企业对外直接投资微观绩效研究

以2007—2010年我国A股上市公司发生对外直接投资事件作为样本,一方面运用事件研究法探讨我国企业对外直接投资的市场绩效;另一方面结合因子分析法和数据包络分析考察财务绩效。研究表明,我国企业开展对外直接投资在短期内能够给股东带来一定的财富效应;在财务绩效方面,五年内财务变化趋势大致呈＂V＂型,对外投资完成后第三年业绩水平有所提高,但低于投资前一年,企业对外直接投资短期综合绩效未能明显改善。     

北京奥运新闻标题辞格分析——以《体坛周报》为例

讲究修辞,恰当运用辞格是使新闻标题准确、鲜明、形象、生动、新颖、简洁,富有吸引力的有效方法。《体坛周报》北京奥运新闻标题不仅善用辞格,而且用出了自己的特色。文章从考察其辞格运用情况入手,简分析了其辞格运用的特色。     

借壳上市对我国沪深两市有效性影响研究

取2010-2013年沪深综指和2008-2013年间借壳上市公司的数据,基于单位根检验和事件分析法,用经GARCH改进的市场模型对我国沪深两市的有效性进行了实证研究.结果表明,我国沪深两市已达弱式有效,但还未达到半强式有效,上海股票市场有效性比深圳股票市场强,深圳股票市场投机行为比较明显.股价的提前反应从侧面反映了我国证券市场仍然不成熟,内幕消息提前泄露的可能性较大,对此应不断完善借壳上市过程中相关的法律法规;加大对公司借壳上市的监管力度;规范股票市场的各项机制,改进股票市场的有效性.     

群体性事件的生成土壤与理性应对

对群体性事件做清晰的概念界定,并基于现有文献对类型归属做明确的划分。深刻阐述社会转型的冲突与调适、刚性稳定的利益悖论、公共危机治理的处置失当、社会心理失衡的非理性应对是引发群体性事件的深层诱因,以资从制度规范和实践应对的维度,提出建构和完善群体性事件处置的政策体系,解释了强化群体性事件处置的操控性技术的可行性,并借鉴国外群体性事件处置的理论技巧,提出坚持"现场第一"原则、"处境化"思维、警察权的配制与使用等操作化建议,以此使各地应对群体性事件的有效经验制度化,实现国家长治久安。     

Do rating agencies’ decisions impact stock risks? Evidence from European markets

This article analyses the effect of rating agencies’ decisions on stock risks for European issuers concerning five kinds of events. Our approach is an extension of dummy variable regression event study methodology, using a GARCH(1,1) estimation to capture simultaneously the impact on both systematic and specific stock risks. This new methodology allows us to obtain both global results by categories of rating decisions and individual results, event by event. We document, globally, a positive impact of upgrading on systematic risk, a negative impact of rating confirmation on specific risk, and no significant impact in all other cases. Regarding event-by-event results, the proportion of rating actions exhibiting a significant effect on risk is almost always observed between 20% and 30%. The weak evidence of a global effect on systematic risk may be due to the lack of informational content of the rating decisions on the stocks’ risk, or the existence of rebalancing effects between systematic and idiosyncratic risks. Furthermore, it should be noticed that the decline in volatility in case of a rating affirmed is an insight of the certification role played by the agencies.     

Organizational culture evolution in temporary organizations: The case of the 2010 Olympic Winter Games

We examine organizational culture evolution within a temporary organization, specifically the 2010 Olympic Winter Games organizing committee, by exploring aspects of the work environment. Analysis of organizational artifacts, ethnographic field‐notes, and member‐checking demonstrated that liminal spaces facilitated socialization and cultural crystallization, which in turn assisted members' performance. Organizational structure, socialization, and cultural evolution were parallel processes that impacted each other. The concept of time (i.e., velocity) had a direct influence on subculture crystallization. The paper further integrates stakeholder/client interactions and draws on the role of leadership and cultural infusion mechanisms to demonstrate how culture evolves in temporary organizations. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.     

电子竞技运动在南宁的发展现状分析

2004年,国家体育总局正式宣布将电子竞技运动列为我国第99个正式体育运动项目。2005年11月8日,这一体育项目正式落户广西,人们立即把关注的焦点对准了电子竞技运动,使得这一新型的体育项目得到了快速发展。文章运用文献资料法、问卷调查法和数理分析法,对广西南宁市民参与电子竞技运动的现状进行调查分析。调查结果显示,南宁的电子竞技水平与全国电子竞技水平存在差距,市民对电子竞技运动持以理解宽容的态度,但总体参与程度不高。     

内控监管能否增进股东利益——基于《通知》发布日和深市A股市场的事件研究法

首先探讨了内控监管对于股东利益的作用途径,分析了内控监管对公司舞弊防范能力和运作效率的影响机制.然后,运用事件研究法,对内控监管的市场反应进行了考察,发现通过内控监管强化内控在总体上不能显著增进股东利益.最后,针对实证结果进行了扩展性的讨论,对内控监管的价值进行了反思并提出了相应的建议.     

The evolution of the pharmaceutical-biotechnology industry

This paper presents an application of network economics to the formation of alliances in the biotechnology-pharmaceutical industry. The framework analysis provides insights under which firms create hybrid governance forms, integrate strategy and economics into a more holistic perspective on network strategy. Firm network types link network economies, competencies and market structure, creating integration between participants and change as additional dimensions. ‘Change’ introduces a dynamic, evolutionary aspect. The resulting contructs involve the network dimension as a mechanism design for investigating the evolution and life cycles of firm networks. An analysis of alliances within the pharmaceutical and biotechnology industries develops the framework, including a historical tracing, and an empirical examination of the relationship between collaboration rate (CR) and market performance of major globally operating pharmaceutical firms. Case examples, supported quantitatively and qualitatively, provide evidence for the efficacy and implications of the network dimension.     

Equity Ownership and Firm Value: Evidence from Targeted Stock Repurchases

In contrast to the negative average abnormal return associated with the announcement of a control‐related targeted repurchase (greenmail transaction), we find that the announcement of a noncontrol‐related targeted repurchase is associated with a positive and significant average abnormal return. Cross‐sectional analysis indicates that the change in firm value at the announcement of a noncontrol‐related targeted repurchase is negatively related to the resulting changes in both insider ownership and outside blockholdings. We also find significant differences in announcement‐period stock price effects depending on the identity of the selling shareholder.