The association between cost of debt and Hong Kong politically connected firms

This paper investigates the association between Hong Kong politically connected (PCON) firms and their cost of debt and find these firms are associated with significantly lower interest rates being charged by lenders compared to other (non-PCON) firms. We compare our results with earlier investigations of Malaysian and U.S. PCON firms and find that our results are consistent with the results of the U.S. but inconsistent with that of Malaysia. Our results suggest that the economic wealth, the extent of political power, and the pervasiveness of firms having political connections could account for the cross-country differences between the cost of debt and PCON firms.     

How being envied shapes tourists’ relationships with luxury brands: A dual-mediation model

Positive reviews of luxury brands on social media provide tourists with an opportunity for self-presentation. Recent studies have suggested that these reviews can easily trigger envy in receivers, yet few studies have discussed the effect of envy on review writers. This research examined the effects of review writers’ perceptions of being envied on their relationships with the luxury brands they shared on social media. The results of three experiments in vacation scenarios showed that writers were more likely to feel pride (anxiety) when they were benignly (maliciously) envied, eliciting a stronger (weaker) self-brand connection. Moreover, social tie strength played a moderating role. The effect of being envied was stronger when writers and receivers had strong (vs. weak) ties. Our findings provide luxury brand managers with managerial insights into content customization and platform selection in buzz marketing strategies.     

区域间综合运输体系的“有效对接”

综合运输体系是指在社会化的运输范围内和统一的运输过程中,按照各种运输方式的技术经济特点,形成分工协作、有机结合、布局合理、联结贯通的交通运输综合体。目前我国区域内综合运输体系格局已基本形成,而区域间综合运输体系的衔接相对比较述缓。为此,我们要正确理解综合运输体系的功能和作用,要有超前意识和发展的观点确定发展综合运输体系的基本思路,实现综合运输的宏观、中观和微观的“对接”,从而实现区域间的“有效对接”。     

关于山区变电站接地改造工程设计的探讨

文章通过对某变电站接地电阻偏高的原因进行探讨,并对山区变电站在接地上普遍存在的土壤电阻率高、可用场地小、地势险峻、地形复杂等困难因素进行了分析。依据典型变电站在接地改造中取得的成功经验,提出了利用深井接地、电解离子接地体,并添加长效降阻剂降阻等复合降阻措施对山区变电站进行接地设计和降阻改造的方法。     

110kV深沟变电站备自投的更新与改造

110kV深沟变电站作为越南送电的桥头堡,在广西防城港电网占据举足轻重的地位,为了满足当地迅速发展的供电要求,改善电网,增强供电能力,文章结合变电站的实际情况对110kV深沟变进行增容扩建,扩建110kV竹坪Ⅱ和芒街Ⅱ出线各1回,并提出一种备自投的实现方式,从而提高了东兴市自身送电及向越南送电的可靠性和经济性。     

中高职衔接协调发展探索研究——以无锡市旅游管理专业为例

无锡市是国内著名的旅游城市,为了进一步推动无锡旅游业的发展,大力推进无锡旅游管理专业的中高职衔接是很有必要的.文章介绍了无锡市中高职旅游管理专业贯通协调发展试点项目,对无锡市旅游管理专业中高职衔接的必要性、可行性,并对无锡市中高职衔接旅游管理专业人才培养方案制订需要把握的几个要素进行探讨,以期给其他专业借鉴.     

浅谈大学数学教学

要做好大学数学的教学改革，就应衔接好大学数学与高中数学的教学内容，在教学过程中引导学生认识数学的文化价值和数学美，渗透数学实验思想，逐步培养学生的科研意识。     

How does political connection affect firm financial distress and resolution in China?

We examine the impact of political connections on firm performance, financial distress, and its resolution in China, a country where government influence over stock markets has been demonstrated to be considerable. Our findings suggest that over 1999 to 2015, although political connections had limited impact on the emergence of financial distress, such connections assisted distressed firms in gaining increments to debt financing and contributed to a higher likelihood of recovery. This indicates that Chinese authorities follow market economy principles, and only intervene in firms’ operations after they fall into financial distress. In addition, central and local government political connections have different impacts on distress recovery. We conduct additional analyses on differences in distress outcomes for various ownership (State-owned enterprises, SOEs, and non–SOEs) and sample sub-periods (1999–2007 and 2008–2015). Our results are robust to potential endogeneity issues and to alternative measures of financial distress.     

Politicians and the IPO decision: The impact of impending political promotions on IPO activity in China

This paper shows that incentives created by the impending turnover of local politicians can accelerate the pace of initial public offering (IPO) activity in certain politicized environments. Focusing on China, we exploit a research setting where politicians are rewarded for capital market development, firms rely on political connections for access to capital, rent-seeking behavior is rampant, and the objectives of the state might not be to maximize capital market efficiency. We find that the rate of exchange eligible firms engaging in an IPO temporarily increases in advance of impending political promotion events. This effect holds for both state-owned and non-state-owned entities. For state-owned firms, the effect is strongest in those provinces where the politicians are more likely to be rewarded for market development activity. For non-state-owned firms, the temporary increase in IPO activity appears to be (rationally) opportunistic in nature, with the effect stronger around events more likely to disrupt the firms' political connections. Promotion period IPOs underperform non-promotion period IPOs in terms of both future financial performance and long-run stock returns, have controlling shareholders who retain a larger fraction of the company, and are more likely to divert proceeds away from their intended use after the offering.     

The Train has Left the Station: Do Markets Value Intracity Access to Intercity Rail Connections?

Abstract. This paper is the first to provide a micro‐level analysis of the impact of intercity rail connections on property prices. We use the variation in mainline accessibility provided by the reorganization of the rail system in post‐unification Berlin to isolate accessibility effects from correlated individual location effects. Evidence does not support the existence of localized effects on location productivity and household utility. While the city, since unification, has undergone significant changes in its spatial structure, these effects cannot be attributed to the new transport concept. Our findings question the justification for committing substantial public funds to downtown rail redevelopment projects.