企业负债水平的亲周期性及经济逆转之必然——经济上行期时机选择理论的应用与结果

从市场时机选择理论出发,以上市企业负债水平为研究对象,用时间序列数据从盈利能力、行业特征、亲周期性等角度分析经济(周期)上升阶段上市企业的负债水平特征,发现我国上市企业总体资产账面值负债水平有明显的亲周期性,形成了经济下行的内在隐患。为此,把握微观经济主体行为与宏观经济运行的内在联系仍是当前需要解决的重要课题。     

基于动态卡尔曼滤波的基金条件业绩评价

将基金类型与规模、市场行情、风格飘移、管理费率及流量波动性等条件因素引入TM模型，构建了条件TM模型，并采用卡尔曼滤波对我国2005～2010年间部分基金的选股能力和择时能力进行了检验，实证结果表明，基于卡尔曼滤波的TM模型较条件TM模型有更好的解释能力。研究发现，基金的选股能力与择时能力在不同的市场行情下不尽一致，这...     

Delisted versus voluntary delisted versus remain listed: financial disclosure timing

We focus in the period of announcement of accounting information for companies listed in an organized market and we re-examine their probability of delisting, voluntarily or not. Adopting the same framework, consideration is given to the assumption that investors utilize market information when accounting data are published. The analysis provided indicates that investors should pay attention to the financial disclosure timing. Our investigation demonstrated that even the short period of three months is quite important to making investment decisions.     

Effects of loyalty program rewards on store loyalty

This investigation examines consumers' preferred loyalty program (LP) designs across two retail contexts, grocery retailing and perfumery, with varying degrees of personal involvement. The research employs in-store full profile conjoint analysis by using the following attributes: timing of the reward, reward compatibility with the store's image, and tangibility.Our research reveals that the underlying effects of reward types on preferences and intended store loyalty differ depending on the level of consumers' personal involvement. In sectors with high personal involvement, compatibility with the store's image and intangible rewards increase LP preference and loyalty intentions. The time required to obtain the reward (immediate/delayed) has no impact. In sectors with low personal involvement, immediate and tangible rewards increase LP preference and loyalty intentions. Compatibility with the store image has no impact.     

The Impact of Mobile App Adoption on Cross-buying: The Moderating Roles of Product Category Characteristics and Adoption Timing

With more and more companies introducing mobile apps and consumers using them during the purchase journey, it is increasingly important to understand the consequences of app adoption on behavioral outcomes. This paper investigates the impact of app adoption on the number of additional products purchased by customers (i.e., cross-buying) and how this effect varies across different product categories and different customers. We focus on two key product category characteristics (utilitarian vs. hedonic nature and perceived risk) and on adopters who vary in their adoption timings (early vs. late adopters). Using data from an online retailer and a combination of propensity score weighting with difference-in-differences and Heckman correction estimation techniques, the results show that app adoption has a positive effect on cross-buying overall, but the effect varies greatly across products and consumers. App adoption promotes additional product purchases for hedonic products but leads to less cross-buying for utilitarian products. In addition, early adopters purchase a higher number of additional product categories than late adopters, with this difference decreasing over time and for new consumers compared to existing customers. These results offer novel insights into the behavioral consequences of app adoption and provide managers with useful recommendations for improving the effectiveness of their mobile app investments.     

跨国公司进入模式决策的影响因素分析及启示——基于知识转移的观点

本文从知识转移的角度出发,从三个维度分析了跨国企业进入模式决策,提出跨国企业的知识隐含性水平、焦点企业的知识转移能力和吸收能力共同限定进入模式的可选择范围,企业国际化动机确定进入模式决策的最优解的观点,并且对我国企业实施“走出去”战略提出了建议。     

卫星导航系统授时精度分析与评估

阐述了高精度授时的重要性;详细研究了利用导航星座进行单向、双向授时的原理和测量方法,分析研究了影响授时精度的原因.利用实测数据对双向授时精度进行了评估,得出了有益的结论.