The consequences of managerial indiscretions: Sex,lies, and firm value

Personal managerial indiscretions are separate from a firm's business activities but provide information about the manager's integrity. Consequently, they could affect counterparties’ trust in the firm and the firm's value and operations. We find that companies of accused executives experience significant wealth deterioration, reduced operating margins, and lost business partners. Indiscretions are also associated with an increased probability of unrelated shareholder-initiated lawsuits, Department of Justice and Securities and Exchange Commission investigations, and managed earnings. Further, chief executive officers and boards face labor market consequences, including forced turnover, pay cuts, and lower shareholder votes at re-election. Indiscretions occur more often at poorly governed firms where disciplinary turnover is less likely.     

Effects of Ownership Structure on Capital Structure of Indian Listed Firms: Role of Business Groups vis-à-vis Stand-Alone Firms

The objective of this study was to explore the relationship between promoter ownership and capital structure of firms’ using a sample of Indian publicly listed firms for the period from 2006 to 2013. We find that the relationship between promoter ownership and leverage is inversely U-shaped in group-affiliated firms, whereas in stand-alone firms there is a U-shaped relationship. We argue that a substantial presence of family owners and the selection of managers from within the family play some role for such relationship in group-affiliated firms. On the other hand, the argument for observed relationship in stand-alone firms follows from alignment hypothesis, entrenchment hypothesis, managerial risk aversion hypothesis, and active monitoring hypothesis.     

Board directors with foreign experience and stock price crash risk: Evidence from China

This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.     

基于邻域信息的噪声图像的恢复

噪声图像的恢复是影响图像信息提取的一个重要因素。主要针对现存的噪声图像恢复算法在消除细线及椒盐噪声方面的困难,基于待检像素的邻域信息提出了一种针对细线和椒盐噪声感染的图像的恢复算法。实验结果表明,文中所提算法不仅具有很好的抑制细线及椒盐噪声的效果,而且有效地保存了图像的细节与结构信息,同时对其它的噪声也有一定的抑制作用。     

数字通信遥视系统数据实时传输技术研究

文章讨论了基于数据实时传输技术的数字通信遥视系统(DigitalRemoteSystem)传输模块的具体实现,并从整体嵌入式系统设计的方法着手,论述了嵌入式系统设计的软硬件设计流程和数字遥视系统的传输模块的软硬件详细设计,另外还提出了以Motorola的微通信控制器MPC850为核心的硬件设计,以及以RTOSNucle-usPlus为基础的实时应用软件设计的方案。     

Biodiversity,natural resource accounting and ecological monitoring

The role that natural resource accounting and ecological monitoring can play in conserving biological diversity is discussed. There exists a widespread view that modifications to national income accounting procedures are crucial to the pursuit of sustainability and particularly the protection of biodiversity. However, we argue that the availability of biologically-adjusted national income figures would not, of itself, be likely to contribute significantly to the protection of biological resources. The conservation of biodiversity requires, among other things, a significantly improved understanding of the nature of environmental changes arising from imposed management regimes and the effects that these changes have on the persistence of biodiversity. On this basis, and in the context of sustainable development, we suggest that ecological monitoring should take priority over the generation of economic data.In many regions of the world sufficient ecological knowledge is available to design and implement integrated monitoring networks that can be used to track the status of many components of biodiversity and inform decisions taken over their management. We outline how this might be undertaken using a hierarchical and prioritised approach aimed, pragmatically, in the first instance at helping to preserve those ecosystems, communities and species which are perceived to be most threatened. Some emphasis is given to the Australian situation because it is the only rich megadiversity nation and it is at the forefront of the development of scientific techniques that can be used to help design soundly-based and cost-effective monitoring programs.We acknowledge the useful comments of two referees, and claim exclusive property rights in remaining errors.     

云南偏远民族山区农村公共文化服务体系建设的调查与思考——以开远市碑格乡为例

农村公共文化服务体系建设是满足农村群众文化需求、保障其基本文化权益的重要途径。由于地理、历史、经济等原因,偏远少数民族山区成为云南农村公共文化服务体系建设＂遗漏的角落＂和瓶颈。开远市碑格乡的实地调查表明,云南偏远民族山区农村公共文化服务体系建设存在着供需矛盾突出、建设成本高、补助标准低、缺乏地域民族特色、文化工作经费被挪用、文化设施管护不够、利用率低、农村文化人才严重缺乏等问题。     

远程无线控制系统的设计与实现

由于保密的要求以及铺设专网耗资巨大等问题,测量船对远程的 标校设备无法进行有效的控制。通过选用无线网桥技术设计了一套无线控制系统,并开发了 网络控制模块以及相应的软件,进而实现了测量船对远端设备的有效控制。测试表明,系统设 计合理,控制便捷,具有可靠性、安全性和扩展性高等优点,完全适用于测量船远程控制。     

基站内置多通道AISG控制单元的应用与设计

为减少外置设备的使用和网管平台的统一,基站需要设计内置的AISG控制器。给出 了基站内置多通道AISG控制单元的应用模式,分析了AISG接口电路的参数选择方法。计算表 明,通过软件控制可以降低对基站电源的容量和过流门限的需求。软件中包括了设备的快速 扫描方法,能够有效处理双向和单向会话,并实现了协议的兼容性。     

对煤炭企业搭建远程教育网络培训平台的思考

文章从煤炭企业员工培训的特点和煤矿培训资源配置现状入手,分析了煤炭企业搭建远程教育网络培训平台的必要性和重要性,提出煤炭企业搭建和使用远程教育网络培训平台的具体途径和方法。为煤炭企业培训工作树立大资源意识,构建大教育、大培训格局和创建学习型企业提供了可借鉴的思路。