信息流协同因素实证分析与模型构建

本文首先对物流园区信息流协同研究的文献进行了梳理和综述,介绍了物流园区信息流协同的概念,选择物流园区的5个维度的信息流协同影响因素进行问卷调查,取得了第一手数据。然后运用SPSS软件和回归统计分析方法,对数据进行信度分析、效度分析和因子分析。分析表明选择的影响因素具有比较好的结构效度,是可信和比较完备的。在此基础上构建了反映物流园区信息流协同效应的信息流I模型。最后对"信息平台"建设提出了建议。     

中国物流信息化研究现状及其发展趋势分析

从我国物流信息化的不同研究主题,即物流信息技术、企业物流信息化和物流信息平台等方面分析了其研究现状,分析结果表明,我国的物流信息化研究起步较晚,在其发展过程中经历了停滞期、快速发展期和稳定期三个阶段。从本世纪初开始,物流信息技术、企业物流信息化和物流信息平台的研究线性增加,研究的学科主要分布于宏观经济管理与可持续发展、计算机软件及计算机应用、工业经济、贸易经济和交通运输经济等方面,上述五大学科的研究占物流信息化研究的70%以上。     

Earnings Metrics,Information Processing,and Price Efficiency in Laboratory Markets

An enduring issue in financial reporting is whether and how salient summary measures of firm performance (“earnings metrics”) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory elements, on investor information search, beliefs about value, offers to trade, and market price efficiency. We find that including transitory elements in salient earnings metrics causes traders to search unnecessarily for further information about these elements and to overestimate their effect on fundamental value relative to a rational benchmark. In contrast, separately displaying persistent elements in earnings increases the accuracy of traders’ value estimates. Prices generally reflect traders’ beliefs about value, and prices are most efficient when transitory elements are excluded from earnings metrics entirely. Our study contributes to research on salience effects in financial reporting by showing that including transitory elements in salient earnings metrics causes inefficient information search and biased beliefs about value that can aggregate to affect market prices. We also contribute to research in experimental markets by showing that redundant disclosure is not always beneficial; redundant disclosure of transitory earnings elements, in particular, appears to have negative consequences for investor behavior and market efficiency.     

The Beauty Contest and Short‐Term Trading

Short‐termism need not breed informational price inefficiency even when generating beauty contests. We demonstrate this claim in a two‐period market with persistent liquidity trading and risk‐averse, privately informed, short‐term investors and find that prices reflect average expectations about fundamentals and liquidity trading. Informed investors engage in “retrospective” learning to reassess inferences (about fundamentals) made during the trading game's early stages. This behavior introduces strategic complementarities in the use of information and can yield two stable equilibria that can be ranked in terms of liquidity, volatility, and informational efficiency. We derive implications that explain market anomalies as well as empirical regularities.     

Venture Capital Valuation,Partial Adjustment,and Underpricing: Behavioral Bias or Information Production?

Using a sample of venture capital (VC)‐backed initial public offerings (IPOs), we analyze the role played by perceived valuation changes on IPO underpricing. We find that perceived valuation change from the last pre‐IPO VC round to the IPO affects IPO underpricing in a nonlinear way. Further analysis indicates that information‐based theories, not behavioral biases, explain this nonlinearity. We also find that the previously documented partial adjustment effect and its nonlinear impact on IPO underpricing are related to the trajectory of the perceived valuation changes, which stands in stark contrast to prior evidence of the importance of behavioral biases.     

Do Central Bank Forecasts Influence Private Agents? Forecasting Performance versus Signals

Focusing on a set of central banks that publish inflation forecasts in real time, this paper aims to establish whether central bank inflation forecasts influence private inflation forecasts. The response is positive in the five countries studied: Sweden, the United Kingdom, Canada, Switzerland, and Japan. Three hypotheses may explain this central bank influence: central bank forecasts are more accurate than private ones, are based on different information sets, and/or convey signals about future policy decisions and policymakers’ preferences and objectives. We provide evidence that the source of these central banks’ influence is not linked to their forecasting performance.     

环保背景下制造业上市公司投资效率分析——来自京津冀地区的数据

以2011~2012年在国内 A 股市场上市的130家京津冀地区现代制造业上市公司为样本,通过Richardson 模型对样本投资效率进行评分,并用内容分析法对企业环境信息披露程度评分,以此研究京津冀地区现代制造业上市公司环境信息披露对企业投资效率的影响。研究结果显示：环境信息披露程度评分与公司投资效率评分存在正相关关系,但相关系数较低,这表明企业环境信息披露行为对企业投资效率影响较小,且不会使得企业投资效率降低。     

产品市场竞争与代理成本

通过构造以Hotelling价格竞争模型为基础的多阶段博弈模型,首先分别分析了在信息对称与信息不对称情况下管理者的努力程度与所有者激励管理者存在的代理成本,然后讨论了在信息不对称情况下外部产品市场的竞争程度对于代理成本的影响。通过分析我们认为外部产品市场竞争程度越高,代理成本越低,外部产品市场能够成为一项促进公司治理绩效的工具。     

信息不对称与电子商务的发展

本文认为,信息不对称引致的信用缺失是制约电子商务发展的重要因素,发展我国电子商务除了继续加强基础设施建设外,建立和完善社会信用体系,提高信用度是必不可少的重要方面。文章提出,要建立良好的信息沟通渠道和机制,使信息公众化、公开化;提高企业组织化程度;制定企业信用评价制度:健全法制,约束企业交易行为,提高其信用度;消除信息不对称,促进我国电子商务健康发展。     

高校图书馆多维信息资源建设机制探析

在现代信息技术条件下,图书馆信息资源建设应以读者需求为中心,积极构建读者广泛参与的资源采访机制,构建科学快捷的资源数据快速处理机制,建立动态典藏机制,构建多维信息资源宣传和推广机制,以更好地满足广大读者对图书馆信息资源的需求。