How Do Firms Respond to Political Uncertainty? Evidence from U.S. Gubernatorial Elections

We examine the joint response to political uncertainty along two margins: changes in real activity and voluntary disclosure. We focus on within-firm variation in exposure to ex ante competitive U.S. gubernatorial elections using data on preelection poll margins and firms’ state exposures. Despite real activity falling in the years leading up to a close election, we find that voluntary disclosure increases both in frequency and content, including mentions of risk in filings that reference states holding elections. Our tests use a decomposition of 8-K filings into real activity and voluntary disclosure to address the endogenous complementarity between these two responses. These results hold when using alternative ex ante measures of political uncertainty based on term-limited incumbents, historically competitive offices, or state legislature gridlock. Both effects of political uncertainty are stronger for firms in highly regulated industries and weaker for those least exposed to the local market, linking the real activity and disclosure responses to uncertainty.     

Explaining the accounting disclosure index of stock exchanges by foreign exchange market activity

In this article, researcher-created accounting disclosure index of 23 stock exchanges for the year 1992 and its relationship with variables including foreign exchange turnover, economic and financial indicators were investigated. The accounting disclosure index of global stock exchanges crafted by Adhikari and Tondkar (1992) was regressed on foreign market turnover which was utilized as a proxy for foreign exchange market activity. The OLS results supported that along with the activity of foreign exchange market; GNI per capita, market capitalization, energy and electric consumption, number of listed companies were significantly related with the accounting disclosure index. The foreign market turnover was found to be positively influencing the accounting disclosure index. The models explained about 73% of the variation in the index with an F-ratio of 26.56 indicating the overall significance of the model.     

Comparing perceptions of the important environmental characteristics of the places people engage in consumptive,non-consumptive and spiritual activities

Managers, risk assessors, tribal leaders, public policy makers, and the public are increasingly interested in the characteristics of natural habitats where people like to engage in recreational, subsistence, or spiritual activities. Such data are critical for making decisions about human and ecological risk deriving from contaminants, as well as resource protection and land use. In this study we examined the perceptions of Native Americans and Caucasians about the natural places they prefer to engage in consumptive, non-consumptive, and spiritual activities which might expose them to contamination or other stressors. Subjects were interviewed at Post Falls and Fort Hall in Idaho, Cookeville in Tennessee, and at two sites in Long Island, New York, and northern New Jersey. Our objectives were to determine differences in perceptions as a function of category of activity, type of activity, location, and ethnicity. The data indicate that: (1) the highest rated characteristics were unpolluted water, lack of radionuclides that present a health risk, clean air, and no visible smog in the air; (2) all four were among the top-rated ones for each of the four sites; (3) all four were among the top-rated ones for places to perform consumptive, non-consumptive, and spiritual activities; (4) at each site, mean ratings were lowest for spiritual activities; (5) where there were differences, Native Americans rated all characteristics as more important than did Caucasians; and (6) where there were differences, ratings in New Jersey/New York were lower than those from respondents elsewhere. There are many statistically significant response differences between Native Americans and Caucasians, but overall one is impressed by the similarity in relative rankings. These perceptions will be helpful to risk assessors and risk managers in evaluating risk and potential solutions, to land managers for managing environmental resources, and to public policy managers for evaluating how people view natural environments.     

Trading activity and price discovery in Bitcoin futures markets

This study examines the impact of trading activities on price discovery in the Bitcoin futures markets. We find that trades of hedgers are positively correlated with the modified information shares in both CME and CBOE futures markets, suggesting that their trading promotes futures market efficiency. Retailers’ trading activity relates negatively to the price discovery of the CME Bitcoin futures and thus destabilizes the market. Speculators exert positive (negative) impact on the price discovery in the CME (CBOE) Bitcoin futures. Our finding that CME’s Bitcoin futures exhibit superior price discovery than CBOE’s provides plausible justification for CBOE’s decision in March 2019 to suspend further listings of Bitcoin futures contracts.     

Measuring fund style,performance and activity: a new style‐profiling approach

We construct new measures of fund style, performance and activity from linear combinations of off‐the‐shelf stock‐market indices. A fund's benchmark portfolio is a linear combination of two or more reference portfolios that in a least‐squares sense most closely approximates the fund's portfolio. The resulting linear combination scalar is itself a measure of fund style and the distance between a fund and its benchmark is a measure of fund activity. Our approach has a number of advantages over existing characteristic‐matching methods. We illustrate our approach using a data set of US institutional funds.     

The effect of government 5G policies on telecommunication operators’ firm value: Evidence from China

To lead the world's fifth-generation mobile communication networks (5G) market, China introduced several policies to support 5G industry development that will impact telecommunication operators, the main implementers in this industry. Thus, this study examines the impact of the government's 5G policy announcements on telecommunication operators' firm value in China, where the state exerts a strong influence on industry development. We find that government policy announcement in general affects telecommunication operators' stock returns negatively, and when the government announces policies with a higher level of interference, the decline in firm value is more pronounced. To understand the comprehensive impact of 5G technology on telecommunication operators, we also examine the effect of institution-driven corporate technology R&D and investment activities on firm value. We find that the firms' 5G activities also decrease their firm value, and this effect is more significant than government policy announcements. These results imply that the market has a negative evaluation of the introduction of 5G technology due to its immaturity and uncertainty. This study provides a basis for understanding the market's views on 5G technology and development policies.     

会计信息失真的危害及治理办法

会计信息反映企业的经营状况帮助管理者做出正确的经济决策。目前出现的会计信息失真现象扰乱了市场经济秩序,诱发经济犯罪,损害了使用者的要权益。应加强对会计信息失真的治理以建立良好的社会经济秩序。     

学生应是教学活动的主动参与者

有效地培养学生的能力、提高学生的素质,必须使学生成为教学活动的主动参与者。教师应改革教学方法,在课堂上以及在其它教学环节中,让学生有尽可能多的参与活动的机会。