Japanese stock market reaction to announcements of news affecting auditors’ reputation: The case of the Olympus fraud

The revelation of accounting fraud by the Olympus Corporation gave rise to shareholder allegations of audit failure against Olympus’ auditors—Ernst & Young ShinNihon LLC and KPMG AZSA LLC—in 2011. In this study, we investigate whether the auditors’ affiliation with Olympus contributes to divergent perceptions of audit quality in the event of news announcements affecting the reputation of Olympus’ auditors. First, we use a nonparametric generalized rank event study methodology on 918 sample firms from the First Section of the Tokyo Stock Exchange (TSE) to observe Japanese investors’ perceptions of auditor reputation as proxied by abnormal returns. Second, we perform a multivariate linear regression on firms’ abnormal returns after controlling for firm-specific variables. We find that Japanese investors do not respond to negative or neutral reputational information arising from news announcements concerning Olympus’ auditors for firms affiliated and not affiliated with those auditors. In the absence of legal penalties imposed on Olympus’ auditors, we argue that Japanese investors consider the Olympus fraud case as an expected occurrence of audit failure due to a lack of evidence suggesting systematic audit failure on the part of Olympus’ auditors and an expectation of lower audit quality in the Japanese capital market. As a result, Japanese investors do not consider news announcements affecting the Olympus auditors’ reputation as sufficient evidence to change their prior expectation regarding the reputations of the audit firms affiliated with the Olympus fraud case.     

从0到1：数字化如何赋能创新生态系统构建?

数字化浪潮下传统企业积极采用数字技术,以加快推进企业全面创新和转型升级。但是现有研究对数字化如何影响企业形成创新生态系统缺乏充分研究探讨。为此,本文基于赋能理论,通过复盘国有房地产企业—成都兴城人居地产投资集团股份有限公司的发展历程,深度解剖数字化如何赋能企业创新生态系统“从0到1”的构建过程。研究结果表明,数字技术通过资源赋能、心理赋能以及结构赋能系统内核心企业、员工、顾客等行动主体,不断实现创新主体内部的信息化管理、创新主体间的共享协作,从而使企业实现从单一主体、多元协作进而逐步构建起创新生态系统的跨越式发展。研究结论有助于为传统企业数字化建设与生态化发展提供理论指导和方向指引。     

软件外包企业间信任关系演变的多案例研究

在Lewicki等研究的基础上,构建了软件外包企业合作与信任发展演化路径图。以4组具有代表性的软件外包合作企业为研究样本,使用多案例研究法分析了软件外包企业间信任关系的类型及合作周期内信任的变化,总结了两阶段信任变化路径。最后从信任管理和外包关系维护的角度,针对软件外包发包方和接包方以及政府部门和行业协会提出了相应建议。     

区域产业布局的金融支持研究

文章从产业层面即区域产业布局的角度来研究金融与产业布局合理化的关系问题,论证金融对区域产业布局合理化的重要作用,充分发挥金融的支持机制,调整各区域现有产业布局,引导产业合理布局,以期实现区域间产业发展的优势互补,各区域产业的协调发展,实现经济的共同繁荣。     

油墨清洗剂的研制

研制一种由溶剂、乳化剂和其他助剂构成的油墨清洗剂.它可替代汽油、煤油用于印刷机件上油墨的清洗,其清洗效果好,气味低,使用安全.在清洗剂中加入防老化剂,减小溶胀,墨辊上的纸毛、灰尘更易清洗.     

风险投资组织模式的比较研究

风险投资是一种特殊的投融资活动,由于国情的不同,各国的风险投资组织模式也存在很大的差异。概括来讲,可分为美国模式、日本模式和欧洲模式。如果对各国风险投资组织模式进行比较、分析,就可以了解到当前我国风险投资组织模式存在的问题,从而找出适合我国风险投资组织模式的再造问题。     

证券基金投资行为的实证分析

我国证券投资基金从1998年起步,到2005年规模得到了迅速扩张,成为我国股票市场上最重要的机构投资者,其投资行为对市场的影响越来越大。与此同时,舆论界和社会公众对基金的投资行为也有若干负面的看法,如持股趋同、追涨杀跌和集体不作为等。本文从我国基金实际投资风格变化趋势角度出发,对基金投资行为进行实证分析研究,并对基金投资提出了建议     

中美经贸摩擦与日美经贸摩擦比较研究及启示

从美国发动经贸摩擦的动机看,中美经贸摩擦与日美经贸摩擦有相似之处,但有重要差别。日美经贸摩擦基本停留在美国缓解巨额贸易逆差和推动日本进行公平贸易结构性改革的层次,而中美经贸摩擦已经上升到美国对我国经济崛起特别是高科技发展进行战略遏制和意识形态对抗的层次。中美经贸摩擦具有必然性、长期性和日益严峻性,但其对我国的影响也将是阶段性和局部性的。应对中美经贸摩擦,我国需保持战略定力,坚定做好自己的事情,顺势加大改革开放力度,避免陷入"修昔底德陷阱"、"金德尔博格陷阱"和中等收入陷阱。     

领导者核心能力与组织绩效的关系研究

领导者在组织发展中起着越来越重要的地位,逐渐成为组织构建核心竞争力的关键要素,领导者核心能力也对组织绩效产生重要影响。文章在对既有研究成果的回顾和总结的基础上,界定了领导者核心能力的概念及其构成,以实证方式探索了领导者核心能力与组织绩效之间的关系。研究表明,领导者核心能力与组织绩效之间存在着显著的正相关关系。     

The effect of customer service on retailers’ shareholder wealth: The role of availability and reputation cues

Retailer customer service has been shown to lead to increases in consumer attraction and retention, but what is less apparent is whether shareholders are fully rewarded for retailers’ customer service efforts. Results from an event study on 48 retailer announcements of customer service strategies indicate that customer service increases retailer market values by 1.09 percent on average. The magnitude of this abnormal return suggests that customer service is one of the more effective ways for firms to create shareholder wealth. Further, analysis of the abnormal returns suggests that the shareholder value created by the retailer's customer service is affected by the heuristics and cues used to judge the likelihood of service delivery. Consistent with the availability heuristic, we find that services that are difficult to bring to mind and non-vivid services create significantly less shareholder value. Results further show that the retailer's reputation can also significantly inhibit the customer service's shareholder wealth creation.