The Informational Role of Short Sellers: The Evidence from Short Sellers’ Reports on US‐Listed Chinese Firms

Using US‐listed Chinese firms as the setting, this paper studies a novel channel through which investors can acquire information about firms’ financial reporting quality, that is, the reports published voluntarily by short sellers. I find that short sellers tend to target firms that have financial reporting red flags and that exhibit ‘good’ operating performance and stock valuations. Targeted firms experience an average three‐day cumulative abnormal return (CAR) of ?6.4%, and ?13.6% for initial coverage of the firm, and the CARs are more negative when the reports allege more severe misconduct of the firms. Non‐targeted firms also experience losses in value following short seller reports, especially when they hire the same non‐Big 4 auditors as targeted firms and when their earnings quality is poor. In comparison, analysts fail to perform proper due diligence and are much less effective than short sellers in exposing misreporting risk in Chinese firms.     

宽带小型化U型贴片天线的设计

设计了一副中心频率为2 GHz的四分之一波长U型贴片天线。采用U型槽加载减小了探针 电感,使天线实现双谐振工作,通过将双频比调整到接近为1以展宽天线的工作频带,设计 出的天线的带宽达49%(VSWR<2)。利用短路墙加载技术,使天线的尺寸在四分之一波长 左右 ,减小了天线尺寸,天线的尺寸仅为295 mm×40 mm×12 mm。实际制作了该 天线,测试结果与 理论分析基本吻合,验证了设计的正确性。该天线结构简单,便于设计以及加工制作,同时 方便集成于移动通信设备中。     

从企业境外套期保值的交易方式分析国储期铜巨亏事件

通过国储期铜巨亏事件始末,指出企业进行套期保值是非常必要而且是十分有利的,但有些企业非但没有严格遵守境外套期保值的交易规则,更是违背交易方式,由境外套期保值演变为境外过度投机,针对交易过程中出现的问题提出企业进行境外卖出套期保值时,在传统的期货套保方式中引入期货期权方式进行境外套保,从而避免民族资本遭受损失。     

招聘方式之四大趋势

企业要实现长远的发展,做好员工招聘工作是关键。当今人才市场的竞争日益激烈,企业也在逐渐采用一些新的的招聘方式,由此引发了一场新的人才招聘革命。何种招聘方式是企业最佳的人才获取渠道,目前基本上没有定论。企业只有根据自身的情况及实际需要,才能有效的选择出最适合自己的招聘方式。针对目前传统招聘方式存在的弊端,代理招聘、网络招聘、电话招聘和视频招聘日渐成为招聘方式的新趋势。     

2006年诺贝尔经济学奖得主菲尔普斯理论述评

本文介绍了2006年诺贝尔经济学奖得主埃德蒙·菲尔普斯的主要理论贡献。他在宏观经济政策跨期权衡分析、“黄金律”与经济增长、宏观经济政策的“短期—长期”分析、“自然率”、构建宏观经济学的微观基础,以及结构性萧条与繁荣等诸多领域进行了开创性的研究。菲尔普斯的理论和主张对西方经济理论和经济政策的研究都有十分重大的影响,对我国宏观经济问题和政策的研究有一定借鉴意义。     

‘Home comes first’: housing and homemaking in Finnish civic educational films during 1945–1969

This article focuses on how the ideals of housing and homemaking were presented in post‐war civic educational films in Finland. The films chosen for the article pertain to housing on a wide scope. The analysis shows that the ideals of good homes appeared to be remarkably consistent in the Finnish educational short films. The most important objective was to guide citizens towards careful household management and saving. Through rationalizing home economics, consumers were able to buy their own home. The ideal housewife had a positive attitude towards technology and rational household management. While the short films instructed people towards temperate and sensible consumption, they also created space for ordinary people to envision new opportunities for consumption.     

同伴互评的小组视频展示在大学英语教学中的实效性研究——基于建构主义视域

基于建构主义视域,以实证研究的方法分析探讨了同伴互评的小组视频展示在大学英语教学中的实效性。实验结果表明:学生广泛认可并信任同伴互评的方式,同伴互评的小组视频展示不仅能有效地提高学生的口语交际能力和综合语言应用能力,而且有助于提高学生的学业成绩,培养学生学习英语的兴趣、发挥想象力和创造力以及促进协作学习。     

Bidder Gains and Losses of Firms Involved in Many Acquisitions

Abstract:  We examine shareholders' wealth effects (both in the short- and the long-run) of UK frequent bidders acquiring public, private, and/or subsidiary targets with alternative methods of payment between 1987 and 2004. We find that, in the short-run, bidders break even when acquiring public targets and gain significantly when buying private and subsidiary targets. This result is robust after controlling for relative size, bidder's book-to-market ratio, target origin, and industry diversification. Our long-run evidence, however, reveals that acquirers experience, significant wealth losses regardless of the target type acquired, indicating that markets may initially overreact to the acquisition announcement. As a result, we argue that contrary to Fuller et al. (2002) who suggest that acquiring private and subsidiary firms creates value for bidding firms, a reliable conclusion on bidders' shareholders wealth effects cannot be based solely on a short-run event study.     

中国音乐电视的发展趋向:商业主义与人文主义的对立统一

面对商业主义与人文主义的悖论,取道中庸以图生存的中国音乐电视,只有让商业主义作其驱动力,人文主义为其提供理想和目标,形成二者相互渗透、相互融汇的对立统一局面,才能共同推动中国音乐电视健康前行。     

近中期金融改革值得关注的几个问题

当前,国际金融危机影响依然存在,发达经济体、新兴经济体均面临结构调整,全球金融监管体制将全面改革。结合国内金融运行及金融业发展中存在的一些突出问题,文章以确立推进近中期金融改革的基本原则为出发点,从建立金融宏观审慎管理制度、研究应对危机债务成本的分摊机制等层面,提出当前需重点推进的几项金融改革及相关政策建议。