Political uncertainty and analysts’ forecasts: International evidence

This study examines the influence of political uncertainty proxied by national election on analysts’ forecasts across 28 countries. We find analysts’ forecasts’ accuracy decreases, and the optimism increases in national election years compared to these in non-election years. Further analysis supports information opacity, local political connections, politically sensitives industries and the quality of institutions channels through which political uncertainty affects the analysts’ forecasts.     

Institutional determinants of the effective tax rate in G7 and BRIC countries

This paper studies the relationship between the corporate effective tax rate (ETR) and several institutional factors in the G7 and the BRIC countries (Brazil, Russia, India, and China). We use the panel data methodology with a data sample of 25,878 listed firms in 2010–2018. The results show that all the variables analyzed have an effect on the ETR. Some—such as the statutory tax rate, government effectiveness, regulatory quality, rule of law, and open markets—affect all countries, whereas others, such as corruption control and economic freedom, affect only the BRIC countries, and gross domestic product growth, the deficit, and gross debt only affect the G7 countries.     

浅谈新建郭神铁路方案创新研究

为解决郭家湾井田煤炭外运需求,同时响应国家蓝天保卫战号召,落实"公转铁"的运输部署,提高运输效率,实现降本增效,对新建郭神铁路从运输组织、接轨方案等进行多方面研究,并提出较优的建议方案。     

财务报告问询函对会计稳健性的影响:直接效应与溢出效应

基于非处罚性监管的视角，考察财务报告问询函对收函公司会计稳健性的直接效应，以及与收函公司具有联结关系的公司会计稳健性的间接影响即溢出效应。结果发现：财务报告问询函能提高收函公司的会计稳健性，并对与收函公司具有审计师联结和高管联结关系的上市公司（简称“关联公司”）的会计稳健性产生积极的监管效应；正式制度与非正式制度的异质性会导致问询函监管效应的差异，即在交易所监管力度较强和社会信任环境更好时，财务报告问询函对收函公司及具有审计师联结关系的关联公司的会计稳健性影响更明显，但对具有高管联结关系的关联公司的会计稳健性影响并不显著。     

Do rival political parties enforce government efficiency? Evidence from Canada 1867–2021

This paper investigates the role of inter-party rivalry in enhancing federal government efficiency in post-Confederation Canada. It tests and finds confirmation in the data for two hypotheses. The first is that the ex post size of the first versus second seat share margin is a useful metric for the ineffectiveness of political parties in policing the incumbent's spending behaviour over its period of tenure. The second is the hypothesis that shirking by the incumbent governing party is decreased by greater expected electoral contestability and expected contestability is related to the effective number of competing parties (ENPSeats) nonmonotonically. In this regard the results suggest that contestability in Canada reaches a maximum when the incumbent faces a value of ENPSeats that is closer to 2.5 than Duverger's 2.     

Do insiders trade on government subsidies?

We examine whether and how insiders trade on government subsidies, a major instrument through which the governments intervene in the economy. Using a novel dataset of government subsidies of Chinese listed firms, we find that net insider purchase increases significantly during the month of subsidy receipt. The effect of subsidies on insider trading is weaker in firms with a more transparent information environment and when subsidies are granted in a more predictable manner. In contrast, the effect is more pronounced for politically connected firms. Further analysis shows that the subsidy-trading relation may reflect both insiders’ informational advantage concerning subsidies and their superior ability to detect mispricing-related opportunities. Our findings provide new insights into the capital market consequences of government subsidies through the lens of insider trading.     

Chief financial officer co-option and tax avoidance in European listed firms

This paper investigates the impact of chief financial officer (CFO) co-option on corporate tax avoidance. Using hand-collected data from a sample of nonfinancial listed firms included in the S&P350-Europe from 2013 to 2019, we find that firms with co-opted CFOs exhibit higher levels of tax avoidance. We also find that the board membership of co-opted CFOs moderates their propensity to engage in tax avoidance. These results introduce novel evidence about the role of CFOs in influencing firms’ levels of tax avoidance. They also shed light on the monitoring activity of the board of directors in the presence of board members who are also key decision-makers in tax strategies.     

大直径灌注桩深长护筒多功能钻机接驳埋设技术

针对深厚松散填土、淤泥质土、粗砂等地层大直径灌注桩施工过程中深长护筒的埋设，提出一种高效安全的多功能钻机埋设方法。在施工过程中先采用旋挖钻机引孔，然后采用特制接驳器将钻机动力头与长护筒顶端相连接，多功能钻机利用超强扭矩回转底部带合金刀头的护筒并对地层进行切削，同时将护筒下压至预定深度。该技术有效提高了大直径深长护筒的埋设效率，确保了护筒的安放垂直度，对周边地层影响小，为大直径深长护筒安放提供了一种新的工艺方法。     

品牌与国家联结、品牌刻板印象与消费者购买意愿的研究

基于品牌全球化背景，文章探究了品牌与国家联结核心构念的两个维度对消费者购买意愿的影响机制。实证结果表明，从国家联想到品牌的维度显著影响消费者购买意愿，并显著影响品牌能力，同时品牌能力在该维度对购买意愿的影响路径中起到部分中介作用：从品牌联想到国家的维度显著影响品牌温暖，并通过品牌温暖的完全中介作用对购买意愿产生促进效应。另外，品牌典型性正向调节了从国家联想到品牌的维度对品牌能力的影响路径。上述发现在理论上洞察了品牌刻板印象内容的两个维度如何受到品牌与国家联结的影响，厘清了品牌与国家联结以及品牌刻板印象如何作用于消费者购买意愿。在实践上为中国提升国家品牌形象，中国品牌推进全球化战略提供策略参考。     

Political connections and bank behaviour

Using disaggregated data on Indian state-owned banks, we study how political connections influence their lending behaviour. The findings indicate an overall credit expansion of 10% during election years for banks with political connections, driven by increased lending to agriculture and Small and Medium Enterprises. Further disaggregation reveals cycles in such lending driven by electoral considerations, primarily for banks with political connections. In turn, there is a gradual weakening in the asset quality of these banks. The net effect is manifest in lower productivity. The key policy implication is that electoral manipulation exerts significant economic costs.