学习能力影响下供应链企业间知识交易的最优合约配置!

在知识买方——供应链中的供应商的学习能力为其私人信息的情况下,知识卖方——制造商通过设计将知识交易量与原材料产品折扣价格相结合的合约菜单来甄别供应商的学习能力类型。在此基础上,建立信息不对称情形下的知识交易模型,通过模型求解得出最优的合约配置,并结合信息对称情形下的基准情形对合约菜单的相关性质进行了分析。最后利用数值算例对上述相关性质进行了说明。     

工业园区废弃物交易生态协作激励机制

在分析工业园区废弃物交易存在资产专用性和不确定性等问题的基础上,通过构建园区废弃物交易生态协作收益模型,分别探讨了社会最优条件下、单期交易条件下和关系契约条件下有助于废弃物交易双方生态协作的最优激励机制安排。研究结果表明:资产专用性和不确定性等导致单期交易下生态协作存在效率损失,此时根据生产效率分配协作租金可最大程度地减少生态协作效率损失;关系契约推动了生态协作效率的提升,利用企业可通过隐藏废弃物在利用环节的价值增值信息以及调节奖励支付规则等获得社会最优条件下的生态协作收益;废弃物交易双方越关注未来的预期收益,废弃物交易中的协作程度越高,废弃物交易双方获取的生态协作收益就越大;废弃物再利用的成本越高,越需要交易双方进行长期协作,越需要对园区进行政策干预。     

建设工程交易模式和交易机制设计框架

建设工程交易模式和交易机制确定了工程交易的规则以及项目参与者的工作范围、权利、责任和义务,从而直接影响到项目的成败。本文基于物理-事理-人理(WSR)方法论,建立工程交易模式和交易机制的设计框架。工程物理空间结构构成物理维;人作用于物的工程实施过程是,构成事理维,反应工程的时间结构;工程交易各方协作机制构成人理维,即为工程交易机制。工程的物理维和事理维确定的工程交易对象、工程交易模式的设计包括:业主方的管理方式的设计、工程发包方式的设计和合同类型的选择。工程交易机制的设计包括:招标机制设计、合同设计、担保机制和合同机制设计等。这个统一的框架为工程交易治理机制的设计提供了完整的解决方案。     

关系机制、市场契约与知识交易——供应链视角下的实证研究

基于关系交易理论和交易成本理论,构建关系机制与市场契约对供应链企业间知识交易影响的概念模型,其中关系机制分为间接关系机制和直接关系机制,间接关系机制主要通过知识中介体现,直接关系机制包括共同目标和信任两个方面内容,知识交易主要从显性知识交易和隐性知识交易两个角度考虑。运用多元回归模型对上述概念模型进行了实证研究,结果表明:知识中介和市场契约对显性知识交易的正向影响显著,而对隐性知识交易的正向影响并不显著;共同目标和信任对显性知识交易和隐性知识交易均有正向显著影响,且信任对隐性知识交易的影响程度明显高于显性知识交易;市场契约在关系机制与知识交易之间起调节作用。     

Asymmetric positive feedback trading and stock pricing in China

Defining asymmetry of feedback trading (AFC) as the difference between buying-winners and selling-losers intensities, the paper investigates if AFC impacts stock pricing. We show that buying stocks with low AFC and selling stocks with high AFC makes significant positive returns after controlling traditional pricing factors. The return mainly comes from the long leg and cannot be simply attributed to either mispricing, liquidity, or risk premium. Further study shows that the negative impact of AFC on future stock return is reinforced with an increase in past returns, maximum daily return, relative valuation level, asset growth rate, or operating profit rate. As AFC represents retail trading intensity, the results imply that the inactiveness of retail investors may make price relative underreaction to good news and thus lead to positive expected stock return.     

Do real estate investors trade on momentum?

Real estate markets are known to be less-than-efficient for many reasons, but what roles short-term trading plays are unclear. Do short-term investors bring additional risk to the market and cause prices to deviate from fundamental values? Based on an extensive dataset of property transactions and a policy shock that substantially raised the cost of short-term trading in Hong Kong, we estimate ‘real estate risk’ with and without short-term trading based on return predictability, return volatility, and price dispersion. Our results show that as short-term investors exit the market, market returns are less predictable and less volatile, while prices are less dispersed cross-sectionally. Consistent with herding models in behavioral finance, the findings suggest that short-term investors are momentum traders who do not enhance price efficiency.     

“Swimming Ducks Forecast the Coming of Spring”—The predictability of aggregate insider trading on future market returns in the Chinese market

This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive(large shareholder)trading conducted over the past six months can predict 66%(72.7%) of market returns twelve months in advance. Aggregate insider trading predicts future market returns very accurately and is stronger for insiders who have a greater information advantage(e.g., executives and controlling shareholders).Corporate governance also affects the predictability of insider trading. The predictability of executive trading is weakest in central state-owned companies,probably because the "quasi-official" status of the executives in those companies effectively curbs their incentives to benefit from insider trading.The predictive power of large shareholder trading in private-owned companies is higher than that in state-owned companies, probably due to their stronger profit motivation and higher involvement in business operations. This study complements the literature by examining an emerging market and investigating how the institutional context and corporate governance affect insider trading.     

Changes in earnings announcement tone and insider sales

The evidence from prior literature suggests that insider trading is related to firms' reported financial results and disclosure choices. I contribute to the literature by examining the association between narrative disclosure in earnings announcements and insider trading. Specifically, I hypothesize and find a positive association between changes in the optimistic tone of earnings announcements and CEOs' subsequent equity sales. In addition, I hypothesize and find that this relation is mitigated by the Sarbanes–Oxley Act and litigation risk. CEOs' financial gain from selling equity after more optimistic earnings announcements is small relative to their total compensation.     

Impact of Regulatory Enforcement on Leakages Prior to Analyst Recommendations

The financial press suggests that information is commonly leaked prior to analyst recommendations. We examine the impact that three regulatory actions (Regulation Fair Disclosure, Global Analysts Research Settlement, and the legal case against Galleon Group) have on information leakage prior to analyst recommendations. We find that all three regulatory actions have significantly reduced the leakage of information prior to analyst recommendations, even after controlling for several characteristics that explain the variation in information leakage. Our results are robust when applying an alternative method of measuring information leakage, and when forming various samples of analyst recommendations based on different criteria.     

高温多雨区SMA路面施工应用关键技术研究

SMA沥青混合料的材料组成特性导致施工难度较大,对施工各环节因素的敏感性较强.为提高广东高温多雨区重载交通路段SMA路面的施工质量,以广东紫惠高速项目为依托,开展SMA沥青混合料的下承层界面处理、混合料拌制工艺参数设定、装载与运输、摊铺设备参数、碾压工艺、施工温度控制等全过程施工环节监控,实现各环节的关键参数调整优化.采用体积法进行SMA沥青混合料设计,可以均衡混合料密实性与骨架嵌挤性能,获得良好的密水性能和抗车辙性能.基于无核密度仪研究了碾压工艺对SMA混合料的压实影响,沥青混合料压实度经历先增加后变小的现象,碾压过程应均衡压实度与路表构造来控制钢轮碾压遍数和路面温度.