Communication equilibrium payoffs in repeated games with imperfect monitoring

We characterize the set of communication equilibrium payoffs of any undiscounted repeated matrix-game with imperfect monitoring and complete information. For two-player games, a characterization is provided by Mertens, Sorin, and Zamir (Repeated games, Part A (1994) CORE DP 9420), mainly using Lehrer's (Math. Operations Res. (1992) 175) result for correlated equilibria. The main result of this paper is to extend this characterization to the n-player case. The proof of the characterization relies on an analogy with an auxiliary 2-player repeated game with incomplete information and imperfect monitoring. We use Kohlberg's (Int. J. Game Theory (1975) 7) result to construct explicitly a canonical communication device for each communication equilibrium payoff.     

How Do Institutional Investors Affect Corporate Performance? Evidence from Private Placements in China

Using data on private placements in China from 2007 to 2014, we show that abnormal returns of issuing companies’ stocks are significantly positive on the announcement day, but they become significantly negative during the event window [?20, +20]. Participation by institutional investors has a significant and negative impact on the short-term stock returns. This negative effect is also present in issuing companies’ long-term stock returns and profitability. Furthermore, we find that participation by institutional investors reduces dividend payments after private placements. Overall, our findings do not support the monitoring hypothesis of institutional investors’ role in corporate finance but are consistent with the management entrenchment hypothesis and shareholder pessimism hypothesis.     

铁离子、亚铁离子变化对工业锅炉酸洗的影响

介绍工业锅炉酸洗中铁离子的来源,并以实例说明酸洗中应强化对铁离子、亚铁离子(Fe3+、Fe2+)的化学监测,使锅炉酸洗安全进行,及终点的判断。     

茶叶仓储环境监控系统的设计

针对茶叶储存过程中变质以及人工监管不到位问题,设计了茶叶仓储环境监控系统,实现了对茶叶仓储环境的实时监控、报警提醒以及数据保存的功能,达到节省人力资源、减少变质损失的目的。     

经济学视角下自然保护区有效管理行为研究——以甘肃白水江自然保护区李子坝社区为例

以甘肃白水江自然保护区李子坝社区巡护监测为例,从经济学的视角,运用比较优势和竞合模型分析该社区巡护监测与专业巡护监测的两种行为。模型分析显示两者各有优势,在专业巡护监测的基础上,如果辅之以社区巡护监测能更有效地促进环境与生物的多样性的保护,既可以提升有效管理的水平,又可以达到社区保护利益的最大化。     

我国能耗监测管理现状及未来发展趋势

适应节能形势发展的新变化,能耗监测的内涵也正在逐步延伸。实践表明,建立有效的能耗监测管控体系,对于提高能效、推进节能减排作用明显。近年来我国能耗监测管理得到了不同程度的改善,但在管理理念、制度安排、技术创新、资金支持等方面还存在着较多问题。利用信息技术,建立能耗在线实时监测管理体系,将成为未来能耗监测的发展目标。适应这种发展要求,我国需要在计量设备基础管理、能耗监测考核制度、监测机构设置和人员培训、资金渠道等方面进行不断创新。     

主通风机在线监控系统中的抗干扰措施研究

主通风机在线监控系统中的数据容易受到强电磁环境中的电磁干扰而产生数据失真,为此本文着重探讨主通风机在线监控系统中抗干扰措施,包括硬件抗干扰和软件抗干扰措施,为该监控系统的可靠运行提供了一种新的解决方法。     

广甘高速公路边坡安全监测实践与思考

本文结合四川广甘高速公路边坡安全监测实践,对边坡安全监测技术的发展过程与前景进行了认真的思考与分析。     

Using templates and linguistic patterns to define process performance indicators

Process performance management (PPM) aims at measuring, monitoring and analysing the performance of business processes (BPs), in order to check the achievement of strategic and operational goals and to support decision-making for their optimisation. PPM is based on process performance indicators (PPIs), so having an appropriate definition of them is crucial. One of the main problems of PPIs definition is to express them in an unambiguous, complete, understandable, traceable and verifiable manner. In practice, PPIs are defined informally – usually in ad hoc, natural language, with its well-known problems – or they are defined from an implementation perspective, hardly understandable to non-technical people. In order to solve this problem, in this article we propose a novel approach to improve the definition of PPIs using templates and linguistic patterns. This approach promotes reuse, reduces both ambiguities and missing information, is understandable to all stakeholders and maintains traceability with the process model. Furthermore, it enables the automated processing of PPI definitions by its straightforward translation into the PPINOT metamodel, allowing the gathering of the required information for their computation as well as the analysis of the relationships between them and with BP elements.     

Evaluating Board Roles Performance in Adopting Corporate Social Responsibility （CSR） Practices

The purpose of this paper is to evaluate the board roles that make a board effective in the performance of adopting corporate social responsibility （CSR） practices. This paper examines directors＇ perceptions of the three main roles： monitoring, service, and strategic, which provide tools for critically understanding how the board adds the value in moving the organization towards more CSR practices. The stakeholder theory is used to distinguish the influence of the three main roles on the adoption of CSR practices. Primary data were collected for this research by conducting structured questionnaires with a sample of 461 directors from Saudi listed companies for study purpose. The results show that an appropriate mix of directors＇ roles and the development of sound board monitoring and service roles are the most crucial determinants of CSR adoption in Saudi listed companies. As the extant corporate governance and CSR literatures do not provide a clear perspective with contradictory outcomes about board roles in influencing CSR practices, the originality of this research is its contribution by evaluating the directors＇ perceptions of developing a direct relationship between the board roles and the adoption of CSR practices. Furthermore, the use of the stakeholder theory provides additional insights into identifying the most influential board role factors enhancing stakeholders＇ expectations of CSR practices.