Do analysts who understand accounting conservatism exhibit better forecasting performance?

This study investigates the performance of analysts when they match the asymmetric timeliness of their earnings forecast revisions (i.e., asymmetric forecast timeliness) with the asymmetric timeliness of firms’ reported earnings (i.e., asymmetric earnings timeliness). We find that better timeliness‐matching analysts produce more accurate earnings forecasts and elicit stronger market reactions to their forecast revisions. Further, better timeliness‐matching analysts issue less biased earnings forecasts, more profitable stock recommendations and have more favorable career outcomes. Overall, our results indicate that analysts’ ability to incorporate conditional conservatism into their earnings forecasts is an important reflection of analyst expertise and professional success.     

关于手写汉字的切分算法的探讨

汉字识别是模式识别的一个重要分支。识别过程包括光电扫描,模数转换,预处理,模式表达,判别。其中预处理阶段的字切分是整个识别过程的一个重要组成部分,也是难点之一,使如污点的处理,粘连问题,字误切后的重新合并问题等,都给我们的准确切分带来许多麻烦。本文以确定的竖写字贴为处理对象,对手写汉字的字切分做了比较细致的工作,特别就以上提高的问题都是提出了比较实际的解决算法,整体上取得了良好的切分效果。     

中国股票型基金业绩持续性实证研究

本文采用动量检验法和回归系数法,检验了存续时间超过24个月的中国股票型基金业绩是否存在持续性.结果发现,101只样本基金的业绩在6个月存在显著的持续性.在此基础上,本文从风险收益和基金管理人能力两个角度检验了基金业绩持续性的来源,结果发现,CAPM和“三因素模型”,以及考虑了基金投资风格的管理人选股能力、择时能力及投资风格持续收益,均不能解释中国股票型基金的业绩持续性.     

Housing Activity and Consumer Spending

The current expansion has seen record-high levels of transactions in housing, extraordinary growth in the aggregate value of owner-occupied housing, and large increases in the amount of funds realized from the refinancing of mortgage debt. Many analysts thus have pointed to the strong housing market and rising home prices as a major pillar supporting recent economic growth and have expressed concern that a contraction in housing activity and values could pose a significant risk to consumer spending and real economic growth. This paper explores the channels by which the housing market may affect consumer spending and assesses the potential risk from a softening in the housing market. Our assessment is that while a housing slowdown by itself may slow consumer spending some, it is probably insufficient to precipitate a downturn without some additional shocks outside of the sector. JEL Classification E21,R21     

The private equity business model and associated strategies for HRM: evidence and implications?

Are private equity firms significant actors in the UK market for corporate control? Do they represent a new organizational form befitting a new business model? What are the direct and indirect pressures on management that flow from the diffusion of this business model and its associated organizational form? In terms of human resource management does acquisition by private equity have a significant or negligible effect? This paper looks at the development and diffusion of private equity and the ‘take private’ private equity business model (PEBM) and the effects of these on the management of HR. In addition to this the paper evaluates the PEBM within comparative institutional approaches to international business and HRM.     

股权激励的市场反应及其内幕交易的实证研究

文章以2008年1月份前推出股权激励计划的67家公司为样本,采用事件研究法,对股价在股权激励计划方案公布前后21个交易日是否存在超常收益率进行了实证研究。实证结果表明:样本公司的股票在事件窗口内存在显著为正的超常收益率,市场对这一事件作出了正向的回应,而且超常收益率主要是由消息公布产生的,不存在消息的提前泄露和内幕交易。