The Efficacy of Regulation Fair Disclosure

This paper examines the impact of Securities and Exchange Commission's Regulation Fair Disclosure (FD) on information leakage around voluntary management disclosures. We find a positive correlation between stock returns two days before and after the voluntary disclosure in the pre‐Regulation FD period, but not in the post‐Regulation FD period. After Regulation FD is implemented, pre‐announcement abnormal return as a percentage of total return decreases by 26.1% (21.4%) for large firms with good (bad) news, suggesting that the amount of information leakage reduces for these firms. These findings provide support for the premise and the intended purpose of the regulation for large firms.     

Anonymity,Stealth Trading,and the Information Content of Broker Identity

This paper examines whether the identity of a broker involved in transactions contains information. Using a sample of transactions from the Australian Stock Exchange—where broker identity is transparent—we provide evidence that consecutive buyer‐/seller‐initiated transactions by the same broker have a relatively high permanent price impact. This implies that broker identity conveys information to market participants, and that markets in which broker identity is disclosed are likely to be more efficient. We also find that medium‐sized trades by the same broker convey greater information than large and small trades, which is consistent with stealth trading by informed investors.     

Debt Maturity,Credit Risk,and Information Asymmetry: The Case of Municipal Bonds

Using a system of equations approach, this paper empirically tests the impact of credit quality, asset maturity, and other issuer and issue characteristics on the maturity of municipal bonds. We find that under conditions of lower information asymmetry that prevails in the municipal sector, higher‐rated bonds have longer maturities than low‐rated bonds. This result differs from that observed in the corporate sector. Overall, our results support the asset maturity hypothesis. In addition, our analysis finds that fundamentals matter. Issue features that provide additional protection or convenience to the investor tend to increase debt maturity.     

A Tale of Two Rigidities: Sticky Prices in a Sticky‐Information Environment

Macroeconomic models with microeconomic foundations allow for comparisons with macro and micro empirical evidence. This paper proposes a model wherein firms: (i) acquire information infrequently, generating sticky information ( Mankiw and Reis 2002 ) and (ii) face menu costs, producing state‐dependent sticky prices. I estimate parameters via indirect inference and show that under considerable real rigidity, sticky prices in a sticky‐information environment are consistent with micro and macro evidence. Sticky prices not only help match micro data on price changes’ size and durations between adjustments; they also improve the model's fit with the macro data, as embodied in an empirical Phillips curve.     

Capital budgeting, information timing, and the value of abandonment options

This paper investigates how an abandonment option influences the optimal timing of information in a sequential adverse selection capital budgeting model. While the divisional manager has imperfect private pre-contract information, headquarters can time whether the manager obtains perfect project information before (timely information) or after (delayed information) the contract is signed. In the absence of the abandonment option, headquarters favors timely (delayed) information if the investment costs are high (low). The presence of the abandonment option favors delayed information because under the timely information regime the value of the abandonment option is zero, whereas under the delayed information regime the value of the option is positive.     

区域科技基础条件平台构建研究

区域科技基础条件平台的构建,可以更好的发挥公共科技服务在区域自主创新和科技进步中的作用,有利于减少科技资源布局分散和重复建设等问题,将为区域主导产业的发展起到极大的促进作用,可以确保产业在全国同行业中处于领先地位。本文在解析了区域科技基础条件平台建设影响因素的基础上,分析区域科技基础条件平台构建的目标任务和重点工作内容,并探讨相关的保障措施。     

Agglomeration and the choice between acquisitions and alliances: An information economics perspective

Research summary : This research extends agglomeration theory by joining it with information economics research to better understand the determinants of firms' organizational governance choices. We argue that co‐location in a common geographic cluster fosters lower levels of information asymmetry between exchange partners and thus leads firms to employ acquisitions rather than alliances for their external corporate development activities. We further extend agglomeration theory by arguing that the impact of sharing a cluster location on acquisitions versus alliances strengthens with the level and dissimilarity of the exchange partners' knowledge‐based resources as well as with the intra‐cluster geographic proximity of the partners. Evidence from a sample of over 1,100 alliance and acquisition transactions in the U.S. semiconductor industry provides support for our hypotheses. Managerial summary : This paper investigates the role of geographical clustering for firms' external corporate development activities in acquisitions and alliances. We explain how better information is likely to be available among firms co‐located in the same cluster. This suggests that managers should have less need to use alliances over acquisitions as a means of reducing the risk of adverse selection (e.g., overpaying for acquisitions). Our investigation of over 1,100 transactions in the U.S. semiconductor industry shows that common cluster co‐location increases the probability of acquisition relative to alliance. Our arguments and evidence also indicate that the information‐related benefits of cluster co‐location are even more impactful when the parties have more divergent technology bases, possess larger stocks of knowledge‐based resources, or are located in closer geographic proximity. Copyright © 2015 John Wiley & Sons, Ltd.     

二手房价格评估系统设计与研究

针对二手房交易过程中普遍存在的买卖双方信息不对称的问题,设计了一套基于B/S层次化结构的二手房价格评估系统。该系统首先通过网络爬虫从二手房网站收集公开的实时性数据信息,随后对这些数据进行预处理并建立层级化数据库。随后通过非参数回归算法对二手房价格进行评估。实验证明,本系统能够为购房者提供综合、直观的二手房趋势信息,并进行较为准确的估价。对于购房者以及售房者的决策都具有重要的参考价值。     

信息类本科生实践能力培养的研究与实践

东北石油大学电气信息工程学院经过多年的探索与实践,通过加强实践教学平台建设、实践教师队伍建设和实践教学管理与保障体系建设,构建了模块化实践教学体系,在学生实践能力培养中取得了很好的效果。实践教学体系由基本技能、专业技能和综合技能三个模块构成。基本技能模块训练学生对外语、计算机的应用和动手操作等基本技能;专业技能模块培养学生运用专业知识解决问题的能力,提高专业素养;综合技能模块重点培养学生的创新实践能力,提高学生综合素质。     

论信息技术教学的必要性

21世纪是一个信息技术高度发达的时代。信息的全球化,使得信息产品、信息服务成了每个国家,每个人必不可少的一部分。掌握信息技术,成了每个人生存的基础。小学作为个人成长的重要时期,信息技术教育应成为小学教育中重要的一部分。本文从小学信息技术对提高学生学习兴趣、快速掌握现代信息、开发小学生智力等方面作了探讨。