Financial analyst coverage for U.S. firms facing foreign competition: Evidence from trade liberalization

This study examines financial analyst coverage for U.S. firms following an increase in foreign product market competition. To capture exogenous shocks to domestic firms' competitive environments, we exploit a quasi‐natural experiment from large import tariff reductions over the 1984 to 2005 period in the manufacturing sector. Using data for the years before and after large tariff reductions, our difference‐in‐differences analysis shows evidence of a significant decrease in analyst coverage for incumbent U.S. firms when they face greater entry threat from foreign competitors. We also find that analysts with less firm‐specific experience and less accurate prior‐period forecasts are more likely to stop following the domestic firm when foreign competition intensifies. Overall, the findings suggest that foreign product market competition from global trade liberalization is an important determinant of financial analysts' coverage decisions.     

基于煤矿网络动态安全体系的安全账户管理效益分析

针对山西潞安集团潞宁煤业公司实际,在建立动态安全网络体系的基础上,构建安全账户管理体系,通过个人安全技能账户体系的构建,实行标准化考核,违章和事故大大降低,取得了预期的效益。     

Organizational characteristics explaining participation in sustainable business models in the sharing economy: Evidence from the fashion industry using conjoint analysis

Environmental and social challenges require new sustainable business models, like sharing platforms. However, sharing platforms differ widely in their contribution to a more sustainable society. Whereas idealistic sharing platforms have dominant social goals, other sharing platforms are, or became, commercial. We explore the attractiveness of the typical organizational characteristics of idealistic sharing platforms in the fashion industry context, an industry with negative environmental and social impacts. Based on a literature review and exploratory focus groups, we conduct an online survey using conjoint analysis, completed by 1,512 respondents. Our results reveal that potential users prefer clothes sharing platforms to be small, to not partner with large clothing retailers, to have the possibility to participate in decision‐making, but to not require shareholding.     

社会规范对绿色消费的影响及作用机制

绿色消费是我国推进生态文明建设所倡导的消费行为,本文将社会规范划分为描述性规范、动态描述性规范和命令性规范,探讨了社会规范对绿色消费的影响及作用机制。通过两个实验研究发现,描述性规范、动态描述性规范、命令性规范对绿色消费的促进作用显著,三者对绿色消费的促进作用无显著差异;描述性规范、动态描述性规范会激活消费者的个人规范,个人规范在描述性规范、动态描述性规范影响绿色消费过程中发挥部分中介作用;命令性规范会引发消费者的后果认知,进而激活个人规范,后果认知与个人规范在命令性规范影响绿色消费过程中发挥完全中介作用。因此,可以发挥描述性规范、动态描述性规范对绿色消费的引导示范作用和命令性规范对绿色消费的监督作用,激活绿色消费的个人规范水平,更为有效地促进绿色消费。     

Substantial effect of voluntary policy interventions on aircraft ground handling safety

Managing safety and health matters require comprehensive policy intervention to change the existing culture in the ground handling operations and reducing the safety performance outcomes. This study aims to investigate the relationship between safety culture and safety performance outcome with voluntary policy intervention as the moderating effect of the relationship. The study employed a quantitative method through a survey instrument, which was participated by 423 ground handling workers from six international airports in Malaysia. The results indicated seven hypotheses in direct relationships have positive association between safety culture and safety performance construct. While for moderator relationships, there were five hypotheses found to be statistically significant and supported. The presence of voluntary policy interventions were found to be beneficial or detrimental elements for the insignificant relationships of the study. The ground handling organisation is expected to utilise these results by strengthening their organisation safety culture and prioritise safety and health matters over demand and cost.     

机电一体化设备的故障维修特点和可靠性分析

随着我国经济的发展和科学技术的进步,各种机电一体化设备产品也逐渐走进了人们的生活,这就需要相关单位加强对机电一体化设备的故障维修,优化设备性能。为此,论文就机电一体化设备的故障维修特点和可靠性做了简单分析。     

济南市古生物化石赋存特征及保护区划研究

为贯彻《古生物化石保护条例》,提高济南市古生物化石保护水平,在对区内古生物化石资源进行野外勘查和综合整理的基础上,依据古生物化石鉴定结果及其赋存地层分布特征,得出济南市古生物化石的分布特征,划分了古生物化石产地,选择化石完整程度、富集程度、剖面出露程度、周边地质环境、工程活动影响五个评价因子,运用综合指数法,建立了符合济南实际的古生物化石保护区划分体系,将区内古生物化石产地进行了保护区分级,并按照“保护优先,结合实际”的原则,制定了符合济南市实际的古生物化石保护措施。     

A Common Base Answer to the Question “Which Country Is Most Redistributive?”*

We believe that what most authors have in mind when referring to the “most redistributive country” is a tax and transfer schedule that is most redistributive across all pre-tax and transfer income distributions. In order to measure each country's tax and transfer redistribution according to the same baseline, we suggest using the transplant-and-compare method of Dardanoni and Lambert (2002, Journal of Public Economics 86, 99–122) to establish a common base. The redistributive effects of countries’ tax and transfer schedules are illustrated by employing microdata on eight countries from the Luxembourg Income Study (LIS). Of these eight countries, Finland is found to be the most redistributive country, according to the common base method.     

Unconscious Processes of Organizing: Intergroup Conflict in Mental Health Care

A critical but overlooked issue in Weick’s seminal work, The Social Psychology of Organizing (1969/1979), concerns ‘the heat’ of organizing processes, namely, the underground emotional processes underpinning the organizing of conflictual work relationships. We present a qualitative case study of psychiatric agencies mandated by public policy to collaborate but instead engaged in persistent conflict despite its deleterious effects on their working relationship and on the wellbeing of the clients they intended to serve. To explain these conflictual features of organizing, we integrate Weick’s organizing theory with systems psychodynamics to deepen the understanding of emotions in organizing, specifically the motivational forces underpinning sensemaking and actions between interacting psychiatric agencies. This integration of theories reveals a critical feature of the relationship between the conscious and unconscious organizing processes: When a threat is involved, sensemaking and action are overtaken by social defences, resulting in dysfunctional organizing of the primary task. Drawing on these findings, we enrich Weick’s seminal work by developing a model that portrays organizing as the ritualized interaction of emotions, sensemaking and behavioural responses.     

Institutional quality and corporate financing decisions around the world

We investigate the influence of the recent comprehensive institutional quality dimensions of Karolyi (2015), such as market capacity, operational efficiency, foreign accessibility, corporate transparency, legal protection, and political stability, on financing decisions of firms across 56 countries between 2000 and 2015. We find that stronger institutional quality or lower fundamental risks in a country ease firms' access to long-term debt, and equity financing. We attribute our results to institutional environments influencing financing decisions by shaping the severity of market frictions, such as agency conflicts and information asymmetry, and transaction costs. As a result, we conclude that any improvement in a country's institutional environment will boost firms' access to long-term financing, and thus longer-term investments that promote countries' economic growth will be more feasible. Our findings are robust to potential endogeneity issues.