公司治理、管理者动机与衍生金融工具使用

基于中国上市公司2007~2013年财务数据,研究公司治理对管理者使用衍生金融工具的影响,并结合中国制度背景,深入分析和检验企业产权、政策监管对公司治理效应的影响。实证结果表明,公司治理对管理者使用衍生金融工具的动机存在重要影响,公司治理水平越高,管理者越倾向于利用衍生金融工具避免财务困境风险;相反,管理者越倾向于利用衍生金融工具规避薪酬风险。研究还发现,公司治理的作用机制会受到所有权性质的影响,国有控制属性会弱化公司治理效应,对衍生金融工具交易的政策监管差异是重要原因。     

Managing Beliefs about Monetary Policy under Discretion

In models of monetary policy, discretionary policymaking is typically constrained in its ability to manage public beliefs. However, when a policymaker possesses private information, policy actions serve as signals to the public about unobserved economic conditions and belief management becomes an integral part of optimal discretion policies. This article derives the optimal time‐consistent policy for a general linear‐quadratic setting. The optimal policy is illustrated in a simple New Keynesian model, where analytical solutions can be derived as well. In this model, imperfect information about the policymaker's output target leads to lower policy losses.     

无人机航空摄影在农村土地承包确权工作中的应用

无人机航空摄影以无人驾驶飞机作为空中作业平台,集合高空拍摄、遥感以及航空摄影于一体,对农村范围内的集体土地,包括属于农民集体所有的建设用地、农用地和未利用地进行航空摄影,获取准确的地形图数据,以保证农村集体土地登记确权发证工作有效进行。本文对无人机航空摄影技术在农村土地承包经营权确权登记发证工作进行简单介绍。     

When the glass is half full and half empty: CEOs' ambivalent interpretations of strategic issues

Organizational scholars have highlighted the importance of interpretive ambivalence for mindfulness, creativity, and strategic change. Ambivalence occurs when an issue is seen simultaneously as positive and negative. We examine organizational factors that influence the propensity of organizational leaders to evaluate a new strategic issue ambivalently. Data come from a survey of 220 German CEOs confronted with the enlargement of the European Union. We find that CEOs of firms with a more ambidextrous strategic orientation and a moderate sense of organizational control over their environment are most likely to be ambivalent about this issue. Our findings affirm the prevalence of interpretive ambivalence at the executive level and suggest ways for organizations to promote or prevent ambivalence in strategic sensemaking. Copyright © 2010 John Wiley & Sons, Ltd.     

Managerial Perceptions of Country-of-Origin: An Empirical Study of New Zealand Food Manufacturers

This study investigates food manufacturers’ motives for featuring country-of-origin (CoO) symbols, statements, and other indicators on their product packaging and labeling. Unlike the majority of CoO studies that employ survey and experimental methods, a qualitative approach is taken. Sixteen in-depth interviews with key informants of packaged food companies in New Zealand revealed five categories of themes as reasons why manufacturers indicate and often emphasize CoO associations—cognitive function, affective function, conative function, tangible benefits, and intangible benefits. Overall, the findings reveal that managers perceive that CoO associations deliver them benefits, but they do not measure the outcomes of these investments.     

Free Cash Flow, Golden Parachutes, and the Discipline of Takeover Activity

We conjecture that golden parachutes are initiated when the agency cost of free cash flow is most severe. We examine the relation between golden parachutes and investment levels in firms that have been successfully acquired. Our results support these three conclusions. First, target firms overinvest prior to an acquisition when golden parachutes are present. Second, the acquirers of targets with golden parachutes reduce investment subsequent to the takeover. Third, the reversal in capital investment by the combined firm is correlated with the magnitude of the target's pre-acquisition overinvestment. The latter findings indicate the takeover acts as a disciplining mechanism with the acquirer reversing the target overinvestment subsequent to the acquisition     

Market penetration strategies and the fee–performance relationship: the case of Spanish money mutual funds

This article shows that market penetration strategies are common practice during the product introduction stage in the money mutual funds in Spain. During this stage there is no relation between fees and performance because this strategy is optimal. In order to analyse this relationship during the other stages of the product life cycle, funds under three years old were omitted from the analysis. Among the remaining funds, those with the highest fees are found to present a higher gross return than the low-fee funds, although the difference is not statistically significant. Nevertheless, in terms of net returns, low-fee funds are observed to stochastically dominate high-fee funds for any risk-averse investor. These findings hold for any managerial skill level or segmentation by the mutual fund family type.     

Social networking relationships,firm‐specific managerial experience and firm performance in a transition economy: A comparative analysis of family owned and nonfamily firms

The effect of social networking relationships, firm‐specific managerial experience, and their interactions on performance between family owned and nonfamily firms are studied. Using data from 106 organizations in Ghana, the findings show that family owned firms benefit more from networking relationships with bureaucratic officials than do nonfamily firms. However, nonfamily firms benefit more from networking relationships with community leaders and firm‐specific managerial experience than do family owned firms. Networking relationships with politicians impede performance for nonfamily firms. Nonfamily firms are better able than family owned firms to use their firm‐specific managerial experience to manage the resources and capabilities obtained from networking relationships with community leaders to create value. Moreover, firm‐specific managerial experience attenuates the detrimental effects of networking with politicians for both types of firms. Copyright © 2012 John Wiley & Sons, Ltd.