Does Investor Sentiment Affect the Value Relevance of Accounting Information?

We investigate whether investor sentiment affects the relationships between accounting variables and contemporaneous stock returns. Using price-relevant accounting variables identified by Chen and Zhang (2007) and the investor sentiment index constructed by Baker and Wurgler (2006), we find that the value relevance of accounting variables is collectively lower in high sentiment periods than in low sentiment periods. More importantly, earnings yield appears to be more related to contemporaneous stock returns in high sentiment periods, while other accounting variables are more related to stock returns in low sentiment periods. The effect of investor sentiment on the value relevance of accounting information is stronger for firms that are more difficult to value and to arbitrage.     

On the efficiency of intra-industry information transfers: The dilution of the overreaction anomaly

We revisit the stock market anomaly documented by Thomas and Zhang (2008) and show that the apparent mispricing of information transfers has decayed over time, as the US markets experienced rapid improvements in the efficiency of the underlying price formation processes. Utilizing recent advancements in market microstructure research to estimate firm-specific proxies for market efficiency, we demonstrate that the existence of the overreaction anomaly (where stock prices of late announcers in response to the earnings reported by early announcers in the same industry are negatively related to subsequent price responses of late announcers to their own earnings reports) is specific to an earlier sample period and results from the inefficient incorporation of information into prices, largely attributable to an environment with high barriers to arbitrage. Our results indicate that the pricing efficiency of intra-industry information transfers has increased in the recent years of increased liquidity and markedly higher trading activity.     

Markets for information: Of inefficient firewalls and efficient monopolies

In this paper we study market environments where information is costly to acquire and is also useful to potential competitors. Agents may sell, or buy, reports over the information acquired and choose their trades in the market on the basis of what they learnt. Reports are unverifiable – cheap talk messages – hence the quality of the information transmitted depends on the conflicts of interest faced by the senders. We find that, when information has a prevalent horizontal differentiation component, in equilibrium information is acquired when its costs are not too high and in that case it is also sold, though reports are typically noisy. The market for information is in most cases a monopoly, and there is underinvestment in information acquisition. We also show that regulatory interventions, in the form of firewalls, only make the inefficiency worse. Efficiency can be attained with a monopolist selling differentiated information, provided entry is blocked.     

Exporting,R&D investment and firm survival in the Indian IT sector

This paper examines the effect of exporting and R&D investment on firm survival for a panel of Indian IT firms. We show that exporting has competing effects on firm survival. On the one hand, exporting and investing in productivity are complementary activities, while, on the other, exporting activity is an additional source of uncertainty for the firm. We show that both effects influence survival, but operate at different points in time. Specifically, the hazard facing exporters is higher than non-exporters in the initial phase following entry into the export market, reflecting the fact that exporters are particularly vulnerable to shocks in the start-up phase. However, over time, exporters benefit more from productivity gains than non-exporters and the hazard facing exporters falls below that confronting non-exporters.     

服务业信息化的就业效应实证研究

文章依据信息化综合指数模型测算了1990—2008年间我国服务业信息化水平，在此基础上运用协整检验和向量误差修正模型估计了信息化对服务业就业的影响。结果表明，服务业信息化水平自90年代以来呈不断上升趋势，并且对就业产生正向的促进作用。从动态角度看，服务业信息化与就业变化之间存在长期均衡关系，服务业信息化初期对就业产生较大的负面冲击，但从长期来看，服务业信息化对就业产生正向的影响，并带动服务业资本投入对就业也产生正向的影响。总体上，服务业信息化的就业创造效应大于替代效应，从而存在正的净效应。因此，认为应从提高现代服务业比重、加大对服务业人力资本投资、提高居民服务消费能力等方面来促进服务业信息化以带动服务业就业。     

The effect of shopping goals and in-store mobile device use on purchase outcomes in brick-and-mortar stores

The present study examines the effect of using a mobile device on search and evaluation by a shopper in a brick-and-mortar store. A conceptual model that proposes inter-relationships between shopping goals, the amount and type of in-store mobile device use, and purchase outcomes is developed. Data from a national quota sample of 1034 mobile shoppers is used to test hypotheses derived from the proposed model. The findings provide several new insights into the impact of in-store mobile device use on the consumer decision journey in a brick-and-mortar store. Depending upon the shopping goals of the consumer, the use of a mobile device by shoppers in a brick-and-mortar store can either decrease or increase search, lead to more deferred purchases or in-store-now purchases, and more online or physical store purchases. The study is among the first to model the pathway to purchase for mobile device assisted shoppers in brick-and-mortar stores.     

Uniform or spatially differentiated? Pricing Strategies for Information Goods under simultaneous and sequential decision-making in multi-market context

Product pricing has been one of the central issues in the field of marketing and consumer services for managers and researchers alike. However, pricing of information goods has not been paid much attention in literature. For information goods the marginal costs of production and transportation of information goods (online movies, video games, etc.) is almost zero. Hence, the pricing decisions need to be thought of purely in competitive profit maximizing terms. This paper proposes mechanisms for managers to evaluate and base their pricing decisions on rational frameworks that takes into account various situations when they enter a new market and when they are incumbent in a new market. This paper addresses the research gap of spatially differentiated pricing strategy for information goods that has not been studied in literature so far. We create stylized theoretical models under both, sequential and simultaneous decision-making conditions. We determine the equilibrium price and the equilibrium profit for the two firms for each of the four possible scenarios based on their pricing strategies. Our analysis reveals that the dominance of one pricing strategy over the other depends on product differentiation factor capturing joint effect of the product substitutability and consumer's price sensitivity under sequential decision making and the market size along with consumer's price sensitivity for simultaneous decision making. As an extension, we propose a generalized model demonstrating the uniform and spatially differentiated pricing strategies of the firms under simultaneous and sequential selection for multiple domestic and international markets.     

多委托代理关系、政策的选择性执行与农村税费改革

农村税费改革在全国全面推行后,在目前的条件下这一政策出现的一些问题能否得到全面深入的贯彻执行的问题引起了学术界的关注.本文运用多委托代理理论来分析中国多层级垂直行政管理体系中的政策执行问题,认为地方基层政府利用政策存在无法执行的可能性以及信息传递中的噪音,从事违背税费改革精神的行为,地方政府出于自身的利益以及要求地方基层政府完成各种政策任务的考虑默许、袒护这一行为,并提出了全面贯彻执行农村税费改革政策所要采取的对策.     

境外上市与企业投资效率

截至2021年11月,我国单独境外上市企业占到境外上市企业总数的88.32%,但单独境外上市的研究明显与该数据不匹配,研究数量缺乏。为扩充该方面研究,本文以2012~2020年单独在美国和中国香港上市的中资企业为研究对象,对境外上市与投资效率关系进行检验。实证结果发现,单独境外上市与境内上市企业相比投资效率更低,区分企业上市地点后发现,规模大、信息透明度低、存在代理成本的赴港上市企业比境内上市企业投资效率低,规模小、代理成本高、信息透明度低的赴美上市企业比境内上市企业投资效率低。通过机制分析发现,信息透明度、境外上市和非效率投资三者存在"遮掩效应",境外上市企业未能受到有效的信息约束。     

Information effects of dividends: Evidence from the Hong Kong market

The literature has suggested that earnings and earnings forecasts provide stronger signals than dividends about future performance of a firm. We test the information effects of simultaneous announcement of earnings and dividends in the Hong Kong market, distinguished by three interesting features (concentrated family-shareholdings, low corporate transparency, and no tax on dividends). Our results show significant share price reactions to unexpected earnings and dividend changes, but dividends appear to play a dominant role over earnings in pricing, a result contrary to findings in the literature. The signaling hypothesis works primarily for firms with earning increases, while the maturity hypothesis works mainly for firms with earnings declines.