Distribution of stock ratings and analyst recommendation revision

With the implementation of NASD Rule 2711 in 2002, each brokerage firm is now required to publicly disseminate the distribution of stock ratings in each research report. Hence, this paper investigates the relationship between the percentage of buy recommendations and probability of deciding to downgrade or drop coverage of stocks. Our findings suggest that the percentage of buy recommendations can enhance the probability of deciding to downgrade stock ratings and drop coverage of stocks. Furthermore, we find that analysts tend to revise their recommendations downward to hold instead of an unfavorable level. In addition, we find the market tends to heed downgrade decisions of analysts with a higher percentage of buy ratings. This finding is consistent with Barber, Lehavy, McNichols, and Trueman (2006) by applying data at the broker level.This study further investigates the changing dynamic in buy ratio of analysts by partitioning pre and post regulatory reform period. We show that analysts are more likely to revise their ratings to hold and less likely to revise their ratings to sell; in particular after post regulatory reform. Moreover, we observe one key coefficient in the post-Rule period with superior performance in contrast to the pre-Rule period. Compared to the results in the pre-Rule period, the results show that analysts are more likely to revise their ratings to hold and less likely to revise ratings to sell, and more likely to drop coverage of stocks in the post-Rule period. Overall, our findings suggest that the implementation of Rule 2711 will contribute to reduce analysts’ optimistic stock ratings.     

基于二维码技术的物流信息管理系统设计与实现

本文阐述了基于二维码技术的物流信息管理系统的设计方法和实现过程,分析了数据库的表关系,以及相应的智能手机客户端和PC服务器后台管理的设计过程,实现了物流信息的服务器端二维码生成和Android客户端的解析识别功能,提高了物流管理系统中各类人员的工作效率。     

银行排队系统服务效率问题研究

银行排长队现象是困扰银行和客户的难题,其实质是排队系统的效率问题。叫号机变多队一多服务台系统为单队一多服务台系统,改变了排队系统模型。本文运用蒙特卡罗仿真方法对两种排队系统模型进行比较,发现叫号机确实可以有效提升银行服务系统的效率。     

The Transformation by Dialogue of Managers' Code of Conduct: The Davos Manifesto 27 Years On

At the World Economic Forum meeting in year 2000 in Davos the economic challenges for the next millennium were presented and analysed. The role of the Internet and communications in the development of the global economy were the central theme of the meeting and the evident inefficiency of traditional control mechanisms was highlighted. This situation implies greater responsibility for management for two fundamental reasons: first because management are ultimately responsible for the fortunes of their organizations, and second because they have more freedom to act. I believe that the Davos manifesto (1973) of discourse is of incalculable value, but we also believe that it has a series of important weaknesses from the ethical point of view. My proposal is for a transformational review centred on the ethics of discourse and using as a starting point a conviction of the important role of the manager in the development of ethics in organizations. In this article I intend to examine the need, and the opportunity, to develop an ethical code for professional managers based on discourse ethics.     

Ethics Control Mechanisms: A Comparative Observation of Hong Kong Companies

Managers with different cultural backgrounds and under different circumstances have different views on what is acceptable ethical behaviour. This study attempts to determine whether major companies in Hong Kong share the same views as North American academics on what management ethical standards ought to be, and if so, whether any control mechanisms have been established to instill ethical behaviour within their organizations. Notable differences between the practice in these companies and those from a similar survey conducted in North America are identified and explained. The management accountant's role in the development and implementation of such mechanisms is investigated.     

面向用户的数据结构及数据访问技术

数据库是实现信息处理技术的基础,构建统一数据格式的输入输出接口,设计风格统一的数据访问界面是设计信息处理软件系统的关键。基于上述观点,笔者以实例论述了基于用户的数据结构组织及数据访问技术,总结了实现信息处理系统的行之有效的技术路线。     

一种新型交织器的设计

在简单介绍两种常用交织器的基础上,给出了随机分组交织器的设计,并进行了计算机仿真。结果表明,此交织器设计简单,占用内存少,性能明显优于分组交织器,而仅次于随机交织器。     

信道估计偏差对空时编码的OFDM系统性能的影响

本文研究了采用空时编码的OFDM系统的性能，通过Monte Carlo仿真分析了系统性能和信道估计偏差对系统的影响。     

—种BCH码的新型译码方法及其FPGA器件实现

介绍了一种新型的BCH码的译码方法,并给出了该译码算法的FPGA器件实现方法。与传统的译码算法相比,该算法具有译码速度快、硬件实现复杂度低等优点,从而使得该译码器具有速度快、体积小、性能稳定等特点。     

Are analysts' cash flow forecasts useful?

This study provides evidence that the cost of equity capital decreases with the number of analysts who issue both cash flow and earnings forecasts (cash analysts). The evidence also shows that cash analysts reduce information asymmetry and predict long‐term earnings more accurately than analysts who issue only earnings forecasts. Taken together, these findings suggest that cash analysts provide market participants with high‐quality information and, as a result, firms benefit from cash analyst coverage in the form of a reduced cost of equity capital.