Informed trading before analyst downgrades: Evidence from short sellers

This paper studies short-selling prior to the release of analyst downgrades in a sample of 670 downgrades of Nasdaq stocks between 2000 and 2001. We find abnormal levels of short-selling in the three days before downgrades are publicly announced. Further, we show that this pre-announcement abnormal short-selling is significantly related to the subsequent share price reaction to the downgrade, and especially so for downgrades that prompt the most substantial price declines. Our findings are robust to various controls that might also affect short-selling such as pre-announcement momentum, three-day pre-announcement returns, and announcement-day share price. In addition, the results are independent of scheduled earnings announcements, analyst herding, and non-routine events near downgrades. Further evidence suggests that tipping is more consistent with the data than the prediction explanation which posits that short sellers successfully predict downgrades on the basis of public information about firms’ financial health. Finally, we present evidence that downgraded stocks with high abnormal short-selling perform poorly over the subsequent six months by comparison with those with low abnormal short-selling. Overall, our results support the hypothesis that short sellers are informed traders and exploit profitable opportunities provided by downgrade announcements.     

香港商业拆迁法律制度及启示

我国内地目前尚未制定有关商业拆迁的法律,以致与之相关的拆迁纠纷尚没有一个妥适的解决依据。相比之下,香港特区已形成较完善的商业拆迁法律制度,尤其是通过有条件地运用强制售卖制度,较好地平衡了私人发展商和少数业主之间的利益,促进了土地的重新发展,对我国内地商业拆迁法律制度的构建具有借鉴意义。     

Intellectual capital and new product sale performance of the financial services industry in Taiwan

This research considers the financial services industry in Taiwan and investigates the effect of intellectual capital – namely human capital, organization capital and information capital – on new product sale performance based on cross-functional integration and co-production. The results indicate that intellectual capital, cross-functional integration and co-production have a positive effect on new product sale performance. Also, the results confirm the positive mediate effect of cross-functional integration and co-production on intellectual capital and new product sale performance.     

租售比对收益法估价的影响——以乌鲁木齐市住宅房地产为例

从乌鲁木齐市住宅房地产租售情况出发,在进行问卷调查的基础上综合分析乌市住宅房地产租售比情况,目的在于从评估的角度研究租售比与收益法之间的关系及租售比对收益法估价产生的影响,最后对租售比产生的原因进行剖析并提出一些建议。本文的基本逻辑进程是提出问题到分析问题,然后解决和探讨问题。     

Costly revenue-raising and the case for favoring import-competing industries

A standard finding in the political economy of trade policy literature is that we should expect export-oriented industries to attract more assistance than import-competing industries. In reality, however, trade policy is heavily biased toward supporting import industries. This paper shows how the costliness of raising revenue via taxation makes trade subsidies less desirable and trade taxes more desirable in a standard protection for sale framework. The model is then estimated and its predictions tested using U.S. tariff data. An empirical estimate of the costliness of revenue-raising is also obtained.     

加强营销管理争创末端销售优良品牌

指出了加油站存在的单站销量较低、运作效率不高的问题，并就成品油末端销售增效的若干渠道进行了探讨。     

浅谈旅游饭店的赊销经营

赊销经营对于旅游饭店，既有其有利的一面．也有其不利的一面，如何才能充分利用赊销有利的一面，避免其不利的一面，提出了几点建议。     

捆绑销售法律问题初探

捆绑销售与通常所说的搭售是有所区别的。捆绑销售是一种经营策略、手段 ,有其合理的一面。为此 ,文中介绍了捆绑销售的概念、表现形式及与搭售的关系 ,认为只有限制竞争的捆绑销售才应受到规制 ,并对捆绑销售限制竞争行为进行了法律分析。     

我国房地产抵押贷款证券化的法律制度设计

房地产抵押贷款证券化能够将流动性较差的抵押贷款资产组群证券化从而实现在市场上的流通变现,因而深得多方市场主体青睐.然而在目前情况下,开展真正意义上的房地产抵押贷款证券化尚存在一系列法律制度上的障碍.从房地产抵押贷款证券化的业务模式入手,分析相关的法律问题,从宏观法律角度提出法律制度设计的方案.