Pandemics and cash

We investigate the relationship between firms’ cash holdings and pandemics. Our results show that compared to tele-workable firms, whose employees can work remotely, non-tele-workable firms with more on-site employees increase cash during pandemics. This increase in cash comes from short-debt, preferred stocks, reduction in capital expenditures, discontinuation of some operations and lower tax payments. Firms hold more cash as a reaction to higher default risk. For non-tele-workable firms, there is a positive relationship between abnormal stock returns and cash, suggesting that this increase in cash during pandemics is not driven by behavioral reasons but by increases in uncertainty in labor productivity.     

施工隧道噪声特性识别及防护研究

职业性耳聋防护是隧道职业健康建设的重心之一，为明确施工隧道噪声特性，依托施工现场对噪声进行实测，得出了隧道噪声分布规律，以频谱分析及经验模态分解，分析了各工序的噪声特性，引入噪声评价数提出噪声防护优先级。结果表明，上台阶抑制防水板台车局部风机的噪声传播；钻孔类噪声显著变化点为2048 Hz，喷浆运碴作业对低频噪声有抑制作用。隧道噪声能量集中在246～5040 Hz，与职业性耳聋听力易损失频段高度重合，提出噪声防护建议，为职业健康防护提供参考。     

渠道视角下我国农业上市公司营运资金管理分析

通过对2007年到2012年我国农业上市公司的财务数据进行研究,从要素和渠道两个层次对其营运资金管理进行了分析与评价。结果表明我国农业上市公司的营运资金呈现波动性较小、营销渠道周转期较长以及生产渠道周转期较短的特征。针对我国农业上市公司营运资金管理中存在的不足,依据渠道管理理论,分别从采购渠道、生产渠道、营销渠道三个方面提出了提升其管理绩效的建议。     

Economists in the 2008 financial crisis: Slow to see,fast to act

We study the economics- and finance-scholars’ reaction to the 2008 financial crisis using machine learning language analyses methods of Latent Dirichlet Allocation and dynamic topic modelling algorithms, to analyze the texts of 14,270 NBER working papers covering the 1999–2016 period. We find that academic scholars as a group were insufficiently engaged in crises’ studies before 2008. As the crisis unraveled, however, they switched their focus to studying the crisis, its causes, and consequences. Thus, the scholars were “slow-to-see,” but they were “fast-to-act.” Their initial response to the ongoing Covid-19 crisis is consistent with these conclusions.     

Affective commitment,home-based working and the blurring of work–home boundaries: Evidence from Germany

Analysis of data from the representative German Linked Personnel Panel revealed that, overall, the use of home-based working is associated with a higher affective organisational commitment on the part of employees. However, this is less often the case when the use of home-based working involves the blurring of work–home boundaries. Perceived trust and fairness on the part of supervisors mediates the association between employees' experiences with working from home and their affective commitment. These results show that experiences with home-based working shape employees' perceptions of trust and fairness in their exchange relations with supervisors and thus their affective commitment to the organisation. Employees' experiences with home-based working that reflect its supportive implementation by their employers and supervisors are critical for their commitment. Our results provide the first evidence that in exchange relations between employees and supervisors, perceived fairness is as important as perceived trust.