variable

Social media emerged as a primary source of information among young users, but its severe effect on mental state due to information overload, still an area of concern for the researchers. Generation Z users' addiction to the mobile phone/gadgets is increasing with a rise in social media and consequently their behavioral outcomes have transformed completely. Nowadays behavioral issues including stress, fatigue, ‘fear of missing out’ and ‘phubbing’, anxiety etc. rising each day but the relationship among these issues and information overload is less examined. The social media users are unable to filter the trustworthy information due to its enormous size and thus role of information support from government becomes essential. The current study extends the S-O-R theory exploring relationship between the stimulus of enormous information on the responses generated among the Generation Z such as social media fatigue, ‘fear of missing out’, ‘phubbing’ and anxiety. The findings from a sample of 319 users belonging to Generation Z suggest that social media platforms need to understand user's compulsive usage that is resulting into fatigue and consequently anxiety. The role of government information support on reducing fatigue and anxiety is found to be positive. The relationship between ‘fear of missing out’, ‘phubbing’ and anxiety is found significant and shows presence of partial mediation. The study offers significant theoretical and practical implications. It is significant for the service providers and social media platforms to advance interfaces with minimum fatigue for the users and offers information support to the users to reduce stress caused by information load.     

Effects of in-store information quality and store credibility on consumer engagement in green retailing

Literature has reported that store-level information is crucial in determining consumer engagement with green stores. This study examines the effects of in-store (green) information quality on consumer engagement behaviours and mediating effects of store credibility. Moreover, the study reveals whether consumer passion for the environment moderates the effect of in-store (green) information quality on store credibility. Statistical analyses of useable data from 763 respondents examined the relationships. Credibility emerged as a key mechanism to enhance the effects of information quality on consumer engagement. Thus, this study extends theoretical discussions on information quality, consumer passion, and consumer engagement for green retailing.