Ownership concentration and bank risk: international study on acquisitions

This paper explores the effects of different types of bank ownership concentration on changes in bank risk during acquisition years. Using multi-country data from 2000 to 2006, during which market failures caused by various crises and government interventions are less influential to acquisition decisions, we collect 505 banking acquisition deals from 23 countries to examine which type of ownership concentration (such as financial intermediary, capital investor, non-financial, and state ownership) brings larger changes to an acquirer’s risk from pre-acquisition year to post-acquisition year (including non-performing loans, capital adequacy ratio, loan loss reserve, and credit rating). The empirical analyses show that acquirer banks with a concentration of shares owned by financial intermediaries and non-financial firms experience larger risk changes during acquisition years. In contrast, the risk changes of acquirer banks with a concentration of capital investors and state ownership are lower. Robustness checks from the random effect estimation, instrumental variables model, reverse causality, and different subsamples of (non-)U.S. or different levels of regulation enforcement confirm these results.     

Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect

The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.     

对物质宇宙的爱意与崇仰——兼论唯物主义的智本形态与情本形态

唯物主义理论有着不同的理论形式和形态,这些理论形态或形式随着人类的实践的深入而不断改变。近代工业革命以来,唯物主义建立在牛顿力学的基础上,将自然看作机械的,以开发自然、征服自然为旗帜。但工业革命所带来的环境问题、生态问题在现代则越来越困扰、甚至威胁着人类的生存。唯物主义就必须改变它的内容与形态,以自然之子的态度定位人与物质宇宙的关系,崇仰宇宙、敬畏宇宙,不是从纯粹知的形式,而且也从爱的、情智的关系上理解唯物主义的内涵与唯物主义的新形式。     

不完备信息系统辐射源威胁等级判定

针对不完备信息系统条件下的辐射源威胁等级判定问题，提出了一种基于改进容差关系粗糙集（ITR-RS）的不完备信息系统辐射源威胁等级判定方法。该方法将粗糙集中的不完备信息系统理论引入辐射源威胁等级判定中，并构建一套完备的决策规则提取模型。此外，利用辨识矩阵实现对属性的约简，在降低系统所需处理数据量的同时，提高了算法的实时性；在容差关系粗糙集的基础上，提出一种改进的容差关系，在属性主、客权重相结合的基础上引入阈值来划分加权阈值容差类，得到更为合理、准确的决策规则。仿真试验及分析表明，与经典RS算法相比，所提算法的威胁等级判定正确率提高了23%，可用于信息系统不完备条件下的辐射源威胁等级判定。     

Hotel environmental management initiative (HEMI) scale development

Owing to a lack of construct reliability and validity of environmental management measurements, advancements in understanding hotels’ environmental management practices have been somewhat limited. The goal of this paper is to propose a uniform and parsimonious scale that captures Hotels’ Environmental Management Initiative (HEMI) with the most common three dimensions in the hotel industry: environmental resource conservation efforts, environmental policy and training, and environmental public relation efforts. After the refinement of the initial items, the scale was confirmed with cross-cultural data obtained from full-time hotel employees in two Asian countries. The twenty-one item HEMI scale demonstrated a satisfactory level of content, convergent, discriminant, cross, and criterion-related validity. The proposed HEMI scale will serve as a useful tool for future hospitality scholars who would like to further explore the impact of hotels’ environmental management initiatives on employees’ attitudes and behaviors toward the environment and their environmental performance.     

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.     

论公诉中的量刑请求权

目前,我国司法实践中,刑事司法的不公多表现在量刑上,一些地方法院量刑畸轻畸重的现象比较突出,而且这种现象一旦发生,再行纠正比较困难。为解决这一问题,法律应明确规定检察机关的量刑请求权。目前,该项权利在实践中没有得到实体法与程序法的规制,多停留在制度设想上。为能够使量刑请求权具有操作可行性,有必要对该项权力实施的时间、方式以及程序做进一步研究,并协调好检察机关内外的各种关系。     

大学生英语作文概念功能研究

对35篇我国大学生英语作文和2篇美国学生的作文样本的对比研究,表明我国大学生英语作文的共同特点是:物质过程和关系过程高频率出现,言语过程和行为过程缺失,应加强语场知识学习,提高运用语言的灵活性。     

试论秘书工作的辩证关系

秘书工作作为一种社会职业,具有其内在的规律和特点,即被动性与主动性、机要性与群众性、综合性与专业性、常规性与突击性、思想性与事务性、原则性与灵活性等矛盾的对立统一。掌握这些矛盾的辩证关系,有助于正确认识并更好地开展秘书工作。     

论大学英语教学中和谐师生关系的构建

和谐师生关系是符合目前中国大学英语教学改革要求的新型师生关系模式,通过构建和谐师生关系,能有效提高大学英语教学效果,促进师生共同发展,实现和谐教育。通过建立师生的自我理解和相互理解体系、主体性与主导性发挥机制和健康的精神交往机制,可以实现大学英语教学中和谐师生关系的构建。