Net share issues and the cross‐section of equity returns under a dividend imputation tax system

Despite considerable empirical evidence reporting a negative relationship between net share issuance and subsequent returns, it remains unresolved whether this anomaly is explained by risk or investor irrationality. This study examines the net share issuance anomaly using seasoned equity offerings before and after the introduction of an imputation tax system. We report robust evidence of a negative relationship between net share issuance and returns post‐imputation, but no relationship pre‐imputation. Our results provide evidence to support the international pervasiveness of the net share issuance anomaly, but more importantly suggest that this anomaly may be explained by risk.     

Do investors misprice components of net periodic pension cost?

We examine whether and how investors misprice the components of net periodic pension cost under SFAS No. 87 and 158. We find that investors appear to have difficulty in understanding the transitory feature of other net periodic pension cost (PPOPCC) and thus overestimate its persistence, which in turn leads to the mispricing of PPOPCC in the pre‐158 period. We also find that SFAS No. 158 appears to reduce the mispricing of PPOPCC, suggesting a positive effect of SFAS No. 158 on investors' valuation of pension items in the income statement. Additional analysis suggests that investors also overestimate the persistence of, and thus misprice, pension‐related cash flows and accruals in the pre‐158 period and that SFAS No. 158 reduces the mispricing of pension‐related cash flows and accruals.     

压力容器设计中可靠性安全系数法的应用探讨

压力容器的常规设计中,安全系数的确定完全是按经验估计的,具有较大的随意性.通过应用可靠性设计的基本方法,将压力容器的壁厚设计与允许破坏概率(或可靠度)联系起来,并与常规设计结果进行了比较.结果表明,常规设计规范中建议采用的安全系数通常偏大,偏于保守.为此,讨论了一种简便而实用的设计方法,即在常规设计公式中,以可靠性安全系数代替传统的经验安全系数,由此将安全系数的确定建立在容器允许破坏概率(或可靠度)的基础之上,从而使设计的压力容再在保证足够的可靠性前提下,尽量作到经济合理.     

Accounting for Environmental Influences in Stochastic Frontier Models: With Application to International Airlines

The principal aim of this paper is to measure the efficiency of international airlines. We obtain measures of technical efficiency from stochastic frontier production functions which have been adjusted to account for environmental influences such as network conditions, geographical factors, etc. We observe that two alternative approaches to this problem have been proposed in the efficiency measurement literature. One assumes that the environmental factors influence the shape of the technology while the other assumes that they directly influence the degree of technical inefficiency. In this paper we compare the results obtained when using these two approaches. The two sets of results provide similar rankings of airlines but suggest differing degrees of technical inefficiency. Both sets of results also suggest that Asian/Oceanic airlines are technically more efficient than European and North American airlines but that the differences are essentially due to more favourable environmental conditions. Nevertheless, it is among Asian companies that the major improvements in managerial efficiency (technical efficiency with environmental factors netted out) took place over the sample period (1977–1990).     

论网络环境下的会计信息披露

网络环境下会计信息披露的内容更全面、详细;信息披露的形式也趋于多样化,除了静态信息外,还包括超级链接、声音和视频等动态信息;信息披露的模式也更加丰富,除了“事项会计披露”模式外,还有“交互式按需披露”模式和XBRL模式。同时,在网络环境下,信息披露也表现出及时性、多样化、适量性和审计更彻底等特点。然而,网络环境下的会计信息披露也有一定的局限性,对这些问题进行研究并提出相应改进措施,对促进会计理论和实务的发展有重要意义。     

高速铁路安全文化理论体系研究

高速铁路安全文化建设是实现高速铁路系统安全的必由之路。为了进一步明确安全文化在高速铁路运营安全保障中的作用,厘清高速铁路安全文化建设的思路与途径,在深入剖析安全文化建设的必要性的基础上,研究安全文化建设的发展阶段,明确每个阶段的划分依据与特点,探讨高速铁路安全文化体系与技术体系、管理体系的关系,对高速铁路安全文化建设要点进行探究,并从高速铁路安全文化基础理论、高速铁路安全文化专业理论、高速铁路安全文化应用理论3个层面对高速铁路安全文化理论体系进行分析,为高速铁路安全文化建设和水平测度提供理论基础。     

基于金融自由化的中国金融安全预警研究

国际经验表明,金融自由化程度越高,金融体系的脆弱性越大,发生金融危机的机率越高,金融安全越重要。本文遵循"金融自由化—金融危机—金融安全"的逻辑思路,运用改进的熵值法和KLR信号法对我国金融安全进行实证研究,得出结论认为,1994年以来我国金融业基本在相对安全的情况下运行,但我国有必要建立一套金融安全预警体系。     

基于价值网的科技成果转化服务平台运行机制研究

科技成果转化服务平台在创新体系中发挥着越来越重要的作用,发展中存在的问题也日益显著。科技成果转化服务平台如何有效运行是科技资源管理和实践研究的典型问题,在分析科技成果转化服务平台研究现状的基础上,从价值网模型的内涵出发重构了成果转化服务平台,明确了各运营主体的职责和价值运转关系,有效解决了运行模式不清、平台运转效率低下等问题。然后,对基于价值网的成果转化平台运行特征进行了分析,进而对基于价值网的科技服务平台运行机制进行了研究。     

群体心理资本对员工创造力的跨层次影响

员工创造力是团队/组织创新的重要推动力,从多个层次综合考察员工创造力的影响因素具有重要意义。基于创造力成分模型、社会感染理论与组织管理领域的多层次理论,构建了群体心理资本影响员工创造力的关系模型,以103个工作团队（103名团队主管,365名成员）为样本,对研究假设及影响路径进行了实证检验。研究结果表明：①群体心理资本对员工创造力具有显著的正向预测效果;②群体心理资本对团队反思具有显著的正向预测效果,且团队反思在群体心理资本与员工创造力关系间起到了跨层次中介作用;③团队心理安全跨层次调节团队反思与员工创造力之间的正向关系,即团队心理安全越高,团队反思与员工创造力之间的正向关系越强。     

个体目标取向与团队心理安全交互对个体知识共享的影响

知识经济和“互联网+”快速发展,知识共享成为组织获取前进动力的主要方式以及组织竞争优势的重要来源。结合目标取向理论与特征激活理论,将团队心理安全纳入到个体目标取向对个体知识共享影响的研究中。对120个研发团队（含485个团队成员）样本的调查分析结果表明,个体学习目标取向与证明取向都显著正向影响个体知识共享,且团队心理安全在两者关系间具有显著的正向调节作用;个体回避取向显著负向影响个体知识共享,团队心理安全在两者关系间具有显著负向调节作用。